Chris Barnes


Chris Barnes

Chris has over 12 years experience trading OTC Derivatives markets. He cut his teeth trading Cross Currency Swaps at HSBC in London between 2002 and 2010, before helping to launch Rates Trading at State Street in London (2010-2012). Having relocated to Switzerland, he was most recently Director of Product Development at Gottex.

Chris holds an MA from the University of Cambridge in Natural Sciences, where his dissertation on artificial intelligence was published in 2001.


Posts by chris:

  1. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  2. 03 Oct 2017, AUD Swap Markets in August 2017
  3. 26 Sep 2017, Libor Reform – What You Need to Know
  4. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  5. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  6. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  7. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  8. 22 Aug 2017, Curve Trading in USD Swaps
  9. 16 Aug 2017, MAC Swap Trading
  10. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  11. 09 Aug 2017, Array Formulas in Excel
  12. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  13. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  14. 18 Jul 2017, ISDA SIMM For Excel
  15. 12 Jul 2017, MIFID II Transitional Transparency
  16. 05 Jul 2017, GBP Swaps for Dummies
  17. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  18. 20 Jun 2017, NDF Clearing Update
  19. 07 Jun 2017, Clearing Mandates 2017
  20. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  21. 24 May 2017, CAD Swaps – What Does the Data Show?
  22. 16 May 2017, SONIA Reform – What is Going On?
  23. 09 May 2017, Euribor Reform – What Is Going On?
  24. 03 May 2017, How Big Is The Asset Swap Market?
  25. 18 Apr 2017, Mechanics of Cross Currency Swaps
  26. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  27. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  28. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  29. 13 Mar 2017, SA-CCR – Explaining the Calculations
  30. 07 Mar 2017, NDF Trading After 1st March
  31. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  32. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  33. 14 Feb 2017, FRTB Curvature Risk Charge
  34. 07 Feb 2017, FRTB Vega Risk Charge
  35. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  36. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  37. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  38. 11 Jan 2017, What percentage of D2C Swap trades are cleared?
  39. 03 Jan 2017, Spreadovers
  40. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  41. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  42. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  43. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  44. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  45. 15 Nov 2016, Understanding BIS Derivatives Statistics
  46. 09 Nov 2016, What is a 0x3s FRA?
  47. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  48. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  49. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  50. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  51. 04 Oct 2016, NDF Clearing – what is trading?
  52. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  53. 26 Sep 2016, ISDA SIMMをExcelで計算する
  54. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  55. 07 Sep 2016, ISDA SIMM Excel Calculator
  56. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  57. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  58. 16 Aug 2016, Compression and SPS in MXN Swaps
  59. 09 Aug 2016, Spreads and Butterflies – what is trading?
  60. 02 Aug 2016, SDR Data via Microservices
  61. 25 Jul 2016, Liquidity Conditions in USD Swaps
  62. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  63. 13 Jul 2016, Will the Bank of England cut rates?
  64. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  65. 01 Jul 2016, BREXIT – What is Trading?
  66. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  67. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  68. 07 Jun 2016, Fed meetings and OIS Volumes
  69. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  70. 17 May 2016, FVA for Cleared Swaps
  71. 10 May 2016, What’s the average trade size in swap markets?
  72. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  73. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  74. 20 Apr 2016, CME Invoice Spread Volumes – updated
  75. 13 Apr 2016, CME Compression and CCP Basis
  76. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  77. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  78. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  79. 15 Mar 2016, Liquidity on the Bloomberg SEF
  80. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  81. 01 Mar 2016, Liquidity Variables in the Swaps Market
  82. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  83. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  84. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  85. 03 Feb 2016, SDR Prices, Python and plotly
  86. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  87. 20 Jan 2016, Fed Pulse – A New OIS Index
  88. 15 Jan 2016, スワップのコンプレッション
  89. 05 Jan 2016, Fed Surprises in the USD OIS Data
  90. 21 Dec 2015, Fed Surprise Indicators
  91. 16 Dec 2015, Compression in Swaps
  92. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  93. 01 Dec 2015, SEF Trading on US Holidays
  94. 24 Nov 2015, A sideways look at Swap Spreads
  95. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  96. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  97. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  98. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  99. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  100. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  101. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  102. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  103. 28 Sep 2015, AUD Cross Currency Swaps
  104. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  105. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  106. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  107. 01 Sep 2015, August 2015 Review – What Summer lull?
  108. 28 Jul 2015, ECB QE and Eonia Swaps
  109. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  110. 14 Jul 2015, Patterns in the Swaps data
  111. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  112. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  113. 24 Jun 2015, Liquidity
  114. 17 Jun 2015, Technical Analysis in Swaps
  115. 09 Jun 2015, Volatility and Volumes in Europe
  116. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  117. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  118. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  119. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  120. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  121. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  122. 21 Apr 2015, What percentage of the market is in the US SDR data?
  123. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  124. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  125. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  126. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  127. 10 Mar 2015, Come on, feel the noise!
  128. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  129. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  130. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  131. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  132. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  133. 27 Jan 2015, Liquidity in USD Swaps
  134. 20 Jan 2015, FX Options and the Swiss National Bank
  135. 14 Jan 2015, Initial Margin and Swap Pricing
  136. 05 Jan 2015, December Volumes in Interest Rate Swaps
  137. 23 Dec 2014, Margin Games 2014
  138. 16 Dec 2014, Swaps Compression Continued
  139. 08 Dec 2014, Compression in USD Swaps
  140. 02 Dec 2014, USD Swaps Liquidity
  141. 25 Nov 2014, Cross Currency Swap Trends
  142. 18 Nov 2014, AUD Swap Market
  143. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  144. 28 Oct 2014, NDFs and Clearing
  145. 22 Oct 2014, Market Share in the Swaps Market
  146. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  147. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  148. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  149. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  150. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  151. 15 Sep 2014, USD IR Swaps Summary Statistics
  152. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  153. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  154. 26 Aug 2014, Super Mario’s EONIA Effect
  155. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  156. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  157. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  158. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  159. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  160. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  161. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  162. 01 Jul 2014, The Principals of Swap Trading
  163. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  164. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?