Chris Barnes


Chris has over 19 years experience in OTC Derivatives markets. He started out 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 also served as the 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. 18 Dec 2024, INR Swaps – What’s New?
  2. 10 Dec 2024, €STR Volumes and Market Share November 2024
  3. 03 Dec 2024, New: Kids on the Block (Sizes)
  4. 27 Nov 2024, MXN Swaps – What’s New?
  5. 19 Nov 2024, Swaption Volumes by Strike Q3 2024
  6. 13 Nov 2024, We Have New Block Sizes
  7. 05 Nov 2024, US Election Live – What is Trading?
  8. 30 Oct 2024, EUR Rates – What’s New?
  9. 21 Oct 2024, RFR Adoption Q3 2024
  10. 08 Oct 2024, Pre-Hedging in Swaps
  11. 01 Oct 2024, NDF Clearing – The latest updates
  12. 25 Sep 2024, €STR Volumes and Market Share August 2024
  13. 04 Sep 2024, USD Rates – What’s New?
  14. 27 Aug 2024, Volumes in EUR Swaptions
  15. 07 Aug 2024, Just how bad are trading conditions right now?
  16. 31 Jul 2024, GBP Swaps – What’s New?
  17. 17 Jul 2024, €STR Volumes and Market Share June 2024
  18. 10 Jul 2024, RFR Adoption Q2 2024
  19. 03 Jul 2024, Swaption Volumes by Strike Q2 2024
  20. 25 Jun 2024, CAD Swaps – What’s New?
  21. 19 Jun 2024, A Dummies Guide to Trading Interest Rate Swaps
  22. 12 Jun 2024, SOFR Options – How Healthy Is The Market?
  23. 05 Jun 2024, JPY Swap Clearing – Why do dealers prefer JSCC?
  24. 28 May 2024, Swaption Volumes by Strike Q1 2024
  25. 22 May 2024, FX Clearing – What Happens in March stays in March?!
  26. 15 May 2024, €STR Volumes and Market Share April 2024
  27. 07 May 2024, What’s New in AUD Swaps in 2024?
  28. 29 Apr 2024, 10 CCP Policy Proposals to make markets better
  29. 24 Apr 2024, How Much Margin? The 2023 Edition
  30. 16 Apr 2024, All You Need To Know To Avoid The Trade Execution Requirement?
  31. 10 Apr 2024, What’s New in JPY Swaps in 2024?
  32. 27 Mar 2024, RFR Adoption Update
  33. 20 Mar 2024, €STR Volumes and Market Share
  34. 13 Mar 2024, Mechanics and Definitions of the ISDA Credit Support Annex (CSA)
  35. 05 Mar 2024, Cable Cross Currency Swaps 2024
  36. 27 Feb 2024, Did we learn anything from the latest European announcements on clearing?
  37. 21 Feb 2024, Best Practices for Variation Margin
  38. 14 Feb 2024, Could “enshittification” happen in derivatives markets?
  39. 06 Feb 2024, EUR Futures Latest – Still a 3 Way Battle
  40. 31 Jan 2024, USD Rates Overview in 2024
  41. 24 Jan 2024, RFR Adoption Review 2023
  42. 17 Jan 2024, Cross Currency Swaps Review 2023
  43. 10 Jan 2024, Can the UK get transparency right?
  44. 20 Dec 2023, A Final Check-In On RFRs For The Year
  45. 13 Dec 2023, What is the latest European plan to onshore rates trading?
  46. 06 Dec 2023, Dec 4th has been and gone. Where are our new block sizes please?
  47. 30 Nov 2023, What You Need to Know About INR Swaps
  48. 22 Nov 2023, Swaption Volumes by Strike Q3 2023
  49. 15 Nov 2023, New Musings on RFRs
  50. 08 Nov 2023, A new look at €STR Futures
  51. 01 Nov 2023, Is Chris Barnes actually a robot?
  52. 17 Oct 2023, Is volatility in RFR Adoption here to stay?
  53. 11 Oct 2023, Using SACCR to monitor Counterparty Credit Risk
  54. 04 Oct 2023, Clarus data reveals the truth about SONIA derivatives liquidity
  55. 27 Sep 2023, Clarus Goes Podcasting – What Do You Think?
  56. 19 Sep 2023, RFR Trading Is Now Back on Track – August 2023
  57. 13 Sep 2023, Brexit continues to impact EUR Swaps market share for CCPs and SEFs
  58. 05 Sep 2023, JPY TONA Futures: A Rising Star in the RFR Market
  59. 30 Aug 2023, What You Need to Know about BRL Swaps
  60. 23 Aug 2023, Clearing of US Treasuries – What Are People Saying?
  61. 16 Aug 2023, RFR Adoption July 2023
  62. 25 Jul 2023, Even More on Blocks and new rules for FX
  63. 19 Jul 2023, New Block Trading Rules Will Now Start in December 2023
  64. 12 Jul 2023, We Need to Talk About the Clarus API
  65. 04 Jul 2023, Bollinger, Greenspan and The Millennium Bug: LIBOR Is Now Dead
  66. 27 Jun 2023, The Latest on Canada and the Transition from CDOR to CORRA
  67. 20 Jun 2023, Gilty Secrets Of GBP Swaps
  68. 13 Jun 2023, Find Out What Was Weird About RFR Trading In May
  69. 06 Jun 2023, We Need to Talk About €STR Futures
  70. 31 May 2023, Now LCH Have Converted Your USD Swaps too!
  71. 17 May 2023, Do you know how much now trades in RFRs after the CME conversion exercises?
  72. 10 May 2023, Is Now The Time to Optimise Your Initial Margin?
  73. 03 May 2023, CME converted your Eurodollars. This is what happened next.
  74. 24 Apr 2023, There is a new MAT Filing!
  75. 18 Apr 2023, The Eurodollar is no more…
  76. 03 Apr 2023, I asked ChatGPT to write a Clarus blog. Here is what happened….
  77. 27 Mar 2023, Tracking CAD and SGD RFRs
  78. 20 Mar 2023, Credit Suisse & UBS LIVE Blog
  79. 14 Mar 2023, How to Trade A Bank Run
  80. 08 Mar 2023, Clearing Houses are about to convert your USD LIBOR swaps. What do you need to know?
  81. 01 Mar 2023, The Most Popular SOFR Trades
  82. 22 Feb 2023, Now everyone can understand bank capital requirements
  83. 13 Feb 2023, Why Did SOFR Trading Decrease in January?
  84. 01 Feb 2023, CORRA First – Clients don’t get it
  85. 25 Jan 2023, Are Fed Funds the latest winner from benchmark reform?
  86. 18 Jan 2023, Cross Currency Swap Review 2022
  87. 11 Jan 2023, Can $62Trn really be about to simply disappear?
  88. 20 Dec 2022, CORRA First in CAD Markets
  89. 13 Dec 2022, RFR Adoption – Is This Groundhog Day?
  90. 07 Dec 2022, The Latest in Aussie and Kiwi Swap Markets
  91. 25 Nov 2022, NDF Clearing – What’s New in 2022?
  92. 22 Nov 2022, What’s New in Term SOFR?
  93. 15 Nov 2022, A New Plateau in RFR Adoption?
  94. 09 Nov 2022, Have you seen the BIS Triennial Survey 2022?
  95. 02 Nov 2022, Have You Listened to our new Podcast yet?
  96. 12 Oct 2022, New RFR Trading Records Everywhere we Look
  97. 05 Oct 2022, How Kwasi Kwarteng Has Increased Your Initial Margin
  98. 27 Sep 2022, The GBP Financial Meltdown – what is still trading?
  99. 20 Sep 2022, RFRs are now half of the market
  100. 14 Sep 2022, Here Are 6 Things I learnt after writing 400 blogs
  101. 07 Sep 2022, What is new in GBP Swap Markets?
  102. 30 Aug 2022, Microservices to monitor new Inflation data
  103. 24 Aug 2022, CDS Volumes now $6.6Trn higher than last year
  104. 16 Aug 2022, Do you know what LIBOR cessation has done to volumes?
  105. 10 Aug 2022, SOFR Futures are now bigger than Eurodollars
  106. 03 Aug 2022, Are We In A Summer Lull?
  107. 27 Jul 2022, Cross Currency Volumes head to the moon!
  108. 19 Jul 2022, The latest on RFR Adoption
  109. 28 Jun 2022, Are Inflation Expectations Becoming Entrenched? The Data.
  110. 22 Jun 2022, Did You Know That SACCR Now Makes FX Trading More Expensive?
  111. 15 Jun 2022, SOFR is now over half the market
  112. 14 Jun 2022, Mechanics and Definitions of SA-CCR (Part 3)
  113. 08 Jun 2022, FX Clearing 2022
  114. 30 May 2022, CDS Data Made Simple
  115. 25 May 2022, For the first time, we see over $1Trn in Initial Margin
  116. 10 May 2022, RFR Adoption increases again but markets see lower volumes
  117. 04 May 2022, Most Actives in CDS Trading
  118. 27 Apr 2022, A First Look at Total Return Swaps
  119. 19 Apr 2022, Have You Seen This 60% Decrease In RUB Derivatives?
  120. 13 Apr 2022, Latest Data Shows SOFR Trading Soaring
  121. 05 Apr 2022, Swaption Volumes by Strike Q1 2022
  122. 30 Mar 2022, The First Cross Cryptocurrency Swap?
  123. 23 Mar 2022, STIR Trading Volumes – Will They Recover?
  124. 15 Mar 2022, SOFR Adoption Hits New Highs
  125. 09 Mar 2022, Russia CDS Trades are now showing in SBSDR Data
  126. 02 Mar 2022, RUB Derivatives Are Still Trading
  127. 22 Feb 2022, Mechanics and Definitions of SA-CCR (Part 2)
  128. 15 Feb 2022, What did January teach us about RFR trading?
  129. 09 Feb 2022, Big Volumes In Credit And Inflation Plus European Equivalence
  130. 02 Feb 2022, What is now Trading in RFR Cross Currency Swaps?
  131. 26 Jan 2022, Mechanics and Definitions of SA-CCR (Part 1)
  132. 19 Jan 2022, What Now for SOFR?
  133. 12 Jan 2022, Deciphering the end of LIBOR in the data
  134. 21 Dec 2021, The Latest RFR First Initiative in Cross Currency Swaps
  135. 15 Dec 2021, The $7 Trillion Increase in New RFR Positions
  136. 08 Dec 2021, How Much of the Derivatives Market is Now Cleared? (2021 Edition)
  137. 30 Nov 2021, What is a Consolidated Tape?
  138. 24 Nov 2021, Consolidated Tape: Don’t let perfection be the enemy of good for derivatives
  139. 10 Nov 2021, SOFR First in Swaptions
  140. 03 Nov 2021, Did The Latest USD Move Really Result In Blood On The Street?
  141. 19 Oct 2021, SOFR Now 78% of Interdealer Market
  142. 12 Oct 2021, There Are Now Over 1,000 Clarus Blog Posts!
  143. 06 Oct 2021, Mechanics and Definitions of RFR Cross Currency Swaps
  144. 29 Sep 2021, SACCR Multipliers, Initial Margin and KCCP
  145. 21 Sep 2021, LIVE BLOG: RFR First in Cross Currency Swaps
  146. 15 Sep 2021, RFR trading is now at 50% in CHF and JPY!
  147. 08 Sep 2021, Latest EUR Swaps market share for CCPs and SEFs
  148. 01 Sep 2021, August 2021 – What Happened?
  149. 26 Jul 2021, SOFR First – LIVE Blog
  150. 21 Jul 2021, Clearing Mandates and new Trading Obligations – regulatory change is happening.
  151. 14 Jul 2021, Is RFR Trading Now Ready for Lift-Off?
  152. 07 Jul 2021, What Is The Outlook for Trading Volumes From Here?
  153. 29 Jun 2021, Using the Clarus API to monitor the latest Brexit impacts
  154. 23 Jun 2021, G3 Inflation Swap Volumes are on the up
  155. 14 Jun 2021, 10.7% of New Risk Traded versus an RFR
  156. 07 Jun 2021, JPY TIBOR And RFRs: Is There A New Path?
  157. 01 Jun 2021, CE3 Currencies and Derivatives Clearing
  158. 19 May 2021, New: What caused volumes to decrease in April?
  159. 11 May 2021, JSCC and CME RFR Adoption Indicators
  160. 05 May 2021, Swaption Volumes by Strike Q1 2021
  161. 27 Apr 2021, You Need To See This SEF Liquidity In RFRs Now
  162. 21 Apr 2021, Latest: More EUR Are Trading on-SEF than ever before
  163. 14 Apr 2021, What happened to reduce RFR trading?
  164. 06 Apr 2021, LIBOR LIVE – Is GBP LIBOR now dead in derivatives?
  165. 31 Mar 2021, ESG Basics and Fundamentals in Fixed Income
  166. 24 Mar 2021, The New Status Quo For Derivatives Markets After Brexit
  167. 17 Mar 2021, What’s New in USD Rates?
  168. 10 Mar 2021, SONIA is now the Benchmark Rate in GBP Markets
  169. 03 Mar 2021, Here is what is happening to derivatives market liquidity right now
  170. 24 Feb 2021, What is happening now with negative rates in the UK?
  171. 15 Feb 2021, Did You Know That The New Amount of SOFR Risk Hasn’t Changed for 3 Months?
  172. 09 Feb 2021, US SEFs now have 20-40% of European Derivatives
  173. 03 Feb 2021, Have You Seen This New Idea for Execution Analysis?
  174. 26 Jan 2021, New Brexit Rules Move $4Trn Of Derivatives To The US
  175. 20 Jan 2021, 3 New Fed Fund Charts You Need to See
  176. 12 Jan 2021, Cessation of LIBOR: Why is so much new risk still being transacted?
  177. 06 Jan 2021, Cross Currency Swap Review 2020
  178. 21 Dec 2020, Toxic FRAs, Fallbacks and Single Period Swaps
  179. 14 Dec 2020, RFR Trading November 2020
  180. 09 Dec 2020, GSIBs in 2020
  181. 02 Dec 2020, Will anyone trade LIBOR after 2021?
  182. 01 Dec 2020, Margin Calls Q2 2020
  183. 24 Nov 2020, Anonymous Trading on SEFs
  184. 11 Nov 2020, ISDA-Clarus RFR Indicator: SOFR, So Good
  185. 26 Oct 2020, SONIA Day 2 – LIVE Blog
  186. 16 Oct 2020, SOFR Live Blog
  187. 14 Oct 2020, LCH SOFR Auction Versus The Market
  188. 06 Oct 2020, CME Volumes
  189. 30 Sep 2020, New Block Trading Rules for Derivatives
  190. 23 Sep 2020, Spreadovers vs SOFR
  191. 16 Sep 2020, SOFR Swap Nuances
  192. 10 Sep 2020, RFR Data: Where is the €STR risk?
  193. 07 Sep 2020, SGD Rates: SORA and the Fallback Rate (SOR)
  194. 01 Sep 2020, 40% of the GBP Market Trades Versus SONIA
  195. 26 Aug 2020, US Treasury Quarterly Refunding: Traded Volume Data
  196. 18 Aug 2020, YouTube: Markets and COVID-19
  197. 11 Aug 2020, RFR Data: SOFR Sees Record Risk Traded
  198. 04 Aug 2020, ISDA-Clarus RFR Adoption Indicator Analysis – June 2020
  199. 29 Jul 2020, ISDA-Clarus RFR Adoption Indicator
  200. 27 Jul 2020, €STR Discounting Switch
  201. 22 Jul 2020, Clarus at the CFTC
  202. 15 Jul 2020, Margin Calls During COVID-19
  203. 07 Jul 2020, SONIA Q2 2020 Update
  204. 01 Jul 2020, LIBOR Discontinuation has been Preannounced
  205. 24 Jun 2020, What Is the Total Size of Rates Markets?
  206. 17 Jun 2020, US Treasury Market Volumes During COVID
  207. 10 Jun 2020, What You Need to Know About CNY Swaps
  208. 02 Jun 2020, $300bn FX Swap Rollover
  209. 27 May 2020, Will GBP Interest Rates go negative in the UK?
  210. 19 May 2020, Are USD Rates About to Go Negative?
  211. 12 May 2020, CFTC Block Trading Consultation May 2020
  212. 06 May 2020, How Much Margin? 2019 Edition
  213. 28 Apr 2020, US Treasury Volumes and Market Size
  214. 21 Apr 2020, The GSIB Framework and Window Dressing
  215. 14 Apr 2020, Central Bank Responses to COVID-19: FX Swap Arrangements
  216. 07 Apr 2020, Swap Markets see Record Trading Volumes in response to COVID-19 Market Turmoil
  217. 01 Apr 2020, MIFID II Transparency – Can we get it right this time?
  218. 25 Mar 2020, USD Swap Markets during COVID-19 Pandemic
  219. 20 Mar 2020, Mechanics of Central Bank FX Swap Lines
  220. 18 Mar 2020, Cross Currency Swaps Trading During a Crisis
  221. 17 Mar 2020, Want to know all about Global Systemic Banks? Introducing GSIBView
  222. 11 Mar 2020, Is Transparency Helping Markets Function?
  223. 11 Mar 2020, SONIA Update
  224. 02 Mar 2020, SONIA Day – LIVE Blog
  225. 25 Feb 2020, Block Trades in HKD Derivative Markets
  226. 19 Feb 2020, Trading RFRs
  227. 10 Feb 2020, Block Trading
  228. 04 Feb 2020, Risk Free Rates Trading January 2020
  229. 28 Jan 2020, Will GBP LIBOR stop trading on 2nd March 2020?
  230. 21 Jan 2020, £700bn SONIA Traded on a Single Day
  231. 14 Jan 2020, NOK Rates: What You Need to NOWA
  232. 08 Jan 2020, What You Need to Know about MXN Swaps
  233. 18 Dec 2019, MIFID II Data for Bonds
  234. 11 Dec 2019, Four Trends in Swaps Data 2019
  235. 04 Dec 2019, G-SIB Scores for US Banks
  236. 26 Nov 2019, G-SIB Mechanics and Definitions
  237. 19 Nov 2019, Mechanics and Definitions of ISDA IBOR fallbacks
  238. 12 Nov 2019, SONIA Term Rates – which is best?
  239. 06 Nov 2019, What we need to do to fix MIFID II Data
  240. 22 Oct 2019, What does SOFR volatility mean for LIBOR Fallbacks?
  241. 15 Oct 2019, CAD Rates Markets and CORRA Reform
  242. 09 Oct 2019, NDF Clearing September 2019
  243. 02 Oct 2019, ISDA September 2019 Consultation on Final Parameters
  244. 25 Sep 2019, BIS Triennial Survey 2019
  245. 19 Sep 2019, SOFR Fixed at 5.25%. What happened to the volumes?
  246. 18 Sep 2019, SACCR vs CEM for FX Products
  247. 11 Sep 2019, Four Things to Understand about USD SOFR
  248. 04 Sep 2019, 5 Things That Are Making MIFID II Data Useless
  249. 04 Sep 2019, ESMA: Let’s Get Transparency Right
  250. 28 Aug 2019, SACCR vs CEM Comparisons
  251. 21 Aug 2019, USD Fed Funds and the FHLBs
  252. 30 Jul 2019, CCP Basis – The Cost of Clearing Fragmentation
  253. 09 Jul 2019, USD SOFR Volumes June 2019
  254. 02 Jul 2019, SEK STIBOR Reform
  255. 17 Jun 2019, Mechanics and Definitions of Singapore Benchmark Rates (SGD SOR and SGD SIBOR)
  256. 12 Jun 2019, LIBOR Fallbacks and Uncleared Margin Rules
  257. 04 Jun 2019, LIBOR Fallbacks Again
  258. 28 May 2019, NDF Clearing 2019
  259. 22 May 2019, Current Clearing Rates
  260. 07 May 2019, USD SOFR Volumes April 2019
  261. 30 Apr 2019, Indices are the best way to calculate compound interest
  262. 24 Apr 2019, Ameribor: The $1.5bn Index That You Need to Know About
  263. 17 Apr 2019, MIFID II Transparency Update
  264. 10 Apr 2019, NOK Rates – NIBOR and NOWA
  265. 02 Apr 2019, USD Swap Spreads Review Q1 2019
  266. 26 Mar 2019, €STR – What You Need to Know
  267. 20 Mar 2019, LIBOR Fallbacks – What will the GBP spread be?
  268. 13 Mar 2019, KCCP – Clearing is Getting Cheaper
  269. 04 Mar 2019, Is the Leverage Ratio impacting Swaps Trading?
  270. 27 Feb 2019, Compression Auctions for RFRs
  271. 20 Feb 2019, USD Swaps Market vs Futures Market Size
  272. 12 Feb 2019, What Traded On-SEF in 2018?
  273. 06 Feb 2019, What Traded Off-SEF in 2018?
  274. 24 Jan 2019, JPY Swaps – A Market Overview
  275. 16 Jan 2019, Mechanics and Definitions of Carry in Swap Markets
  276. 09 Jan 2019, ESTER Term Rates
  277. 19 Dec 2018, RFRs – CHF SARON Activity
  278. 12 Dec 2018, What is Left Uncleared in 2018?
  279. 04 Dec 2018, LIBOR Basis Swaps
  280. 27 Nov 2018, RFRs – ISDA announce LIBOR fallback methodology
  281. 20 Nov 2018, RFRs – OIS trades are getting longer!
  282. 07 Nov 2018, SA-CCR for US Banks
  283. 31 Oct 2018, SOFR Swaps – Block Trades and Fannie Mae Issuance
  284. 23 Oct 2018, CLARUS01 Risk Free Rates
  285. 17 Oct 2018, Scandie Swaps
  286. 02 Oct 2018, Cross Currency Basis and Turn of the Year
  287. 18 Sep 2018, ESTER – What You Need To Know
  288. 04 Sep 2018, Mechanics of FRA Risks
  289. 29 Aug 2018, SONIA Term Rates
  290. 22 Aug 2018, LIBOR OIS August 2018 Update
  291. 14 Aug 2018, USD Spreadovers and SEF Market Share
  292. 01 Aug 2018, How much of the swaps market is traded as an OIS?
  293. 25 Jul 2018, LIBOR Fallbacks
  294. 17 Jul 2018, SOFR Swaps Are Trading!
  295. 09 Jul 2018, How Much Data Do We Have?
  296. 05 Jul 2018, FRTB – Basic Approach for CVA
  297. 26 Jun 2018, Benchmark Reform – An EONIA replacement is coming very soon!
  298. 19 Jun 2018, FRTB in Excel
  299. 13 Jun 2018, Settle To Market – What You Need To Know about STM
  300. 05 Jun 2018, FICC Markets Standards
  301. 29 May 2018, MIFID II Data – It’s Finally Good News!
  302. 29 May 2018, Current Exposure Methodology – What You Need To Know
  303. 22 May 2018, NDF Volume Data
  304. 16 May 2018, SOFR – What you need to know
  305. 09 May 2018, Swaps Regulations Are Changing – Part Two, Capital and CCPs
  306. 02 May 2018, Swaps Regulations Are Changing – Part One, SEFs
  307. 25 Apr 2018, OIS Volumes – What is the Trend?
  308. 18 Apr 2018, USD Libor is changing!
  309. 09 Apr 2018, Cross Currency Swaps and Libor-OIS
  310. 04 Apr 2018, LIBOR OIS – March 2018 Update
  311. 27 Mar 2018, MIFID II Data – APA Market Share
  312. 21 Mar 2018, SONIA Market March 2018
  313. 20 Mar 2018, Libor OIS – What is Going On?
  314. 14 Mar 2018, NDF Clearing February 2018
  315. 06 Mar 2018, MIFID II Data – Bond Trading
  316. 27 Feb 2018, All time record volumes in Cross Currency Swaps
  317. 14 Feb 2018, Clarus Daily Briefing
  318. 06 Feb 2018, Tradeweb and Bloomberg MTF Market Share
  319. 31 Jan 2018, Tradeweb APA Data and the Trading Obligation
  320. 24 Jan 2018, Tradeweb MIFID Data – Interest Rate Swaps
  321. 17 Jan 2018, MIFID II Data – Bonds on Bloomberg
  322. 15 Jan 2018, MIFID II Data – $4trn in Compression
  323. 10 Jan 2018, Bloomberg MTF Data – Week One
  324. 04 Jan 2018, MIFID II Data Day Two
  325. 03 Jan 2018, MIFID II Live Blog – The Data
  326. 19 Dec 2017, FSB Survey on Derivatives
  327. 12 Dec 2017, G10 FX NDF Clearing
  328. 05 Dec 2017, LIBOR Reform – Latest Developments
  329. 28 Nov 2017, What is going on in Uncleared Derivative Markets?
  330. 21 Nov 2017, We found the CHF SARON Swaps!
  331. 15 Nov 2017, FX Clearing – the $750bn market that keeps growing
  332. 08 Nov 2017, CHF SARON – What is Going On?
  333. 08 Nov 2017, Bank Ring Fencing – What You Need to Know
  334. 31 Oct 2017, Initial Margin, Compression Volumes and why the time to Optimise is now
  335. 30 Oct 2017, Cross Currency Swap Volumes
  336. 10 Oct 2017, MIFID II – ESMA Finalises the Trading Obligation
  337. 03 Oct 2017, AUD Swap Markets in August 2017
  338. 26 Sep 2017, Libor Reform – What You Need to Know
  339. 20 Sep 2017, Introducing Our Daily Briefing, Direct to your inbox
  340. 12 Sep 2017, ISDA SIMM 2.0 – What You Need to Know
  341. 05 Sep 2017, VM Big Bang – Impact on FX Markets
  342. 30 Aug 2017, MIFID II Transparency will leave us in the dark
  343. 22 Aug 2017, Curve Trading in USD Swaps
  344. 16 Aug 2017, MAC Swap Trading
  345. 16 Aug 2017, Our Response to the ESMA Trading Obligation Consultation
  346. 09 Aug 2017, Array Formulas in Excel
  347. 01 Aug 2017, CCP Disclosures: How much does it cost to run a trading business?
  348. 25 Jul 2017, MIFID II: What Should Transparency Look Like?
  349. 18 Jul 2017, ISDA SIMM For Excel
  350. 12 Jul 2017, MIFID II Transitional Transparency
  351. 05 Jul 2017, GBP Swaps for Dummies
  352. 28 Jun 2017, MIFID II: ESMA Trading Obligation
  353. 20 Jun 2017, NDF Clearing Update
  354. 07 Jun 2017, Clearing Mandates 2017
  355. 31 May 2017, BREXIT: Moving Euro clearing conflicts with G20 Market Reforms
  356. 24 May 2017, CAD Swaps – What Does the Data Show?
  357. 16 May 2017, SONIA Reform – What is Going On?
  358. 09 May 2017, Euribor Reform – What Is Going On?
  359. 03 May 2017, How Big Is The Asset Swap Market?
  360. 18 Apr 2017, Mechanics of Cross Currency Swaps
  361. 05 Apr 2017, ISDA SIMM™ in Excel – Cross Currency Swaps
  362. 29 Mar 2017, The Unintended Consequences of Uncleared Margin Rules
  363. 22 Mar 2017, Fed Rate Hikes Are Reducing The Average Life Of USD Swaps
  364. 13 Mar 2017, SA-CCR – Explaining the Calculations
  365. 07 Mar 2017, NDF Trading After 1st March
  366. 01 Mar 2017, ISDA SIMM™ in Excel – Equity Options
  367. 22 Feb 2017, ISDA SIMM™ in Excel – Equity Derivatives
  368. 14 Feb 2017, FRTB Curvature Risk Charge
  369. 07 Feb 2017, FRTB Vega Risk Charge
  370. 31 Jan 2017, ISDA SIMM™: Concentration Thresholds
  371. 25 Jan 2017, The Average Maturity of Swaps Is Increasing
  372. 18 Jan 2017, VM Big Bang – Analysing CSA Amendments
  373. 11 Jan 2017, What percentage of client trades are cleared?
  374. 03 Jan 2017, Spreadovers
  375. 21 Dec 2016, NDF Volumes – It’s all about Clearing
  376. 14 Dec 2016, ISDA SIMM™ – Swaptions IM in Excel
  377. 06 Dec 2016, ISDA SIMM™ IM Comparisons
  378. 29 Nov 2016, What is the size of the Uncleared IRS Market?
  379. 22 Nov 2016, FRTB – Excel Calculator for the Standardised Approach
  380. 15 Nov 2016, Understanding BIS Derivatives Statistics
  381. 09 Nov 2016, What is a 0x3s FRA?
  382. 02 Nov 2016, BRL NDF Market – 30% of Dealer to Dealer flow is now cleared
  383. 26 Oct 2016, Calculating MVA under ISDA SIMM™
  384. 18 Oct 2016, BIS 2016 FX Data – how much of the NDF market is Cleared?
  385. 11 Oct 2016, BIS 2016 Data and Clearing Mandates
  386. 04 Oct 2016, NDF Clearing – what is trading?
  387. 03 Oct 2016, ISDA SIMM マルチ・カレンシー・ポートフォリオ
  388. 26 Sep 2016, ISDA SIMMをExcelで計算する
  389. 20 Sep 2016, ISDA SIMM™: Multi Currency Portfolios
  390. 07 Sep 2016, ISDA SIMM Excel Calculator
  391. 30 Aug 2016, Cross Currency Swaps – how much margin will they need?
  392. 24 Aug 2016, How much Initial Margin will Uncleared Derivatives require in the first month of trading?
  393. 16 Aug 2016, Compression and SPS in MXN Swaps
  394. 09 Aug 2016, Spreads and Butterflies – what is trading?
  395. 02 Aug 2016, SDR Data via Microservices
  396. 25 Jul 2016, Liquidity Conditions in USD Swaps
  397. 19 Jul 2016, Mechanics and Definitions of Bond Futures
  398. 13 Jul 2016, Will the Bank of England cut rates?
  399. 06 Jul 2016, Mechanics and Definitions of Short Term Interest Rate Futures
  400. 01 Jul 2016, BREXIT – What is Trading?
  401. 20 Jun 2016, Brexit: FX Option and FRA Analysis
  402. 14 Jun 2016, The CFTC’s New Clearing Mandate 2016
  403. 07 Jun 2016, Fed meetings and OIS Volumes
  404. 31 May 2016, Fewer customer trades & more compression. How does a trader make money in a market like this?
  405. 17 May 2016, FVA for Cleared Swaps
  406. 10 May 2016, What’s the average trade size in swap markets?
  407. 04 May 2016, What is Multilateral Netting – FX NDF Clearing
  408. 27 Apr 2016, What’s going on – FX NDF Trading 2016
  409. 20 Apr 2016, CME Invoice Spread Volumes – updated
  410. 13 Apr 2016, CME Compression and CCP Basis
  411. 05 Apr 2016, How to identify the CCP of trades from the SDR data
  412. 30 Mar 2016, Identifying CCP Basis Trades in the SDR
  413. 21 Mar 2016, Swaps Price Data – Painting the full Liquidity Picture
  414. 15 Mar 2016, Liquidity on the Bloomberg SEF
  415. 09 Mar 2016, BREXIT: What do the FX Option volumes tell us?
  416. 01 Mar 2016, Liquidity Variables in the Swaps Market
  417. 23 Feb 2016, Volatility and Trading Volumes in Swap Markets
  418. 17 Feb 2016, Invoice Spread Trading in the New CME Ultra-10 Year Treasury Futures Contract
  419. 09 Feb 2016, CDS – Record Volumes, Expiring Swaptions and Bloomberg
  420. 03 Feb 2016, SDR Prices, Python and plotly
  421. 25 Jan 2016, The Bank of England finds this interesting. So should you!
  422. 20 Jan 2016, Fed Pulse – A New OIS Index
  423. 15 Jan 2016, スワップのコンプレッション
  424. 05 Jan 2016, Fed Surprises in the USD OIS Data
  425. 21 Dec 2015, Fed Surprise Indicators
  426. 16 Dec 2015, Compression in Swaps
  427. 08 Dec 2015, Is that a fair price? Measuring Swap Execution
  428. 01 Dec 2015, SEF Trading on US Holidays
  429. 24 Nov 2015, A sideways look at Swap Spreads
  430. 17 Nov 2015, Is Balance Sheet contraction driving Swap Spreads negative?
  431. 11 Nov 2015, Negative Swap Spreads – Prices and Volume
  432. 09 Nov 2015, October 2015 Swaps Review – Wins for LCH, Trads & Tulletts
  433. 02 Nov 2015, Stop Losses Evident in CDX Price Action
  434. 26 Oct 2015, US Treasuries and Spreadovers – Market Comparisons
  435. 20 Oct 2015, Why trade level reporting is the only reporting that makes sense
  436. 12 Oct 2015, Performance of Block Trades on RFQ Platforms
  437. 07 Oct 2015, Identifying Customer Block Trades in the SDR Data
  438. 28 Sep 2015, AUD Cross Currency Swaps
  439. 23 Sep 2015, What’s the story behind Tradeweb block trading?
  440. 14 Sep 2015, AUD swap market: Concentration risks from the Clearing Mandate
  441. 08 Sep 2015, Is an All-to-All SEF Market about to arrive?
  442. 01 Sep 2015, August 2015 Review – What Summer lull?
  443. 28 Jul 2015, ECB QE and Eonia Swaps
  444. 21 Jul 2015, Is this the scariest chart in 2015 for Swap markets?
  445. 14 Jul 2015, Patterns in the Swaps data
  446. 08 Jul 2015, June 2015 Review – Clients start trading CME-LCH Basis
  447. 01 Jul 2015, CME-LCH Basis: Convexity in Eurodollar Futures
  448. 24 Jun 2015, Liquidity
  449. 17 Jun 2015, Technical Analysis in Swaps
  450. 09 Jun 2015, Volatility and Volumes in Europe
  451. 02 Jun 2015, May 2015 Review – CCP Basis and Increased Client Flows
  452. 26 May 2015, CME-LCH Basis – What does the Term Structure tell us?
  453. 18 May 2015, Mechanics of Asset Swaps and Government Bond Swap Spreads
  454. 11 May 2015, Mechanics and Definitions of Spreadovers (Swap Spreads)
  455. 05 May 2015, BIS and Clarus Data: The $200 trillion reconciliation
  456. 27 Apr 2015, Data Visualisation for Swaps – a Tufte Approach
  457. 21 Apr 2015, What percentage of the market is in the US SDR data?
  458. 15 Apr 2015, March 2015 Review – Bloomberg out in front
  459. 31 Mar 2015, The IMM Roll for Swaps – What is it and what are the volumes?
  460. 23 Mar 2015, Spreadovers: US Treasury Spreads in the Swaps Data
  461. 17 Mar 2015, Cross Currency Swaps: SEFs enjoy QE-fueled volume boost
  462. 10 Mar 2015, Come on, feel the noise!
  463. 03 Mar 2015, February 2015 Review – ICAP vs Bloomberg
  464. 23 Feb 2015, Swap Curve and Fly Trading: What goes in, must come out
  465. 16 Feb 2015, Swap Curve and Fly Trades: A quarter of all trades are not what they first seem
  466. 11 Feb 2015, ECB QE and EMIR Reporting. More transparency please!
  467. 03 Feb 2015, HFT in the Swaps market – it’s a good thing!
  468. 27 Jan 2015, Liquidity in USD Swaps
  469. 20 Jan 2015, FX Options and the Swiss National Bank
  470. 14 Jan 2015, Initial Margin and Swap Pricing
  471. 05 Jan 2015, December Volumes in Interest Rate Swaps
  472. 23 Dec 2014, Margin Games 2014
  473. 16 Dec 2014, Swaps Compression Continued
  474. 08 Dec 2014, Compression in USD Swaps
  475. 02 Dec 2014, USD Swaps Liquidity
  476. 25 Nov 2014, Cross Currency Swap Trends
  477. 18 Nov 2014, AUD Swap Market
  478. 04 Nov 2014, Butterflies and Spreads SEF Market Share
  479. 28 Oct 2014, NDFs and Clearing
  480. 22 Oct 2014, Market Share in the Swaps Market
  481. 16 Oct 2014, Swaps and the Flash Crash 15th October 2014
  482. 14 Oct 2014, Mechanics and Definitions of Spread and Butterfly Swap Packages
  483. 07 Oct 2014, USD Swaps: Spreads and Butterflies Part III
  484. 30 Sep 2014, USD Swaps: Spreads and Butterflies Part II
  485. 24 Sep 2014, USD Swaps: Spreads and Butterflies Part I
  486. 15 Sep 2014, USD IR Swaps Summary Statistics
  487. 09 Sep 2014, ECB Sep 2014 Meeting: EUR IRS Markets React
  488. 02 Sep 2014, ECB September Meeting – Activity versus Price Indicators
  489. 26 Aug 2014, Super Mario’s EONIA Effect
  490. 19 Aug 2014, Hawkeye and Super Slo-Mo for USD Swaps
  491. 11 Aug 2014, Sterling Work: Looking into GBP Swaps
  492. 06 Aug 2014, The Professionals: USD Swaps on Bloomberg SEF
  493. 30 Jul 2014, SONIA’S Mansion House: OIS Swaps on the Up and Up
  494. 22 Jul 2014, Portugal – Banks quibble over Ronaldo’s haircut
  495. 16 Jul 2014, The Land of Make Believe: Euribor and Eonia
  496. 09 Jul 2014, FRA Wars, Episode IV: A New Hope
  497. 01 Jul 2014, The Principals of Swap Trading
  498. 24 Jun 2014, A Voyeur’s Delight: Bond Issuance and Swaps
  499. 18 Jun 2014, ECB June Meeting – Were EUR Swaps Traders at Lunch?