On today’s episode we’re discussing one of the most talked-about developments in equity markets—overnight trading in the U.S.
As global market activity expands and investor behavior shifts, the traditional 9:30 to 4:00 trading window is no longer enough. Alternative Trading Systems—or ATSs—are stepping in to extend access, enabling trades to happen well beyond the closing bell.
But, are we ready for a 24x5 market? What happens to the infrastructure built for a market that used to sleep?
Joining us is Douglas Craig from ION Markets who will help us unpack the trends, the tensions, and the tech behind overnight trading.
Steven Strange and Tim Flinders from ION Markets talk about something that used to be considered a hurdle in portfolio management — compliance. But not anymore. Active Investment Compliance is transforming how asset managers work, turning compliance into a strategic input instead of a roadblock.
Steve and Tim also discuss how compliance rules are now directly affecting portfolio optimization, and why managers focused on performance are using compliance technology more than ever.
#ActiveCompliance #PortfolioOptimization #InvestmentStrategy #ComplianceTech #AssetManagement #MarketInnovation #FinancialServices
In this episode of Markets ConversatION, Francesco Margini from ION Markets and Don Byron from the FIA to discuss key insights from the FIA Chicago 2024 and Boca50 conferences.
The conversation covers the impact of market structure innovations, the rise of 24/7 trading, and the increasing adoption of cryptocurrency products. They also explore the challenges and opportunities presented by technological advancements like tokenization and blockchain in the derivatives market.
In this episode of Quick Takes Plus, host Chris Barnes is joined by his brother Ian Barnes, who leads the UK division of a boutique US asset management firm. With over 30 years of experience in finance, Ian shares insights into the role of asset managers in growing client assets for pensions and endowments.
Chris, with over 20 years in trading, discusses the human element and communication skills essential in flow trading, particularly in cross-currency swaps. The brothers explore the similarities in their careers, emphasizing passion and adaptability in the ever-evolving financial industry.
In this episode of Quick Takes Plus, host Chris Barnes discusses the evolution of the cross currency swaps market with special guest Brendan McVeigh, a senior advisor to LSEG and former head of Cross Currency at ICAP.They explore the origins of the market, its development over the years, and the impact of major financial events like the Global Financial Crisis.
Brendan shares insights from his early days at ICAP, the challenges of maintaining market screens during volatile times, and the future of cross currency swaps, including the role of standardization and swap agencies.
In this episode of ION Markets Quick Takes, Chris Barnes and Mark Bell discuss transparency in OTC markets. Chris shares how US market transparency has evolved over the last decade, and how tools like CCPView are giving us a clearer picture of global cleared rates.
The conversation explores why transparency levels differ around the world, how transparency affects who participates in markets, and the hurdles to bringing US-level transparency to other regions.
In this episode Chris Barnes and Mark Bell discuss the latest developments in the Chinese swaps market, highlighting the growth of the Chinese Renminbi swaps market, now the seventh largest globally. The conversation explores the impact of increased clearing, the introduction of uncleared margin rules, and the significance of SEF trading.
In this episode Chris Barnes and Mark Bell discuss the significant swaptions activity in Q4 2024, noting a 100 basis point range in 10-year swaps and changes in block trade sizes.
Chris analyzes the implications of these market movements, the role of regulatory regimes, and the growing interest in swaptions data. Mark adds insights on Clarus heatmaps and trading packages, emphasizing the importance of swaption data in risk management and market analysis.
With the U.S.'s recent decision to withdraw from the Paris Climate Agreement and a broader retreat from climate commitments by key financial institutions, the future of ESG investing faces new challenges. Regions like Europe are reassessing their sustainability reporting frameworks to balance competitiveness with their environmental objectives.
Steven Strange from ION Markets will join us in discussing how asset managers and investors can adapt their ESG strategies in this changing environment.
In this episode Chris Barnes and Mark Bell discuss the latest trends in €STR Futures and the ongoing market share battle between ICE, Eurex, and CME.
Chris highlights significant developments such as ICE surpassing the million contract threshold in open interest and the impact of active account requirements and the potential shift from EURIBOR to €STR discounting.
In this episode Chris Barnes and Mark Bell discuss the European Active Account Requirements. Chris points out the error in his recent blog post regarding the number of trades required under the new ESMA proposal, which he initially overestimated. They also examine the implications of the revised requirements, the potential impact on dealers and clients, and the possibility of a regulatory basis between LCH and Eurex.
In this episode Chris Barnes and Mark Bell explore cross currency basis futures. Chris explains the mechanics and definitions of these futures, highlighting their potential to enhance market transparency and serve as a complementary product to existing financial instruments.
The discussion touches on the role of CME's new index, the implications for hedge funds, and the potential for expanding into other currency markets.
In this episode Chris Barnes and Mark Bell review the USD rates for 2024. Chris discusses the staggering volume of over one quadrillion dollars in notional equivalent trades across various dollar rate products, highlighting the transparency and maturity of the derivatives market.
The conversation also touches on the impact of the transition from LIBOR to SOFR, the role of new market players, and the ongoing evolution of trading venues.
The introduction of mandatory clearing for cash Treasury and repo markets is poised to transform and disrupt one of the world’s most critical financial sectors. This sweeping change aims to enhance market stability, transparency, and risk management but also presents significant challenges for industry participants.
Bruce and Will discuss the ambitious timeline for implementing these reforms and examine how the industry is preparing for this fundamental shift. They'll offer insights into the potential impact on market participants and infrastructure, highlighting both the technological challenges and opportunities that lie ahead.
In this episode Chris Barnes and Mark Bell discuss the significant developments in FX clearing for 2024, particularly focusing on FX options. Chris highlights the growth in FX options clearing, noting it as a breakout year, and delves into the dynamics of the market, including the impact of uncleared margin rules and the role of clearinghouses like LCH ForexClear.
The discussion also touches on the resilience of the FX market and the effectiveness of margin models in clearinghouses.
In this episode Chris Barnes and Mark Bell explore the dynamics of the Indian Rupee (INR) swaps market, the 16th largest in the world.
Chris delves into the competitive clearing landscape, highlighting the onshore and offshore trading dynamics and the impressive growth rate of INR swaps.
Mark raises questions about the potential for longer tenors at CCIL and the involvement of local Indian banks with LCH. The discussion provides insights into the evolving nature of the INR swaps market and its global significance.
Traders who code, are traders who combine their financial expertise with coding, to build powerful tools like algorithms and AI-driven strategies. This shift is transforming how trades are made, allowing traders to backtest strategies, automate decisions, and respond to market changes faster than ever before.
We’ll dive into these innovations and explore how coding is reshaping the future of trading and what the industry can expect from this trend.
In this episode Chris Barnes and Mark Bell discuss the latest trends in the cross currency swaps market for 2024. Chris celebrates his 500th blog post on the Clarus blog, highlighting the continuous growth in cross currency swaps, with a notable 12% increase in trades and a record $7 trillion in notional reported to US SDRs.
The discussion also touches on the dynamics of different currency pairs, the reduction in SEF trading, and the impact of hedge fund activity.
In this episode Chris Barnes and Mark Bell discuss the latest insights from the Clarus blog on €STR futures. Chris highlights key market share statistics from Eurex, ICE and EURIBOR. The discussion also touches on the organic growth of the €STR market, the role of regulatory changes, and the competitive dynamics between Eurex, ICE, and CME Group.
In this episode Chris Barnes and Mark Bell discuss the volatility in the Swaptions market during Q3 2024 along with the significance of straddles in trading, and the impact of market conditions on Swaptions activity. Chris highlights the importance of historical data analysis and the potential for deeper insights into Swaptions trading patterns.