Markets ConversatION

Episode 106: The future of ESG — EMEA & APAC regulations

01 Dec 2025

Contributed by Lukas

On this episode, ION's Steven Strange discusses the rise of ESG across EMEA and APAC. From Europe’s sweeping disclosure rules to the rapid adoption ...

Episode 105: Enhanced risk management: Leverage new technologies for stress testing

06 Oct 2025

Contributed by Lukas

In this episode, Marco Martinolli from ION Markets discusses how risk management is evolving to meet a new era of threats; from climate shocks to deep...

Episode 104: Overnight trading in the US

09 Jun 2025

Contributed by Lukas

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 a...

Episode 103: Portfolio optimization through active compliance

04 Jun 2025

Contributed by Lukas

Steven Strange and Tim Flinders from ION Markets talk about something that used to be considered a hurdle in portfolio management — compliance. But ...

Episode 102: FIA Chicago 2024 and Boca50 Conference Recap & Key Takeaways

22 Apr 2025

Contributed by Lukas

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 20...

Episode 101: Quick Takes Plus: "Wait, what do you do again?" With guest Ian Barnes

17 Apr 2025

Contributed by Lukas

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 managemen...

Episode 100: Quick Takes plus: The Evolution of Cross Currency Swaps

10 Apr 2025

Contributed by Lukas

In this episode of Quick Takes Plus, host Chris Barnes discusses the evolution of the cross currency swaps market with special guest Brendan McVeigh, ...

Episode 99: Quick Takes:  Transparency — Where do we go from here?

01 Apr 2025

Contributed by Lukas

In this episode of ION Markets Quick Takes, Chris Barnes and Mark Bell discuss transparency in OTC markets. Chris shares how US market transparency ha...

Episode 98: Quick Takes: CNY swaps — what’s new?

25 Mar 2025

Contributed by Lukas

In this episode Chris Barnes and Mark Bell discuss the latest developments in the Chinese swaps market, highlighting the growth of the Chinese Renminb...

Episode 97: Quick Takes:  Swaption volumes by strike, Q4 2024

15 Mar 2025

Contributed by Lukas

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 ...

Episode 96: The changing face of ESG

11 Mar 2025

Contributed by Lukas

With the U.S.'s recent decision to withdraw from the Paris Climate Agreement and a broader retreat from climate commitments by key financial instituti...

Episode 95: Quick Takes: €STR volumes and market share, February 2025

10 Mar 2025

Contributed by Lukas

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...

Episode 94: Quick Takes:  The European active account requirements revisited

04 Mar 2025

Contributed by Lukas

In this episode Chris Barnes and Mark Bell discuss the European Active Account Requirements. Chris points out the error in his recent blog post regard...

Episode 93: Quick Takes:  Mechanics and definitions of cross currency basis futures

18 Feb 2025

Contributed by Lukas

In this episode Chris Barnes and Mark Bell explore cross currency basis futures. Chris explains the mechanics and definitions of these futures, highli...

Episode 92: Quick Takes: USD rates 2024 review

11 Feb 2025

Contributed by Lukas

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 not...

Episode 91: US Treasury markets: Plotting the sell-side’s path to mandatory clearing

06 Feb 2025

Contributed by Lukas

The introduction of mandatory clearing for cash Treasury and repo markets is poised to transform and disrupt one of the world’s most critical financ...

Episode 90: Quick Takes: FX clearing 2024 – A break out year for options

04 Feb 2025

Contributed by Lukas

In this episode Chris Barnes and Mark Bell discuss the significant developments in FX clearing for 2024, particularly focusing on FX options. Chris hi...

Episode 89: Quick Takes: INR Swaps — What’s new?

28 Jan 2025

Contributed by Lukas

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 in...

Episode 88: Traders who code

27 Jan 2025

Contributed by Lukas

Traders who code, are traders who combine their financial expertise with coding, to build powerful tools like algorithms and AI-driven strategies. Thi...

Episode 87: Quick Takes: Cross currency swaps review 2024

22 Jan 2025

Contributed by Lukas

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...

Episode 86: Quick Takes: €STR volumes and market share November 2024

14 Jan 2025

Contributed by Lukas

In this episode Chris Barnes and Mark Bell discuss the latest insights from the Clarus blog on €STR futures. Chris highlights key market share stati...

Episode 85: Quick Takes: Swaption volumes by strike Q3 2024

07 Jan 2025

Contributed by Lukas

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 t...

Episode 84: Quick Takes: MXN Swaps – What’s new?

17 Dec 2024

Contributed by Lukas

In this episode Chris Barnes discusses the latest developments in the Mexican peso (MXN) swaps market. Chris discusses the significance of MXN swaps a...

Episode 83: Quick Takes: We have new block sizes

10 Dec 2024

Contributed by Lukas

On this episode Chris Barnes discusses the latest changes in block sizes as reported on the Clarus blog. Chris delves into the implications of new blo...

Episode 82: Quick Takes: US election live – What is trading?

02 Dec 2024

Contributed by Lukas

On this episode Chris Barnes discusses his recent blog post, "US election live — What is trading?" and explores the complexities of analyzing market...

Episode 81: Quick Takes: EUR rates — What’s new?

27 Nov 2024

Contributed by Lukas

In this episode Chris Barnes shares insights from his blog post, "Euro rates — What's new?" highlighting the Euro swaps market's growth, now the lar...

Episode 80: Quick Takes: RFR adoption Q3 2024

19 Nov 2024

Contributed by Lukas

In this episode Chris Barnes focuses on the Q3 2024 adoption of Risk-Free Rates (RFRs). He'll share key takeaways like the 60-70-30 market split, expl...

Episode 79: Quick Takes: Pre-hedging in swaps

11 Nov 2024

Contributed by Lukas

In this episode Chris Barnes discusses pre-hedging in swaps with Mark Bell. They explore a recent FICC Markets Standards Board (FMSB) paper that sheds...

Episode 78: Artificial Intelligence: Regulation and Expanding Role in Asset Management

11 Nov 2024

Contributed by Lukas

On today’s episode, Adrian Turton from ION's Asset Management will discuss how AI’s role in asset management is improving decision-making, driving...

Episode 77: Navigating compliance: On-premise vs. SaaS solutions for asset managers

29 Oct 2024

Contributed by Lukas

In today's regulatory landscape, selecting the right technology is vital for ensuring compliance and operational efficiency. We'll dive into the benef...

Episode 76: Quick Takes: NDF Clearing – The latest updates

14 Oct 2024

Contributed by Lukas

On today's episode Chris Barnes discusses the evolving landscape of Non-Deliverable Forward (NDF) markets, touching on the significant trends and chal...

Episode 75: The rise of ETFs in India

11 Oct 2024

Contributed by Lukas

With increasing Assets Under Management, the number of funds, and traded volumes, the ETF market in India is booming. Sandeep Sabnani and Anil Ghelani...

Episode 74: Quick Takes: USD Rates — What's new?

07 Oct 2024

Contributed by Lukas

On today's episode Chris Barnes discusses the significant movements in dollar rates, with August 2024 marking a record-breaking month—averaging $1.6...

Episode 73: Quick Takes: What's new in CCP disclosures — 2Q 2024?

01 Oct 2024

Contributed by Lukas

In this episode Amir Khwaja discusses the quarterly disclosures from central counterparties (CCPs), highlighting key metrics like default resources, m...

Episode 72: Quick Takes: Just how bad are trading conditions right now?

24 Sep 2024

Contributed by Lukas

In this episode Chris Barnes discusses the volatility that gripped markets in August. He and Amir Khwaja explore the difference between volatile and s...

Episode 71: Quick Takes: GBP Swaps – what’s new?

17 Sep 2024

Contributed by Lukas

This week Chris Barnes dives into the latest updates on the GBP swaps market, highlighting key developments such as record volumes in Sterling SONIA f...

Episode 70: ION Markets — FX ConversatION with Paul Houston, CME Group

16 Sep 2024

Contributed by Lukas

Eugene Markman and Paul Houston explore the latest trends and innovations in the foreign exchange (FX) markets. They discuss the integration of FX cas...

Episode 69: Machine learning: The future of financial trade surveillance

16 Sep 2024

Contributed by Lukas

We'll learn how cutting-edge algorithms are slashing false positives, boosting operational efficiency, and providing unprecedented insights into tradi...

Episode 68: Quick Takes: RFR adoption Q2 2024

11 Sep 2024

Contributed by Lukas

his week Chris discusses the latest insights into Risk-Free Rate (RFR) adoption in Q2 2024. He also dives into the shift from traditional IBOR benchma...

Episode 67: Quick Takes: Monitoring of Hedge Funds

03 Sep 2024

Contributed by Lukas

This week Amir discusses the newly released Hedge Fund Monitor by the Office of Financial Research, a tool that brings clarity to the hedge fund secto...

Episode 66: Increase in new derivatives exchanges

03 Sep 2024

Contributed by Lukas

Bruce and Stephen will explore how the market is changing with current Exchanges moving into new products and New Exchanges coming to the market. We’...

Episode 65: Quick Takes: Swaption volumes by strike Q2 2024

27 Aug 2024

Contributed by Lukas

This week Chris discusses swaption volumes and market trends in Q2 2024. He takes us through the latest data on swaption trading, focusing on the impa...

Episode 64: Quick Takes: CAD swaps – what’s new?

20 Aug 2024

Contributed by Lukas

This week Chris delves into the latest developments in the CAD swaps market. The discussion centers around the transition from CDOR to CORRA, the comp...

Episode 63: Quick Takes: 2Q24 CCP volumes and share in IRD

13 Aug 2024

Contributed by Lukas

This week Amir discusses focuses on the second quarter of 2024 CCP volumes and market share in interest rate derivatives (IRD). Amir highlights signif...

Episode 62: Quick Takes: A dummies guide to trading interest rate swaps

19 Jul 2024

Contributed by Lukas

This week we have a special episode celebrating the 10th anniversary of Chris Barnes' first blog on the Clarus blog. Instead of our usual market and r...

Episode 61: Quick Takes: What’s new in CCP disclosures – 1Q24?

15 Jul 2024

Contributed by Lukas

In this episode Amir Khwaja discusses the first quarter 2024 CCP disclosures. Amir walks us through the vast data collected from 44 clearinghouses, hi...

Episode 60: Quick Takes: SOFR Options — How healthy is the market?

08 Jul 2024

Contributed by Lukas

In this episode Chris Barnes discusses the health of the SOFR options market. Despite the transition from LIBOR, SOFR options have shown rapid develop...

Episode 59: Quick Takes: JPY swap clearing — Why do dealers prefer JSCC?

02 Jul 2024

Contributed by Lukas

In this episode, Chris Barnes leads an insightful discussion on JPY swap clearing and the reasons why dealers prefer the Japan Securities Clearing Cor...

Episode 58: Gauging the upside of straight-through processing in FX

02 Jul 2024

Contributed by Lukas

Straight-through processing or STP, automates the end-to-end processing of FX trades, eliminating manual interventions and enabling near real-time exe...

Episode 57: Quick Takes: SOFR swap SEF volumes – May 2024

25 Jun 2024

Contributed by Lukas

In this episode, Amir Khwaja will explore SOFR swaps SEF volumes for May 2024, examining key trends and insights in one of the largest products traded...

Episode 56: Quick Takes: FX Clearing – What happens in March stays in March?!

20 Jun 2024

Contributed by Lukas

In this episode, Chris Barnes highlights the intriguing trends in FX clearing, focusing on why March consistently sees record volumes. He explores the...

Episode 55: Quick Takes: What’s new in AUD swaps in 2024?

04 Jun 2024

Contributed by Lukas

In this episode, Chris Barnes discusses provides an analysis of the complexities and unique market structures within the Australian dollar swaps marke...

Episode 54: Quick Takes: How much margin? The 2023 edition

24 May 2024

Contributed by Lukas

In this episode, Chris Barnes discusses the findings from the ISDA margin survey in his post "How Much Margin, The 2023 Edition?" Chris and Amir explo...

Episode 53: Quick Takes: Most active names in credit derivatives – April 2024

21 May 2024

Contributed by Lukas

In this episode, Amir analyzes data from the SEC's trade repository, highlighting the most active credit default swaps (CDS) for both sovereign and co...

Episode 52: Steven Strange - The burden of NBFI crackdown

15 May 2024

Contributed by Lukas

On today’s episode we explore the world of regulatory compliance for non-bank financial intermediaries or (NBFIs) and buy-side firms. In an era of i...

Episode 51: Post Event Recap: The Full FX Scandinavia 2024

14 May 2024

Contributed by Lukas

Eugene Markman from ION Markets and his special guest Colin Lambert from The Full FX will share highlights of the recently held FX conference in Copen...

Episode 50: Retail Revolution: How European brokers plan to counter CFD restrictions

07 May 2024

Contributed by Lukas

In this episode, we dive into the changing landscape of retail trading in Europe. We'll explore how regulators are suppressing complex instruments li...

Episode 49: Quick Takes: All you need to know to avoid the trade execution requirement?

02 May 2024

Contributed by Lukas

In this episode, Chris discusses a seemingly contradictory blog title, "All You Need to Know to Avoid the Trade Execution Requirement?" and clarifies ...

Episode 48: Quick Takes: What’s new in JPY swaps in 2024?

30 Apr 2024

Contributed by Lukas

In this episode, Chris Barnes discusses his recent blog post, "What's New in Yen Swaps in 2024." The blog post covers four key topics: The end of Yen ...

Episode 47: Quick Takes: 1Q24 CCP volumes and share in IRD

23 Apr 2024

Contributed by Lukas

In this episode, Amir discusses CCP (clearing counterparty) volumes and market share in the interest rate derivatives (IRD) market for the first quart...

Episode 46: Quick Takes: €STR volumes and market share

16 Apr 2024

Contributed by Lukas

In this episode, Chris discusses the €STR futures market share battle and the unexpected impact of the March IMM roll on open interest. Despite the ...

Episode 45: Quick Takes: Mechanics and definitions of the ISDA credit support annex (CSA)

09 Apr 2024

Contributed by Lukas

In this episode, Chris Barnes dives deep into the world of Credit Support Annexes (CSAs) and their influence on derivatives portfolio valuation. Ever ...

Episode 44: Adrian Turton - What is the UK regulatory framework?

08 Apr 2024

Contributed by Lukas

Adrian will delve into the key provisions of FSMA 2023, particularly those impacting areas like ESG data management and digital assets. We'll discuss ...

Episode 43: Quick Takes: What’s New in CCP Disclosures – 4Q23?

03 Apr 2024

Contributed by Lukas

In this episode, Amir Khwaja discusses his blog post "What's New in CCP Disclosures 4Q 2023." He and Chris delve into CCP disclosures, which reveal ke...

Episode 42: Quick Takes: Best practices for variation margin

26 Mar 2024

Contributed by Lukas

In this episode, Chris dives into the world of variation margin, an important topic in the derivatives industry. He discusses the challenges of intrad...

Episode 41: 2023 SEF volumes and share in SOFR swaps

19 Mar 2024

Contributed by Lukas

In this episode, Amir dives into the world of SEF (Swap Execution Facility) volumes and market share. Amir and Chris share their key takeaways from a ...

Episode 40: Quick Takes: Could “enshittification” happen in derivatives markets?

11 Mar 2024

Contributed by Lukas

In this episode, Chris Barnes references the FT article that introduced us to “enshittification,” which has no doubt made the rounds of trading fl...

Episode 39: Quick Takes: USD rates overview in 2024

05 Mar 2024

Contributed by Lukas

In this episode, Chris Barnes discusses key takeaways from his blog post "Dollar Rates Overview in 2024," which analyzes 2023 data. The discussion hig...

Episode 38: TradeTech FX USA recap

01 Mar 2024

Contributed by Lukas

Recap TradeTech FX USA event with highlights, key themes and topics, insights from interviews, noteworthy perspectives from industry experts, mention ...

Episode 37: Quick Takes: Swaps Compression: What is it and why is it important?

20 Feb 2024

Contributed by Lukas

In this episode, Amir returns to the podcast to highlight a guest blog post featured on the ION Markets Blog. Swaps Compression reduces the volume of...

Episode 36: Quick Takes: Cross Currency Swaps Review 2023

13 Feb 2024

Contributed by Lukas

In this episode, Chris goes solo once again and shares some optimistic stats. Why there are more cross currency swaps traded in 2023 than ever before...

Episode 35: Quick Takes: Can the UK get transparency right?

06 Feb 2024

Contributed by Lukas

In this episode, Chris goes solo to highlight the UK rules for pre- and post-trade transparency that were largely inherited from MIFID II post-Brexit....

Episode 34: Strategic Workforce Development: Talent and Technology

02 Feb 2024

Contributed by Lukas

Clearing services firms face a challenging balancing act. For years, talent has been lured away by trading firms, hedge funds, and the sky-high tech s...

Episode 33: Quick Takes: 2023 CCP Volumes and Share in IRD

29 Jan 2024

Contributed by Lukas

In this episode, Amir goes solo to discuss 2023 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing House. He will hig...

Episode 32: Quick Takes: What is the latest European plan to onshore rates trading?

24 Jan 2024

Contributed by Lukas

In this episode, Chris delves into the factors influencing the European initiative to bring rates trading onshore. He'll discuss key points, including...

Episode 31: Quick Takes: Our Top Blogs of 2023

17 Jan 2024

Contributed by Lukas

In this episode, Amir highlights the most popular blog posts of 2023 and shares a few statistics on their performance. Some highlights include the Top...

Episode 30: Quick Takes: What You Need to Know About INR Swaps

10 Jan 2024

Contributed by Lukas

In this episode, Chris Barnes will briefly explain what you need to now about INR Swaps and how Clarus CCPView allows traders to compare the relative ...

Episode 29: Quick Takes: Time Series of Swap Prices and Volumes

19 Dec 2023

Contributed by Lukas

In this episode, Amir breaks down how to analyze datasets in new and novel ways by showcasing a new feature on the Clarus website called SDRView. SDRV...

Episode 28: Melissa Stevenson: How FX businesses boost loyalty and profitability with data

12 Dec 2023

Contributed by Lukas

In this episode we’ll discuss how the move to self-service models enhances efficiency and convenience, but it also introduces a “knowledge gap” ...

Episode 27: Quick Takes: Swaption Volumes by Strike Q3 2023

11 Dec 2023

Contributed by Lukas

In this episode, Chris talks about swaptions data and how high the volumes have risen, up to 40 percent higher, than he has ever seen before. Chris an...

Episode 26: Quick Takes: Default Simulation Exercises by CCPs

04 Dec 2023

Contributed by Lukas

In this week's Quick Takes, Amir will discuss "Default Simulation Exercises by CCPs." CCPs are an important market infrastructure and default manageme...

Episode 25: FX market trends: Liquidity, execution, and the FX Global Code

22 Nov 2023

Contributed by Lukas

In this episode we’ll discuss not only how the FX market has undergone a transformative shift, but also Eugene will explain how market participants,...

Episode 24: Quick Takes: A new look at €STR Futures

10 Nov 2023

Contributed by Lukas

In this week's Quick Takes, Chris will be taking a new look at €STR Futures. He'll discuss how RFR/€STR Adoption continues to be volatile in Europ...

Episode 23: Quick Takes: Term SOFR and BSBY Volumes – October 2023

10 Nov 2023

Contributed by Lukas

In this week's Quick Takes, Amir will discuss will look at the YTD 2023 data trends for Term SOFR and BSBY Volumes and separate Term SOFR (published b...

Episode 22: Quick Takes: Using SACCR to monitor Counterparty Credit Risk

07 Nov 2023

Contributed by Lukas

In this week's Quick Takes, Chris will discuss using SACCR to monitor Counterparty Credit Risk. He'll discuss the importance of closely monitoring Cou...

Episode 21: Quick Takes: 3Q23 CCP Volumes and Share in IRD

03 Nov 2023

Contributed by Lukas

In this week's Quick Takes, Amir will discuss Clarus CCPView daily volume and open interest data published by each CCP, which is filtered, normalized ...

Episode 20: Quick Takes: The truth about SONIA derivatives liquidity

13 Oct 2023

Contributed by Lukas

In this week's Quick Takes, Chris shares an overview of how Clarus data reveals the truth about SONIA derivatives liquidity GBP Rates derivatives volu...

Episode 19: Quick Takes: 3Q23 CCP Volumes and Share in CRD and FXD

13 Oct 2023

Contributed by Lukas

This week's Quick Takes has Amir reviewing Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 3Q ...

Episode 18: Quick Takes: ISDA SIMM – What changes in v2.6?

06 Oct 2023

Contributed by Lukas

This week's Quick Takes has Amir discussing "ISDA SIMM – What changes in v2.6?" ISDA SIMM v2.6 is effective December 2, 2023; Updated with a full re...

Episode 17: Quick Takes: RFR Trading Is Now Back on Track – August 2023

06 Oct 2023

Contributed by Lukas

This week's Quick Takes has Chris Barnes discussing "RFR Trading Is Now Back on Track – August 2023." ION #IONMarkets #ClarusFT #RiskFreeRates #RFRA...

Episode 16: Quick Takes: Most Active Names in Credit and Equity Derivatives & EUR Swaps

05 Oct 2023

Contributed by Lukas

This week's Quick Takes has Amir discussing "Most Active Names in Credit and Equity Derivatives – August 2023" and Chris telling us more about how "...

Episode 15: Quick Takes: What’s New in CCP Disclosures – 2Q23? and JPY TONA Futures

04 Oct 2023

Contributed by Lukas

This week's Quick Takes has Amir discussing "What’s New in CCP Disclosures – 2Q23?" and Chris telling us more about "JPY TONA Futures: A Rising St...

Episode 14: The future of risk management and surveillance for capital markets

21 Sep 2023

Contributed by Lukas

Financial institutions play a critical role in ensuring market integrity and protecting investors by monitoring trading activities. They do this by em...

Episode 13: Future Finance: A Look into AI's Role

25 Aug 2023

Contributed by Lukas

On today’s episode, we’re discussing the role of Artificial Intelligence in financial servicesOur guests today, Riccardo Bernini from ION’s LIST...

Episode 12: The growing opportunity in derivatives clearing

21 Aug 2023

Contributed by Lukas

Since the financial crisis of 2008, the FCM market has undergone remarkable transformations, adapting to new regulations, market volatility, and advan...

Episode 11: How Technology Can Help the Markets Overcome the “ESG-data Conundrum”

16 Jun 2023

Contributed by Lukas

Environmental, social, and governance (ESG) guidelines help investors screen investment opportunities based on responsible corporate policies. On toda...

Episode 10: Cloud Computing Adoption in Financial Services

05 Jun 2023

Contributed by Lukas

Our guest speaker, Bob Cioffi from ION’s Equities Division, will help us understand why cloud computing is a rapidly growing trend in the financial ...

Episode 9: ISO 20022 implementation in Financial Services

05 May 2023

Contributed by Lukas

In this episode, our guest Joe Guerrero from the Foreign Exchange division at ION will be discussing the ISO 20022, a global messaging standard for fi...

Episode 8: Post-trade improvements since COVID

27 Apr 2023

Contributed by Lukas

Will Mitting, CEO of Acuiti, and Bruce Roberts from ION's Markets Division will discuss post-trade improvements since COVID, and how the expansion of ...

Episode 7: EMS and how to better serve the fixed income market

14 Nov 2022

Contributed by Lukas

In this episode we take a deep dive at how Execution Management Systems, or EMS, are adapting to meet the evolving demands of their users, and we disc...