Markets Conversation is an ION podcast where we discuss topics of importance to capital markets participants with product owners, subject matter experts, and industry leaders.
Join us for thought-provoking conversations that explore the effect of industry trends on the market, and your business.
The Markets ConversatION Podcast
Quick Takes: Transparency — Where do we go from here?
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,…
The Markets ConversatION Podcast
Quick Takes: €STR volumes and market share, February 2025
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…
The Markets ConversatION Podcast
Quick Takes: CNY swaps — what’s new?
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…
The Markets ConversatION Podcast
The changing face of ESG
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…
The Markets ConversatION Podcast
Quick Takes: Swaption volumes by strike, Q4 2024
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…
The Markets ConversatION Podcast
Quick Takes: Mechanics and definitions of cross currency basis futures
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…
The Markets ConversatION Podcast
Quick Takes: The European active account requirements revisited
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…
The Markets ConversatION Podcast
Quick Takes: USD rates 2024 review
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…
The Markets ConversatION Podcast
Quick Takes: FX clearing 2024 – A break out year for options
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,…
The Markets ConversatION Podcast
Quick Takes: INR Swaps — What’s new?
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…
The Markets ConversatION Podcast
Traders who code
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…
The Markets ConversatION Podcast
Quick Takes: Cross currency swaps review 2024
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,…
The Markets ConversatION Podcast
Quick Takes: €STR volumes and market share November 2024
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 Markets ConversatION Podcast
Quick Takes: Swaption volumes by strike Q3 2024
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…
The Markets ConversatION Podcast
Quick Takes: MXN Swaps – What’s new
In this episode Chris Barnes discusses the latest developments in the Mexican peso (MXN) swaps market. Chris discusses the significance of MXN swaps as the eighth largest swaps market globally…
The Markets ConversatION Podcast
Quick Takes – We have new block sizes
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 block size calibrations, which aim…
The Markets ConversatION Podcast
Quick Takes: US election live – What is trading?
On this episode Chris Barnes discusses his recent blog post, “US election live — What is trading?” and explores the complexities of analyzing market behavior amidst political events. The conversation…
The Markets ConversatION Podcast
Quick Takes: EUR rates — What’s new?
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 largest in the world, surpassing dollar…
The Markets ConversatION Podcast
Quick Takes: RFR adoption Q3 2024
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, explore the evolving dynamics of SOFR…
The Markets ConversatION Podcast
Quick Takes: Pre-hedging in swaps
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 light on this area, emphasizing its…
The Markets ConversatION Podcast
Artificial Intelligence: Regulation and Expanding Role in Asset Management
On this episode, Adrian Turton from ION’s Asset Management will share with us his take into the future of AI in finance and offer practical advice for asset managers adopting…
The Markets ConversatION Podcast
Navigating compliance: On-premise vs. SaaS solutions for asset managers
In today’s regulatory landscape, selecting the right technology is vital for ensuring compliance and operational efficiency. We’ll dive into the benefits and challenges of both options, covering aspects like customization,…
The Markets ConversatION Podcast
Quick Takes: NDF Clearing – The latest updates
On today’s episode Chris Barnes discusses the evolving landscape of Non-Deliverable Forward (NDF) markets, touching on the significant trends and challenges, including data reconciliation from the CFTC swaps report, the…
The Markets ConversatION Podcast
Many investors are turning to ETFs, crypto, and other new opportunities within derivatives markets. How can your firm participate? Find details on our blog.
On today’s episode Chris Barnes discusses the significant movements in dollar rates, with August 2024 marking a record-breaking month—averaging $1.68 trillion in daily trading volume. Chris and Amir will delve…
The Markets ConversatION Podcast
Quick Takes: What’s new in CCP disclosures — 2Q 2024?
In this episode Amir Khwaja discusses the quarterly disclosures from central counterparties (CCPs), highlighting key metrics like default resources, margin requirements, and liquidity. Amir will explore notable data points and…
The Markets ConversatION Podcast
Quick Takes: Just how bad are trading conditions right now?
In this episode Chris Barnes discusses the volatility that gripped markets in August. He and Amir Khwaja explore the difference between volatile and stressed trading conditions, highlighting record-breaking volumes and…
The Markets ConversatION Podcast
Machine learning: The future of financial trade surveillance
We’ll learn how cutting-edge algorithms are slashing false positives, boosting operational efficiency, and providing unprecedented insights into trading patterns. Marco will help us understand the balance between ML-powered analysis and…
The Markets ConversatION Podcast
ION Markets — FX ConversatION with Paul Houston, CME Group
Eugene and Paul explore the latest trends and innovations in the foreign exchange (FX) markets. They discuss the integration of FX cash and futures platforms at CME, the development of…
The Markets ConversatION Podcast
Increase in new derivatives exchanges
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’ll discuss the benefits to the…
The Markets ConversatION Podcast
Quick Takes: GBP swaps – What’s new?
This week Chris Barnes dives into the latest updates on the GBP swaps market, highlighting key developments such as record volumes in Sterling SONIA futures, the impact of the UK…
The Markets ConversatION Podcast
Quick Takes: RFR adoption Q2 2024
This week Chris discusses the latest insights into Risk-Free Rate (RFR) adoption in Q2 2024. He also dives into the shift from traditional IBOR benchmarks to risk-free rates, highlighting key…
The Markets ConversatION Podcast
Quick Takes: Monitoring of hedge funds
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 sector through 84 detailed charts.…
The Markets ConversatION Podcast
Quick Takes: Swaption volumes by strike Q2 2024
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 impact of recent market volatility…
The Markets ConversatION Podcast
Quick Takes: CAD swaps – what’s new?
This week Chris delves into the latest developments in the CAD swaps market. The discussion centers around the transition from CDOR to CORRA, the complexities and nuances of the Canadian…
The Markets ConversatION Podcast
Quick Takes: 2Q24 CCP volumes and share in IRD
This week Amir discusses focuses on the second quarter of 2024 CCP volumes and market share in interest rate derivatives (IRD). Amir highlights significant trends, such as record-breaking volumes in…
The Markets ConversatION Podcast
The rise of ETFs in India
With increasing Assets Under Management, the number of funds, and traded volumes, the ETF market in India is booming. Sandeep Sabnani and Anil Ghelani will share their perspectives on the…
The Markets ConversatION Podcast
Quick Takes: What’s new in CCP disclosures – 1Q24?
In this episode Amir Khwaja discusses the first quarter 2024 CCP disclosures. Amir walks us through the vast data collected from 44 clearinghouses, highlighting key changes and potential areas of…
The Markets ConversatION Podcast
Quick Takes: A dummies guide to trading interest rate swaps
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 regulatory updates, Chris shares…
The Markets ConversatION Podcast
Quick Takes: SOFR Options — How healthy is the market?
In this episode, Chris Barnes discusses the health of the SOFR options market. Despite the transition from LIBOR, SOFR options have shown rapid development, nearly reaching the activity levels of…
The Markets ConversatION Podcast
Quick Takes: JPY swap clearing — Why do dealers prefer JSCC?
In this episode, Chris Barnes leads an insightful discussion on JPY swap clearing and the reasons why dealers prefer the Japan Securities Clearing Corporation (JSCC). He also dives into the…
The Markets ConversatION Podcast
Gauging the upside of straight-through processing in FX
On today’s episode, Anne Marrero from ION Markets FX delves into the growing adoption of straight-through processing (STP) in foreign exchange transactions, examining its impact on efficiency, accuracy, and the…
The Markets ConversatION Podcast
Quick Takes: FX Clearing – What happens in March stays in March?
In this episode, Chris Barnes highlights the intriguing trends in FX clearing, focusing on why March consistently sees record volumes. He explores the impact of uncleared margin rules, the surprising…
The Markets ConversatION Podcast
Quick Takes: SOFR swap SEF volumes – May 2024
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 in the U.S. rates…
The Markets ConversatION Podcast
Quick Takes: What’s new in AUD swaps in 2024?
In this episode, Chris Barnes discusses provides an analysis of the complexities and unique market structures within the Australian dollar swaps market. Despite global trends toward simplifying interest rate indices,…
The Markets ConversatION Podcast
Quick Takes: How much margin? The 2023 edition
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 explore the evolution of uncleared…
The Markets ConversatION Podcast
Retail Revolution: How European brokers plan to counter CFD restrictions
In this episode, we dive into the changing landscape of retail trading in Europe. We’ll explore how regulators are suppressing complex instruments like CFDs, forcing brokers to adapt. This shift…
The Markets ConversatION Podcast
Quick Takes: Most active names in credit derivatives
In this episode, Amir analyzes data from the SEC’s trade repository, highlighting the most active credit default swaps (CDS) for both sovereign and corporate names along with the fluctuating rankings…
The Markets ConversatION Podcast
The burden of NBFI crackdown
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 increased regulatory scrutiny, NBFIs are facing growing…
The Markets ConversatION Podcast
Post Event Recap: The Full FX Scandinavia 2024
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 Copenhagen, The Full FX Scandinavia…
The Markets ConversatION Podcast
Quick Takes: All you need to know to avoid the trade execution requirement?
In this episode, Chris discusses a seemingly contradictory blog title, “All You Need to Know to Avoid the Trade Execution Requirement?” and clarifies that Clarus Financial Technology does not recommend…
The Markets ConversatION Podcast
Quick Takes: What’s new in JPY swaps in 2024?
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 TIBOR and…
The Markets ConversatION Podcast
Quick Takes: 1Q24 CCP volumes and share in IRD
In this episode, Amir discusses CCP (clearing counterparty) volumes and market share in the interest rate derivatives (IRD) market for the first quarter of 2024. Amir also delves into his…
The Markets ConversatION Podcast
Quick Takes: What’s new in CCP disclosures – 4Q23?
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 key metrics like initial margin…
The Markets ConversatION Podcast
Quick Takes: €STR volumes and market share
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 timing challenge, the €STR futures…
The Markets ConversatION Podcast
Quick Takes: Mechanics and definitions of the ISDA credit support annex (CSA)
In this episode, Chris Barnes dives deep into the world of Credit Support Annexes (CSAs) and their influence on derivatives portfolio valuation. Ever wondered why seemingly minor details like currency…
The Markets ConversatION Podcast
What is the UK regulatory framework?
Adrian will delve into the key provisions of FSMA 2023, particularly those impacting areas like ESG data management and digital assets. We’ll discuss these critical developments and their implications for…
The Markets ConversatION Podcast
Quick Takes: Best practices for variation margin
In this episode, Chris dives into the world of variation margin, an important topic in the derivatives industry. He discusses the challenges of intraday margin calls and the lack of…
The Markets ConversatION Podcast
Quick Takes: 2023 SEF volumes and share in SOFR swaps
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 recent blog post on…
The Markets ConversatION Podcast
Quick Takes: Could “enshittification” happen in derivatives markets?
In this episode, Chris Barnes references the FT article that introduced us to “enshittification,” which has no doubt made the rounds of trading floors ever since. Chris will also discuss…
The Markets ConversatION Podcast
Quick Takes: USD rates overview in 2024
In this episode, Chris Barnes discusses key takeaways from his blog post “Dollar Rates Overview in 2024,” which analyzes 2023 data. The discussion highlights two main points: Euro swaps have surpassed…
The Markets ConversatION Podcast
TradeTech FX USA recap
Eugene Markman and Stephen Bruel will recap the recent TradeTech FX USA event in Miami with highlights, key themes and topics as well as discussing shared insights from interviews and…
The Markets ConversatION Podcast
Quick Takes: Swaps Compression: What is it and why is it important?
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 open trades in Swap and…
The Markets ConversatION Podcast
Quick Takes: Cross Currency Swaps Review 2023
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. How 2023 saw 15%…
The Markets ConversatION Podcast
Quick Takes: Can the UK get transparency right?
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. He will explain to those who are not…
The Markets ConversatION Podcast
Strategic Workforce Development: Talent and Technology
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 salaries. Meanwhile, financial reforms and cost…
The Markets ConversatION Podcast
Quick Takes: 2023 CCP Volumes and Share in IRD
In this episode, Amir goes solo to discuss 2023 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing Houses (CCPs). He will highlight how the Clarus…
The Markets ConversatION Podcast
Quick Takes: What is the latest European plan to onshore rates trading?
In this episode, Chris delves into the factors influencing the European initiative to bring rates trading onshore. He’ll discuss key points, including: Noteworthy surges in volumes for both €STR and…
The Markets ConversatION Podcast
Quick Takes: Our Top Blogs of 2023
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 NEW Blogs in 2023, Top…
The Markets ConversatION Podcast
Quick Takes: What You Need to Know About INR Swaps
In this episode, Chris Barnes will briefly explain what you need to know about INR Swaps and how Clarus CCPView allows traders to compare the relative size of INR swap…
The Markets ConversatION Podcast
Quick Takes: Time Series of Swap Prices and Volumes
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. SDRView has transaction level…
The Markets ConversatION Podcast
How FX businesses boost loyalty and profitability with data
In this episode we’ll discuss how the move to self-service models enhances efficiency and convenience, but it also introduces a “knowledge gap” as firms lose the insights gained from customer…
The Markets ConversatION Podcast
Quick takes: Swaption volumes by strike Q3 2023
In this episode, Chris talks about swaptions data and how the volumes have risen up to 40 percent higher than he has ever seen before. Chris and Amir will also…
The Markets ConversatION Podcast
Quick Takes: A new look at €STR Futures
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 Europe, but €STR Futures have…
The Markets ConversatION Podcast
FX market trends: Liquidity, execution, and the FX Global Code
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, in response, have diversified strategies, embraced…
The Markets ConversatION Podcast
Quick Takes: Term SOFR and BSBY Volumes – October 2023
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 by CME) from…
The Markets ConversatION Podcast
Quick Takes: Using SACCR to monitor Counterparty Credit Risk
In this week’s Quick Takes, Chris will discuss using SACCR to monitor Counterparty Credit Risk. He’ll discuss the importance of closely monitoring Counterparty Credit Risk for all market participants and…
The Markets ConversatION Podcast
Quick Takes: 3Q23 CCP Volumes and Share in IRD
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 and aggregated to allow meaningful comparisons of volumes. He…
The Markets ConversatION Podcast
Quick Takes: 3Q23 CCP Volumes and Share in CRD and FXD
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 2023. CRD – Index, Single-name and…
The Markets ConversatION Podcast
Quick Takes: The truth about SONIA derivatives liquidity
In this week’s Quick Takes, Chris shares an overview of how Clarus data reveals the truth about SONIA derivatives liquidity GBP Rates derivatives volumes have recently recovered to nearly 90%…
The Markets ConversatION Podcast
Quick Takes: ISDA SIMM – What changes in v2.6?
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-calibration and industry backtesting…
The Markets ConversatION Podcast
Quick Takes: RFR Trading Is Now Back on Track – August 2023.
This week’s Quick Takes has Chris Barnes discussing “RFR Trading Is Now Back on Track – August 2023.“
The Markets ConversatION Podcast
Quick Takes: Most Active Names in Credit and Equity Derivatives & EUR Swaps
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 “Brexit continues to impact EUR…
The Markets ConversatION Podcast
Quick Takes: What’s New in CCP Disclosures – 2Q23? and JPY TONA Futures
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 Star in the RFR Market.”…
The Markets ConversatION Podcast
The future of risk management and surveillance for capital markets
Financial institutions play a critical role in ensuring market integrity and protecting investors by monitoring trading activities. They do this by employing powerful algorithms and machine learning techniques designed to…
The Markets ConversatION Podcast
Future Finance: A Look into AI’s Role
Our guests today, Riccardo Bernini from ION’s LIST Professional Services, will help us understand how the Financial Services Industry is undergoing a major transformation due to the emergence of Artificial…
The Markets ConversatION Podcast
The growing opportunity in derivatives clearing
Since the financial crisis of 2008, the FCM market has undergone remarkable transformations, adapting to new regulations, market volatility, and advancements in technology. Our guests today will shed light on…
The Markets ConversatION Podcast
How Technology Can Help the Markets Overcome the “ESG-data Conundrum”
Environmental, social, and governance (ESG) guidelines help investors screen investment opportunities based on responsible corporate policies. On today’s episode, Steven Strange from ION Markets will explain how technology can play…
The Markets ConversatION Podcast
Cloud Computing Adoption in Financial Services
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 services. He’ll explain how cloud computing…
The Markets ConversatION Podcast
ISO 20022 implementation in Financial Services
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 financial transactions.
The Markets ConversatION Podcast
Post Trade Improvements Since COVID
In this episode, we discuss post-trade improvements since COVID, and how the expansion of digital trade exposed significant technology shortcomings: from outdated infrastructure to fragmented risk systems and the challenge…
The Markets ConversatION Podcast
EMS and how to better serve the fixed income market
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 discuss EMS challenges…
The Markets ConversatION Podcast
The trading life cycle
In this episode, we discuss how technology has not only transformed the trading life cycle, but has also presented challenges for risk managers. With us to discuss the trading life…
The Markets ConversatION Podcast
SA-CCR and its Impact on Cleared and Uncleared Markets
In this episode, we discuss how the Standardized Approach for Counterparty Credit Risk, or SA-CCR, applies to over the counter derivatives (OTC), exchange-traded derivatives, and FX. Our guests are Amir…
The Markets ConversatION Podcast
FX: Centralized Liquidity and API Fragmentation
On today’s episode, we’ll discuss a couple of modern challenges to traders, exchanges, and their software: centralized liquidity and fragmented APIs. We’ll explore not only why these challenges are arising,…
The Markets ConversatION Podcast
The Evolution of Clearing
In this episode, we’ll take a closer look at how banks, firms, and brokers are leveraging technology to manage risk amidst the challenges of inflation, global conflict, and more. Joining…
The Markets ConversatION Podcast
Crypto Derivatives: Part 2
In this episode, we’re following up on the CFTC round table that focused on the proposal by cryptocurrency exchange platform, FTX to bypass FCMs with a direct clearing model. It…
The Markets ConversatION Podcast
Crypto Derivatives
In this episode, we dive into the rapidly evolving world of Crypto currency and its effect on the financial markets, specifically derivatives. We discuss how crypto could affect the derivatives…
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