January 24, 2025 • 34 mins
Happy New Year! In our first show of 2025, we have Maria Santos (MD, Regis-TR SA), John Kernan (CEO Regis-TR UK) and Laura Rodriguez (Head of Institutional Relations) setting the big Q1 goals for the TR & market participants. Plus, we look at DORA, upcoming milestones in the regulation space, events and some predictions for 2025.
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Episode Transcript
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Speaker 1 (00:08):
this podcast is brought to you by register,
which is a member of the sixgroup and features members of
the register team and specialguests expressing their personal
opinions, not the opinions ofregister as an organization.
There is no representation madeas to the accuracy or
completeness of informationit's's Happy New Year for
everyone.
It should be taken as legal, taxor any other professional
(00:29):
advice.
Regulatory reporting.
This is the number one reg techshow in the whole of Europe, if
not the world, and I amdelighted to be back with my
(00:50):
very special co-hosts for thisepisode, of course, in no
particular order, but obviouslystarting with the boss, maria
Santos, managing Director ofRegistriar SA Maria, welcome
back.
Speaker 3 (01:13):
Thank you so much, andy, and happy new year to you
and to everybody that islistening to this podcast.
Speaker 1 (01:19):
One and a half month ago and also thank you for
settling the chorizo questiononce and for all.
Tim Hartley is very gratefulfor that month ago.
And also thank you for settlingthe chorizo question once and
for all.
Tim hartley is very gratefulfor that.
Uh, I'm going to say, if you'relistening, tim hi, a big hello
to.
Obviously tim must get him backon the show and john graham, of
course, if you're listening,we'll get you back and we'll hit
you with a food related quizthis time that'll.
That'll throw you a curveball.
Also, joining us in the virtualstudio back after a fantastic
(01:43):
honeymoon.
Relations lara, welcome back inthe virtual studio, back after
a fantastic honeymoon relationslara welcome back thank you very
(02:19):
much, andrew.
Speaker 2 (02:19):
I have an amazing honeymoon, but with a lot of
energy now to start this newyear.
Okay, so it was one month triptwo weeks in Australia, two
weeks in New Zealand Australiawe did the west and south coast
and then New Zealand from thebottom to the top in a really
nice camper van and it wasreally, really amazing.
In Australia it was really good.
(02:44):
In New Zealand was good also.
But you know we were doing alot of hiking in mountains where
it rains 200 days per year, soit was impossible to find a
really nice day to go there, soit was pouring sometimes it was
really raining a lot, but ingeneral it was really raining a
(03:04):
lot, but in general it wasreally nice and it even worth if
you visit these places with uh,with the rain.
Speaker 1 (03:11):
It's really worth it anyway smiled and looked enough
to say yes, finally decentweather.
It is, of course, uh, the manwho he used to put the canary in
the wharf.
Then he was devonshire.
Another, never square.
Then he was devonshire andnever square, and of course he's
now the keeper of saint mary'saxe.
It is none other than the head.
He was Devonshire and NeverSquare.
Then he was Devonshire andNever Square, and of course he's
now the keeper of St Mary's Axe.
(03:31):
It is none other than the head,the CEO of Registriart in the
UK, mr John Kern.
And John, welcome back.
Thank you for long enough foryou to eat your turkey, hi
Andrew.
Speaker 4 (03:48):
It's great to be back .
Happy New Year everybody.
No, the FCA are very kind.
No, I managed to get some timeoff.
Um went back to dorset for aweek and, uh, yeah, it was
(04:13):
lovely catch up with the family.
Speaker 1 (04:15):
Um ate too much, drank too much uh, fabulous yeah
or they're back in luxembourgand they are facing the white
heat of a new tech platform, newproduct rollouts, obviously,
market participants underpressure to up their data
quality, improve their reporting, turnaround processes, plus, of
(04:37):
course, a whole load of newregulations on the horizon.
So let's kick off with our Q1goal setting show first show of
2025.
And I'm going to start withMaria.
I'm going to come to you firstbecause obviously you're
managing director.
You're sitting there in the bigchair looking down the first
(04:57):
quarter.
You must have a plan.
What does the trade repositorydo?
How do you approach a new yearwhen you're fresh into a whole
batch of new regulations?
What's burning a hole in yourdesk right now?
Speaker 3 (05:21):
Thank you so much.
No, a little bit of everything.
And this is not a normal startof the year because we on the
one side, we have the next DORAimplementation that Laura will
talk to us later on but DORA iscoming into effect the next week
.
So we've been working the wholepast year on how to implement
(05:44):
it and everything is ready.
So we're going working thewhole past year on how to
implement it and everything isready.
So we're going to be DORAcompliant as soon as DORA comes
into effect.
So that's, on the one side, oneof the priorities of this first
queue and on the other side,we're always in expectation if
(06:05):
there is any regulatory change,so that we have to manage our
own resources to make thechanges available and to make
the company compliant towhatever is needed.
But for the time being, we arestill working, and we've been
working very hard after theclient event in the platform
stabilization, as we alreadyannounced in the client event,
(06:26):
in the platform stabilization,as we already announced in the
client event, and we have made aconsiderable effort in
monitoring the platform andincluding all the checkpoints
possible to make the customerfeel comfortable with our
platform and in order toanticipate any problem that may
arise.
So these are the priorities nowto stabilize the platform.
(06:49):
We've been working on that, soalmost done, and we will also be
starting meetings withcustomers to make sure that they
get the best of the newplatform and that they
understand the benefits of thenew platform as well.
And there are some new thingsthat are coming in the Q1 that
we can announce now, as theywere already advancing in the
(07:13):
client event.
If we talk about MET, we willmake available to the customers
all the invoices on an onlinebasis, so the customer will have
all the historical informationof the invoices, including
in-med historical information of2024, as well as the status of
each invoice, for them to haveall this information in real
(07:34):
time.
We will also be includingDocuSign as a tool for them to
more quickly fulfill thecontracts and the amendments to
the contract.
This is going to be also likeautomating on this process to
save time of the customers.
And we will be also launchingthe CSV reports and of the
(07:58):
reports that they are todayreceiving in XML format.
Xml is not understandable foreverybody, so we are going to
launch them in CSV because thisis like a much more human
readable format, and this issomething that customers have
requested to us.
So customer, customer, customerthis is going to be our
(08:21):
priority in this first queue, asalways.
Speaker 1 (08:24):
As you do a whole load of testing pre-launch, you
have your beta phases, you doall that stuff.
But then when you're hit with ahuge volume of live data and
real end-to-end customerjourneys, you discover all the
things actually, that youcouldn't have anticipated,
because you never quite know howa user is going to access the
system, what they really needfrom it.
(08:45):
They don't know themselvessometimes.
Speaker 3 (08:59):
Yeah, we're trying to make their life easier, and
everything that can be automatedand everything that can be
understood more easily, such asthe difference between XML and
CSV, we will do it, and this isour intention to make life of
customers much better than itwas before.
Speaker 1 (09:16):
Is it enhancing their operations?
Speaker 3 (09:30):
Well, it's enhancing, because now validation rules
require much more fields to bevalidated.
So, only for the, this is, youknow, they are increasing the
quality.
But we can also propose, and wewill be proposing to our
customers, new information, newservices based on this huge
amount of information that weare now getting and that I think
(09:53):
that our customers areexpecting.
You know, new services based onthis huge amount of information
that can be very useful to themvery important.
Speaker 1 (10:00):
That brings us very nicely to Laura.
I'm going to hit you.
Data is the new oil, Laura.
Is that what they're saying?
Esma, what's the institutionalrelations update?
How has feedback been from Esma?
What's the?
Speaker 2 (10:17):
mood in Brussels, that's for sure.
Data quality is all over andit's going to be one of the key
points for ESMA to keepimproving and to keep looking.
(10:40):
We don't know yet when the nextdata quality report will come,
but we can see already that allauthorities are getting ready to
have the data as clean aspossible, let's say, the data
(11:01):
that has not been updated yetfrom the previous standards,
which we know.
Most of the entities havealready done it, but still there
are specific legacy traits thatare there in the system and
they are trying to upgrade themas much as possible to have the
(11:21):
information accurate.
All the things that they areasking, for example, the
authorities, is that they areapproaching us because they are
entities that have ceased orclosed their business, but there
are still trades that have notbeen terminated in the system,
which means that we need tofollow a very specific process
(11:43):
that is defined in the Q&As toclose that data, because those
entities don't have an accountanymore, they have closed and
they are not able to do so, andthis is also another way to
clean the database and to seehow authorities are really
looking to have the mostaccurate version of the data
(12:06):
that they are receiving.
So, of course, yes, data qualityis going to be one of the huge
points.
And also, I will say they aredoing this because one of the
key points that they are goingto look into mainly the central
banks is the margin.
To look into mainly the centralbanks is the margin.
(12:27):
They are really right nowlooking to see that all the
margins and all the informationon collateral valuation is not
missing, is there, and thatentities are doing it properly,
which is also very relevantinformation for them, for their
statistics and for theirsupervision of the risk market
in general.
(12:47):
So, yeah, I'd say data qualitywill be always there.
Speaker 4 (12:53):
Yeah, I was just going to say not to panic our UK
clients.
So we're obviously following aslightly delayed timeline five
months after the European Unionand so I suppose that's the
first major milestone for ourclients this year is the
deadline at the end of March toupgrade their open trade data,
(13:15):
so they've still got a littlewhile yet to do it, but
certainly something they shouldbe looking at now.
Speaker 1 (13:23):
Uncertainty and unusual market dynamics, as
things have been changingthroughout Europe.
Speaker 2 (13:40):
I don't have a specific reason in my mind.
It could be all the ones thatyou have mentioned.
Also, it could be that because,as you know, there are entities
that hold a margin, a biggermargin and therefore a bigger
risk.
With this new refit, they haveall the information that they
(14:05):
are not missing anything, sothey can do these supervisory
activities properly.
So it probably could be one ofthe reasons.
Speaker 4 (14:15):
Yeah, I mean, andrea, I guess you know, from a BAU
perspective, when we're talkingabout market volatility and
potential changes and so on inthe geopolitical situation and
so on, you know the bau impactto us is it is normally just in
terms of volumes.
We tend to see significantincrease in volumes during those
(14:36):
types of periods.
Speaker 1 (14:37):
But the you know the, the framework, the parameters
for the reporting remains thesame and there is a five-month
sort of cushion that uk uhmarket participants have enjoyed
, which definitely has meantthey've learned from the sort of
best practice examples of thego live for amir uh in europe.
(14:59):
But how has it been?
How has amir been rolling outuh over the uh last sort of a
month or so since we we caughtup?
Speaker 4 (15:10):
yeah, I mean, it's it .
It's been broadly smooth.
I I would say, um, youmentioned that market
participants have kind of workedthrough any systemic issues
effectively in production, uh,through reporting in the, as
most of our UK clients do.
But also on our side as well,as Maria mentioned, we've been
(15:32):
heavily focused on bug fixingand so on, which ultimately led
to cleaner implementation of theplatform in the UK and we've
seen that monitoring the dailyKPIs and so on.
You know there are still a fewbugs here and there, with some
slight delays on some reportsfor a small number of clients on
(15:58):
an occasional basis, but we'reworking through that and yeah,
broadly speaking touch wood it'sgone pretty well.
Speaker 1 (16:09):
And how are you setting your objectives for the
year ahead?
I mean?
Ceo of the UK branch ofRegistryR.
So do you have the sameeffective agenda?
Obviously, as Maria discussedthat, you're consolidating the
platform, adding new features,having a push to engage with
(16:30):
clients to make sure they'regetting the best out of the
platform, or do you have toapproach things in a slightly
different way because there is amore limited scope for UKM here
?
Speaker 4 (16:41):
No, I'm completely aligned with Maria.
That's absolutely what we needto do.
I mean, look, let's, let's behonest, last year was a
difficult year for clients.
We had a major systemimplementation, effectively, a
new platform and then additionaltools like med, etc.
Etc.
So, um, my, my view of thisyear is that this year, you know
(17:03):
, we get back close to clients.
We are looking at, for example,holding regional workshops,
including in the UK, to walkthrough the new enhanced
functionality.
And, yeah, it's a year I seewhere now the mandatory
(17:23):
development is done, we canreally start to focus on rolling
out the client-drivendevelopment and our clients
really start to see valuethrough that.
So I think that's happening.
Speaker 1 (17:36):
So this is all sounding very positive and great
, so I don't want to put adowner on things, but I am and
Lara, I'm going to come back toyou.
Dora, just as he thought it wassafe to go back into regulatory
reporting, suddenly there's ahuge, great new implementation
which it feels like everyone isreally on track with this,
(17:59):
because it's much more of an ITthing.
The IT teams are being gearedup.
You've had your red and blueteams testing, uh, penetration
testing, all those differentthings that are sort of so
crucial to this.
Have there been any frictionpoints with dora preparations?
Is there anything that's, youknow, a cause for concern for
regulatory authorities?
Speaker 2 (18:19):
well, uh, not concerned, but per se I think
authorities and and the industryare working closely to try to
solve all the uncertainty thatwe could still have in some of
the requirements.
December ESMA did two veryrelevant workshops.
(18:43):
One was related with theincident reporting under DORA.
So here there was a lot ofuncertainty and the market was
really worried on how theyshould really measure all the
criteria to report a majorincident.
And ESMA is really trying toclarify all the what is still
(19:05):
not clear just to ensure that bythe time of the reporting the
entities have all the necessaryinformation to to feel
comfortable with what they arereporting as incidents.
And the other workshop thattook place also in December was
regarding the register ofinformation under DORA, which is
(19:25):
all related with the updates ofthe contracts.
That needs to be now alignedwith all the DORA requirements
for the ICT third party serviceproviders.
Also, there's a lot of workfrom the industry to update the
contracts with the relevantentities to ensure that now this
(19:47):
contract that we have withthese service providers cover
also DORA.
So I think everything is more orless on track, as you said, but
it's true that also what thesupervisor said is that this is
going to be a learning processfor both parts.
It will be a learning processfor supervisors and learning
(20:10):
process for the industry and amarketing infrastructure.
So it's really important to, assoon as we find any issue or
deficiency on the way we do thistype of reporting, that we
inform them, that we ensure thatwe have clear all the points.
So I think it's reallyimportant this communication at
(20:32):
this point to ensure that well,we are doing it correctly and
that maybe the requirements thatare in place are not clear
enough and needs to be reviewed.
This could be something thatcould happen also.
So that's why it's reallyimportant the communication at
this point, but a finger crossedfor everybody and for the
(20:54):
industry for the 17th of January, and hopefully all the major
incidents that are reported bythem could be easily managed and
easily communicated to theirsupervisors.
Speaker 3 (21:10):
As you said, this is a process where we all be
learning at the same time, butwhere we have also learned
because there were somerestrictions, for example, for
providers outside the EuropeanUnion that had to have an NDI.
So we raised the question andyou know the solution given, you
know, was clear enough and openenough for us to keep having
(21:33):
all these providers outside ofthe European Union not
restricting, you know, the datathat they had to deliver to be
DERA compliant.
So, yeah, so we've beenlearning during the process and
things have been solved Alsoduring the process, things that
concern us at the very beginning, and that has been a very good
(21:57):
experience on both sides.
Speaker 1 (22:00):
And John on that front.
We've talked about UK refits.
We talk about UK SFTR.
We're used to putting UK infront of everything that happens
in the EU now, post Brexit,when it comes to regulatory
frameworks, what about DORA?
Is there a UK DORA?
Speaker 4 (22:38):
At the moment.
No, there isn't currently anoverarching single piece of
regulation.
Like appropriate, we willprobably adopt the best practice
that's being put in place theredevelops in terms of the UK
(23:00):
regulatory framework and anyfurther requirements from the
FCA as time progresses.
Speaker 1 (23:10):
Okay.
So it all looks good.
Q1 is teed up, we've got newplatform, new value added
services.
That's why Nick can't join usfor this episode, because he's
out there hitting the road,meeting clients and talking
about all the cool new thingsthat you can do.
But towards the end of the yearthere is a slight dark cloud on
(23:30):
that sunny summer horizon,which is the enhanced
reconciliation requirementswhich are due to be coming in,
john, starting with you.
Is that going to be an issue inthe UK?
Speaker 4 (23:44):
Yes.
So that will be anothersignificant milestone, something
market participants need to beworking towards.
For the UK it's due inSeptember 2026.
It's due in September 2026.
And I guess it will haveimpacts on reconciliation rates,
(24:09):
of course, as additional fields, additional complexity, et
cetera, et cetera.
And then for my colleagues inthe European Union, they have
the pleasure of implementingthat for five months prior, so
two years after refit went live.
So end of April 2026 for theEuropean Union.
(24:30):
So yeah, it's just a reminder.
I suppose, together with theupgrade of the data that's still
outstanding for our UK clients,they also need to keep an eye
on the additional reconciliationrequirements that are still
outstanding.
Speaker 1 (24:44):
Okay, so getting ready for the deadline in 2026
means everyone's going to startworking on that, I guess towards
the end of the year, becausethe industry is always ahead of
the game.
Maria, what about from yourside?
Are there any sort of standoutnew initiatives around
regulatory regimes that youthink market participants should
keep an eye on?
Speaker 3 (25:05):
We should mention that maybe there's going to be a
discussion on the new FIMFRAGbased on Brexit, that FIMA
apparently is going to startthis year.
This is something that we willbe looking at and we will inform
all our customers from FIMFRAGabout the potential new changes,
so we will walk this processtogether with them.
Speaker 1 (25:28):
Laura, what is 2025 looking like for you?
It sounds like it's going to bea pretty smooth ride.
You know, a bit of FinFrag, abit of getting ready for
enhanced reconciliation.
It feels pretty easy after amere refit, doesn't it?
Come on, spoil the party.
What else is coming?
Speaker 2 (25:50):
Okay, what else?
Actually, it's an honest talk.
Although we think this is notgoing to be the case in 2025, on
the TR side at least, we willkeep working because we have new
consultation papers which arerelated with guidelines on
internal control.
So ESMA already have theseguidelines for one of their
(26:14):
market infrastructure, forcredit rating agencies, but they
will enlarge the scope of theseguidelines for the rest of the
infrastructure that theysupervise.
So we are now looking into theseguidelines that we will submit
the responses of thisconsultation in March, and what
(26:37):
ESMA expects here is just togive some details guidelines,
expectations for the differentcomponents and an effective
internal control system, so allthe frameworks related with risk
, with compliance and withhaving a controlled environment.
(27:02):
So, as I said, this will applyfor the moment to the entity
supervised by ESMA, but, as youknow, sometimes the guidelines
that ESMA creates serve as abasis for the rest of the
supervisors to use for theentities that they supervise.
So it is important that ifpeople can have a look to this
(27:25):
and see how much they align withthese expectations of ESMA.
So this is one of the pointsthat we will work this year on
these guidelines and how toalign our frameworks to these
expectations.
Yeah, as well as the rest ofthe things that we have
recommended here.
So quite an interesting timeahead.
Speaker 4 (27:50):
And there's all the BAU stuff as well.
Right, it's working, for amarket infrastructure is a bit
like, you know, painting theseven bridge you get to the end
and you have to start again.
So we've got you know.
So we've got you know, we'vegot um an ongoing cycle of
internal audits.
We have um, we have our ourrisk management um exercise, so
(28:14):
we do um risk risk evaluationthroughout the year and, of
course, compliance work andmonitoring programs.
So we're constantly testingvarious areas of the business
for compliance and potentially,areas that require improvement.
And, as I say, that's just anongoing process.
(28:36):
As soon as you finish, youstart again.
Speaker 1 (28:38):
Okay, and also the event season is kicking off.
We've got securities lendingevents, repo events, trade
bodies are organizing theirannual conferences.
Are you going to be at anyevents coming up soon?
Speaker 3 (28:49):
We will be in the in the Derivative Forum of
Frankfurt during the month ofFebruary.
So we will be exhibiting thereon 26th and 27th of February.
Yeah, for the people to knowabout that.
And we will be in booth number32 in the level C2 of the
(29:10):
exhibition area.
So for everybody to say, forour customers there and for
everybody that attends theDerivative Forum, we will be
there to answer any question andto have everyone to one that
they want.
Speaker 1 (29:22):
Good.
Now, on this exciting front, wehave to draw the formal portion
of the show to a close.
But, as has become ourtradition here on the show, we
like to hit people with surprisequizzes.
And, john, it's your turn.
I'm sorry.
You've been away too long doingimportant work, but you've got
an easy.
Long doing important work, butyou've got an easy quiz.
(29:43):
Now You've got an easy quiz.
I'm going to hit you with aquiz now.
There's been no preparation forthis.
How many questions can youanswer in a minute?
We're just going to blitzthrough them.
See how far we can get.
This should be an easy one foryou, because today's topic is
Tottenham Hotspur's 2024-25season so far.
(30:05):
How much do you know?
As a massive spurs fan, thisshould be.
This should put you in johnjohn graham scoring territory at
this point are you trying todepress me?
um, yeah, you got just to say,if you are listening to this
show on the recording day, it'sthe morning after Tottenham just
managed to squeeze through past.
(30:25):
Was it Tamworth, tamworth?
Okay, moving on, john.
Are you ready?
Your timer is about to begin.
Now.
Who is Tottenham Hotspur's headcoach for the 24-25 season?
Speaker 4 (30:38):
Ange Bostek-Holtley.
Speaker 1 (30:40):
Correct as of January 13th 2025,.
What position does Tottenhamhold in the Premier League
standings?
Speaker 4 (30:47):
I guess we're 11th or 12th 12th is correct.
Speaker 1 (30:51):
Yes, I'll accept that .
Which player is Tottenham's topscorer this season?
Speaker 4 (30:57):
That would be Brennan Johnson, james Madison with
eight goals.
Speaker 1 (31:01):
Oh wow, okay, just slipped through there.
Who provided the most assistsfor Tottenham so far this season
.
Speaker 4 (31:08):
That'd be Brennan Johnson.
Speaker 1 (31:10):
No, it's Dan Kulisowski.
Five assists officially there.
Against which team didTottenham achieve their largest
victory this season?
Speaker 4 (31:19):
Southampton.
Speaker 1 (31:21):
Correct.
Who capped in Tottenham intheir most recent match?
Speaker 4 (31:26):
Oh, I guess that would have been James Madison.
Speaker 1 (31:31):
That was last night's match, wasn't it?
The computer hadn't updated it.
It said Song Hun Min, but I'lljust.
I'll take your word for it.
Which summer signing made themost appearances this season?
They've all been injured, so Idon't know word for it.
Which?
Speaker 4 (31:40):
summer signing made the most appearances this season
.
They've all been injured, so Idon't know.
Speaker 1 (31:45):
Mickey Van Der Ben.
How many clean sheets hasTottenham kept in the Premier
League so far?
Speaker 4 (31:51):
Not many.
I would guess about four.
Speaker 1 (31:54):
Four is correct.
What was the result ofTottenham's opening match of the
season?
Don't know 2-2 draw againstBrentford Wow, that's impressive
.
And how many, sorry.
How many goals has Tottenhamconceded from set pieces this
season?
Speaker 4 (32:16):
Five.
Speaker 1 (32:17):
Five is correct.
Well done, okay, well done.
Speaker 4 (32:22):
No, dear Fantastic.
I'm glad Nick's not on thepodcast anyway, because Spurs we
go away to Arsenal on Wednesdayand that might not be a very
pleasant experience.
Speaker 1 (32:37):
You know what?
I don't think you'll be mindingthat gap again, john, this year
.
I feel as though Arsenal it'snot Spurs are doing well, but
Arsenal are doing very badly,and that's got to be good news
for you.
Ok, on that very UK focusedlittle bit of TV fun there, it's
time for us really to saygoodbye and to thank our very
(32:59):
special co-hosts for the show,and that is, of course, in no
particular order, the seniorleader for the flagship
Registrar SA.
It is, of course, maria Santos,maria, managing Director.
Thank you very much.
Speaker 3 (33:11):
Thank you to you, thank you so much.
Speaker 1 (33:14):
And a huge thank you to the recently returned and
much welcome back, Pride ofSpain, the Head of Institutional
Relations, Laura Rodriguez.
Laura, welcome back, Pride ofSpain, the head of institutional
relations, Laura Rodriguez,Laura welcome back.
Thank you very much, Andrew.
And finally, last but not least, someone who is better at
answering quizzes than Tottenhamare at playing football.
It is, of course, CEO ofRegistrar UK, John Kernan.
(33:36):
John, good to have you back.
Speaker 4 (33:39):
Thanks, andrew.
That's a pretty low benchmark,to be fair, but it's great to be
back, thank you, and lookingforward to 2025.
Speaker 1 (33:47):
Okay, good.
Well, that's an end to that.
So make sure you join us on ourLinkedIn channel.
That's linkedincom.
Slash company, slash Regishyphen TR, where you can network
with Maria and with Lara andwith John and with everyone else
who helped to put this showtogether.
On that front, a huge thank youto our producer, Manuel
Moreno-Garcia very much thebrains of the outfit there you
probably guessed that alreadyand, of course, for me, Andrew,
(34:08):
Keith Walker and everyone at theSixth Group have a good month.
We'll see you next month.
Bye-bye.
this podcast is brought to you by register,
which is a member of the sixgroup and features members of
the register team and specialguests expressing their personal
opinions, not the opinions ofregister as an organization.
There is no representation madeas to the accuracy or
completeness of informationit's's Happy New Year for
everyone.
It should be taken as legal, taxor any other professional
(00:29):
advice.
Regulatory reporting.
This is the number one reg techshow in the whole of Europe, if
not the world, and I amdelighted to be back with my
(00:50):
very special co-hosts for thisepisode, of course, in no
particular order, but obviouslystarting with the boss, maria
Santos, managing Director ofRegistriar SA Maria, welcome
back.
Speaker 3 (01:13):
Thank you so much, andy, and happy new year to you
and to everybody that islistening to this podcast.
Speaker 1 (01:19):
One and a half month ago and also thank you for
settling the chorizo questiononce and for all.
Tim Hartley is very gratefulfor that month ago.
And also thank you for settlingthe chorizo question once and
for all.
Tim hartley is very gratefulfor that.
Uh, I'm going to say, if you'relistening, tim hi, a big hello
to.
Obviously tim must get him backon the show and john graham, of
course, if you're listening,we'll get you back and we'll hit
you with a food related quizthis time that'll.
That'll throw you a curveball.
Also, joining us in the virtualstudio back after a fantastic
(01:43):
honeymoon.
Relations lara, welcome back inthe virtual studio, back after
a fantastic honeymoon relationslara welcome back thank you very
(02:19):
much, andrew.
Speaker 2 (02:19):
I have an amazing honeymoon, but with a lot of
energy now to start this newyear.
Okay, so it was one month triptwo weeks in Australia, two
weeks in New Zealand Australiawe did the west and south coast
and then New Zealand from thebottom to the top in a really
nice camper van and it wasreally, really amazing.
In Australia it was really good.
(02:44):
In New Zealand was good also.
But you know we were doing alot of hiking in mountains where
it rains 200 days per year, soit was impossible to find a
really nice day to go there, soit was pouring sometimes it was
really raining a lot, but ingeneral it was really raining a
(03:04):
lot, but in general it wasreally nice and it even worth if
you visit these places with uh,with the rain.
Speaker 1 (03:11):
It's really worth it anyway smiled and looked enough
to say yes, finally decentweather.
It is, of course, uh, the manwho he used to put the canary in
the wharf.
Then he was devonshire.
Another, never square.
Then he was devonshire andnever square, and of course he's
now the keeper of saint mary'saxe.
It is none other than the head.
He was Devonshire and NeverSquare.
Then he was Devonshire andNever Square, and of course he's
now the keeper of St Mary's Axe.
(03:31):
It is none other than the head,the CEO of Registriart in the
UK, mr John Kern.
And John, welcome back.
Thank you for long enough foryou to eat your turkey, hi
Andrew.
Speaker 4 (03:48):
It's great to be back .
Happy New Year everybody.
No, the FCA are very kind.
No, I managed to get some timeoff.
Um went back to dorset for aweek and, uh, yeah, it was
(04:13):
lovely catch up with the family.
Speaker 1 (04:15):
Um ate too much, drank too much uh, fabulous yeah
or they're back in luxembourgand they are facing the white
heat of a new tech platform, newproduct rollouts, obviously,
market participants underpressure to up their data
quality, improve their reporting, turnaround processes, plus, of
(04:37):
course, a whole load of newregulations on the horizon.
So let's kick off with our Q1goal setting show first show of
2025.
And I'm going to start withMaria.
I'm going to come to you firstbecause obviously you're
managing director.
You're sitting there in the bigchair looking down the first
(04:57):
quarter.
You must have a plan.
What does the trade repositorydo?
How do you approach a new yearwhen you're fresh into a whole
batch of new regulations?
What's burning a hole in yourdesk right now?
Speaker 3 (05:21):
Thank you so much.
No, a little bit of everything.
And this is not a normal startof the year because we on the
one side, we have the next DORAimplementation that Laura will
talk to us later on but DORA iscoming into effect the next week
.
So we've been working the wholepast year on how to implement
(05:44):
it and everything is ready.
So we're going working thewhole past year on how to
implement it and everything isready.
So we're going to be DORAcompliant as soon as DORA comes
into effect.
So that's, on the one side, oneof the priorities of this first
queue and on the other side,we're always in expectation if
(06:05):
there is any regulatory change,so that we have to manage our
own resources to make thechanges available and to make
the company compliant towhatever is needed.
But for the time being, we arestill working, and we've been
working very hard after theclient event in the platform
stabilization, as we alreadyannounced in the client event,
(06:26):
in the platform stabilization,as we already announced in the
client event, and we have made aconsiderable effort in
monitoring the platform andincluding all the checkpoints
possible to make the customerfeel comfortable with our
platform and in order toanticipate any problem that may
arise.
So these are the priorities nowto stabilize the platform.
(06:49):
We've been working on that, soalmost done, and we will also be
starting meetings withcustomers to make sure that they
get the best of the newplatform and that they
understand the benefits of thenew platform as well.
And there are some new thingsthat are coming in the Q1 that
we can announce now, as theywere already advancing in the
(07:13):
client event.
If we talk about MET, we willmake available to the customers
all the invoices on an onlinebasis, so the customer will have
all the historical informationof the invoices, including
in-med historical information of2024, as well as the status of
each invoice, for them to haveall this information in real
(07:34):
time.
We will also be includingDocuSign as a tool for them to
more quickly fulfill thecontracts and the amendments to
the contract.
This is going to be also likeautomating on this process to
save time of the customers.
And we will be also launchingthe CSV reports and of the
(07:58):
reports that they are todayreceiving in XML format.
Xml is not understandable foreverybody, so we are going to
launch them in CSV because thisis like a much more human
readable format, and this issomething that customers have
requested to us.
So customer, customer, customerthis is going to be our
(08:21):
priority in this first queue, asalways.
Speaker 1 (08:24):
As you do a whole load of testing pre-launch, you
have your beta phases, you doall that stuff.
But then when you're hit with ahuge volume of live data and
real end-to-end customerjourneys, you discover all the
things actually, that youcouldn't have anticipated,
because you never quite know howa user is going to access the
system, what they really needfrom it.
(08:45):
They don't know themselvessometimes.
Speaker 3 (08:59):
Yeah, we're trying to make their life easier, and
everything that can be automatedand everything that can be
understood more easily, such asthe difference between XML and
CSV, we will do it, and this isour intention to make life of
customers much better than itwas before.
Speaker 1 (09:16):
Is it enhancing their operations?
Speaker 3 (09:30):
Well, it's enhancing, because now validation rules
require much more fields to bevalidated.
So, only for the, this is, youknow, they are increasing the
quality.
But we can also propose, and wewill be proposing to our
customers, new information, newservices based on this huge
amount of information that weare now getting and that I think
(09:53):
that our customers areexpecting.
You know, new services based onthis huge amount of information
that can be very useful to themvery important.
Speaker 1 (10:00):
That brings us very nicely to Laura.
I'm going to hit you.
Data is the new oil, Laura.
Is that what they're saying?
Esma, what's the institutionalrelations update?
How has feedback been from Esma?
What's the?
Speaker 2 (10:17):
mood in Brussels, that's for sure.
Data quality is all over andit's going to be one of the key
points for ESMA to keepimproving and to keep looking.
(10:40):
We don't know yet when the nextdata quality report will come,
but we can see already that allauthorities are getting ready to
have the data as clean aspossible, let's say, the data
(11:01):
that has not been updated yetfrom the previous standards,
which we know.
Most of the entities havealready done it, but still there
are specific legacy traits thatare there in the system and
they are trying to upgrade themas much as possible to have the
(11:21):
information accurate.
All the things that they areasking, for example, the
authorities, is that they areapproaching us because they are
entities that have ceased orclosed their business, but there
are still trades that have notbeen terminated in the system,
which means that we need tofollow a very specific process
(11:43):
that is defined in the Q&As toclose that data, because those
entities don't have an accountanymore, they have closed and
they are not able to do so, andthis is also another way to
clean the database and to seehow authorities are really
looking to have the mostaccurate version of the data
(12:06):
that they are receiving.
So, of course, yes, data qualityis going to be one of the huge
points.
And also, I will say they aredoing this because one of the
key points that they are goingto look into mainly the central
banks is the margin.
To look into mainly the centralbanks is the margin.
(12:27):
They are really right nowlooking to see that all the
margins and all the informationon collateral valuation is not
missing, is there, and thatentities are doing it properly,
which is also very relevantinformation for them, for their
statistics and for theirsupervision of the risk market
in general.
(12:47):
So, yeah, I'd say data qualitywill be always there.
Speaker 4 (12:53):
Yeah, I was just going to say not to panic our UK
clients.
So we're obviously following aslightly delayed timeline five
months after the European Unionand so I suppose that's the
first major milestone for ourclients this year is the
deadline at the end of March toupgrade their open trade data,
(13:15):
so they've still got a littlewhile yet to do it, but
certainly something they shouldbe looking at now.
Speaker 1 (13:23):
Uncertainty and unusual market dynamics, as
things have been changingthroughout Europe.
Speaker 2 (13:40):
I don't have a specific reason in my mind.
It could be all the ones thatyou have mentioned.
Also, it could be that because,as you know, there are entities
that hold a margin, a biggermargin and therefore a bigger
risk.
With this new refit, they haveall the information that they
(14:05):
are not missing anything, sothey can do these supervisory
activities properly.
So it probably could be one ofthe reasons.
Speaker 4 (14:15):
Yeah, I mean, andrea, I guess you know, from a BAU
perspective, when we're talkingabout market volatility and
potential changes and so on inthe geopolitical situation and
so on, you know the bau impactto us is it is normally just in
terms of volumes.
We tend to see significantincrease in volumes during those
(14:36):
types of periods.
Speaker 1 (14:37):
But the you know the, the framework, the parameters
for the reporting remains thesame and there is a five-month
sort of cushion that uk uhmarket participants have enjoyed
, which definitely has meantthey've learned from the sort of
best practice examples of thego live for amir uh in europe.
(14:59):
But how has it been?
How has amir been rolling outuh over the uh last sort of a
month or so since we we caughtup?
Speaker 4 (15:10):
yeah, I mean, it's it .
It's been broadly smooth.
I I would say, um, youmentioned that market
participants have kind of workedthrough any systemic issues
effectively in production, uh,through reporting in the, as
most of our UK clients do.
But also on our side as well,as Maria mentioned, we've been
(15:32):
heavily focused on bug fixingand so on, which ultimately led
to cleaner implementation of theplatform in the UK and we've
seen that monitoring the dailyKPIs and so on.
You know there are still a fewbugs here and there, with some
slight delays on some reportsfor a small number of clients on
(15:58):
an occasional basis, but we'reworking through that and yeah,
broadly speaking touch wood it'sgone pretty well.
Speaker 1 (16:09):
And how are you setting your objectives for the
year ahead?
I mean?
Ceo of the UK branch ofRegistryR.
So do you have the sameeffective agenda?
Obviously, as Maria discussedthat, you're consolidating the
platform, adding new features,having a push to engage with
(16:30):
clients to make sure they'regetting the best out of the
platform, or do you have toapproach things in a slightly
different way because there is amore limited scope for UKM here
?
Speaker 4 (16:41):
No, I'm completely aligned with Maria.
That's absolutely what we needto do.
I mean, look, let's, let's behonest, last year was a
difficult year for clients.
We had a major systemimplementation, effectively, a
new platform and then additionaltools like med, etc.
Etc.
So, um, my, my view of thisyear is that this year, you know
(17:03):
, we get back close to clients.
We are looking at, for example,holding regional workshops,
including in the UK, to walkthrough the new enhanced
functionality.
And, yeah, it's a year I seewhere now the mandatory
(17:23):
development is done, we canreally start to focus on rolling
out the client-drivendevelopment and our clients
really start to see valuethrough that.
So I think that's happening.
Speaker 1 (17:36):
So this is all sounding very positive and great
, so I don't want to put adowner on things, but I am and
Lara, I'm going to come back toyou.
Dora, just as he thought it wassafe to go back into regulatory
reporting, suddenly there's ahuge, great new implementation
which it feels like everyone isreally on track with this,
(17:59):
because it's much more of an ITthing.
The IT teams are being gearedup.
You've had your red and blueteams testing, uh, penetration
testing, all those differentthings that are sort of so
crucial to this.
Have there been any frictionpoints with dora preparations?
Is there anything that's, youknow, a cause for concern for
regulatory authorities?
Speaker 2 (18:19):
well, uh, not concerned, but per se I think
authorities and and the industryare working closely to try to
solve all the uncertainty thatwe could still have in some of
the requirements.
December ESMA did two veryrelevant workshops.
(18:43):
One was related with theincident reporting under DORA.
So here there was a lot ofuncertainty and the market was
really worried on how theyshould really measure all the
criteria to report a majorincident.
And ESMA is really trying toclarify all the what is still
(19:05):
not clear just to ensure that bythe time of the reporting the
entities have all the necessaryinformation to to feel
comfortable with what they arereporting as incidents.
And the other workshop thattook place also in December was
regarding the register ofinformation under DORA, which is
(19:25):
all related with the updates ofthe contracts.
That needs to be now alignedwith all the DORA requirements
for the ICT third party serviceproviders.
Also, there's a lot of workfrom the industry to update the
contracts with the relevantentities to ensure that now this
(19:47):
contract that we have withthese service providers cover
also DORA.
So I think everything is more orless on track, as you said, but
it's true that also what thesupervisor said is that this is
going to be a learning processfor both parts.
It will be a learning processfor supervisors and learning
(20:10):
process for the industry and amarketing infrastructure.
So it's really important to, assoon as we find any issue or
deficiency on the way we do thistype of reporting, that we
inform them, that we ensure thatwe have clear all the points.
So I think it's reallyimportant this communication at
(20:32):
this point to ensure that well,we are doing it correctly and
that maybe the requirements thatare in place are not clear
enough and needs to be reviewed.
This could be something thatcould happen also.
So that's why it's reallyimportant the communication at
this point, but a finger crossedfor everybody and for the
(20:54):
industry for the 17th of January, and hopefully all the major
incidents that are reported bythem could be easily managed and
easily communicated to theirsupervisors.
Speaker 3 (21:10):
As you said, this is a process where we all be
learning at the same time, butwhere we have also learned
because there were somerestrictions, for example, for
providers outside the EuropeanUnion that had to have an NDI.
So we raised the question andyou know the solution given, you
know, was clear enough and openenough for us to keep having
(21:33):
all these providers outside ofthe European Union not
restricting, you know, the datathat they had to deliver to be
DERA compliant.
So, yeah, so we've beenlearning during the process and
things have been solved Alsoduring the process, things that
concern us at the very beginning, and that has been a very good
(21:57):
experience on both sides.
Speaker 1 (22:00):
And John on that front.
We've talked about UK refits.
We talk about UK SFTR.
We're used to putting UK infront of everything that happens
in the EU now, post Brexit,when it comes to regulatory
frameworks, what about DORA?
Is there a UK DORA?
Speaker 4 (22:38):
At the moment.
No, there isn't currently anoverarching single piece of
regulation.
Like appropriate, we willprobably adopt the best practice
that's being put in place theredevelops in terms of the UK
(23:00):
regulatory framework and anyfurther requirements from the
FCA as time progresses.
Speaker 1 (23:10):
Okay.
So it all looks good.
Q1 is teed up, we've got newplatform, new value added
services.
That's why Nick can't join usfor this episode, because he's
out there hitting the road,meeting clients and talking
about all the cool new thingsthat you can do.
But towards the end of the yearthere is a slight dark cloud on
(23:30):
that sunny summer horizon,which is the enhanced
reconciliation requirementswhich are due to be coming in,
john, starting with you.
Is that going to be an issue inthe UK?
Speaker 4 (23:44):
Yes.
So that will be anothersignificant milestone, something
market participants need to beworking towards.
For the UK it's due inSeptember 2026.
It's due in September 2026.
And I guess it will haveimpacts on reconciliation rates,
(24:09):
of course, as additional fields, additional complexity, et
cetera, et cetera.
And then for my colleagues inthe European Union, they have
the pleasure of implementingthat for five months prior, so
two years after refit went live.
So end of April 2026 for theEuropean Union.
(24:30):
So yeah, it's just a reminder.
I suppose, together with theupgrade of the data that's still
outstanding for our UK clients,they also need to keep an eye
on the additional reconciliationrequirements that are still
outstanding.
Speaker 1 (24:44):
Okay, so getting ready for the deadline in 2026
means everyone's going to startworking on that, I guess towards
the end of the year, becausethe industry is always ahead of
the game.
Maria, what about from yourside?
Are there any sort of standoutnew initiatives around
regulatory regimes that youthink market participants should
keep an eye on?
Speaker 3 (25:05):
We should mention that maybe there's going to be a
discussion on the new FIMFRAGbased on Brexit, that FIMA
apparently is going to startthis year.
This is something that we willbe looking at and we will inform
all our customers from FIMFRAGabout the potential new changes,
so we will walk this processtogether with them.
Speaker 1 (25:28):
Laura, what is 2025 looking like for you?
It sounds like it's going to bea pretty smooth ride.
You know, a bit of FinFrag, abit of getting ready for
enhanced reconciliation.
It feels pretty easy after amere refit, doesn't it?
Come on, spoil the party.
What else is coming?
Speaker 2 (25:50):
Okay, what else?
Actually, it's an honest talk.
Although we think this is notgoing to be the case in 2025, on
the TR side at least, we willkeep working because we have new
consultation papers which arerelated with guidelines on
internal control.
So ESMA already have theseguidelines for one of their
(26:14):
market infrastructure, forcredit rating agencies, but they
will enlarge the scope of theseguidelines for the rest of the
infrastructure that theysupervise.
So we are now looking into theseguidelines that we will submit
the responses of thisconsultation in March, and what
(26:37):
ESMA expects here is just togive some details guidelines,
expectations for the differentcomponents and an effective
internal control system, so allthe frameworks related with risk
, with compliance and withhaving a controlled environment.
(27:02):
So, as I said, this will applyfor the moment to the entity
supervised by ESMA, but, as youknow, sometimes the guidelines
that ESMA creates serve as abasis for the rest of the
supervisors to use for theentities that they supervise.
So it is important that ifpeople can have a look to this
(27:25):
and see how much they align withthese expectations of ESMA.
So this is one of the pointsthat we will work this year on
these guidelines and how toalign our frameworks to these
expectations.
Yeah, as well as the rest ofthe things that we have
recommended here.
So quite an interesting timeahead.
Speaker 4 (27:50):
And there's all the BAU stuff as well.
Right, it's working, for amarket infrastructure is a bit
like, you know, painting theseven bridge you get to the end
and you have to start again.
So we've got you know.
So we've got you know, we'vegot um an ongoing cycle of
internal audits.
We have um, we have our ourrisk management um exercise, so
(28:14):
we do um risk risk evaluationthroughout the year and, of
course, compliance work andmonitoring programs.
So we're constantly testingvarious areas of the business
for compliance and potentially,areas that require improvement.
And, as I say, that's just anongoing process.
(28:36):
As soon as you finish, youstart again.
Speaker 1 (28:38):
Okay, and also the event season is kicking off.
We've got securities lendingevents, repo events, trade
bodies are organizing theirannual conferences.
Are you going to be at anyevents coming up soon?
Speaker 3 (28:49):
We will be in the in the Derivative Forum of
Frankfurt during the month ofFebruary.
So we will be exhibiting thereon 26th and 27th of February.
Yeah, for the people to knowabout that.
And we will be in booth number32 in the level C2 of the
(29:10):
exhibition area.
So for everybody to say, forour customers there and for
everybody that attends theDerivative Forum, we will be
there to answer any question andto have everyone to one that
they want.
Speaker 1 (29:22):
Good.
Now, on this exciting front, wehave to draw the formal portion
of the show to a close.
But, as has become ourtradition here on the show, we
like to hit people with surprisequizzes.
And, john, it's your turn.
I'm sorry.
You've been away too long doingimportant work, but you've got
an easy.
Long doing important work, butyou've got an easy quiz.
(29:43):
Now You've got an easy quiz.
I'm going to hit you with aquiz now.
There's been no preparation forthis.
How many questions can youanswer in a minute?
We're just going to blitzthrough them.
See how far we can get.
This should be an easy one foryou, because today's topic is
Tottenham Hotspur's 2024-25season so far.
(30:05):
How much do you know?
As a massive spurs fan, thisshould be.
This should put you in johnjohn graham scoring territory at
this point are you trying todepress me?
um, yeah, you got just to say,if you are listening to this
show on the recording day, it'sthe morning after Tottenham just
managed to squeeze through past.
(30:25):
Was it Tamworth, tamworth?
Okay, moving on, john.
Are you ready?
Your timer is about to begin.
Now.
Who is Tottenham Hotspur's headcoach for the 24-25 season?
Speaker 4 (30:38):
Ange Bostek-Holtley.
Speaker 1 (30:40):
Correct as of January 13th 2025,.
What position does Tottenhamhold in the Premier League
standings?
Speaker 4 (30:47):
I guess we're 11th or 12th 12th is correct.
Speaker 1 (30:51):
Yes, I'll accept that .
Which player is Tottenham's topscorer this season?
Speaker 4 (30:57):
That would be Brennan Johnson, james Madison with
eight goals.
Speaker 1 (31:01):
Oh wow, okay, just slipped through there.
Who provided the most assistsfor Tottenham so far this season
.
Speaker 4 (31:08):
That'd be Brennan Johnson.
Speaker 1 (31:10):
No, it's Dan Kulisowski.
Five assists officially there.
Against which team didTottenham achieve their largest
victory this season?
Speaker 4 (31:19):
Southampton.
Speaker 1 (31:21):
Correct.
Who capped in Tottenham intheir most recent match?
Speaker 4 (31:26):
Oh, I guess that would have been James Madison.
Speaker 1 (31:31):
That was last night's match, wasn't it?
The computer hadn't updated it.
It said Song Hun Min, but I'lljust.
I'll take your word for it.
Which summer signing made themost appearances this season?
They've all been injured, so Idon't know word for it.
Which?
Speaker 4 (31:40):
summer signing made the most appearances this season
.
They've all been injured, so Idon't know.
Speaker 1 (31:45):
Mickey Van Der Ben.
How many clean sheets hasTottenham kept in the Premier
League so far?
Speaker 4 (31:51):
Not many.
I would guess about four.
Speaker 1 (31:54):
Four is correct.
What was the result ofTottenham's opening match of the
season?
Don't know 2-2 draw againstBrentford Wow, that's impressive
.
And how many, sorry.
How many goals has Tottenhamconceded from set pieces this
season?
Speaker 4 (32:16):
Five.
Speaker 1 (32:17):
Five is correct.
Well done, okay, well done.
Speaker 4 (32:22):
No, dear Fantastic.
I'm glad Nick's not on thepodcast anyway, because Spurs we
go away to Arsenal on Wednesdayand that might not be a very
pleasant experience.
Speaker 1 (32:37):
You know what?
I don't think you'll be mindingthat gap again, john, this year
.
I feel as though Arsenal it'snot Spurs are doing well, but
Arsenal are doing very badly,and that's got to be good news
for you.
Ok, on that very UK focusedlittle bit of TV fun there, it's
time for us really to saygoodbye and to thank our very
(32:59):
special co-hosts for the show,and that is, of course, in no
particular order, the seniorleader for the flagship
Registrar SA.
It is, of course, maria Santos,maria, managing Director.
Thank you very much.
Speaker 3 (33:11):
Thank you to you, thank you so much.
Speaker 1 (33:14):
And a huge thank you to the recently returned and
much welcome back, Pride ofSpain, the Head of Institutional
Relations, Laura Rodriguez.
Laura, welcome back, Pride ofSpain, the head of institutional
relations, Laura Rodriguez,Laura welcome back.
Thank you very much, Andrew.
And finally, last but not least, someone who is better at
answering quizzes than Tottenhamare at playing football.
It is, of course, CEO ofRegistrar UK, John Kernan.
(33:36):
John, good to have you back.
Speaker 4 (33:39):
Thanks, andrew.
That's a pretty low benchmark,to be fair, but it's great to be
back, thank you, and lookingforward to 2025.
Speaker 1 (33:47):
Okay, good.
Well, that's an end to that.
So make sure you join us on ourLinkedIn channel.
That's linkedincom.
Slash company, slash Regishyphen TR, where you can network
with Maria and with Lara andwith John and with everyone else
who helped to put this showtogether.
On that front, a huge thank youto our producer, Manuel
Moreno-Garcia very much thebrains of the outfit there you
probably guessed that alreadyand, of course, for me, Andrew,
(34:08):
Keith Walker and everyone at theSixth Group have a good month.
We'll see you next month.
Bye-bye.
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