December 15, 2023 • 58 mins
As the curtain falls on 2023, we're thrilled to bring back Head of Client Services and regular co-host for seasons 1-6, Barbara Ruiz Alonso. She's joined by regular host Andrew Keith Walker, Laura Rodriguez, Nicholas Bruce, and John Kernan for the final show of 2023 and the first of our new, 10th Season.
In the new show format, we go in-depth with EMIR Refit's toughest challenges, look at the growing diversity and complexity of global derivatives and money markets, and also make time to find out what the team are doing for Christmas - as well as our predictions for 2024 and it's many new reporting challenges for EMIR, DORA, MICA, CFTC and more. Plus Andrew faces the AI challenge - can ChatGPT replace him? Don't miss it!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:10):
Hi, I'm Andrew Keith Walker and this is the number
one regulatory reporting podcastin the EU, the UK and around
the world.
So join us as we go behind thescenes and under the hood to
look at the big issues and newsstories, companies and
personalities who are shapingthe world of Rektech, fintech
(00:32):
and trade repositories.
Welcome to the Registr Roundupand remember, this podcast is
brought to you by Registr, whichis a six company and features
members of the Registr team andspecial guests offering their
personal opinions, not theopinions of Registr as an
organisation.
There is no representation madeas to the accuracy or
(00:53):
completeness of information inthis podcast, nor should you
take it as legal, tax or otherprofessional advice.
And welcome back to the RegistrRoundup for this, our last show
of the year.
Yes, it's December already.
(01:15):
Where did the year go?
Well, if you're a marketparticipant, it probably went in
preparations for Amir, no doubt, but for us it's been an
amazing year.
We're going to have a quickreview of that.
We're going to look towards thefuture and, of course, this is
not just our last show of theyear, but it's the first episode
of season 10.
Yes, it is episode 92 of theRegistr Roundup, season 10.
(01:37):
And we are full on for AmirRefit coming in just a few
months time.
We're going to come to thatsoon.
But it's a very special episodetoo, because one of the regular
studio crew, who has been outon maternity leave for a couple
of seasons, is back with us.
It is also, I'm delighted tosay, the return of the nicest
and most efficient person in theentire organization, that is,
(02:00):
registr.
Obviously not the sixth groupI'm sure there are nice people
there too but the nicest personat Registr are.
Sorry, nick, but you know,let's face it, it was never
going to be you.
Barbara Ruiz Alonso.
She's back, barbara, welcome,thank you, thank you.
Speaker 3 (02:12):
Thank you, andrew.
I can't believe it's season 10already.
I don't remember how many Iskipped, but time fly.
I still remember the firstepisode we recorded back during
the pandemic, and it seems itlooks crazy.
I only had one time when westarted and I have three now.
Speaker 2 (02:28):
Indeed, you've been busy, your reporting obligations
gone right up and, I have nodoubt, your lunchbox
harmonization is through theroof, so things are looking
challenging.
It was wonderful to have youback.
Of course, barbara is, ofcourse, still the head of client
services and joining Barbarafor this very special show we
have, in no particular order,but starting with the pride of
(02:48):
Spain herself, the incrediblytalented and, I might add,
having met her in the flesh,very tall Laura Rodriguez.
Laura, welcome back.
Speaker 4 (03:00):
Hi, andrew, thank you very much.
Where did the year go, actually, as you said, wow.
Speaker 2 (03:07):
It's really flown by and I'm sure we'll be hearing
more about the institutionalside of us.
And, as you've guessed, joiningus my regular co-host, the man
who's appeared in the most shows.
Without any doubt, it is thevoice of reason himself, the
head of business development forRegistry Armistice, nicholas
Bruce.
Nick, welcome back.
Speaker 5 (03:22):
Good to be back, andrew, fantastic.
I think Barbara back as well.
I'm pretty sure that she needsto recount.
I actually must have at least aVivaSide football team by now.
Speaker 2 (03:32):
Certainly, barbara is formidable on the pitch, but
let's face it, if anyone wassuited for it, it's the head of
client services, becausechildren, as we know, are the
toughest clients.
And, of course, also joining us, one man who never has to deal
with difficult clients becausehe makes everything run super
smooth.
It is, of course, the man whoused to put the canary in the
wharf.
Then he was in Devonshire, butnever square, and he now looks
(03:54):
after St Mary's Acts none otherthan the CEO of Registry
Armistice in the UK, mr JohnKern.
And John, welcome back.
Speaker 6 (04:01):
Thank you, andrew, great to be back, and Barbara,
so nice to see you back.
Speaker 2 (04:05):
It's good.
So, barbara, I mean I was goingto say actually are you going
to be coming over to the UKanytime soon?
Speaker 3 (04:11):
I hope so.
I hope I can come over.
I just need to find a goodexcuse.
But if I go, of course you willbe, together with Nick, the
first one to know.
Speaker 2 (04:20):
Okay, good, good, yes , do let me know, and John see,
if you can pull a few strings,I'm sure, and arrange some kind
of UK jaunt for the podcast team.
That's your challenge for 2024.
Speaker 6 (04:33):
Yeah, I can feel a UK climb workshop coming on.
Speaker 2 (04:37):
Excellent, good, I'm glad.
Okay, you heard it here first.
That sounds great.
Now we've got a cut to the realbusiness of today, because we
have a lot to get through.
We have pages of script aheadand let's start right in at the
deep end.
Let's look at 2023, because theyear seems to have been an
incredibly complicated year formarket participants.
(04:58):
We've seen interest rate rises,inflation, increased volatility
, especially for certain kindsof derivatives transactions
energy derivatives and, ofcourse, being one of the big
ones that's caused a lot ofissues for market participants
is huge rise, obviously, in repotransactions.
So something for the SFTR teamsthere.
There was collateral scarcitylast year.
This year there's excessliquidity.
(05:18):
The funding and financingmarkets are going crazy and, of
course, all of this landsreporting obligations on our
clients.
So I want to come to you andsay what has been the biggest
disruptor, you think, over thelast year and, of course, this
probably will lead into goinginto 2024 as well.
(05:39):
But what's been the bigchallenge you've seen this year
for market participants?
Speaker 3 (05:44):
Well, to me it's true that I've been off for a few
months and for us, I think, well, it hasn't been, let's say, a
quiet year, but for sure it'sbeen quite the next year,
because our clients have beenreading around and starting to
get ready for refit, which is,of course, the big bang for next
(06:07):
year and it's not anything.
So they have been working on italready and, to be honest, I
think it's sometimes the hardestpart, it's just to get it
started.
So we heard many troubles onthe entities to put together the
teams that they needed toprepare for refit, the
specialists on each topic, andthat might sound like you know,
(06:32):
it's easy just to put togethertwo or three people, but it's
not, because everyone is busy onother things.
So you know, for me the othertopics SFTR or on the UK it was
more BAU, things were morestable, more kind of you know
about fixing and dailyactivities.
So me getting ready for the bigchallenge next year with refit
(06:55):
has probably been the mostdifficult thing for most of our
clients.
Speaker 6 (07:00):
Yeah, I mean.
The other thing I'd say is, Imean rightly so.
We, you know our focus has beenpredominantly email refit, both
in the EU and the UK.
But it's even more complex fora number of our clients because
of course you've had regulatoryreporting rewrites the US MAS,
(07:23):
etc.
So you know they're not onlyhaving to prepare for refit but
they're also in various stagesof implementation of other
regulatory rewrites in otherjurisdictions.
So it's been a reallychallenging time for some of our
clients.
Speaker 2 (07:38):
Lara, I want to come to you here because, of course,
there is a CFTC rewrite that hasto be implemented in January.
We know that there's a numberof refits around the corner in
the EU.
I mean, I'm guessing that theregulators have got a sense of
the pressure that marketparticipants are under, so do
(07:58):
you think they're changing theirapproach over the course of a
year that's been so dramatic inits changes, like 2023?
Speaker 4 (08:06):
Yeah, actually I wanted to talk to you about
those challenges, but from theauthority side, because
obviously one of the points thatwe have discussed with them has
been this readiness for a mererefit.
And although we have discussedwith them a lot of policy
matters, as DTRs we have beenable to identify several
inconsistencies in the mappingrules, in the validation rules.
(08:31):
We have been also able to sharewith them the readiness that we
see right now on the market andseveral authorities.
They didn't have clear thatoverview the same way.
So now, a few months before thereporting start, they really
need to start looking into thisreadiness.
(08:56):
They talk with the differententities and really try to find
the way to help them, mostgenerally to the small entities
that don't have that samecapacity as others to build this
(09:17):
solution for a mere refit.
So they really need to supportthem now, give them all the
information and try to have asmooth implementation.
So on the authority side, yes,there will be a great challenge
also on this.
Speaker 6 (09:36):
Yeah, well, I just had an interesting thought from
the authority side, and that isas we draw to the close of the
year.
We've seen the central bank ofIreland recently issue a fine of
I think it was somewhere in theregion of I think the end
assessment was somewhere in theregion of 190,000 euros for
(09:57):
non-reporting of about 200,000derivatives trades between 2018
and 2020.
So I thought that was kind ofinteresting and maybe somehow
sets a tone for next year andthe expectations on the part of
national competent authoritiesin terms of satisfactory
(10:18):
implementation of refit and theimproved data quality that the
refit should hopefully bring.
Speaker 3 (10:28):
In that regard, I was also thinking that one of the
main challenges is when buildingrefit, making refit good enough
, because we have all thelessons learned from the past.
We know many entities when theybuild a mere, it was, you know,
done, not going to say patches,but some of them they were just
(10:49):
building things on the fly, sothey did a big thing at the
beginning and then, when theyhad to include improvements or
the changes, they already had abasis that was not flexible
enough.
So you know, now the entitieshave the opportunity to build
something like good enough fromthe beginning and that it allows
them a lot of flexibility forreporting.
(11:11):
Plus, we have all the Doraimplementation, all the
knowledge we have now aboutartificial intelligence.
You know there are a lot ofrisks now that entities have to
consider and that also adds abig challenge for them towards
building a good system, robust,secure.
So it's really I wouldn't liketo be on the shoes of many of
(11:36):
the technical guys, the productguys that have many challenges
ahead, many considerations tokeep in mind and, you know, as
usually short timings andnormally low budgets.
Speaker 6 (11:50):
Yeah, and I think what's also concerning Barbara
is, you know there isn'tcomplete readiness.
We know, obviously, from theevents we've gone, to our own
events etc.
There's some clients who youknow you could consider to be
behind the curve and I supposethe concern there is you get to
(12:11):
a point where actually they lookat anything right.
Well, the, you know, the onlythe only possibility for us to
execute this in time is todelegate.
And that kind of interestinginterestingly goes back to the
fine as well, because the finewas levied on an entity, if I
understand it, that wasdelegating their reporting.
And then also, you know, withthe delegation we've had this
(12:34):
discussion before, of course,but you know, post refit, it
really ramps up as well the factthat you know you can delegate
the reporting.
You can't delegate theresponsibility.
You've got, you know, increasedrequirements in terms of
reconciliation process areas andemissions reporting etc.
Speaker 4 (12:53):
Very interesting this point, john, because actually
one of the topics that wecommented with the authorities
is also their concerns regardingthe responsibility of reporting
when there is a delegation.
So they have seen that severalentities that delegates their
reporting they seems to delegatefull responsibility on their
third parties, and this is notthe scope of the regulation.
(13:15):
If they are the reportingcounterparty, they should have
full responsibility of what isreported on their behalf, and so
they should have access to thedata that these third parties
are reporting for them.
So the authorities have seenthat in several locations this
is not the case, and they arelooking into this because it's
an important point to get intointo consideration, not only now
(13:40):
but also for what's coming nowwith the refit.
Speaker 2 (13:44):
So Nick, you're at the sharp end on this, your
business development.
You're leading across a numberof projects.
You're interfacing directlywith Plides.
There are so many moving partsthat they've had to adapt to to
get ready for a mere refit,especially if you're a delegated
entity and and you know, you'rerelying on someone else.
So you're below the thresholds.
(14:06):
You're a non financialcounterparty.
You have delegated reporting toanother entity, one of the
other entities that's in scope.
There's a lot of complexityhere.
I mean, you know, tell us whatis the view out there.
Do people have entities, have areally clear idea of how
they're reporting and what theirdata responsibilities are under
(14:26):
a mere To try and break thatone down.
Speaker 5 (14:32):
That's quite a long question.
Do they have any idea?
I think yes, to a degree theydo.
Does that change theirbehaviors?
I don't think it has done tothis point as well, not in all
cases.
It's a really hard one, becauseI think one of the things under
a mere reporting when youactually look at the changes
(14:53):
that we now see in the refit iswhat the regulators don't want
is they don't want a mere to beone sided reporting.
So there is a concern,certainly, that I hear that
people are just going to move todelegation and actually not
take responsibility for whatthey're reporting, even though
they are absolutely responsiblefor anything to report, whether
(15:13):
it's directly or through a thirdparty.
Now the question is there's alot of companies that I speak to
that understand that.
They appreciate the fact thatcertainly under refit, they're
going to have to have a robustframework of oversight in place.
They're going to have todemonstrate that.
I think one of the thingsthat's really going to impact,
or starting to impact, is, tothis point, there hasn't
(15:35):
actually been a lot of actionfrom regulators against
companies that haven't been incontrol of their data and have
either misreported or haveallowed other institutions to
misreport on their behalf.
Now we're seeing that changewith finding regimes actually
being implemented and companiesbeing fined.
I think that focus is going tochange Now.
Some of our bigger clients turnaround, who are offering
delegated services to theirclients, and said no, every
(15:59):
single client now has to open upa direct account and they need
to actually have oversight andbe responsible for doing all the
errors and emissions reportingon everything that's being
reported on their behalf.
That is their duty and theirobligation.
I think we're actually seeing achange in the direction of
travel.
It's now always been dictatedby other market participants.
(16:20):
I think that is changing thatperception.
I think it's a slow changebecause ultimately, companies
got so much on their plate it'shard enough for them to just get
their heads around theregulation.
We've seen that because we'veseen companies that wanted 18
months leading time to adapt, torefit Still haven't done that.
We're now in what We've seenthat in the last four months and
they're only now reallystarting to mobilize.
(16:42):
I think there is becoming areal last minute realization
that companies are going to haveto do a lot of work and that's
going to lead to other issuesaround resourcing, et cetera,
and experienced resourcing.
I think that's a real shortagein the marketplace of that.
Speaker 2 (16:56):
John, you've applied some product development
thinking to this, though.
How many registries are there?
Because you have got a solutionfor delegated entities that
isn't a massive burden on theirback office and will allow them
to have better data transparencyso they can understand their
own role and what is beingreported on their behalf.
Speaker 6 (17:14):
Yeah, absolutely.
It's not to be transparent.
It's not something we'vedeveloped for refit.
This is something we've had inplace for a number of years.
If you delegate your reporting,you can still open a read-only
account with Registr.
It's a low-cost membership aswell.
Then you can basicallytriangulate your view so you can
(17:37):
see what the TRs books andrecords, your own books and
records and the entity thatyou've delegated to Maybe it's
your custodian bank or whatever.
We have such a solution inplace.
There are hundreds and hundredsof clients who currently use
that.
We call it an NRE accessnon-reporting entity access.
Speaker 2 (18:00):
Getting into the nitty-gritty a bit for you and
just trying to get a handle onthe challenges of developing
products in this space.
It's the details of thetransaction block of data that
has got the most changes.
In it we're talking aboutthere's maybe seven new fields
that have been introduced forparties to the derivatives
blocks.
(18:21):
There's a handful of fieldsthat have been added to the
valuation side, but we aretalking about the bulk of the
changes.
I think it's 90-plus new fieldsthat have come in the details
of the transaction block.
One of the key parts here, ofcourse, in terms of reporting,
is the introduction of eventtypes and action types.
(18:43):
These have changed.
They've been rationalized, somehave been retired, some have
brought over.
Barbara, are you finding thatone of the issues clients have
is they're not 100% sure exactlyhow to apply event types and
action types in the newreporting regime?
They still want to use previoussystems.
(19:04):
Is there a legacy issue interms of boosting the data
quality and implementing thesenew fields?
Speaker 3 (19:12):
Absolutely, absolutely.
Yes, it's not easy.
I mean, when reading all thenew fields, as you said, all the
changes that are applying First, it's the exercise, own
exercise.
Each of us have to reallyunderstand when to report what.
Automating that is not an easytask.
(19:33):
So indeed, we have alreadyreceived questions around this.
We personally at RageSDR, wehad also to struggle to really
understand all the changes.
We obviously could bring thisto Esma, but we know well this
is one of the hot topics thatwill come.
(19:55):
It's already on the desk and itwill come more in the future
months.
The more well you know clientsare delayed.
Some of them are not up tospeed yet.
They are starting to test now.
Well, some of them have alreadytested quite a lot, but some of
them are now starting to openthe testing accounts.
(20:17):
So it's now when they encounter, in reality, this kind of
issues of doubt.
So I will encourage them toreally look into this because
it's something that takes time.
Speaker 2 (20:28):
How do you test for some of these fields?
Because, for example, packagetransactions spread, which
applies when the price and thecurrency of a combination of two
or more transactions arereported separately but are
negotiated together as theproduct of a single agreement.
Now that to me sounds likequite a complex scenario.
How do you mock that up andtest your reporting systems with
(20:51):
that?
Do you have to use examplesfrom previous history?
In which case, have you got allthat data?
It seems like the testingchallenge is really onerous for
market participants.
Speaker 5 (21:01):
It is.
I think that there's no two waysaround it.
There's a lot of complexity tothis and I think sometimes it's
very easy from a regulator'sperspective to look at market
participants and say, well, youshould have this data already,
you should know it, it should beeasy for you to access it and
to meet the new reportingrequirements.
(21:22):
But it's nice fundamentalchange in the way that clients
are using data today and the waytheir systems are configured.
So it's a huge undertaking toget the data and then to put it
into the right format and torepackage it and to be able to
do that on a consistent basis,to report to meet the immediate
requirements, the sorry, therefit requirements.
So it is a huge challenge.
(21:43):
It's quite easy for a TR to sitthere further down the stream.
We've got huge developmentWe've had to make around this,
but what we do is veryprescriptive in terms of either
meets the criteria, thevalidation rules, etc.
Or it doesn't.
But for market participantsthere is a lot of rebuilding
work that needs to take place inorder to meet the refit
requirements.
Speaker 3 (22:02):
Actually, on this point, well, andrew asked how
many tests I mean.
I can tell you, for the bigentities, the test plans are
insane.
They really have thousands ofcross validations or different
products or you knowtransactions, that they are
slightly different and each ofthem have to be tested
separately, but we actually tryto test all of them.
(22:25):
We have a very robust qualityassurance team, a testing team
that tried to go through all thepossibilities, all the
scenarios that clients couldface.
Some of them we just find thembecause you know some clients
have cash histories veryparticular that they have to
report and those, well, theyinform us.
(22:45):
That's why it's very importantnow using the testing phase, so
you know, clients can learn andbuild their systems.
Plus, we, in case we missed anyof the testing scenarios, we
could also add it and enhanceour system.
But it's a common work betweenthe product teams, the front
(23:07):
desk, the testers, thedevelopers.
It's actually an important teamwork that has to happen in
order to be able to complete agood quality test plan.
It's not easy.
It takes time.
Speaker 4 (23:23):
Just to also give you an idea of the complexity of
this testing, there is also atest period with NCA's, with the
authorities, which comes fromnow, the month of December,
until the end of March.
So during that period the TRsare also testing with the NCA's
(23:44):
all the process of the reportsthat they received to get the
same feedback and knowledge fromthe TRs to the NCA side.
So it's a really complex andbig scope of testing scenarios.
Speaker 5 (24:03):
Yeah, I was just going to add.
It's, by the way, a really goodpoint as well, which is, I mean
, in our test environment, thetesting is actually two-way.
It's really important for us,the clients, to test, test, test
, test more which I know we'vesaid multiple times on previous
podcasts because that also helpsus test our platforms.
You know our system to ensurethat go live, every scenario,
(24:27):
every combination has beendouble checked and to ensure the
integrity of the system.
Obviously, we've got teamsdoing that as well.
And the other thing maybe thatwe should mention is the work
and the fantastic work that thevarious associations have been
doing as well.
The working groups have beendoing in terms of actually
looking at the brief fit liaisonwe've asked, liaison to the
(24:47):
regulators and actually lookingat how that should be applied
correctly, looking at marketpractice and, if there's any
gray areas, reverting backwithin the Q&As but also
implementing best practice.
So we're all aligned, goingforward into that sort of go
live day for any of these kindof areas where we think that
there could be a difference ininterpretation, that we're all
(25:09):
aligned in our approach.
I think the work that they'vebeen doing is actually shouldn't
be underestimated.
Speaker 2 (25:14):
I mean, there's a couple of odd ones that struck
me.
I saw that the valuation block,which is a small block of
changes, but there are somepretty juicy ones in that.
One of them that seemed odd wasthe valuation date and
valuation time stamp, whichapparently should always be the
same, in which case you knowasking from a non-financial
(25:34):
background as a journalist why,if they're always going to be
the same, do you actually needthem?
Speaker 3 (25:42):
Yeah, I would say well, you need it because there
are modifications as well overthe dates.
Valuations are reported dailyactually, and so I mean it is
updated.
Actually I mean, and date isone format and then the time
stamp it's different.
So it's the valuation date it's12th of December 2023.
(26:04):
And then the time stamp it's at11.45 at CET.
I mean, they are reallyspecific.
Speaker 5 (26:11):
It's a hard one because I know the industry has
been complaining a lot about thetime stamp and saying that the
time stamp doesn't actually work.
Speaker 3 (26:16):
Yeah, because it's very complex when there are
different time zones.
Sometimes, depending on thetime stamp of the transaction,
you move to the following dayand then it doesn't match the
date because you know if you arein I don't know, in India you
have a different time,absolutely you're on a different
date, potentially.
Yeah, exactly.
So if you want a detailedanswer it's a complex answer,
(26:40):
that's fine.
Speaker 2 (26:41):
Yeah, and more broadly, we see that there's a
change in valuations, there's achange of specific fields, like
the Delta field, now forSwapchans and options.
You know, it strikes me thatthey really are trying to cover
a very wide and very broad rangeof products in this regulation,
which of course adds tocomplexity, not just for the
(27:03):
reporting side of the marketparticipant but naturally for
the TR to process that data andget it through.
Speaker 3 (27:08):
There are actually so many different products in the
financial industry, there are somany possibilities that I think
ref it with the increase of newfields, the increase of you
know all the changes.
They are really trying to beable to aggregate and to get
information from most of it.
(27:28):
But still, I'm sure in you know, 10 years time we will have ref
it whatever in 26 and they willkeep trying to go into the
nitty gritty because productskeep evolving, they keep getting
enhanced and more complex everyday.
So obviously the regulationgoes behind and these chains,
(27:52):
not only the Delta but manyother things, are just trying to
again get more information,because that's the whole purpose
.
So you know, authoritiesgetting information to be able
to supervise properly, and weknew in the old Emir there were
things that were escaping,actually, that there weren't
enough fields to be able toreport it properly, and these
(28:13):
were some of the complaints frommarket participants.
And now this is an attempt orwell, I mean it's not an attempt
I think it really improved thecapacity for clients to report
better, to report more completeinformation.
But still, I'm sure as long asproducts get more complex and
they keep changing, regulationwill have to change with it.
Speaker 2 (28:38):
Okay, moving on now to your own journey this year,
because, of course, the lasttime we recorded a Christmas
show, registry Art was stillwithin the umbrella of the
Deutsche Bursa Group, and nowyou are firmly embedded within
the sixth group and a whole newway of working, doing business,
(29:01):
new relationships, newopportunities.
It's been a big year for all ofyou.
How has it been?
How has the transition over tothe sixth group been for you,
john?
Speaker 6 (29:14):
Yeah, it's been great .
It's been great, I mean, I'llbe honest with you.
It's especially great now we'reat a stage where the full
integration has been completedbecause, you know, with the
integration, almost everybodywithin the organisation has
additional work on the side oftheir desk.
You know you're involved inprojects and various other
(29:36):
things, but it's all been doneand you know we're looking
forward to single ownership.
Yeah, everything very positive.
And also, I might add, thisyear we also moved to a fabulous
new office in London, which hasto be a highlight, I think, for
(30:00):
me.
Speaker 2 (30:01):
Certainly certainly there If you get the chance to
visit some Marys acts.
It really is a flagship.
It's like the differencebetween the original series of
Star Trek and, you know, thenext generation.
It's that kind of upgrade interms of the special effects of
the coffee bar.
On that front, I just want tostick with you for a second,
john, because of course your CEOof Registry R in the UK six is
(30:22):
a third country in so far asit's outside.
It's headquartered inSwitzerland, outside the EU.
So in a way, do you thinkthere's additional expertise and
insights there that can benefitRegistry R UK as a country
that's participating within butalso without the European Union?
Speaker 6 (30:44):
Yeah, I think, but potentially I mean I think the
arrangement between Switzerlandand the European Union and the
UK and the European Union is notexactly the same, but certainly
, you know, there is thatawareness and we're able to tap
into group level expertiseacross a number of functions.
(31:07):
So, yeah, I'm not sure it'sdirectly comparable, but yeah,
as I say, I mean, there's justsuch a breadth of expertise at
group level that we can alwaystap into.
Speaker 3 (31:23):
I think at Registry R we are specifically sensible
about this because when I joinedRegistry R and joined in our
state 10 years ago by the way,time splice then we were like
just a few of us.
The ME group was for me at thatmoment it was a big group, it
(31:43):
was a whole day, many entitieson it, but Registry R was just a
pool of six people.
You know we were just workingtogether because it was just the
real start of ME.
So over these 10 years I haveseen Registry R grow massively
at all levels, not only peopleand resources but the structure
(32:04):
and everything.
But then at that time I thoughtME was quite big.
Now, with the sixth group, thatit's much bigger, it's much
complex.
There are so much expertise.
It's not that we didn't have itbefore, it's that now it's all
massive.
So maybe for John or Nick thatthey come often from big
entities, from Deutsche Boardsyou know it's just a different
(32:27):
group but also very, very big.
But for me when I started atRegistry R, for me my world was
my six colleagues and now it'sall so big that for me the
change and the integration withsix, I see it with perspective
and it's really amazing and it'smuch better for me, but it's
really complex and all the way.
(32:49):
As John was saying, now we cansay we did it and it's great,
but the job of many people and alot of effort has come through
to be able to be here today.
Speaker 6 (33:00):
It's actually third of January, it's actually my
10th anniversary at Registry Ras well, but anyway, what I was
going to say was we shouldn'ttell ourselves short either.
Because we are Registry R, weare part of that expertise
within the group and we now areable to offer expertise on these
reporting regimes that didn'tnecessarily exist before.
(33:20):
So it's very complementary.
It's about having complementarybusinesses under the one
umbrella.
Speaker 3 (33:26):
Actually, we are pioneers on things like the
podcast, for example.
Speaker 4 (33:30):
Yeah, totally agree.
Actually, I wanted to say thatwe can see that expertise of
Registry R is spread now in theindustry.
For example, our participationin ISDA Association, the
participation that we have doneunder several webinars and even
also in the industry whenreviewing the technical
(33:51):
standards on MREFID, we havebeen one of the tier that has
presented more questions andmore concerns that has been
taken by the regulators.
So, yeah, totally agree that weare at great added value, also
for the SIGT group.
Speaker 5 (34:07):
When we talk about the integration over the past 12
months, andrew, for me thething that integrated almost
immediately was on the peoplefront.
I don't think I ever saw aproblem on the people front and
look, there's bigger changes indifferent offices, but certainly
in London.
Embedding ourselves as part ofthe SIGT team was very, very
straightforward and very easy,and actually we've been working
(34:28):
really closely.
So if I think about the peoplein our financial information
team, they offer regulatoryreporting, financial information
, so actually I spent a lot oftime with them talking about
REFID and the drivers of REFIDhelping to educate them.
You just kind of take it forgranted.
So I think actually it's been areally easy integration.
(34:49):
In that regard, I think thebiggest change I've had is just
purely on the systems.
Any of my clients that listento this will know the pain in my
face for them I had fromlugging around two laptops.
Honestly, I'm going to bepulled around and trying to sort
my back out for the next coupleof months, I think.
So the fact that we finallywent to one platform, one laptop
(35:11):
, a month or so ago was great,and that was really the last
thing.
I think integration itself hasbeen great, and it is partly
because big organization and wekind of slot into, I always
think, those kind of post-tradesolutions.
So we kind of got a nice littlehome there where we fit quite
nicely and it works really well.
Speaker 2 (35:31):
Now, while we're here at the end of the year, we
can't help but get our crystalballs out, a little bit early
perhaps, but let's have a thinkabout next year.
And, lara, I want to come toyou because, from a regulatory
point of view, 2024 sounds likeit's one non-stop party.
And of course, I do say thatironically, because I'm just
(35:53):
looking at this little list here.
We've got CFTC rewrite, emearefit, mifid, refi MIFID and
MIFIA refits coming.
We've got Dora, we've got MicaPlus.
Of course, there are newproducts entering the market,
all of which will have reportingobligations, especially in the
field of OTC derivatives.
(36:13):
And at the same time, themacroeconomic pressures to
create more products are there,because we're in an era of very
low remuneration at centralbanks, we're in an era of excess
liquidity and marketparticipants are looking always
towards new, innovative ways tooptimize their financial
(36:34):
efficiency, so to balance theirbalance sheets and all those
other exciting things like that.
So what is next year lookinglike?
Is it just a non-stop cavalcadeof new regulations and new
reporting overheads?
Speaker 4 (36:47):
It is.
I mean there are such asignificant number of
legislative projects coming youmentioned most of them and in
particular, in the U-Side, asyou said, we have the
finalization of the regulatoryframework under Mica and the
preparation with the NCA forthese new regimes, which will
contribute a lot to the cryptomarket and the investor
(37:08):
protector.
Also, we have Dora that we willcontinue to adapt to this new
application.
Very recently, they havepublished the latest batch of
consultation papers on Dora.
That will need to be respondedby the beginning of March next
(37:30):
year and we will have more andmore consultation coming Then,
for example, there will be aclear focus on green transition,
ESMA will expand the singlerule book for sustainable
finance and we will have a finalreport on greenwashing.
I mean so many differentprojects and, of course, one of
(37:52):
the key ones that we will havenext year will be for the
authorities to ensure aneffective use of the data.
So here ESMA, as well as theFCA and all the authorities,
will keep improving data quality, which is one of the key focus
for 2024 and the following years, and of course, this is linked
(38:18):
with the MIRAFIT and with allthese new legislation, which
their main goal is this improvedof data quality and the way to
supervise the data.
Speaker 2 (38:31):
So I'm guessing if you work in regulatory affairs,
you're getting a Ferrari withyour bonus this year.
Speaker 4 (38:37):
Oh, I hope so.
Good job.
Yeah, I mean what?
Speaker 6 (38:40):
I was going to say on , that is I think sometimes we
will fall into the trap oflooking at something like this
and you know you've got emailrefit and we kind of look at it
like it's something that can beexecuted as a one-off event and
you know, where we are now issimilar to where we were, I
suppose, 10 years ago.
Technology changes, marketconditions change and you know
(39:06):
having to consistently updatethe regulatory reporting
framework that's the new norm.
That is where we are.
It's not something that's goingto disappear.
Post-refit, there will alwaysbe factors that will require
additional change to theframework.
Speaker 5 (39:28):
Yeah, it's actually quite scary.
Until the list, I didn'trealise how much was going on
next year.
That's absolutely terrifying,isn't it, when you think of
you're a market participant, andyou think about it as well and
say, actually, most of thisstuff isn't even my core
business, because my corebusiness is actually on
investing, it's on generatingrevenues.
So this is all stuff that hasto be done almost on the side,
(39:51):
and so then companies areactually got that challenge
around how can they driveforward innovation, etc.
Whilst they've got to meet allof these requirements?
So there's some real challenges.
I mean, next year there are alot of moving parts.
I mean, john mentionedtechnology, and that's the other
thing is, I think everyone'sstruggling to keep in line with
all the technological advances,and that's why the regulation is
(40:12):
always going to be adapting,because it needs to, because
there is a constant evolutionthat everyone's trying to catch
up with as well, and there'salways that first mover
advantage that everyone wants totake advantage of.
Speaker 2 (40:23):
It's interesting times and Barbara, I mean, do
you find that you have to spenda lot of time making clients
cups of tea and saying, calmdown, or are they doing okay?
Are they taking it?
What was the client servicesdesk looking like?
Are you getting busier?
Speaker 3 (40:39):
Absolutely yes.
We have seen already anincrease in the workload that we
receive on more questionsbecause, of course, the
reporting start date of refitit's just around the corner.
And well, they know they arestruggling.
You know, sometimes just thesilliest thing.
It's a struggle becausesometimes just connecting and
(41:01):
inserting a user and a passwordbecause now again we have to
fight against all the securityfence that we have to build you
need to download an application,you need to subscribe to this
thing and the other thing, andso just logging into the
platform, it's already a bigchallenge.
So indeed, they are sometimesworried because there are so
(41:26):
many new things.
But just to calm everyone down,it's okay if you start now with
time and again you starttesting, you start digging into
it, not to a right, it would befine.
We have a good team to support.
I think at 3GCR we really carea lot about the support we give
(41:47):
clients and we have also workeda lot on guides and handbooks
and many information thatclients will, I believe,
appreciate, because when youstart working into it, it's when
problems come up.
Speaker 5 (41:59):
Yeah, absolutely.
I must say, Andrew, I thinkit's actually Barbara that needs
the consistent couple of teamsand just the team and an arm
around to say it's okay, guys,it's okay, there's an end in
sight.
But I mean, if you think aboutit from an introspection, so the
time we're recording this, notwhen it will go out.
We wanted to have a webinar forour clients because we've just
(42:22):
done the latest sort of updateto our UAT environment.
We had to do it quite shortnotice because of the Christmas
period.
Now I can tell you haven't seenthe numbers Within three days
of us advertising that we'regoing to do a webinar, we've had
over 500 clients actuallyregister for the webinar itself
and that is the demand, that isthe interest that people have in
(42:43):
this and that's why we will bedoing these every month, going
forward to a live date, becausewe know there is a need to stay
close to clients and to supportthe clients.
That's obviously a commitmentand things will still evolve
over that period.
Speaker 6 (42:55):
Hey, Nick Barbara's got three kids at home.
Come into work is like aholiday.
Speaker 3 (43:01):
You cannot imagine when I'm going to have kids.
I thought these bad parents,you know, when they came to the
office just to get dressed, Iwas like it cannot be so bad.
It is true, it is for real.
I worked much harder becauseit's more physical when I was on
my maternity leave and thefirst day I came to the office
was like, wow, I can have aconversation, you know, more
than one minute just withsomeone and not having, you know
(43:25):
, crossed things coming in, andso, yeah, it's actually, there
are a lot of work that you canconcentrate on things at home.
It's not possible.
Speaker 5 (43:34):
Can I just say to you I can't even tell you
necessarily that it's going toget any better.
I can tell you now, for reasonsI won't go into on the podcast,
I'm currently, for a three weekperiod, a single parent to my
16 year old son.
Everyone thinks that it's thateasy.
He's 16, he's useless If helistens to this.
You're useless, luke.
And my wife said to me she goes, but think about the one to one
(43:58):
time you're going to have.
I don't think he said more thantwo grunts to me so far over a
period of two and a half weeks,and he just goes and plays Xbox.
So that's what you've got tolook forward to.
Speaker 3 (44:08):
Great, really encouraging.
Thank you for that, Nick.
Speaker 2 (44:11):
Pleasure Talking of things.
To look forward to that, doeswe do have to start drawing our
threads together for this firstepisode of season 10, which, of
course, now we're moving to anew monthly format.
We have a longer show on amonthly basis, so we can get
even more in-depth and morefocused.
In the run up to Amir Refit'sdeadline, april the 29th, I want
(44:33):
to ask you all what are youdoing for Christmas this year?
And I'm going to start withLaura.
Laura, what are your Navidadplans?
Speaker 4 (44:43):
Oh, I just want to have great family time and
actually have friends comingfrom Mexico to visit us and
spend Christmas with us.
So I'm very looking forward toit for them to know the
traditions that we have here.
It's going to be great.
Speaker 2 (44:59):
Now I'm interested what are you having for
Christmas dinner?
Is it bakalao?
Something like that?
Are you roasting a bird?
What's your plan?
Speaker 4 (45:09):
I don't know about the food today, I don't know
what we're going to do per year,but we have a very traditional
dish on the 25th Christmas Day,which is miras it's bread Bread.
Yeah, just Google it migas.
Speaker 3 (45:29):
Okay, it's a dish which is basically made with
bread, but it's fried with a lotof oil, so it's not good for if
you are on a diet or something,because it has chorizo on it
and it's really like you know,after that you really need to
have enough Because it's veryheavy.
It looks like very simple bread, olive oil and chorizo, but
(45:52):
it's delicious with a lot ofgarlic and it's very nice.
But it's a tradition from youknow, back at the time for
workers on the fields, so it'sto get a lot of energy and not
just to eat it and go to thesofa.
Speaker 6 (46:08):
That's what we do.
I think we should resurrect theRegistriR podcast recipe book.
Speaker 2 (46:14):
Yeah, for sure.
Speaker 6 (46:15):
That's great.
Speaker 2 (46:17):
I would be perfectly happy if it was just 20 pages of
that recipe right there,because that sounds absolutely
delicious, john.
What about yourself?
Are you going to be stuffing abird in the oven?
Speaker 6 (46:30):
Well, might be stuffing someone in the oven.
I'm actually doing a 2000kilometre road trip with my
ex-wife and 11 year old daughter, and that's all I'm saying on
the subject.
Speaker 2 (46:42):
Wow, that sounds fantastic.
That sounds like an amazingthing.
That's a long road trip.
Speaker 6 (46:48):
Looking forward to it .
Yeah, Luxembourg to.
Speaker 2 (46:50):
Edinburgh and back Fantastic, okay, good, wow,
that's going to be great.
I have to say, having spentmany years living in Scotland,
christmas in Scotland is a very,very special thing, but also, I
would say, having had Christmaswith you in Luxembourg a couple
of times, that's prettyfantastic as well.
Nick, what about yourself it'syou and Luke.
Do you have something specialplanned?
Speaker 5 (47:10):
No, the whole family's back for Christmas.
So I'm going to see the outlaws.
So that means I'm off toDerby's.
They live in the middle of thecountry.
I'm actually staying in a placecalled Matlock Bath, which, for
anyone that doesn't know the UKeven if you know the UK, you
probably wouldn't know thisplace I call it the only inland
(47:31):
seaside resort in the wholecountry.
For some reason they'vedeveloped a town.
It's an old spa town.
It's full of arcades andfishing chip shops and normally
well, probably somewhere between50 to 80 year old bikers on
Arleigh and Davison's.
And then on Boxing Day theyhave a tradition which I believe
(47:53):
goes back over 100 years, wherethey race rafts down the river
and everyone stands on thebridges and we bomb them with
flour and eggs and they nowadayswhich I don't think they had
100 years ago they have highpowered water pistols and they
shoot you back.
Speaker 2 (48:08):
So the kids are really looking forward to that,
barbara, are you going to befeasting on chorizo and olive
oil drenched bread for Christmas, or are you going to be, you
know, doing something that's alittle bit more suitable for
people who don't have teeth?
Speaker 3 (48:24):
Well, I think I mentioned this last year as well
.
My family is a great family ofcooks.
A lot of people love cooking,so there's actually a
competition for the greatestdish of the year.
Normally on the Christmas Evewe have starved turkey, which is
absolutely delicious, and well,there are other.
(48:47):
Normally there are surprisesaround it, but normally it's
always around.
Well, the turkey is for surethat we always have it, but
other delicious Spanish dishes,but not me gas.
In my family that's not atradition and yeah, except for
that, you know, christmas aroundkids is always special, so I
(49:10):
look forward for that as well.
Speaker 6 (49:13):
Yeah, I just want to say as well, I know this podcast
has been really nice actuallyto get the old studio crew back
together have a good old chat,but also for the course of this
year, just thanks to all ourclients and guests who have
appeared on the show and sharedtheir expertise with us, and
that's really why I liked thetwo client event shows we did so
(49:35):
much.
They're kind of like, you know,to make a terrible Christmas
analogy it's kind of like a boxof quality street right.
We've got all of our, we pickand mix of all of our favorite
guests.
You know, danny Corrigan is ahazelnut caramel, maybe John
Graham is around Golden Toffeeand Tim Harley what would he be?
A coffee cream, something likethat.
Speaker 2 (49:57):
I'm going to say, tim Harley is almost certainly a
walnut whip in my book, becausehe has many layers and you know,
all of them are delicious.
It's getting weird.
Now I'm going to say, actuallywe should fire out a really big
thank you, though, to FabianClark, fraser Reed, of course,
to Tim Hartley, and to MassimoSalerno, to Alvaro Gascon and
(50:17):
Victor Rodriguez Garcia.
Of course it was right, lauraRodriguez, sorry, you're here,
aren't you?
So big thanks to us especially,and also big thanks to all
those people who participated inour live event shows and, of
course, yes, danny Corrigan.
Congratulations, danny, ofcourse.
(50:38):
Who's now had the launch partyand it's all official.
London Reporting House is outthere, so do make sure you check
them out.
It's time.
It wouldn't be right.
We've we have been pretty brutalto chat GPT all year in this,
this last season nine especially, and so I think it's only fair
(51:00):
that we give chat GPT a chanceto get its own back, and I,
earlier this week, asked it towrite a message to the audience,
christmas message to theaudience, in the style of myself
.
Yes, this is my turn to takethe brutal punishment, and I
want to.
I want you to tell me honestly,I want you to vote.
(51:21):
Is it an improvement or not?
I know where this is going.
I read it and I was I feltpretty horrified.
Frankly, I thought I was out ofa job.
Okay, so just so, chat GPT canget its revenge on me.
As the year draws to a close, I,andrew Keith Walker, on behalf
of the entire registry, our team, want to extend our warmest
holiday wishes to you.
(51:41):
It's been another remarkableyear, full of challenges and
triumphs, and as much as ourpodcast episodes are a chance
for reflection and insight, thisseason is an even greater
opportunity to look back andappreciate the journey we've
shared.
As we wrap up this year, likethe perfect present under the
tree, we hope you find time torelax, recharge and revel in the
joy and peace of the holidayseason.
(52:02):
Let's raise our glasses or mugsof hot cocoa to the successes
we've achieved and to theexciting opportunities that
await us in the new year.
There you go.
That's chat GPT's version of me.
Now, my message was slightlydifferent.
It was going to be may Santabring a whole load of data
harmonization down your chimneyand also a time machine so you
(52:25):
can go back a couple of yearsand rebuild your systems to be
ISO compliant there.
Which one do you think is thebest message?
Speaker 6 (52:34):
I don't know which one's the best, but you've shown
us how we can save a few quidon the marketing budget next
year.
I've got to be honest with you.
Speaker 5 (52:44):
You know I've done this before.
I voted for the chat GPT justto be spiteful.
I can't do it on this occasionas well, andrew.
It was just too generic.
That was so generic and boring.
Honestly, it just reminded meof a really bad best man's
speech.
So no, I wasn't a fan.
Okay, thank you, that's a goodjob.
(53:05):
We need to have a conversationon the side.
I can easily become a fan.
Speaker 2 (53:09):
Well, thank you very much, I'm going to say.
I'm going to say for once, chatGPT, despite the reservations,
you deserve our thanks forproviding us with so much
entertainment on the show thisyear.
And that's it.
We come to the end of the year,the beginning of the new season
, and, regis, yeah, we'd like towish you a very happy Christmas
(53:34):
.
No-transcript beginning of thenew season.
And I would like to wish you avery happy Christmas of
Lysnavidad and Jullio Noel.
A froh of Einatzen, a Buantali,a Felis Natal, a Cicun Ferisit,
a Schlastivogo, a Rodislawa, aGudjul, a Gladiagjul, a Chayva
Yulula, a Gladiagjuli, a VesochSviat, a Vrolish, a K'fiest, a
(53:55):
Sretan Bodzish, a Veseli, a MeriKuri Sumasu, a Shinging G'kuali
, a Meli Coele Sumese.
A special shine Krishdig to ourLuxembourgish friends.
A Felisim Natal, a Krissi and,of course, a Nolag Shona.
And please, if I've got any ofthose wrong, it's post Brexit.
(54:16):
I'm not supposed to know any ofthose words anyway by law here
in the UK.
And that's it, that'severything.
Do join us on our LinkedIn pagethat is linkedincom slash
company, slash Regis-Tia, so youcan network with Laura
Rodriguez and, of course, withAbaba Ruiz Alonso and with Jon
Kernan and with Nick and withthe other members of the team.
(54:38):
Sign up for webinars and findout more about what's coming up
for your Refit Readinesspreparations and the things that
Registria can do for you withthose and now we'll actually
have some people actually sayingthese messages in the proper
authentic language, andapologies for anyone who's been
insulted.
Yes, indeed, again, apologiesagain, and from that, I guess,
(54:58):
all that remains is to give ahuge thank you to our guests for
the year and a goodbye from ourstudio crew, without which, of
course, we could have no show,and that is in no particular
order, starting with the Prideof Spain, laura Rodriguez, thank
you very much.
Speaker 4 (55:12):
Thank you very much, andrew, and we're looking
forward for next season, withBarbara back finally.
Speaker 2 (55:17):
Yes, indeed, and on that front, the nicest and most
efficient person in theorganization is back for season
10 and her 10-year anniversaryat Registria.
Thank you very much, BarbaraRuiz Alonso.
Speaker 3 (55:28):
Thank you, andrew, laura.
Merry Christmas to everyone andI'm super happy to be back.
It's my favorite podcastforever now.
Speaker 2 (55:35):
And a huge thank you as well to the man who used to
put the canary in the wharf.
Then he was in Devonshire butnever square.
He's now looking off St Mary'sActs the CEO of Registria in the
UK, mr Jon Kernan.
Jon, thanks very much, thanks.
Speaker 6 (55:49):
Andrew, wishing all our listeners a very peaceful
Christmas and a happy new year.
Speaker 2 (55:55):
And, last but never least, the voice of reason
himself, my most regular co-host, mr Nicholas Bruce.
Nick, a very merry Christmas toyou.
Speaker 5 (56:01):
Yeah, merry Christmas everyone, and here's to a fun
2024.
Speaker 2 (56:06):
And also a big thank you to the producer of the show,
of course, liana Sudan Liana,thank you.
Speaker 3 (56:11):
Thanks Andrew, thanks everyone.
Speaker 2 (56:13):
And if you are horrified by my terrible
mispronunciation of all thosemerry Christmas messages, here
are some real merry Christmasmessages from our very diverse
Registria team in Ukrainian,german, bosnian, croatian,
russian, italian and French.
Take it away team.
Speaker 7 (57:03):
In this time of year.
We would like to thank you foryour cooperation and wish you a
happy Christmas and a greatstart to the new year.
The whole Registriarelationship team wishes you and
(57:23):
your family a happy Christmasand a good trip to the new year.
Speaker 2 (57:29):
Great, that's good, and from everyone at the Six
Group and Registria, we wish youa very happy holiday season and
, if it's your tradition, a verymerry Christmas.
Goodbye for now.
Hi, I'm Andrew Keith Walker and this is the number
one regulatory reporting podcastin the EU, the UK and around
the world.
So join us as we go behind thescenes and under the hood to
look at the big issues and newsstories, companies and
personalities who are shapingthe world of Rektech, fintech
(00:32):
and trade repositories.
Welcome to the Registr Roundupand remember, this podcast is
brought to you by Registr, whichis a six company and features
members of the Registr team andspecial guests offering their
personal opinions, not theopinions of Registr as an
organisation.
There is no representation madeas to the accuracy or
(00:53):
completeness of information inthis podcast, nor should you
take it as legal, tax or otherprofessional advice.
And welcome back to the RegistrRoundup for this, our last show
of the year.
Yes, it's December already.
(01:15):
Where did the year go?
Well, if you're a marketparticipant, it probably went in
preparations for Amir, no doubt, but for us it's been an
amazing year.
We're going to have a quickreview of that.
We're going to look towards thefuture and, of course, this is
not just our last show of theyear, but it's the first episode
of season 10.
Yes, it is episode 92 of theRegistr Roundup, season 10.
(01:37):
And we are full on for AmirRefit coming in just a few
months time.
We're going to come to thatsoon.
But it's a very special episodetoo, because one of the regular
studio crew, who has been outon maternity leave for a couple
of seasons, is back with us.
It is also, I'm delighted tosay, the return of the nicest
and most efficient person in theentire organization, that is,
(02:00):
registr.
Obviously not the sixth groupI'm sure there are nice people
there too but the nicest personat Registr are.
Sorry, nick, but you know,let's face it, it was never
going to be you.
Barbara Ruiz Alonso.
She's back, barbara, welcome,thank you, thank you.
Speaker 3 (02:12):
Thank you, andrew.
I can't believe it's season 10already.
I don't remember how many Iskipped, but time fly.
I still remember the firstepisode we recorded back during
the pandemic, and it seems itlooks crazy.
I only had one time when westarted and I have three now.
Speaker 2 (02:28):
Indeed, you've been busy, your reporting obligations
gone right up and, I have nodoubt, your lunchbox
harmonization is through theroof, so things are looking
challenging.
It was wonderful to have youback.
Of course, barbara is, ofcourse, still the head of client
services and joining Barbarafor this very special show we
have, in no particular order,but starting with the pride of
(02:48):
Spain herself, the incrediblytalented and, I might add,
having met her in the flesh,very tall Laura Rodriguez.
Laura, welcome back.
Speaker 4 (03:00):
Hi, andrew, thank you very much.
Where did the year go, actually, as you said, wow.
Speaker 2 (03:07):
It's really flown by and I'm sure we'll be hearing
more about the institutionalside of us.
And, as you've guessed, joiningus my regular co-host, the man
who's appeared in the most shows.
Without any doubt, it is thevoice of reason himself, the
head of business development forRegistry Armistice, nicholas
Bruce.
Nick, welcome back.
Speaker 5 (03:22):
Good to be back, andrew, fantastic.
I think Barbara back as well.
I'm pretty sure that she needsto recount.
I actually must have at least aVivaSide football team by now.
Speaker 2 (03:32):
Certainly, barbara is formidable on the pitch, but
let's face it, if anyone wassuited for it, it's the head of
client services, becausechildren, as we know, are the
toughest clients.
And, of course, also joining us, one man who never has to deal
with difficult clients becausehe makes everything run super
smooth.
It is, of course, the man whoused to put the canary in the
wharf.
Then he was in Devonshire, butnever square, and he now looks
(03:54):
after St Mary's Acts none otherthan the CEO of Registry
Armistice in the UK, mr JohnKern.
And John, welcome back.
Speaker 6 (04:01):
Thank you, andrew, great to be back, and Barbara,
so nice to see you back.
Speaker 2 (04:05):
It's good.
So, barbara, I mean I was goingto say actually are you going
to be coming over to the UKanytime soon?
Speaker 3 (04:11):
I hope so.
I hope I can come over.
I just need to find a goodexcuse.
But if I go, of course you willbe, together with Nick, the
first one to know.
Speaker 2 (04:20):
Okay, good, good, yes , do let me know, and John see,
if you can pull a few strings,I'm sure, and arrange some kind
of UK jaunt for the podcast team.
That's your challenge for 2024.
Speaker 6 (04:33):
Yeah, I can feel a UK climb workshop coming on.
Speaker 2 (04:37):
Excellent, good, I'm glad.
Okay, you heard it here first.
That sounds great.
Now we've got a cut to the realbusiness of today, because we
have a lot to get through.
We have pages of script aheadand let's start right in at the
deep end.
Let's look at 2023, because theyear seems to have been an
incredibly complicated year formarket participants.
(04:58):
We've seen interest rate rises,inflation, increased volatility
, especially for certain kindsof derivatives transactions
energy derivatives and, ofcourse, being one of the big
ones that's caused a lot ofissues for market participants
is huge rise, obviously, in repotransactions.
So something for the SFTR teamsthere.
There was collateral scarcitylast year.
This year there's excessliquidity.
(05:18):
The funding and financingmarkets are going crazy and, of
course, all of this landsreporting obligations on our
clients.
So I want to come to you andsay what has been the biggest
disruptor, you think, over thelast year and, of course, this
probably will lead into goinginto 2024 as well.
(05:39):
But what's been the bigchallenge you've seen this year
for market participants?
Speaker 3 (05:44):
Well, to me it's true that I've been off for a few
months and for us, I think, well, it hasn't been, let's say, a
quiet year, but for sure it'sbeen quite the next year,
because our clients have beenreading around and starting to
get ready for refit, which is,of course, the big bang for next
(06:07):
year and it's not anything.
So they have been working on italready and, to be honest, I
think it's sometimes the hardestpart, it's just to get it
started.
So we heard many troubles onthe entities to put together the
teams that they needed toprepare for refit, the
specialists on each topic, andthat might sound like you know,
(06:32):
it's easy just to put togethertwo or three people, but it's
not, because everyone is busy onother things.
So you know, for me the othertopics SFTR or on the UK it was
more BAU, things were morestable, more kind of you know
about fixing and dailyactivities.
So me getting ready for the bigchallenge next year with refit
(06:55):
has probably been the mostdifficult thing for most of our
clients.
Speaker 6 (07:00):
Yeah, I mean.
The other thing I'd say is, Imean rightly so.
We, you know our focus has beenpredominantly email refit, both
in the EU and the UK.
But it's even more complex fora number of our clients because
of course you've had regulatoryreporting rewrites the US MAS,
(07:23):
etc.
So you know they're not onlyhaving to prepare for refit but
they're also in various stagesof implementation of other
regulatory rewrites in otherjurisdictions.
So it's been a reallychallenging time for some of our
clients.
Speaker 2 (07:38):
Lara, I want to come to you here because, of course,
there is a CFTC rewrite that hasto be implemented in January.
We know that there's a numberof refits around the corner in
the EU.
I mean, I'm guessing that theregulators have got a sense of
the pressure that marketparticipants are under, so do
(07:58):
you think they're changing theirapproach over the course of a
year that's been so dramatic inits changes, like 2023?
Speaker 4 (08:06):
Yeah, actually I wanted to talk to you about
those challenges, but from theauthority side, because
obviously one of the points thatwe have discussed with them has
been this readiness for a mererefit.
And although we have discussedwith them a lot of policy
matters, as DTRs we have beenable to identify several
inconsistencies in the mappingrules, in the validation rules.
(08:31):
We have been also able to sharewith them the readiness that we
see right now on the market andseveral authorities.
They didn't have clear thatoverview the same way.
So now, a few months before thereporting start, they really
need to start looking into thisreadiness.
(08:56):
They talk with the differententities and really try to find
the way to help them, mostgenerally to the small entities
that don't have that samecapacity as others to build this
(09:17):
solution for a mere refit.
So they really need to supportthem now, give them all the
information and try to have asmooth implementation.
So on the authority side, yes,there will be a great challenge
also on this.
Speaker 6 (09:36):
Yeah, well, I just had an interesting thought from
the authority side, and that isas we draw to the close of the
year.
We've seen the central bank ofIreland recently issue a fine of
I think it was somewhere in theregion of I think the end
assessment was somewhere in theregion of 190,000 euros for
(09:57):
non-reporting of about 200,000derivatives trades between 2018
and 2020.
So I thought that was kind ofinteresting and maybe somehow
sets a tone for next year andthe expectations on the part of
national competent authoritiesin terms of satisfactory
(10:18):
implementation of refit and theimproved data quality that the
refit should hopefully bring.
Speaker 3 (10:28):
In that regard, I was also thinking that one of the
main challenges is when buildingrefit, making refit good enough
, because we have all thelessons learned from the past.
We know many entities when theybuild a mere, it was, you know,
done, not going to say patches,but some of them they were just
(10:49):
building things on the fly, sothey did a big thing at the
beginning and then, when theyhad to include improvements or
the changes, they already had abasis that was not flexible
enough.
So you know, now the entitieshave the opportunity to build
something like good enough fromthe beginning and that it allows
them a lot of flexibility forreporting.
(11:11):
Plus, we have all the Doraimplementation, all the
knowledge we have now aboutartificial intelligence.
You know there are a lot ofrisks now that entities have to
consider and that also adds abig challenge for them towards
building a good system, robust,secure.
So it's really I wouldn't liketo be on the shoes of many of
(11:36):
the technical guys, the productguys that have many challenges
ahead, many considerations tokeep in mind and, you know, as
usually short timings andnormally low budgets.
Speaker 6 (11:50):
Yeah, and I think what's also concerning Barbara
is, you know there isn'tcomplete readiness.
We know, obviously, from theevents we've gone, to our own
events etc.
There's some clients who youknow you could consider to be
behind the curve and I supposethe concern there is you get to
(12:11):
a point where actually they lookat anything right.
Well, the, you know, the onlythe only possibility for us to
execute this in time is todelegate.
And that kind of interestinginterestingly goes back to the
fine as well, because the finewas levied on an entity, if I
understand it, that wasdelegating their reporting.
And then also, you know, withthe delegation we've had this
(12:34):
discussion before, of course,but you know, post refit, it
really ramps up as well the factthat you know you can delegate
the reporting.
You can't delegate theresponsibility.
You've got, you know, increasedrequirements in terms of
reconciliation process areas andemissions reporting etc.
Speaker 4 (12:53):
Very interesting this point, john, because actually
one of the topics that wecommented with the authorities
is also their concerns regardingthe responsibility of reporting
when there is a delegation.
So they have seen that severalentities that delegates their
reporting they seems to delegatefull responsibility on their
third parties, and this is notthe scope of the regulation.
(13:15):
If they are the reportingcounterparty, they should have
full responsibility of what isreported on their behalf, and so
they should have access to thedata that these third parties
are reporting for them.
So the authorities have seenthat in several locations this
is not the case, and they arelooking into this because it's
an important point to get intointo consideration, not only now
(13:40):
but also for what's coming nowwith the refit.
Speaker 2 (13:44):
So Nick, you're at the sharp end on this, your
business development.
You're leading across a numberof projects.
You're interfacing directlywith Plides.
There are so many moving partsthat they've had to adapt to to
get ready for a mere refit,especially if you're a delegated
entity and and you know, you'rerelying on someone else.
So you're below the thresholds.
(14:06):
You're a non financialcounterparty.
You have delegated reporting toanother entity, one of the
other entities that's in scope.
There's a lot of complexityhere.
I mean, you know, tell us whatis the view out there.
Do people have entities, have areally clear idea of how
they're reporting and what theirdata responsibilities are under
(14:26):
a mere To try and break thatone down.
Speaker 5 (14:32):
That's quite a long question.
Do they have any idea?
I think yes, to a degree theydo.
Does that change theirbehaviors?
I don't think it has done tothis point as well, not in all
cases.
It's a really hard one, becauseI think one of the things under
a mere reporting when youactually look at the changes
(14:53):
that we now see in the refit iswhat the regulators don't want
is they don't want a mere to beone sided reporting.
So there is a concern,certainly, that I hear that
people are just going to move todelegation and actually not
take responsibility for whatthey're reporting, even though
they are absolutely responsiblefor anything to report, whether
(15:13):
it's directly or through a thirdparty.
Now the question is there's alot of companies that I speak to
that understand that.
They appreciate the fact thatcertainly under refit, they're
going to have to have a robustframework of oversight in place.
They're going to have todemonstrate that.
I think one of the thingsthat's really going to impact,
or starting to impact, is, tothis point, there hasn't
(15:35):
actually been a lot of actionfrom regulators against
companies that haven't been incontrol of their data and have
either misreported or haveallowed other institutions to
misreport on their behalf.
Now we're seeing that changewith finding regimes actually
being implemented and companiesbeing fined.
I think that focus is going tochange Now.
Some of our bigger clients turnaround, who are offering
delegated services to theirclients, and said no, every
(15:59):
single client now has to open upa direct account and they need
to actually have oversight andbe responsible for doing all the
errors and emissions reportingon everything that's being
reported on their behalf.
That is their duty and theirobligation.
I think we're actually seeing achange in the direction of
travel.
It's now always been dictatedby other market participants.
(16:20):
I think that is changing thatperception.
I think it's a slow changebecause ultimately, companies
got so much on their plate it'shard enough for them to just get
their heads around theregulation.
We've seen that because we'veseen companies that wanted 18
months leading time to adapt, torefit Still haven't done that.
We're now in what We've seenthat in the last four months and
they're only now reallystarting to mobilize.
(16:42):
I think there is becoming areal last minute realization
that companies are going to haveto do a lot of work and that's
going to lead to other issuesaround resourcing, et cetera,
and experienced resourcing.
I think that's a real shortagein the marketplace of that.
Speaker 2 (16:56):
John, you've applied some product development
thinking to this, though.
How many registries are there?
Because you have got a solutionfor delegated entities that
isn't a massive burden on theirback office and will allow them
to have better data transparencyso they can understand their
own role and what is beingreported on their behalf.
Speaker 6 (17:14):
Yeah, absolutely.
It's not to be transparent.
It's not something we'vedeveloped for refit.
This is something we've had inplace for a number of years.
If you delegate your reporting,you can still open a read-only
account with Registr.
It's a low-cost membership aswell.
Then you can basicallytriangulate your view so you can
(17:37):
see what the TRs books andrecords, your own books and
records and the entity thatyou've delegated to Maybe it's
your custodian bank or whatever.
We have such a solution inplace.
There are hundreds and hundredsof clients who currently use
that.
We call it an NRE accessnon-reporting entity access.
Speaker 2 (18:00):
Getting into the nitty-gritty a bit for you and
just trying to get a handle onthe challenges of developing
products in this space.
It's the details of thetransaction block of data that
has got the most changes.
In it we're talking aboutthere's maybe seven new fields
that have been introduced forparties to the derivatives
blocks.
(18:21):
There's a handful of fieldsthat have been added to the
valuation side, but we aretalking about the bulk of the
changes.
I think it's 90-plus new fieldsthat have come in the details
of the transaction block.
One of the key parts here, ofcourse, in terms of reporting,
is the introduction of eventtypes and action types.
(18:43):
These have changed.
They've been rationalized, somehave been retired, some have
brought over.
Barbara, are you finding thatone of the issues clients have
is they're not 100% sure exactlyhow to apply event types and
action types in the newreporting regime?
They still want to use previoussystems.
(19:04):
Is there a legacy issue interms of boosting the data
quality and implementing thesenew fields?
Speaker 3 (19:12):
Absolutely, absolutely.
Yes, it's not easy.
I mean, when reading all thenew fields, as you said, all the
changes that are applying First, it's the exercise, own
exercise.
Each of us have to reallyunderstand when to report what.
Automating that is not an easytask.
(19:33):
So indeed, we have alreadyreceived questions around this.
We personally at RageSDR, wehad also to struggle to really
understand all the changes.
We obviously could bring thisto Esma, but we know well this
is one of the hot topics thatwill come.
(19:55):
It's already on the desk and itwill come more in the future
months.
The more well you know clientsare delayed.
Some of them are not up tospeed yet.
They are starting to test now.
Well, some of them have alreadytested quite a lot, but some of
them are now starting to openthe testing accounts.
(20:17):
So it's now when they encounter, in reality, this kind of
issues of doubt.
So I will encourage them toreally look into this because
it's something that takes time.
Speaker 2 (20:28):
How do you test for some of these fields?
Because, for example, packagetransactions spread, which
applies when the price and thecurrency of a combination of two
or more transactions arereported separately but are
negotiated together as theproduct of a single agreement.
Now that to me sounds likequite a complex scenario.
How do you mock that up andtest your reporting systems with
(20:51):
that?
Do you have to use examplesfrom previous history?
In which case, have you got allthat data?
It seems like the testingchallenge is really onerous for
market participants.
Speaker 5 (21:01):
It is.
I think that there's no two waysaround it.
There's a lot of complexity tothis and I think sometimes it's
very easy from a regulator'sperspective to look at market
participants and say, well, youshould have this data already,
you should know it, it should beeasy for you to access it and
to meet the new reportingrequirements.
(21:22):
But it's nice fundamentalchange in the way that clients
are using data today and the waytheir systems are configured.
So it's a huge undertaking toget the data and then to put it
into the right format and torepackage it and to be able to
do that on a consistent basis,to report to meet the immediate
requirements, the sorry, therefit requirements.
So it is a huge challenge.
(21:43):
It's quite easy for a TR to sitthere further down the stream.
We've got huge developmentWe've had to make around this,
but what we do is veryprescriptive in terms of either
meets the criteria, thevalidation rules, etc.
Or it doesn't.
But for market participantsthere is a lot of rebuilding
work that needs to take place inorder to meet the refit
requirements.
Speaker 3 (22:02):
Actually, on this point, well, andrew asked how
many tests I mean.
I can tell you, for the bigentities, the test plans are
insane.
They really have thousands ofcross validations or different
products or you knowtransactions, that they are
slightly different and each ofthem have to be tested
separately, but we actually tryto test all of them.
(22:25):
We have a very robust qualityassurance team, a testing team
that tried to go through all thepossibilities, all the
scenarios that clients couldface.
Some of them we just find thembecause you know some clients
have cash histories veryparticular that they have to
report and those, well, theyinform us.
(22:45):
That's why it's very importantnow using the testing phase, so
you know, clients can learn andbuild their systems.
Plus, we, in case we missed anyof the testing scenarios, we
could also add it and enhanceour system.
But it's a common work betweenthe product teams, the front
(23:07):
desk, the testers, thedevelopers.
It's actually an important teamwork that has to happen in
order to be able to complete agood quality test plan.
It's not easy.
It takes time.
Speaker 4 (23:23):
Just to also give you an idea of the complexity of
this testing, there is also atest period with NCA's, with the
authorities, which comes fromnow, the month of December,
until the end of March.
So during that period the TRsare also testing with the NCA's
(23:44):
all the process of the reportsthat they received to get the
same feedback and knowledge fromthe TRs to the NCA side.
So it's a really complex andbig scope of testing scenarios.
Speaker 5 (24:03):
Yeah, I was just going to add.
It's, by the way, a really goodpoint as well, which is, I mean
, in our test environment, thetesting is actually two-way.
It's really important for us,the clients, to test, test, test
, test more which I know we'vesaid multiple times on previous
podcasts because that also helpsus test our platforms.
You know our system to ensurethat go live, every scenario,
(24:27):
every combination has beendouble checked and to ensure the
integrity of the system.
Obviously, we've got teamsdoing that as well.
And the other thing maybe thatwe should mention is the work
and the fantastic work that thevarious associations have been
doing as well.
The working groups have beendoing in terms of actually
looking at the brief fit liaisonwe've asked, liaison to the
(24:47):
regulators and actually lookingat how that should be applied
correctly, looking at marketpractice and, if there's any
gray areas, reverting backwithin the Q&As but also
implementing best practice.
So we're all aligned, goingforward into that sort of go
live day for any of these kindof areas where we think that
there could be a difference ininterpretation, that we're all
(25:09):
aligned in our approach.
I think the work that they'vebeen doing is actually shouldn't
be underestimated.
Speaker 2 (25:14):
I mean, there's a couple of odd ones that struck
me.
I saw that the valuation block,which is a small block of
changes, but there are somepretty juicy ones in that.
One of them that seemed odd wasthe valuation date and
valuation time stamp, whichapparently should always be the
same, in which case you knowasking from a non-financial
(25:34):
background as a journalist why,if they're always going to be
the same, do you actually needthem?
Speaker 3 (25:42):
Yeah, I would say well, you need it because there
are modifications as well overthe dates.
Valuations are reported dailyactually, and so I mean it is
updated.
Actually I mean, and date isone format and then the time
stamp it's different.
So it's the valuation date it's12th of December 2023.
(26:04):
And then the time stamp it's at11.45 at CET.
I mean, they are reallyspecific.
Speaker 5 (26:11):
It's a hard one because I know the industry has
been complaining a lot about thetime stamp and saying that the
time stamp doesn't actually work.
Speaker 3 (26:16):
Yeah, because it's very complex when there are
different time zones.
Sometimes, depending on thetime stamp of the transaction,
you move to the following dayand then it doesn't match the
date because you know if you arein I don't know, in India you
have a different time,absolutely you're on a different
date, potentially.
Yeah, exactly.
So if you want a detailedanswer it's a complex answer,
(26:40):
that's fine.
Speaker 2 (26:41):
Yeah, and more broadly, we see that there's a
change in valuations, there's achange of specific fields, like
the Delta field, now forSwapchans and options.
You know, it strikes me thatthey really are trying to cover
a very wide and very broad rangeof products in this regulation,
which of course adds tocomplexity, not just for the
(27:03):
reporting side of the marketparticipant but naturally for
the TR to process that data andget it through.
Speaker 3 (27:08):
There are actually so many different products in the
financial industry, there are somany possibilities that I think
ref it with the increase of newfields, the increase of you
know all the changes.
They are really trying to beable to aggregate and to get
information from most of it.
(27:28):
But still, I'm sure in you know, 10 years time we will have ref
it whatever in 26 and they willkeep trying to go into the
nitty gritty because productskeep evolving, they keep getting
enhanced and more complex everyday.
So obviously the regulationgoes behind and these chains,
(27:52):
not only the Delta but manyother things, are just trying to
again get more information,because that's the whole purpose
.
So you know, authoritiesgetting information to be able
to supervise properly, and weknew in the old Emir there were
things that were escaping,actually, that there weren't
enough fields to be able toreport it properly, and these
(28:13):
were some of the complaints frommarket participants.
And now this is an attempt orwell, I mean it's not an attempt
I think it really improved thecapacity for clients to report
better, to report more completeinformation.
But still, I'm sure as long asproducts get more complex and
they keep changing, regulationwill have to change with it.
Speaker 2 (28:38):
Okay, moving on now to your own journey this year,
because, of course, the lasttime we recorded a Christmas
show, registry Art was stillwithin the umbrella of the
Deutsche Bursa Group, and nowyou are firmly embedded within
the sixth group and a whole newway of working, doing business,
(29:01):
new relationships, newopportunities.
It's been a big year for all ofyou.
How has it been?
How has the transition over tothe sixth group been for you,
john?
Speaker 6 (29:14):
Yeah, it's been great .
It's been great, I mean, I'llbe honest with you.
It's especially great now we'reat a stage where the full
integration has been completedbecause, you know, with the
integration, almost everybodywithin the organisation has
additional work on the side oftheir desk.
You know you're involved inprojects and various other
(29:36):
things, but it's all been doneand you know we're looking
forward to single ownership.
Yeah, everything very positive.
And also, I might add, thisyear we also moved to a fabulous
new office in London, which hasto be a highlight, I think, for
(30:00):
me.
Speaker 2 (30:01):
Certainly certainly there If you get the chance to
visit some Marys acts.
It really is a flagship.
It's like the differencebetween the original series of
Star Trek and, you know, thenext generation.
It's that kind of upgrade interms of the special effects of
the coffee bar.
On that front, I just want tostick with you for a second,
john, because of course your CEOof Registry R in the UK six is
(30:22):
a third country in so far asit's outside.
It's headquartered inSwitzerland, outside the EU.
So in a way, do you thinkthere's additional expertise and
insights there that can benefitRegistry R UK as a country
that's participating within butalso without the European Union?
Speaker 6 (30:44):
Yeah, I think, but potentially I mean I think the
arrangement between Switzerlandand the European Union and the
UK and the European Union is notexactly the same, but certainly
, you know, there is thatawareness and we're able to tap
into group level expertiseacross a number of functions.
(31:07):
So, yeah, I'm not sure it'sdirectly comparable, but yeah,
as I say, I mean, there's justsuch a breadth of expertise at
group level that we can alwaystap into.
Speaker 3 (31:23):
I think at Registry R we are specifically sensible
about this because when I joinedRegistry R and joined in our
state 10 years ago by the way,time splice then we were like
just a few of us.
The ME group was for me at thatmoment it was a big group, it
(31:43):
was a whole day, many entitieson it, but Registry R was just a
pool of six people.
You know we were just workingtogether because it was just the
real start of ME.
So over these 10 years I haveseen Registry R grow massively
at all levels, not only peopleand resources but the structure
(32:04):
and everything.
But then at that time I thoughtME was quite big.
Now, with the sixth group, thatit's much bigger, it's much
complex.
There are so much expertise.
It's not that we didn't have itbefore, it's that now it's all
massive.
So maybe for John or Nick thatthey come often from big
entities, from Deutsche Boardsyou know it's just a different
(32:27):
group but also very, very big.
But for me when I started atRegistry R, for me my world was
my six colleagues and now it'sall so big that for me the
change and the integration withsix, I see it with perspective
and it's really amazing and it'smuch better for me, but it's
really complex and all the way.
(32:49):
As John was saying, now we cansay we did it and it's great,
but the job of many people and alot of effort has come through
to be able to be here today.
Speaker 6 (33:00):
It's actually third of January, it's actually my
10th anniversary at Registry Ras well, but anyway, what I was
going to say was we shouldn'ttell ourselves short either.
Because we are Registry R, weare part of that expertise
within the group and we now areable to offer expertise on these
reporting regimes that didn'tnecessarily exist before.
(33:20):
So it's very complementary.
It's about having complementarybusinesses under the one
umbrella.
Speaker 3 (33:26):
Actually, we are pioneers on things like the
podcast, for example.
Speaker 4 (33:30):
Yeah, totally agree.
Actually, I wanted to say thatwe can see that expertise of
Registry R is spread now in theindustry.
For example, our participationin ISDA Association, the
participation that we have doneunder several webinars and even
also in the industry whenreviewing the technical
(33:51):
standards on MREFID, we havebeen one of the tier that has
presented more questions andmore concerns that has been
taken by the regulators.
So, yeah, totally agree that weare at great added value, also
for the SIGT group.
Speaker 5 (34:07):
When we talk about the integration over the past 12
months, andrew, for me thething that integrated almost
immediately was on the peoplefront.
I don't think I ever saw aproblem on the people front and
look, there's bigger changes indifferent offices, but certainly
in London.
Embedding ourselves as part ofthe SIGT team was very, very
straightforward and very easy,and actually we've been working
(34:28):
really closely.
So if I think about the peoplein our financial information
team, they offer regulatoryreporting, financial information
, so actually I spent a lot oftime with them talking about
REFID and the drivers of REFIDhelping to educate them.
You just kind of take it forgranted.
So I think actually it's been areally easy integration.
(34:49):
In that regard, I think thebiggest change I've had is just
purely on the systems.
Any of my clients that listento this will know the pain in my
face for them I had fromlugging around two laptops.
Honestly, I'm going to bepulled around and trying to sort
my back out for the next coupleof months, I think.
So the fact that we finallywent to one platform, one laptop
(35:11):
, a month or so ago was great,and that was really the last
thing.
I think integration itself hasbeen great, and it is partly
because big organization and wekind of slot into, I always
think, those kind of post-tradesolutions.
So we kind of got a nice littlehome there where we fit quite
nicely and it works really well.
Speaker 2 (35:31):
Now, while we're here at the end of the year, we
can't help but get our crystalballs out, a little bit early
perhaps, but let's have a thinkabout next year.
And, lara, I want to come toyou because, from a regulatory
point of view, 2024 sounds likeit's one non-stop party.
And of course, I do say thatironically, because I'm just
(35:53):
looking at this little list here.
We've got CFTC rewrite, emearefit, mifid, refi MIFID and
MIFIA refits coming.
We've got Dora, we've got MicaPlus.
Of course, there are newproducts entering the market,
all of which will have reportingobligations, especially in the
field of OTC derivatives.
(36:13):
And at the same time, themacroeconomic pressures to
create more products are there,because we're in an era of very
low remuneration at centralbanks, we're in an era of excess
liquidity and marketparticipants are looking always
towards new, innovative ways tooptimize their financial
(36:34):
efficiency, so to balance theirbalance sheets and all those
other exciting things like that.
So what is next year lookinglike?
Is it just a non-stop cavalcadeof new regulations and new
reporting overheads?
Speaker 4 (36:47):
It is.
I mean there are such asignificant number of
legislative projects coming youmentioned most of them and in
particular, in the U-Side, asyou said, we have the
finalization of the regulatoryframework under Mica and the
preparation with the NCA forthese new regimes, which will
contribute a lot to the cryptomarket and the investor
(37:08):
protector.
Also, we have Dora that we willcontinue to adapt to this new
application.
Very recently, they havepublished the latest batch of
consultation papers on Dora.
That will need to be respondedby the beginning of March next
(37:30):
year and we will have more andmore consultation coming Then,
for example, there will be aclear focus on green transition,
ESMA will expand the singlerule book for sustainable
finance and we will have a finalreport on greenwashing.
I mean so many differentprojects and, of course, one of
(37:52):
the key ones that we will havenext year will be for the
authorities to ensure aneffective use of the data.
So here ESMA, as well as theFCA and all the authorities,
will keep improving data quality, which is one of the key focus
for 2024 and the following years, and of course, this is linked
(38:18):
with the MIRAFIT and with allthese new legislation, which
their main goal is this improvedof data quality and the way to
supervise the data.
Speaker 2 (38:31):
So I'm guessing if you work in regulatory affairs,
you're getting a Ferrari withyour bonus this year.
Speaker 4 (38:37):
Oh, I hope so.
Good job.
Yeah, I mean what?
Speaker 6 (38:40):
I was going to say on , that is I think sometimes we
will fall into the trap oflooking at something like this
and you know you've got emailrefit and we kind of look at it
like it's something that can beexecuted as a one-off event and
you know, where we are now issimilar to where we were, I
suppose, 10 years ago.
Technology changes, marketconditions change and you know
(39:06):
having to consistently updatethe regulatory reporting
framework that's the new norm.
That is where we are.
It's not something that's goingto disappear.
Post-refit, there will alwaysbe factors that will require
additional change to theframework.
Speaker 5 (39:28):
Yeah, it's actually quite scary.
Until the list, I didn'trealise how much was going on
next year.
That's absolutely terrifying,isn't it, when you think of
you're a market participant, andyou think about it as well and
say, actually, most of thisstuff isn't even my core
business, because my corebusiness is actually on
investing, it's on generatingrevenues.
So this is all stuff that hasto be done almost on the side,
(39:51):
and so then companies areactually got that challenge
around how can they driveforward innovation, etc.
Whilst they've got to meet allof these requirements?
So there's some real challenges.
I mean, next year there are alot of moving parts.
I mean, john mentionedtechnology, and that's the other
thing is, I think everyone'sstruggling to keep in line with
all the technological advances,and that's why the regulation is
(40:12):
always going to be adapting,because it needs to, because
there is a constant evolutionthat everyone's trying to catch
up with as well, and there'salways that first mover
advantage that everyone wants totake advantage of.
Speaker 2 (40:23):
It's interesting times and Barbara, I mean, do
you find that you have to spenda lot of time making clients
cups of tea and saying, calmdown, or are they doing okay?
Are they taking it?
What was the client servicesdesk looking like?
Are you getting busier?
Speaker 3 (40:39):
Absolutely yes.
We have seen already anincrease in the workload that we
receive on more questionsbecause, of course, the
reporting start date of refitit's just around the corner.
And well, they know they arestruggling.
You know, sometimes just thesilliest thing.
It's a struggle becausesometimes just connecting and
(41:01):
inserting a user and a passwordbecause now again we have to
fight against all the securityfence that we have to build you
need to download an application,you need to subscribe to this
thing and the other thing, andso just logging into the
platform, it's already a bigchallenge.
So indeed, they are sometimesworried because there are so
(41:26):
many new things.
But just to calm everyone down,it's okay if you start now with
time and again you starttesting, you start digging into
it, not to a right, it would befine.
We have a good team to support.
I think at 3GCR we really carea lot about the support we give
(41:47):
clients and we have also workeda lot on guides and handbooks
and many information thatclients will, I believe,
appreciate, because when youstart working into it, it's when
problems come up.
Speaker 5 (41:59):
Yeah, absolutely.
I must say, Andrew, I thinkit's actually Barbara that needs
the consistent couple of teamsand just the team and an arm
around to say it's okay, guys,it's okay, there's an end in
sight.
But I mean, if you think aboutit from an introspection, so the
time we're recording this, notwhen it will go out.
We wanted to have a webinar forour clients because we've just
(42:22):
done the latest sort of updateto our UAT environment.
We had to do it quite shortnotice because of the Christmas
period.
Now I can tell you haven't seenthe numbers Within three days
of us advertising that we'regoing to do a webinar, we've had
over 500 clients actuallyregister for the webinar itself
and that is the demand, that isthe interest that people have in
(42:43):
this and that's why we will bedoing these every month, going
forward to a live date, becausewe know there is a need to stay
close to clients and to supportthe clients.
That's obviously a commitmentand things will still evolve
over that period.
Speaker 6 (42:55):
Hey, Nick Barbara's got three kids at home.
Come into work is like aholiday.
Speaker 3 (43:01):
You cannot imagine when I'm going to have kids.
I thought these bad parents,you know, when they came to the
office just to get dressed, Iwas like it cannot be so bad.
It is true, it is for real.
I worked much harder becauseit's more physical when I was on
my maternity leave and thefirst day I came to the office
was like, wow, I can have aconversation, you know, more
than one minute just withsomeone and not having, you know
(43:25):
, crossed things coming in, andso, yeah, it's actually, there
are a lot of work that you canconcentrate on things at home.
It's not possible.
Speaker 5 (43:34):
Can I just say to you I can't even tell you
necessarily that it's going toget any better.
I can tell you now, for reasonsI won't go into on the podcast,
I'm currently, for a three weekperiod, a single parent to my
16 year old son.
Everyone thinks that it's thateasy.
He's 16, he's useless If helistens to this.
You're useless, luke.
And my wife said to me she goes, but think about the one to one
(43:58):
time you're going to have.
I don't think he said more thantwo grunts to me so far over a
period of two and a half weeks,and he just goes and plays Xbox.
So that's what you've got tolook forward to.
Speaker 3 (44:08):
Great, really encouraging.
Thank you for that, Nick.
Speaker 2 (44:11):
Pleasure Talking of things.
To look forward to that, doeswe do have to start drawing our
threads together for this firstepisode of season 10, which, of
course, now we're moving to anew monthly format.
We have a longer show on amonthly basis, so we can get
even more in-depth and morefocused.
In the run up to Amir Refit'sdeadline, april the 29th, I want
(44:33):
to ask you all what are youdoing for Christmas this year?
And I'm going to start withLaura.
Laura, what are your Navidadplans?
Speaker 4 (44:43):
Oh, I just want to have great family time and
actually have friends comingfrom Mexico to visit us and
spend Christmas with us.
So I'm very looking forward toit for them to know the
traditions that we have here.
It's going to be great.
Speaker 2 (44:59):
Now I'm interested what are you having for
Christmas dinner?
Is it bakalao?
Something like that?
Are you roasting a bird?
What's your plan?
Speaker 4 (45:09):
I don't know about the food today, I don't know
what we're going to do per year,but we have a very traditional
dish on the 25th Christmas Day,which is miras it's bread Bread.
Yeah, just Google it migas.
Speaker 3 (45:29):
Okay, it's a dish which is basically made with
bread, but it's fried with a lotof oil, so it's not good for if
you are on a diet or something,because it has chorizo on it
and it's really like you know,after that you really need to
have enough Because it's veryheavy.
It looks like very simple bread, olive oil and chorizo, but
(45:52):
it's delicious with a lot ofgarlic and it's very nice.
But it's a tradition from youknow, back at the time for
workers on the fields, so it'sto get a lot of energy and not
just to eat it and go to thesofa.
Speaker 6 (46:08):
That's what we do.
I think we should resurrect theRegistriR podcast recipe book.
Speaker 2 (46:14):
Yeah, for sure.
Speaker 6 (46:15):
That's great.
Speaker 2 (46:17):
I would be perfectly happy if it was just 20 pages of
that recipe right there,because that sounds absolutely
delicious, john.
What about yourself?
Are you going to be stuffing abird in the oven?
Speaker 6 (46:30):
Well, might be stuffing someone in the oven.
I'm actually doing a 2000kilometre road trip with my
ex-wife and 11 year old daughter, and that's all I'm saying on
the subject.
Speaker 2 (46:42):
Wow, that sounds fantastic.
That sounds like an amazingthing.
That's a long road trip.
Speaker 6 (46:48):
Looking forward to it .
Yeah, Luxembourg to.
Speaker 2 (46:50):
Edinburgh and back Fantastic, okay, good, wow,
that's going to be great.
I have to say, having spentmany years living in Scotland,
christmas in Scotland is a very,very special thing, but also, I
would say, having had Christmaswith you in Luxembourg a couple
of times, that's prettyfantastic as well.
Nick, what about yourself it'syou and Luke.
Do you have something specialplanned?
Speaker 5 (47:10):
No, the whole family's back for Christmas.
So I'm going to see the outlaws.
So that means I'm off toDerby's.
They live in the middle of thecountry.
I'm actually staying in a placecalled Matlock Bath, which, for
anyone that doesn't know the UKeven if you know the UK, you
probably wouldn't know thisplace I call it the only inland
(47:31):
seaside resort in the wholecountry.
For some reason they'vedeveloped a town.
It's an old spa town.
It's full of arcades andfishing chip shops and normally
well, probably somewhere between50 to 80 year old bikers on
Arleigh and Davison's.
And then on Boxing Day theyhave a tradition which I believe
(47:53):
goes back over 100 years, wherethey race rafts down the river
and everyone stands on thebridges and we bomb them with
flour and eggs and they nowadayswhich I don't think they had
100 years ago they have highpowered water pistols and they
shoot you back.
Speaker 2 (48:08):
So the kids are really looking forward to that,
barbara, are you going to befeasting on chorizo and olive
oil drenched bread for Christmas, or are you going to be, you
know, doing something that's alittle bit more suitable for
people who don't have teeth?
Speaker 3 (48:24):
Well, I think I mentioned this last year as well
.
My family is a great family ofcooks.
A lot of people love cooking,so there's actually a
competition for the greatestdish of the year.
Normally on the Christmas Evewe have starved turkey, which is
absolutely delicious, and well,there are other.
(48:47):
Normally there are surprisesaround it, but normally it's
always around.
Well, the turkey is for surethat we always have it, but
other delicious Spanish dishes,but not me gas.
In my family that's not atradition and yeah, except for
that, you know, christmas aroundkids is always special, so I
(49:10):
look forward for that as well.
Speaker 6 (49:13):
Yeah, I just want to say as well, I know this podcast
has been really nice actuallyto get the old studio crew back
together have a good old chat,but also for the course of this
year, just thanks to all ourclients and guests who have
appeared on the show and sharedtheir expertise with us, and
that's really why I liked thetwo client event shows we did so
(49:35):
much.
They're kind of like, you know,to make a terrible Christmas
analogy it's kind of like a boxof quality street right.
We've got all of our, we pickand mix of all of our favorite
guests.
You know, danny Corrigan is ahazelnut caramel, maybe John
Graham is around Golden Toffeeand Tim Harley what would he be?
A coffee cream, something likethat.
Speaker 2 (49:57):
I'm going to say, tim Harley is almost certainly a
walnut whip in my book, becausehe has many layers and you know,
all of them are delicious.
It's getting weird.
Now I'm going to say, actuallywe should fire out a really big
thank you, though, to FabianClark, fraser Reed, of course,
to Tim Hartley, and to MassimoSalerno, to Alvaro Gascon and
(50:17):
Victor Rodriguez Garcia.
Of course it was right, lauraRodriguez, sorry, you're here,
aren't you?
So big thanks to us especially,and also big thanks to all
those people who participated inour live event shows and, of
course, yes, danny Corrigan.
Congratulations, danny, ofcourse.
(50:38):
Who's now had the launch partyand it's all official.
London Reporting House is outthere, so do make sure you check
them out.
It's time.
It wouldn't be right.
We've we have been pretty brutalto chat GPT all year in this,
this last season nine especially, and so I think it's only fair
(51:00):
that we give chat GPT a chanceto get its own back, and I,
earlier this week, asked it towrite a message to the audience,
christmas message to theaudience, in the style of myself
.
Yes, this is my turn to takethe brutal punishment, and I
want to.
I want you to tell me honestly,I want you to vote.
(51:21):
Is it an improvement or not?
I know where this is going.
I read it and I was I feltpretty horrified.
Frankly, I thought I was out ofa job.
Okay, so just so, chat GPT canget its revenge on me.
As the year draws to a close, I,andrew Keith Walker, on behalf
of the entire registry, our team, want to extend our warmest
holiday wishes to you.
(51:41):
It's been another remarkableyear, full of challenges and
triumphs, and as much as ourpodcast episodes are a chance
for reflection and insight, thisseason is an even greater
opportunity to look back andappreciate the journey we've
shared.
As we wrap up this year, likethe perfect present under the
tree, we hope you find time torelax, recharge and revel in the
joy and peace of the holidayseason.
(52:02):
Let's raise our glasses or mugsof hot cocoa to the successes
we've achieved and to theexciting opportunities that
await us in the new year.
There you go.
That's chat GPT's version of me.
Now, my message was slightlydifferent.
It was going to be may Santabring a whole load of data
harmonization down your chimneyand also a time machine so you
(52:25):
can go back a couple of yearsand rebuild your systems to be
ISO compliant there.
Which one do you think is thebest message?
Speaker 6 (52:34):
I don't know which one's the best, but you've shown
us how we can save a few quidon the marketing budget next
year.
I've got to be honest with you.
Speaker 5 (52:44):
You know I've done this before.
I voted for the chat GPT justto be spiteful.
I can't do it on this occasionas well, andrew.
It was just too generic.
That was so generic and boring.
Honestly, it just reminded meof a really bad best man's
speech.
So no, I wasn't a fan.
Okay, thank you, that's a goodjob.
(53:05):
We need to have a conversationon the side.
I can easily become a fan.
Speaker 2 (53:09):
Well, thank you very much, I'm going to say.
I'm going to say for once, chatGPT, despite the reservations,
you deserve our thanks forproviding us with so much
entertainment on the show thisyear.
And that's it.
We come to the end of the year,the beginning of the new season
, and, regis, yeah, we'd like towish you a very happy Christmas
(53:34):
.
No-transcript beginning of thenew season.
And I would like to wish you avery happy Christmas of
Lysnavidad and Jullio Noel.
A froh of Einatzen, a Buantali,a Felis Natal, a Cicun Ferisit,
a Schlastivogo, a Rodislawa, aGudjul, a Gladiagjul, a Chayva
Yulula, a Gladiagjuli, a VesochSviat, a Vrolish, a K'fiest, a
(53:55):
Sretan Bodzish, a Veseli, a MeriKuri Sumasu, a Shinging G'kuali
, a Meli Coele Sumese.
A special shine Krishdig to ourLuxembourgish friends.
A Felisim Natal, a Krissi and,of course, a Nolag Shona.
And please, if I've got any ofthose wrong, it's post Brexit.
(54:16):
I'm not supposed to know any ofthose words anyway by law here
in the UK.
And that's it, that'severything.
Do join us on our LinkedIn pagethat is linkedincom slash
company, slash Regis-Tia, so youcan network with Laura
Rodriguez and, of course, withAbaba Ruiz Alonso and with Jon
Kernan and with Nick and withthe other members of the team.
(54:38):
Sign up for webinars and findout more about what's coming up
for your Refit Readinesspreparations and the things that
Registria can do for you withthose and now we'll actually
have some people actually sayingthese messages in the proper
authentic language, andapologies for anyone who's been
insulted.
Yes, indeed, again, apologiesagain, and from that, I guess,
(54:58):
all that remains is to give ahuge thank you to our guests for
the year and a goodbye from ourstudio crew, without which, of
course, we could have no show,and that is in no particular
order, starting with the Prideof Spain, laura Rodriguez, thank
you very much.
Speaker 4 (55:12):
Thank you very much, andrew, and we're looking
forward for next season, withBarbara back finally.
Speaker 2 (55:17):
Yes, indeed, and on that front, the nicest and most
efficient person in theorganization is back for season
10 and her 10-year anniversaryat Registria.
Thank you very much, BarbaraRuiz Alonso.
Speaker 3 (55:28):
Thank you, andrew, laura.
Merry Christmas to everyone andI'm super happy to be back.
It's my favorite podcastforever now.
Speaker 2 (55:35):
And a huge thank you as well to the man who used to
put the canary in the wharf.
Then he was in Devonshire butnever square.
He's now looking off St Mary'sActs the CEO of Registria in the
UK, mr Jon Kernan.
Jon, thanks very much, thanks.
Speaker 6 (55:49):
Andrew, wishing all our listeners a very peaceful
Christmas and a happy new year.
Speaker 2 (55:55):
And, last but never least, the voice of reason
himself, my most regular co-host, mr Nicholas Bruce.
Nick, a very merry Christmas toyou.
Speaker 5 (56:01):
Yeah, merry Christmas everyone, and here's to a fun
2024.
Speaker 2 (56:06):
And also a big thank you to the producer of the show,
of course, liana Sudan Liana,thank you.
Speaker 3 (56:11):
Thanks Andrew, thanks everyone.
Speaker 2 (56:13):
And if you are horrified by my terrible
mispronunciation of all thosemerry Christmas messages, here
are some real merry Christmasmessages from our very diverse
Registria team in Ukrainian,german, bosnian, croatian,
russian, italian and French.
Take it away team.
Speaker 7 (57:03):
In this time of year.
We would like to thank you foryour cooperation and wish you a
happy Christmas and a greatstart to the new year.
The whole Registriarelationship team wishes you and
(57:23):
your family a happy Christmasand a good trip to the new year.
Speaker 2 (57:29):
Great, that's good, and from everyone at the Six
Group and Registria, we wish youa very happy holiday season and
, if it's your tradition, a verymerry Christmas.
Goodbye for now.
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