February 23, 2024 • 49 mins
In this month's show we discuss the new Regis-TR MED onboarding platform, discuss the state of the market in preparation for the EMIR Refit deadline on April 29th, and go in-depth on financial information services, risk weightings and data management for today's complex B2B financial instruments with Darren Marsh, Senior Product Manager for Risk and Regulatory reporting at SIX Financial Information.
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Episode Transcript
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Speaker 1 (00:10):
Hi, I'm Andrew Keith Walker.
Hello, I'm Vy.
Speaker 2 (00:12):
Vy Rhee.
Hi, I'm Laura Rodriguez.
Speaker 3 (00:15):
Hi, I'm John Curtin.
Speaker 1 (00:16):
Hi, I'm Nick Bruce and this is the number one
regulatory reporting podcast inthe 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
and trade repositories.
Welcome to the Registr Roundup.
And remember, this podcast isbrought to you by Registr, which
(00:41):
is a six company, and featuresmembers of the Registr team and
special guests offering theirpersonal opinions, not the
opinions of Registr as anorganisation.
There is no representation madeas to the accuracy or
completeness of information inthis podcast, nor should you
take it as legal, tax or otherprofessional advice.
Good Welcome back to theRegistr Roundup.
(01:05):
Yes, we are back for episodethree of season 10.
Yes, season 10.
And what a season it is goingto be.
It's 2024.
And we are quite literally twomonths away from the deadline
when Amir kicks in.
That is right, amir refit.
He's been working on it foryears and it is finally here.
(01:25):
So I hope you're on board here.
I hope your data is lookingspiffy.
I hope you have pulled out anadditional 70 or so fields or so
from nowhere and it's alllooking great, but don't worry
if not, because we have got thecrew here to guide you through
it with expert insight andadvice under the hood.
And, of course, in order to dothis, we need the big guns.
So, joining us, we have the manwho puts the canary in the
(01:49):
wharf.
He's in Devonshire but neversquare.
He is, of course, the man whohandles St Mary's Acts, the none
other than our UK CEO, mr JohnKern.
And John, welcome back.
Speaker 3 (02:02):
Good morning, andrew.
Great to be back.
Good morning listeners.
Speaker 1 (02:06):
It's good to have you back, john, and you're back in
the UK now.
Speaker 3 (02:10):
I am, yeah, we've board meeting on Thursday, so I
normally come over, catch upwith a few clients, with the
team and, yeah, as I said, boardmeeting Thursday.
Back on Thursday night.
Speaker 1 (02:22):
OK, John, good to have you back, but joining John,
of course, coming live ondirect from Madrid, it is none
other than the nicest and mostefficient person in the
organisation.
Of course, the head of clientservices, Barbara Ruiz Alonso.
Barbara, welcome back.
Speaker 2 (02:38):
Thank you, Andrew.
Hello everyone, the countdownof refit is ticking and I think
we're all excited to see wherethis will drive us.
Speaker 1 (02:47):
Now, honestly, just to describe it for people at
home, I'm looking at the screenhere and, barbara, you look
serene, you're like Yoda I meana lot younger, obviously, but
you look like Yoda.
Now, if it was me and I wasclient services and I was eight
weeks away from the deadline,I'd be sitting there surrounded
by ashtrays and empty bottles ofgin, but you seem to be in
great shape.
How is it going?
How are you handling thepressure there?
Speaker 2 (03:08):
It's just because I have a great team behind, I have
to say but yeah, it's gettingbusy, it's getting busy.
Speaker 1 (03:13):
I have to say Well, someone who knows all about
getting busy.
It is, of course, our head ofbusiness development, the voice
of reason himself, Back.
I know you're fresh back fromEurope, because so am I.
I saw you out there.
It is, of course, Mr NicholasBruce Nick, welcome back.
Speaker 4 (03:29):
Thank you, andrew, good to be back.
And yeah, we bumped into eachother at a conference and there
was one guy who stood outlooking like he was dressed from
Goldie looking chain and it wasAndrew who would believe it.
Speaker 1 (03:40):
That's right.
I put in the special teeth capsas well just for that, which it
actually says securitieslending in gold across my teeth.
When I put that on, I stylemyself after Flavor Flav, of
course, from the legendarypublic enemy.
It was good to see you there,though, nick, because of course
we were both moving around theWorld of Securities, lending and
(04:01):
repo and talking aboutregulations and that amazing
moment when you bump intosomeone you co-host a podcast
with when you're out at anotherevent.
It was very cool.
The podcast whipped out themicrophone and we did a little
bit there, but it was very noisyin that reception, so probably
not such a good idea.
Speaker 4 (04:17):
Absolutely.
It's always worrying when youbump into someone and they tell
me that they've got a microphonethat they can show me.
But we'll leave that one there.
Speaker 1 (04:24):
It's true I'm wearing a wire, so to speak, but it's
for legitimate journalisticpurposes, of course.
That's fantastic.
Guys Now joining us.
Later in the show we have gotsomeone who is going to be
throwing more light onto thecomplexities of sit beside these
issues.
Here from Six FinancialInformation, we have a senior
product manager in risk andregulation, darren Marsh,
(04:45):
joining us.
Before we introduce Darrenproperly and we get on with that
part of the show, I think wehave to do our Amir countdown.
Let's go, yes sorry.
I couldn't find a TikTok soundso I panicked.
I pressed the wrong button.
I'm sorry.
So moving in, amir countdown.
(05:06):
How is it going from your side,nick?
You've just been talking to thegreat and the good across the
EU.
How is everyone prepped forrefit?
Speaker 4 (05:17):
Look, I think we talked about it before.
I think there's free states.
There's the clients that I'vebeen speaking to who are
comfortable, they're wellprepared, they've been testing
and they're in a really goodplace.
There's others that areslightly nervous and are working
their way through it, but theyknow that they've got a lot of
(05:37):
work to do, but they're workingdiligently to their plan and
looking for support.
We've got those that arecalling up I shouldn't laugh,
but we still have them and I'vebeen listening to the calls
people next to me picking themup and taking them directly
where people are going.
Okay, so you want to understandwhat refit is.
That terrifies me a little bitas well, because the clock is
(06:00):
definitely ticking, but I thinkeveryone's waking up and
everyone's in execution mode now, so it's all guns blazing.
Speaker 1 (06:07):
That is the nature of the beast, though, isn't it?
There's so much regulatorychange, especially, it seems,
this year, that you can't get toit soon enough because you're
dealing with the I mean, csdrhas just gone.
There are more changesdepending on what your different
business strategies are.
You could be refittingregulatory reporting aspects of
(06:30):
your business all the time,right.
Speaker 4 (06:31):
No, absolutely.
As you said, there's so manydifferent refits that are going
on and even past a mere.
This isn't the end of thejourney, and that's the point is
a lot of our clients.
Now they're almost well-oiledmachines in the fact that
they're executing and then theymove to the next regime and then
(06:52):
they're executing, and it is aconstant period of change that
they're managing at the moment.
I know, John, you had somethingon this.
Speaker 3 (06:59):
Well, no, I was just going to.
Actually I was going to askBarbara because I think it's
interesting what you were saying, Nick that there are a number
of clients who are ringing upand asking what is refit.
And I was reviewing the MISpack from Client Services a week
or two ago and in that pack youcan see an enormous spike in
(07:23):
client traffic inbound inquiriessince, I would say, probably
start December, and it onlyseems to be going up
exponentially.
So I was just going to askBarbara, what's the nature of
those types of inquiries?
Are there really that manyclients who are ringing up and
we don't know what this is?
What is it?
Speaker 2 (07:42):
Well, there are a number of those, but no many of
them are now contacting for allthe reporting, the new
registration, the adaptation tothe new platform, and that's
like the first step, and many ofthem are still there.
So not really that they don'tknow what they have to do, but
they are starting to look at thenew platform and the new
(08:05):
validation tool and they firsthave to connect with us.
And then there are many othersthat are actually testing.
There are racing, things thatdo not work, questions around
how to report certain things.
You know the number ofincreased fields is quite high
and this could be seen assomething bad because there's
(08:30):
more complexity, but on theother hand, many clients before
we feed didn't know how to fillin or the reporting information
because there was not enoughfields in there to populate all
the information.
So, to be honest, I thinkthere's a wide range of levels.
At the moment there are no twoclients at the same position.
(08:54):
The ones that have progressedmore on the validations rule
might not be yet, on theconnectivity side, still
connected and there are a fewthings to be done.
As I said before in theprevious podcast, it is
important that they connect tous in advance.
There are multiple changes fromthe regulation and with all the
(09:17):
security issues we had not onlyDora, but in general we had to
increase our security measures,and so sometimes getting started
it's a bit time consuming.
So I just encourage everyone tostart as soon as possible.
Speaker 3 (09:32):
Yeah, I think that was interesting what you said
there, Barbara, because I'vealways taken the view as well
that if increased data fieldsmeans less ambiguity in the
reporting standards, then that'sgot to be welcome.
Speaker 4 (09:44):
One of the things we've recognized is in the way
that we need to empower clientsso that clients can source the
data they need, or as much of itas possible, centrally and
actually come to us where theyjust need that supplementary
information on certain things.
So, as we're talking now, itshould be live.
We've got a rebranded web pagefor ReFIT, with a lot of tools
(10:08):
and resources that are on thatweb page.
So, also just for a class thatare listening, I'd urge you to
go and look at that as aresource.
There's a lot of guides therenow that are available for you
Just help you to navigate this,to help you with your own
project plans.
Speaker 2 (10:22):
Absolutely, Nick, and also we are doing a big effort
to plan many webinars so clientscan see themselves the
important topics.
Speaker 1 (10:33):
Well, that is leading us on as well, isn't it,
barbara?
You have some news, because oneof the issues, obviously, when
it comes to any kind ofreporting regime, is onboarding
and, in fact, generallyonboarding across the whole
industry when it comes tosecurities, lending, repo and
different platforms and, ofcourse, regulatory reporting.
(10:55):
Onboarding is a perennial issuebecause it can be very complex,
it can be time consuming anddeadlines.
Don't wait for complexonboarding processes, and you've
done something to change this,haven't you, registrr?
Because there is the new MEDplatform.
Tell us about it.
Speaker 2 (11:15):
Yeah, med stands for Master Entity Data, although
internally we never call it likethat, we just use MED.
And what happened here was thatRegistrR started offering the
ME reporting.
Then we went through FIMFRAG,sftr, then the Brexit, and when
we were adding new reportingregimes we had to ensure and
(11:38):
this is a regulatory requirementthat the data was operationally
separated to make sure that ifsomething happened on EMI it
wasn't affecting otherregulations.
So we were adding or kind ofusing the same onboarding
processes, but this was addingcomplexity internally and to the
(12:00):
clients, because we requiredseparate credentials for each of
the regulations and theninternally, if someone forgot
the password, which obviouslyalways happens, and even more
now that passwords have to besuper complex this was creating
a lot of effort for clients andfor us.
So MED comes to simplify all theonboarding.
(12:23):
Clients will have one singleplatform to manage all their
accounts and users.
They will be able to do it bythemselves, while so far they
had the dependency on ouraccount administration team, and
now they will be much moreindependent.
They will not have to wait.
(12:44):
If they have forgotten theirpassword at 7pm, they don't have
to wait for the following dayso someone at the help desk can
reset it.
So I think this is a hugeenhancement, because this was
really something clients weredemanding that you directly log
into the web page, type yourdetails and then we will have
(13:06):
some colleagues at the back enddoing the checks and the
acceptance.
We, of course, will keep doingall the due diligence, but
clients will be able to see theprogress, what's left in the
process, because so far youdidn't know, you provided all
the documentation and is this itor what's left Now they see a
(13:30):
percentage of the progressthey've done.
They can see the status of thesignatures.
All that is providing a lotmore information to clients and
I think they will evaluate a lot.
Speaker 3 (13:43):
Yeah, I think this is really interesting and it's a
great thing for our clients.
You know, if you want to, Ithink quite often we ourselves
and our clients we bemoan refit,but it's fair to say that refit
has also enabled this type ofsignificant client-driven
(14:03):
development to happen inparallel as we redesign our
platform.
So I think that's a positivething.
I think the other observation Ihad is you know, I'm pretty old
and I've spent a long timeworking in banking organisations
and they've been kind oftraditionally cautious regarding
things like wet ink signatures,physical documentation, etc.
(14:26):
Etc.
Even though the technology'sbeen there for some time.
And I wonder if also, you know,somehow COVID has shifted the
mentality on that sort of thing.
You know, it's necessity is themother of invention, sort of
thing.
So, yeah, they were myobservations on it.
Speaker 4 (14:46):
Yeah, I think John coming into that, I think I've
got maybe two things that Iwould say.
The first one is I wouldabsolutely, you know, confirm
you are very old.
And the second thing that Iwould say is, as well, I think
you're absolutely right.
I mean, this is great.
A lot of the developments we'redoing it is around the client
and with the clients in mind.
(15:06):
And you know, last year now, myGod, we're 2024.
Last year we did our clientsurvey and one of the things we
took from that was there were alot of comments around the
technology and the changes thatclients would like to see.
And we're actually starting tosee this now and deliver that to
our clients.
Med is part of that journey.
The new Refit platform as well,and the enhanced platform that
(15:30):
you know and the user experiencehopefully, will go a long way
to addressing those kind of painpoints that clients flag to us,
especially as they see thatRefit platform then get rolled
out across all the regulations.
So we move to that singleplatform solution.
Speaker 3 (15:44):
So what we're essentially saying as well, then
, is we've refit theimplementation of the XML
standard, plus our fabulous newMed platform.
It's never been easier forclients looking for a great new
trade repository to jump shipand join Registria.
Speaker 2 (16:02):
Yeah, I actually didn't say it explicitly, but
let me put it very clear forclients, with Med, they will
manage all their accounts forall environments, so production
environment and UAT environment,the test environment, plus all
the regulations.
So if I'm an participant and Ihave to report under Emir and
(16:23):
under FIMFRA, or under Emir andthe UK, I will have one single
login, one like just a pair ofcredentials to manage all the
users.
I will just be clicking.
There are color alerts wherethe system is open.
We have tried to do it veryclient friendly, but they will
manage everything in one site.
(16:45):
So the administrator of theaccount will have kind of all
the power.
There could be multipleadministrators, but it will be
much like way easier.
And going back to John's pointin regards to the security and
the electronic signatories,electronic signatories wet ink
is indeed getting very old andCOVID has definitely, you know,
(17:10):
speed up that change and thatprogression, because we had the
time where clients literally hadto send the contract from one
house to the other house oftheir colleague until they got
all the signatures and then sentit back to us, and I think that
was where everybody realizedthat this was kind of the end.
(17:32):
So now electronic signaturesare really getting the biggest
rate.
Speaker 1 (17:40):
Indeed.
Now, of course, if we aretalking about engineering the
next generation of informationproducts within the B2B industry
when it comes to regulatoryreporting and financial
information, it's time tointroduce our special guest.
Yes, joining us from sixinformation services, it is all
(18:00):
right, simmer down, simmer down.
Joining us from six informationservices is, of course, darren
Marsh, who is a senior productmanager for risk and regulation
products at six, and obviouslythat sits within the regulation
and tax stream of products,which is an interesting one
because it gives me a chance tomake my fat cut joke, which I
(18:21):
haven't made since NEMA, thenetwork managers conference in
2009, which goes along like thisComputers are the best way to
solve the fat cut problembecause computers don't mind
going to jail.
A little joke for you taxspecialists there, because there
are obviously some fairlyserious penalties if you're the
fact officer for a majorfinancial institution and you
(18:43):
haven't filed your paperworkcorrectly there.
I do apologize to our listenersand to Nick, who particularly
didn't like that gag.
I can tell.
Speaker 4 (18:54):
I'm sorry, andrew, I've got tumbleweed blind pass.
Let me just clear.
Yeah, thanks, I thought it wasfantastic, darren, welcome to
the show.
Speaker 5 (19:02):
Thank you, andrew, thanks everybody.
Thank you for having me and apleasure to be here.
Speaker 1 (19:08):
Well, it's good to have you along, and it's good to
have you along on a show wherewe are getting into the sort of
the nitty-gritty of data andinformation architectures and
the sorts of issues that we haveto solve.
Registry R has to solve on aregular time, something that is
very big, obviously in the textscene where I come from, but
(19:29):
perhaps something that maybe ourlisteners don't know so much
about.
So I want to come to you withthe big question right, which is
data is getting more complexand the demands for it is
getting bigger and bigger allthe time, and we've talked about
that sort of sheer complexityand volume of reporting data
from here A lot.
I mean the fields areincreasing from 120.9 to 203.
(19:51):
And we've seen increases indata being reported for CSDR.
This year.
Esma's work plan is looking atMifid, mephia.
We've got Dora, we've got Micah.
I mean there's a huge amount ofdata requirements building for
market participants.
Tell us what's your view fromSix Information Service.
Speaker 5 (20:12):
Well, I mean, first of all, it's really interesting
what you said.
I mean just looking at somekind of background information
from our regulatory think tanks.
For example, I thinkpractitioners are now having to
juggle with something like400,000 pages of financial
services regulation every yearand, as a result, you see a kind
of a double in in the costs,almost to something in the
(20:34):
region, certainly from an EVAperspective, European regulation
around 5.5 million euros.
So we're talking about kind ofhuge demands being made on the
practitioners and significantcosts that are afforded to them
as well as as part of thatprocess.
And, as you quite rightlymentioned, there's no slowdown
(20:55):
this year.
You know you mentioned a fewEMEA, csdr.
Another one, actually a big one,that I'm directly involved in,
is Basel.
So the so-called world,depending on where you are in
the world Basel 4, basel 3.1, orBasel Endgame, if you are on
the other side of the pond, soto speak.
(21:16):
But you know, with all of this,you know, we know that firms
have to, you know, to juggle allof these competing demands and
that's due to an increase involumes and also more granular
information for regulatorysupervisory purposes.
So we have, you know, all ofthese challenges being able to
translate these new reportingrequirements into the you know,
(21:41):
to granular terms and to changesinto the internal models that
the banks have to maintain.
So you know, in answer to yourquestion, I mean, our
perspective is we're dealingwith, you know, with the content
, so you know, one part of thatis being able to provide the
information that's you know,accurate and complete and
actually appropriate to thespecific requirement that it's
(22:05):
you know it's being demandedfrom the regulators for.
But there are commonalitiesacross all of these and I think
that's where technology comesinto play, because then you know
, for example, you know a bankis then able to implement an
internal data model based on,you know, being able to classify
a data attribute if you like,to then be able to present it
(22:30):
under the different regulatorylens for each of the purposes
that it's required for.
Speaker 1 (22:34):
Now that takes us into the sort of some very
complicated areas.
I want to get an idea of justhow we often think about
regulation or reporting regimeas being oh, we've just got to
supply some extra data, but youdo actually need to engineer
your systems differently.
You have to change workflowsinternally.
I mean, when you mentionedBasel 3, basel N game, which
(22:56):
Basel 4, I like N game best, Ihave to say I hadn't heard that
one.
I think that's great.
This is all about bank stresstests and leverage requirements
and collateral and liquidityrequirements on a sort of daily
basis.
So what seems like a sort of aset of numbers changing actually
has huge operational impactsacross a large market
(23:18):
participant, doesn't it?
Speaker 5 (23:20):
Yeah, it does indeed.
I mean if you, and also if youthink about it from the
perspective that you know, inorder to calculate your risk
weights and therefore your kindof capital requirements that you
need to hold in reserve for theoverall business, you need to
derive a lot of content.
So you need to derive certainclassification so that you can
bucket them within the correctrisk tolerances, and that all
(23:46):
requires this kind of industrialstrength reference data, but
from a number of differentpoints.
So you need to understand whothe issue is, for example, what
the asset class is.
But also you need to be able toderive the credit quality steps
from the underlying ratings aspart of that process.
And the kind of the incentive,if you like, is that you know,
(24:09):
especially in this you know I'lluse end game in the end game
environment is you know there isthe potential for, you know,
higher capital requirements tobe implemented at a bank.
So you know the idea is here isthat really want to optimize
that capital and ensure that theyou know the amount of adequacy
(24:31):
that they hold is accurate andcorrect.
Speaker 4 (24:35):
And sorry, darren, a question I guess from my side
and actually in the back of myhead, one of the things driving
this is I know we had anexchange last week just about
classification of a bond thathad been issued and there was a
lot of ambiguity around it.
Was it public sector debt, wasit not?
So, looking at the makeup ofthe company, is there a lot of
pressure on sort of view fromthe financial information side
(24:57):
because you're a data source ofensuring that these
classifications are correct?
Because from a risk-weightedperspective, that can have a
huge impact on someone's capitaladequacy.
You know potentially collateralthey're holding, etc.
So the downstream implications,and is that getting harder with
the more complexity that yousee in the marketplace?
Speaker 5 (25:16):
Yeah, absolutely, because you know you will have
clients who interpret certaindata points differently.
But you know, and it's not justa data point, because obviously
it feeds into other things andit becomes a derived value and
it can have a direct impact onthe bottom line.
You're right, it needs to becorrect and that's something
that's always a bit of a youknow, it's something that we
(25:38):
have to kind of judge.
So when we implement, forexample, our rule sets and
methodology, we always followthe regulation.
So that's always the firstpoint.
So we interpret and we followall of the kind of all of the
guidance that's published.
What we like to do is to workdirectly with our clients and
regulatory bodies as part ofthat process so that we can have
(26:01):
open conversations about theinterpretation, to come to a
consensus, a consensus view.
And you know I'll say this, itwon't always please absolutely
every single client that youhave, but as long as your
underlying rule sets andmethodology is clear and
ambiguous, then you always havethe opportunity to say to the
(26:22):
outlier client, if you like,well, look, this is how we
interpret it and this is how wecome to that conclusion.
So we kind of help them toactually identify that specific
area, if they don't necessarilyagree.
Speaker 2 (26:36):
Darren, what I wanted to ask you is about how do you
see that technology and productmanagement or information has to
work together?
Because, from what you'resaying, of course we have to
start by the regulation.
Regulation has to be first, butthen clients and finance tell
(26:58):
us that we have to automatethings and that technology needs
to come to organize all thedata to make sure that we comply
with the regulation but that wemake it efficiently.
So how do you see this?
What's more important?
What comes first and how dothey have to work together?
Because at the DR level, we seethis every day that we have our
product specialist, we have theregulation, but then we have to
(27:22):
push hard to the technicians soour system works precisely no
bugs.
You know that everything worksas it should Because everything
is constantly changing and everyday we see more efficiencies or
things that we can keepimproving.
This is like the never endingcycle, right?
Speaker 5 (27:43):
Yeah, I take your point and you're right.
I mean it is an efficiencyplace.
So I mean, one of the greatthings about new technology and
the way it's kind of moved on,it allows us to build some of
that efficiency into ourprocesses.
So an example on our side wouldbe, for example, using natural
(28:03):
language technology to be ableto extract certain phrases from
documentation, from term sheets.
But obviously you have to put alot of work in up front to
ensure that the machine learningalgorithm is actually
processing that information inthe correct way, and there's a
(28:28):
lot of work to do up front inorder to be able to achieve that
.
But that's something that we'realways looking out for and there
are a number of areas wherewe've actually deployed that.
But again, because, likeyourselves, we're dealing with
regulatory data orclassification generated from
(28:49):
the underlying regulatory data,so we need to be sure that we're
comfortable with that processbefore we kind of implement it.
I mean, just to give you anidea of looking forward from a
more of an innovativeperspective, I mean, one of the
things that we are working on aswell is we're looking at
(29:10):
deploying technology that willprovide additional analytics and
insight into the content thatwe have being able to present
some of the underlyingmethodology to provide those
insights kind of earlier in thebusiness process to our clients.
I think will be hugelybeneficial and also for customer
(29:33):
queries.
So that's always a goodbeginning.
Speaker 2 (29:35):
It's almost like you're providing the answer
before that's amazing that'swhat I was going to say that
somehow this is turning to.
Technology comes first, becausebefore you can start analyzing
all the data and can startbuilding a new system for
regulatory purposes, you need tofind the right technical
structure, because it happenedmany times that you start
(29:59):
building a system for somethingthat then it doesn't fit because
you have so much more data thatthe system cannot manage and
all that.
So I think we are now at thepoint where, in my opinion,
technology has to come first.
At least you know the structure, like what data structure we
have to use, what we will belooking at in the future, what's
(30:21):
the amount of data we have tomanage, what's the scalability
of this, because the system hasto be also scalable at the same
level.
So this is to me like, it'sbeautiful, right Like, and it's
very complex actually.
Speaker 4 (30:36):
Yeah, completely.
I go along with that.
I think the challenge as wellis because you've got more and
more data.
The challenge is how can younavigate it as well?
How can you effectivelynavigate that data to quickly
pull out the information youneed?
It's funny that it's completelyunrelated to the conversations
we've had.
I've been talking to some otherpeople in financial information.
They introduced me to a companythat you're working with around
(30:57):
chatbots and using chatbots toquickly go in and to actually
pull out set information and Iknow from my side we're looking
at that and it's well.
How can we use that from ourside as well and look, the
requirement to pull data quicklyis only increasing because
regulatory reporting times fromour side they're shortening.
So if the client has a hugepressure to be able to get that
(31:21):
source information quickly andto be able to report it
correctly, and that goes downthe chain if you're doing
securities financing traits, youneed to be able to look at the
collateral, you need to be ableto classify, you need to be able
to look at your portfolio tomaximize it, and that is all
around the immediacy of the dataitself.
So that's huge pressure nowthat we're getting and
(31:42):
automation is the only solutionto that.
Speaker 1 (31:44):
Darren, there is, from a product management point
of view, a challenge here.
Isn't there, because it's notlike you can roll out a product
the way that Google does orMicrosoft and if it doesn't work
, roll it back or do incrementalupdates and what have you?
When you're a financialinstitution, when you roll that
product out, it's got to bereliable, because it comes with
a much heavier legal overheadattached to it that you can't
(32:08):
launch a product for marketparticipants.
That doesn't quite work right,because then we get banking
meltdowns and fines and allsorts of problems.
So what are your datamanagement disciplines there and
your product developmentdisciplines to engineer things
to a very, very high level ofreliability?
Speaker 5 (32:25):
Well, as I mentioned before, you always have to start
with the regulatory text.
There's kind of no getting awayfrom it, and that's the
expectation of our clients.
But again, I mean, I know Imentioned before that we would
work closely with our clients aspart of that.
But then, by the same token,because we are almost the
production end of the process,we recognize that there will be
(32:52):
different kind of distributionplatforms and different ways for
our clients to actually processtheir information, and that
could be through third partyplatforms, third party software
systems, et cetera.
So we also work very, veryclosely with partners in that
regard, in that we are able todeploy and make available the
(33:14):
information as and when it'srequired through third parties
into the business process on ourclient side.
So that's kind of the way thatwe would approach that from
distribution perspective.
So then, the only thing on usto make that as seamless and as
quick and as timely as possible.
(33:35):
So we'll adapt differentdistribution methods, so
obviously we'll distribute viathe cloud, using APIs, et cetera
.
So the idea being that we canprovide that information on a
demand basis, so that no one'skind of waiting for an element
to be processed before they canactually get on with their day
(34:00):
job.
Speaker 1 (34:01):
Now these, of course, are the issues that you can
control.
What I want to talk about nowis the issues you can't control
because, let's face it, thingsare changing out there.
We've had a year ofunprecedented volatility and
change when it comes to thevalue of assets, the value of
bonds In particular.
Obviously, we've seen a hugespike in repo transactions.
(34:24):
We know that, for example, theBundesbank has stopped
remunerating government deposits, so there's 70 billion or so
euros which are now entering themoney markets and need to get
repoed out, reverse repoed out.
There's a huge amount of excessliquidity out there.
Banks are concerned about theircollateral requirements on a
sort of day basis.
(34:44):
It feels like everything hasgot a lot busier and the value
and weighting of assets haschanged.
So I mean, has your job turnedinto trying to manage ever
changing and increasing volumesinformation compared with a few
years ago, when everythingseemed very stable?
Speaker 5 (35:01):
Well, I mean, there's no lead up in the volume.
You're absolutely right.
So what we need to do isobviously have more efficient
and optimal ways of processingthat information, because we
need to.
First of all, we need tocollect and collect that,
aggregate that information.
It may come from many, manydifferent sources.
It does come from differentsources.
What we prefer to do is, if wecan take it direct from source,
(35:26):
then obviously that's great, butby the same token, we're also
using alternative sources.
As you know, there are now manymore sources of unstructured
data as well as structuredinformation that needs to be
translated, it needs to beaggregated in a way that can be
processed by the clients and theclient systems.
(35:48):
So these are things that wehave to deal with on a daily
basis.
Yeah, and that's what we again.
So, using the, by deployingautomated processes and new
technologies, that's one waythat we can leverage those to
(36:12):
our benefit and to the mutualbenefit of our clients.
Speaker 1 (36:15):
When we talk about automated processes and publicly
available data, I mean there isa huge amount of it out there,
isn't there?
I mean, I think at our lastRegistry R event we had the Bank
of England join us and theywere talking about the huge
volumes of data that are comingin, that are being used every
day by central banks to look atmarket conditions and adjust
(36:36):
monetary policies for stabilizedconditions.
There's vast amounts of dataout there.
Nick and I were to talk just acouple of weeks ago where
someone from the ECB waspresenting how much cash ECB
cash is out there in the sort ofthe EU 27, and how they're
reducing that.
(36:56):
Interestingly, though, whenthey went to look at their
sources, no one mentioned SFTRdata and the amount of data
that's out there.
So how do you manage datasources now?
Do you have a sort of a teamwhose focus is identifying the
sources of publicly availabledata to help you get a better
idea of where systemic risk liesor where certain assets are
(37:20):
riskier than others?
Speaker 5 (37:23):
Well, I mean, our fundamental approach is to
support the instruments that ourclients invested.
So we're a global business.
We cover something like 20million individual instruments
globally.
So that's certainly our mainfocus.
(37:44):
But within that you mentionedpublic sources of data.
But they're not all public andthey're certainly not all in a
user-friendly format so thatthey could be disseminated and
produced into data feeds for ourclients.
So there's a hell of a lot ofwork that kind of goes into that
process to be able to normalizethat.
(38:06):
I mean.
I suppose an interestingexample of this is with some of
the ESG data points.
So we've got a situationwhereby regulation has been
implemented and I'll just takethe example of the EU.
So you've got SFDR and you'vegot the EU taxonomy, for example
, but you don't necessarily haveall of the data inputs that go
into that, because the CSDRwhich, sorry, I've swallowed an
(38:30):
acronym of Dictionary thismorning, as you can probably
tell but the CSDR isn't kind ofestablished yet and it's going
to be established over a periodof time, so not all companies
will be in scope from day one.
So you kind of have thissituation where clients have to
retroactively populate thevarious different data fields
(38:52):
that are being required by aregulator for a different
purpose, and it's not allavailable.
So then you have to can, I say,aggregate information from
public sources, from privatesources, but again, they're not
all going to be.
Not everybody speaks in thesame language, so you're not
going to have a consistent viewof those data.
(39:13):
So you have to make decisionsas part of that and ensure that
you can present the informationin a way that makes sense to you
as a business and also enablesyou to meet those regulatory
requirements as well.
So you need to satisfy theregulators.
Speaker 2 (39:30):
So, darin, this is something very interesting, I
believe, and make me think aboutthe timeline or the time spread
between when you decide topublish some information,
because you're saying there'salways more information coming.
There are multiple sources.
You have to aggregate that, youhave to filter it for your
(39:52):
business, but sometimes we seereports from ESMA, like one two
years ahead, like today, withdata of 2021 or 2022, which
seems kind of old, but I guessit's the time they need to
actually aggregate all theinformation from all the sources
.
So this is kind of a big timeright, because I mean, of course
(40:15):
, it is relevant and for us atthe PR level it is of major
importance.
But I wonder you know, for thefront desks, what's the expected
timeline for you to bepublishing the data?
Speaker 5 (40:29):
Yeah, I suppose, because the old ad is not all
data are created equally.
You will require the sameinformation, but for different
business processes, differentparts of the organization, with
different time frames, differentlevels of quality.
So you're quite right, and Ithink it's always a trade-off
between how long do you retaininformation to ensure that it's
(40:55):
as perfect as possible, versusreleasing that information
earlier.
And, as you say, in a frontoffice situation the
requirements would definitely bedifferent than they are from a
back office perspective, wherebythey can rely on.
They could potentially waituntil that information is
(41:16):
published.
At the end of the day, therewill be intraday requirements
from a risk managementperspective, but, as you say,
the front office is going towant that information instantly.
We do have to manage that itbecomes.
I think most of it is down tokind of experience and making
the calls, but also, as Imentioned before, it depends a
lot on the source.
(41:36):
So if you are takinginformation directly from the
source, via a feed, for example,then the expectation,
especially if it's publiclyavailable, as far as supervisory
search, for example, then theemphasis will be on you have to
trust that information more thanyou would if you were taking it
(42:01):
directly from a specific termsheet.
So you're quite right, thereare differences and it is my
data ops colleagues will tellyou it's one of the many
challenges that they have tomaintain.
Speaker 1 (42:17):
So, darren, we now come to the crystal ball section
of the show.
It's all sound effects thisweek, and let's start looking a
little bit towards the future,because, of course, we've been
very focused on Amir.
We will be focused, no doubt,on Dora and Myka and other
(42:39):
regimes as they start todominate the headlines, but
right now everyone's got theirnose down for the April 29th
deadline.
The Amir refit, but looming inthe background is T plus one.
This is going to be a moveacross the EU.
Esmer has said it's a questionof when, not if, and a lot of
the industry is talking about it.
(42:59):
Does that make much differenceto you to settlement times and
those sorts of things thataffect information services?
Do you need to be able todeliver data faster?
Do you mean to harvest itfaster, or is it business as
usual from the informationservices side?
Speaker 5 (43:16):
Yeah, I would say it depends on the area of
information that you're workingin.
I mean, obviously, from asettlement perspective, we're
moving to T plus one.
There is the requirement forthose information, that data, to
be available more quickly thanit is currently.
(43:37):
That's one part of it.
I'm not sure if I see as muchof an impact on, for example,
producing reference data if youlike, because that process will
remain the same.
But certainly the interestingthing, I think, is that we do
(43:58):
have this move to T plus one inNorth America.
So you could say that for us inthe UK and in Europe more
broadly, we do have thepotential to understand and see
the process of how that rollsout.
So we're in a lucky position ina way in that we can keep very
(44:24):
close to that process.
Obviously, we need to serviceour clients in that area and
we've done all of our duediligence and we ensure that
everything runs smoothly at theswitchover.
But certainly, from a Europeanperspective, if there are any
lessons to be learned, thenobviously we have that slight
advantage.
Speaker 1 (44:43):
Okay, and one more crystal ball question for you,
darren.
I'm sorry, sound effects arejust too good to waste.
This week.
We have an unprecedented yearof change ahead, don't we?
There's over 60 generalelections taking place globally
in democracies this year.
Obviously, all eyes especiallyon what's going to happen in
(45:05):
October in the US.
We're anticipating increasedongoing volatility from in
markets, geopolitical risk,energy prices, those sorts of
things.
Does this changing environmentmean that you are sort of having
to develop new data products tocover areas that you haven't
(45:26):
had to cover before?
Speaker 5 (45:30):
Well, I mean, I gave the example before of the ESG
space, so that, for me, is areally good example of something
that we haven't had to coveruntil quite recently.
I would say yes, there's alwaysthe potential for more data to
be onboarded.
I mean, as far as volumes andcomplexity is concerned.
(45:51):
It's only going in onedirection, as we know, and there
are.
One thing that's reallyencouraging is we're now seeing
regulators recognise or theyhave in the last couple of years
, really recognise the impact onour client institutions and
they're actually taking actionto introduce things like
(46:11):
integrated reporting, to kind oftry and ease the burden and, if
you like, take off some of thestrain of aggregating all of
these various different reports.
But certainly, from ourperspective, we have to provide
the information that our clientsneed and want.
At the end of the day, we haveto bake that into their
(46:32):
investment processes, into theiroverall trading clearing
processes as well, as part ofthat.
So as these new data becomeavailable, we will certainly be
sourcing them, we will beaggregating them and providing
them in an accurate andconsistent manner, as we do
today.
Speaker 1 (46:51):
Thank you, fantastic.
Okay, now that is it.
We have to draw the show to aclose now, but I think we all
want to give a huge virtualstudio Registry R Roundup round
of applause to the seniorproduct manager for risk and
regulatory Reporting products atsix financial information
services, darren Marsh.
Darren, thank you, thank you.
Speaker 4 (47:16):
Thank you, Darren.
Speaker 1 (47:18):
And, of course, we have to give a huge thank you to
our virtual studio crew, whoare in no particular order.
Was this week the nicest andmost efficient person in the
organization, brava Uisalonso,head of client services.
Speaker 2 (47:32):
Thank you, andrew.
Thank you, darren, it was apleasure to have you here.
Speaker 1 (47:36):
And also the man who put the canary in the wharf.
He was Devonshire but neversquare.
Now he's holding St Mary'saccident.
Of course, mr John Kern, ceoRegistry R UK, thanks.
Speaker 3 (47:47):
Andrew and again, thanks so much, Darren.
Really interesting to listen to.
Speaker 1 (47:51):
But last and never least, the voice of reason
himself, a man who's had tochange rooms twice during this
recording because it's so busy.
Now you should see himPodcasting on the go live and
direct as he's going down thecorridors.
The voice of reason himself.
Head of business development,mr Nicholas Bruce.
Speaker 4 (48:10):
Thank you, Andrew.
Yeah, I feel like the littlesthobo, like I haven't got a home.
I'm just keep walking aroundfrom room to room.
Thankfully no one listening tothis can see it, but huge.
Thank you, Darren.
Really appreciate you coming onit.
It's been really interesting tolisten to what's going on your
side as well.
Speaker 1 (48:24):
I don't forget, until tomorrow you'll be freeing to
roam.
There you go.
That's, you have to be acertain age to get that gag, but
if you remember it, good foryou you're nearing retirement.
Okay, on that front, it's timefor us to title together.
I just have to say, obviously,if you want to find out more
about the topics we've discussedtoday, do join us on our
(48:46):
LinkedIn page that islinkedincom slash companies.
Slash Regis hyphen to you,where you'll be able to network
with Nick and with Barbara andwith John and with Darren and
with everyone else At the sixgroup and find out all about
what's going to be coming up onour next show there.
And in the meantime, for me andRicky Walker from Leana Sudan,
our producer, from everyone herein the six virtual studio, have
(49:08):
a good month, have a safe monthand we'll see you in a month.
And remember that clock isdefinitely ticking for your
countdown, so get your emir on.
Speaker 4 (49:46):
You.
Hi, I'm Andrew Keith Walker.
Hello, I'm Vy.
Speaker 2 (00:12):
Vy Rhee.
Hi, I'm Laura Rodriguez.
Speaker 3 (00:15):
Hi, I'm John Curtin.
Speaker 1 (00:16):
Hi, I'm Nick Bruce and this is the number one
regulatory reporting podcast inthe 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
and trade repositories.
Welcome to the Registr Roundup.
And remember, this podcast isbrought to you by Registr, which
(00:41):
is a six company, and featuresmembers of the Registr team and
special guests offering theirpersonal opinions, not the
opinions of Registr as anorganisation.
There is no representation madeas to the accuracy or
completeness of information inthis podcast, nor should you
take it as legal, tax or otherprofessional advice.
Good Welcome back to theRegistr Roundup.
(01:05):
Yes, we are back for episodethree of season 10.
Yes, season 10.
And what a season it is goingto be.
It's 2024.
And we are quite literally twomonths away from the deadline
when Amir kicks in.
That is right, amir refit.
He's been working on it foryears and it is finally here.
(01:25):
So I hope you're on board here.
I hope your data is lookingspiffy.
I hope you have pulled out anadditional 70 or so fields or so
from nowhere and it's alllooking great, but don't worry
if not, because we have got thecrew here to guide you through
it with expert insight andadvice under the hood.
And, of course, in order to dothis, we need the big guns.
So, joining us, we have the manwho puts the canary in the
(01:49):
wharf.
He's in Devonshire but neversquare.
He is, of course, the man whohandles St Mary's Acts, the none
other than our UK CEO, mr JohnKern.
And John, welcome back.
Speaker 3 (02:02):
Good morning, andrew.
Great to be back.
Good morning listeners.
Speaker 1 (02:06):
It's good to have you back, john, and you're back in
the UK now.
Speaker 3 (02:10):
I am, yeah, we've board meeting on Thursday, so I
normally come over, catch upwith a few clients, with the
team and, yeah, as I said, boardmeeting Thursday.
Back on Thursday night.
Speaker 1 (02:22):
OK, John, good to have you back, but joining John,
of course, coming live ondirect from Madrid, it is none
other than the nicest and mostefficient person in the
organisation.
Of course, the head of clientservices, Barbara Ruiz Alonso.
Barbara, welcome back.
Speaker 2 (02:38):
Thank you, Andrew.
Hello everyone, the countdownof refit is ticking and I think
we're all excited to see wherethis will drive us.
Speaker 1 (02:47):
Now, honestly, just to describe it for people at
home, I'm looking at the screenhere and, barbara, you look
serene, you're like Yoda I meana lot younger, obviously, but
you look like Yoda.
Now, if it was me and I wasclient services and I was eight
weeks away from the deadline,I'd be sitting there surrounded
by ashtrays and empty bottles ofgin, but you seem to be in
great shape.
How is it going?
How are you handling thepressure there?
Speaker 2 (03:08):
It's just because I have a great team behind, I have
to say but yeah, it's gettingbusy, it's getting busy.
Speaker 1 (03:13):
I have to say Well, someone who knows all about
getting busy.
It is, of course, our head ofbusiness development, the voice
of reason himself, Back.
I know you're fresh back fromEurope, because so am I.
I saw you out there.
It is, of course, Mr NicholasBruce Nick, welcome back.
Speaker 4 (03:29):
Thank you, andrew, good to be back.
And yeah, we bumped into eachother at a conference and there
was one guy who stood outlooking like he was dressed from
Goldie looking chain and it wasAndrew who would believe it.
Speaker 1 (03:40):
That's right.
I put in the special teeth capsas well just for that, which it
actually says securitieslending in gold across my teeth.
When I put that on, I stylemyself after Flavor Flav, of
course, from the legendarypublic enemy.
It was good to see you there,though, nick, because of course
we were both moving around theWorld of Securities, lending and
(04:01):
repo and talking aboutregulations and that amazing
moment when you bump intosomeone you co-host a podcast
with when you're out at anotherevent.
It was very cool.
The podcast whipped out themicrophone and we did a little
bit there, but it was very noisyin that reception, so probably
not such a good idea.
Speaker 4 (04:17):
Absolutely.
It's always worrying when youbump into someone and they tell
me that they've got a microphonethat they can show me.
But we'll leave that one there.
Speaker 1 (04:24):
It's true I'm wearing a wire, so to speak, but it's
for legitimate journalisticpurposes, of course.
That's fantastic.
Guys Now joining us.
Later in the show we have gotsomeone who is going to be
throwing more light onto thecomplexities of sit beside these
issues.
Here from Six FinancialInformation, we have a senior
product manager in risk andregulation, darren Marsh,
(04:45):
joining us.
Before we introduce Darrenproperly and we get on with that
part of the show, I think wehave to do our Amir countdown.
Let's go, yes sorry.
I couldn't find a TikTok soundso I panicked.
I pressed the wrong button.
I'm sorry.
So moving in, amir countdown.
(05:06):
How is it going from your side,nick?
You've just been talking to thegreat and the good across the
EU.
How is everyone prepped forrefit?
Speaker 4 (05:17):
Look, I think we talked about it before.
I think there's free states.
There's the clients that I'vebeen speaking to who are
comfortable, they're wellprepared, they've been testing
and they're in a really goodplace.
There's others that areslightly nervous and are working
their way through it, but theyknow that they've got a lot of
(05:37):
work to do, but they're workingdiligently to their plan and
looking for support.
We've got those that arecalling up I shouldn't laugh,
but we still have them and I'vebeen listening to the calls
people next to me picking themup and taking them directly
where people are going.
Okay, so you want to understandwhat refit is.
That terrifies me a little bitas well, because the clock is
(06:00):
definitely ticking, but I thinkeveryone's waking up and
everyone's in execution mode now, so it's all guns blazing.
Speaker 1 (06:07):
That is the nature of the beast, though, isn't it?
There's so much regulatorychange, especially, it seems,
this year, that you can't get toit soon enough because you're
dealing with the I mean, csdrhas just gone.
There are more changesdepending on what your different
business strategies are.
You could be refittingregulatory reporting aspects of
(06:30):
your business all the time,right.
Speaker 4 (06:31):
No, absolutely.
As you said, there's so manydifferent refits that are going
on and even past a mere.
This isn't the end of thejourney, and that's the point is
a lot of our clients.
Now they're almost well-oiledmachines in the fact that
they're executing and then theymove to the next regime and then
(06:52):
they're executing, and it is aconstant period of change that
they're managing at the moment.
I know, John, you had somethingon this.
Speaker 3 (06:59):
Well, no, I was just going to.
Actually I was going to askBarbara because I think it's
interesting what you were saying, Nick that there are a number
of clients who are ringing upand asking what is refit.
And I was reviewing the MISpack from Client Services a week
or two ago and in that pack youcan see an enormous spike in
(07:23):
client traffic inbound inquiriessince, I would say, probably
start December, and it onlyseems to be going up
exponentially.
So I was just going to askBarbara, what's the nature of
those types of inquiries?
Are there really that manyclients who are ringing up and
we don't know what this is?
What is it?
Speaker 2 (07:42):
Well, there are a number of those, but no many of
them are now contacting for allthe reporting, the new
registration, the adaptation tothe new platform, and that's
like the first step, and many ofthem are still there.
So not really that they don'tknow what they have to do, but
they are starting to look at thenew platform and the new
(08:05):
validation tool and they firsthave to connect with us.
And then there are many othersthat are actually testing.
There are racing, things thatdo not work, questions around
how to report certain things.
You know the number ofincreased fields is quite high
and this could be seen assomething bad because there's
(08:30):
more complexity, but on theother hand, many clients before
we feed didn't know how to fillin or the reporting information
because there was not enoughfields in there to populate all
the information.
So, to be honest, I thinkthere's a wide range of levels.
At the moment there are no twoclients at the same position.
(08:54):
The ones that have progressedmore on the validations rule
might not be yet, on theconnectivity side, still
connected and there are a fewthings to be done.
As I said before in theprevious podcast, it is
important that they connect tous in advance.
There are multiple changes fromthe regulation and with all the
(09:17):
security issues we had not onlyDora, but in general we had to
increase our security measures,and so sometimes getting started
it's a bit time consuming.
So I just encourage everyone tostart as soon as possible.
Speaker 3 (09:32):
Yeah, I think that was interesting what you said
there, Barbara, because I'vealways taken the view as well
that if increased data fieldsmeans less ambiguity in the
reporting standards, then that'sgot to be welcome.
Speaker 4 (09:44):
One of the things we've recognized is in the way
that we need to empower clientsso that clients can source the
data they need, or as much of itas possible, centrally and
actually come to us where theyjust need that supplementary
information on certain things.
So, as we're talking now, itshould be live.
We've got a rebranded web pagefor ReFIT, with a lot of tools
(10:08):
and resources that are on thatweb page.
So, also just for a class thatare listening, I'd urge you to
go and look at that as aresource.
There's a lot of guides therenow that are available for you
Just help you to navigate this,to help you with your own
project plans.
Speaker 2 (10:22):
Absolutely, Nick, and also we are doing a big effort
to plan many webinars so clientscan see themselves the
important topics.
Speaker 1 (10:33):
Well, that is leading us on as well, isn't it,
barbara?
You have some news, because oneof the issues, obviously, when
it comes to any kind ofreporting regime, is onboarding
and, in fact, generallyonboarding across the whole
industry when it comes tosecurities, lending, repo and
different platforms and, ofcourse, regulatory reporting.
(10:55):
Onboarding is a perennial issuebecause it can be very complex,
it can be time consuming anddeadlines.
Don't wait for complexonboarding processes, and you've
done something to change this,haven't you, registrr?
Because there is the new MEDplatform.
Tell us about it.
Speaker 2 (11:15):
Yeah, med stands for Master Entity Data, although
internally we never call it likethat, we just use MED.
And what happened here was thatRegistrR started offering the
ME reporting.
Then we went through FIMFRAG,sftr, then the Brexit, and when
we were adding new reportingregimes we had to ensure and
(11:38):
this is a regulatory requirementthat the data was operationally
separated to make sure that ifsomething happened on EMI it
wasn't affecting otherregulations.
So we were adding or kind ofusing the same onboarding
processes, but this was addingcomplexity internally and to the
(12:00):
clients, because we requiredseparate credentials for each of
the regulations and theninternally, if someone forgot
the password, which obviouslyalways happens, and even more
now that passwords have to besuper complex this was creating
a lot of effort for clients andfor us.
So MED comes to simplify all theonboarding.
(12:23):
Clients will have one singleplatform to manage all their
accounts and users.
They will be able to do it bythemselves, while so far they
had the dependency on ouraccount administration team, and
now they will be much moreindependent.
They will not have to wait.
(12:44):
If they have forgotten theirpassword at 7pm, they don't have
to wait for the following dayso someone at the help desk can
reset it.
So I think this is a hugeenhancement, because this was
really something clients weredemanding that you directly log
into the web page, type yourdetails and then we will have
(13:06):
some colleagues at the back enddoing the checks and the
acceptance.
We, of course, will keep doingall the due diligence, but
clients will be able to see theprogress, what's left in the
process, because so far youdidn't know, you provided all
the documentation and is this itor what's left Now they see a
(13:30):
percentage of the progressthey've done.
They can see the status of thesignatures.
All that is providing a lotmore information to clients and
I think they will evaluate a lot.
Speaker 3 (13:43):
Yeah, I think this is really interesting and it's a
great thing for our clients.
You know, if you want to, Ithink quite often we ourselves
and our clients we bemoan refit,but it's fair to say that refit
has also enabled this type ofsignificant client-driven
(14:03):
development to happen inparallel as we redesign our
platform.
So I think that's a positivething.
I think the other observation Ihad is you know, I'm pretty old
and I've spent a long timeworking in banking organisations
and they've been kind oftraditionally cautious regarding
things like wet ink signatures,physical documentation, etc.
(14:26):
Etc.
Even though the technology'sbeen there for some time.
And I wonder if also, you know,somehow COVID has shifted the
mentality on that sort of thing.
You know, it's necessity is themother of invention, sort of
thing.
So, yeah, they were myobservations on it.
Speaker 4 (14:46):
Yeah, I think John coming into that, I think I've
got maybe two things that Iwould say.
The first one is I wouldabsolutely, you know, confirm
you are very old.
And the second thing that Iwould say is, as well, I think
you're absolutely right.
I mean, this is great.
A lot of the developments we'redoing it is around the client
and with the clients in mind.
(15:06):
And you know, last year now, myGod, we're 2024.
Last year we did our clientsurvey and one of the things we
took from that was there were alot of comments around the
technology and the changes thatclients would like to see.
And we're actually starting tosee this now and deliver that to
our clients.
Med is part of that journey.
The new Refit platform as well,and the enhanced platform that
(15:30):
you know and the user experiencehopefully, will go a long way
to addressing those kind of painpoints that clients flag to us,
especially as they see thatRefit platform then get rolled
out across all the regulations.
So we move to that singleplatform solution.
Speaker 3 (15:44):
So what we're essentially saying as well, then
, is we've refit theimplementation of the XML
standard, plus our fabulous newMed platform.
It's never been easier forclients looking for a great new
trade repository to jump shipand join Registria.
Speaker 2 (16:02):
Yeah, I actually didn't say it explicitly, but
let me put it very clear forclients, with Med, they will
manage all their accounts forall environments, so production
environment and UAT environment,the test environment, plus all
the regulations.
So if I'm an participant and Ihave to report under Emir and
(16:23):
under FIMFRA, or under Emir andthe UK, I will have one single
login, one like just a pair ofcredentials to manage all the
users.
I will just be clicking.
There are color alerts wherethe system is open.
We have tried to do it veryclient friendly, but they will
manage everything in one site.
(16:45):
So the administrator of theaccount will have kind of all
the power.
There could be multipleadministrators, but it will be
much like way easier.
And going back to John's pointin regards to the security and
the electronic signatories,electronic signatories wet ink
is indeed getting very old andCOVID has definitely, you know,
(17:10):
speed up that change and thatprogression, because we had the
time where clients literally hadto send the contract from one
house to the other house oftheir colleague until they got
all the signatures and then sentit back to us, and I think that
was where everybody realizedthat this was kind of the end.
(17:32):
So now electronic signaturesare really getting the biggest
rate.
Speaker 1 (17:40):
Indeed.
Now, of course, if we aretalking about engineering the
next generation of informationproducts within the B2B industry
when it comes to regulatoryreporting and financial
information, it's time tointroduce our special guest.
Yes, joining us from sixinformation services, it is all
(18:00):
right, simmer down, simmer down.
Joining us from six informationservices is, of course, darren
Marsh, who is a senior productmanager for risk and regulation
products at six, and obviouslythat sits within the regulation
and tax stream of products,which is an interesting one
because it gives me a chance tomake my fat cut joke, which I
(18:21):
haven't made since NEMA, thenetwork managers conference in
2009, which goes along like thisComputers are the best way to
solve the fat cut problembecause computers don't mind
going to jail.
A little joke for you taxspecialists there, because there
are obviously some fairlyserious penalties if you're the
fact officer for a majorfinancial institution and you
(18:43):
haven't filed your paperworkcorrectly there.
I do apologize to our listenersand to Nick, who particularly
didn't like that gag.
I can tell.
Speaker 4 (18:54):
I'm sorry, andrew, I've got tumbleweed blind pass.
Let me just clear.
Yeah, thanks, I thought it wasfantastic, darren, welcome to
the show.
Speaker 5 (19:02):
Thank you, andrew, thanks everybody.
Thank you for having me and apleasure to be here.
Speaker 1 (19:08):
Well, it's good to have you along, and it's good to
have you along on a show wherewe are getting into the sort of
the nitty-gritty of data andinformation architectures and
the sorts of issues that we haveto solve.
Registry R has to solve on aregular time, something that is
very big, obviously in the textscene where I come from, but
(19:29):
perhaps something that maybe ourlisteners don't know so much
about.
So I want to come to you withthe big question right, which is
data is getting more complexand the demands for it is
getting bigger and bigger allthe time, and we've talked about
that sort of sheer complexityand volume of reporting data
from here A lot.
I mean the fields areincreasing from 120.9 to 203.
(19:51):
And we've seen increases indata being reported for CSDR.
This year.
Esma's work plan is looking atMifid, mephia.
We've got Dora, we've got Micah.
I mean there's a huge amount ofdata requirements building for
market participants.
Tell us what's your view fromSix Information Service.
Speaker 5 (20:12):
Well, I mean, first of all, it's really interesting
what you said.
I mean just looking at somekind of background information
from our regulatory think tanks.
For example, I thinkpractitioners are now having to
juggle with something like400,000 pages of financial
services regulation every yearand, as a result, you see a kind
of a double in in the costs,almost to something in the
(20:34):
region, certainly from an EVAperspective, European regulation
around 5.5 million euros.
So we're talking about kind ofhuge demands being made on the
practitioners and significantcosts that are afforded to them
as well as as part of thatprocess.
And, as you quite rightlymentioned, there's no slowdown
(20:55):
this year.
You know you mentioned a fewEMEA, csdr.
Another one, actually a big one,that I'm directly involved in,
is Basel.
So the so-called world,depending on where you are in
the world Basel 4, basel 3.1, orBasel Endgame, if you are on
the other side of the pond, soto speak.
(21:16):
But you know, with all of this,you know, we know that firms
have to, you know, to juggle allof these competing demands and
that's due to an increase involumes and also more granular
information for regulatorysupervisory purposes.
So we have, you know, all ofthese challenges being able to
translate these new reportingrequirements into the you know,
(21:41):
to granular terms and to changesinto the internal models that
the banks have to maintain.
So you know, in answer to yourquestion, I mean, our
perspective is we're dealingwith, you know, with the content
, so you know, one part of thatis being able to provide the
information that's you know,accurate and complete and
actually appropriate to thespecific requirement that it's
(22:05):
you know it's being demandedfrom the regulators for.
But there are commonalitiesacross all of these and I think
that's where technology comesinto play, because then you know
, for example, you know a bankis then able to implement an
internal data model based on,you know, being able to classify
a data attribute if you like,to then be able to present it
(22:30):
under the different regulatorylens for each of the purposes
that it's required for.
Speaker 1 (22:34):
Now that takes us into the sort of some very
complicated areas.
I want to get an idea of justhow we often think about
regulation or reporting regimeas being oh, we've just got to
supply some extra data, but youdo actually need to engineer
your systems differently.
You have to change workflowsinternally.
I mean, when you mentionedBasel 3, basel N game, which
(22:56):
Basel 4, I like N game best, Ihave to say I hadn't heard that
one.
I think that's great.
This is all about bank stresstests and leverage requirements
and collateral and liquidityrequirements on a sort of daily
basis.
So what seems like a sort of aset of numbers changing actually
has huge operational impactsacross a large market
(23:18):
participant, doesn't it?
Speaker 5 (23:20):
Yeah, it does indeed.
I mean if you, and also if youthink about it from the
perspective that you know, inorder to calculate your risk
weights and therefore your kindof capital requirements that you
need to hold in reserve for theoverall business, you need to
derive a lot of content.
So you need to derive certainclassification so that you can
bucket them within the correctrisk tolerances, and that all
(23:46):
requires this kind of industrialstrength reference data, but
from a number of differentpoints.
So you need to understand whothe issue is, for example, what
the asset class is.
But also you need to be able toderive the credit quality steps
from the underlying ratings aspart of that process.
And the kind of the incentive,if you like, is that you know,
(24:09):
especially in this you know I'lluse end game in the end game
environment is you know there isthe potential for, you know,
higher capital requirements tobe implemented at a bank.
So you know the idea is here isthat really want to optimize
that capital and ensure that theyou know the amount of adequacy
(24:31):
that they hold is accurate andcorrect.
Speaker 4 (24:35):
And sorry, darren, a question I guess from my side
and actually in the back of myhead, one of the things driving
this is I know we had anexchange last week just about
classification of a bond thathad been issued and there was a
lot of ambiguity around it.
Was it public sector debt, wasit not?
So, looking at the makeup ofthe company, is there a lot of
pressure on sort of view fromthe financial information side
(24:57):
because you're a data source ofensuring that these
classifications are correct?
Because from a risk-weightedperspective, that can have a
huge impact on someone's capitaladequacy.
You know potentially collateralthey're holding, etc.
So the downstream implications,and is that getting harder with
the more complexity that yousee in the marketplace?
Speaker 5 (25:16):
Yeah, absolutely, because you know you will have
clients who interpret certaindata points differently.
But you know, and it's not justa data point, because obviously
it feeds into other things andit becomes a derived value and
it can have a direct impact onthe bottom line.
You're right, it needs to becorrect and that's something
that's always a bit of a youknow, it's something that we
(25:38):
have to kind of judge.
So when we implement, forexample, our rule sets and
methodology, we always followthe regulation.
So that's always the firstpoint.
So we interpret and we followall of the kind of all of the
guidance that's published.
What we like to do is to workdirectly with our clients and
regulatory bodies as part ofthat process so that we can have
(26:01):
open conversations about theinterpretation, to come to a
consensus, a consensus view.
And you know I'll say this, itwon't always please absolutely
every single client that youhave, but as long as your
underlying rule sets andmethodology is clear and
ambiguous, then you always havethe opportunity to say to the
(26:22):
outlier client, if you like,well, look, this is how we
interpret it and this is how wecome to that conclusion.
So we kind of help them toactually identify that specific
area, if they don't necessarilyagree.
Speaker 2 (26:36):
Darren, what I wanted to ask you is about how do you
see that technology and productmanagement or information has to
work together?
Because, from what you'resaying, of course we have to
start by the regulation.
Regulation has to be first, butthen clients and finance tell
(26:58):
us that we have to automatethings and that technology needs
to come to organize all thedata to make sure that we comply
with the regulation but that wemake it efficiently.
So how do you see this?
What's more important?
What comes first and how dothey have to work together?
Because at the DR level, we seethis every day that we have our
product specialist, we have theregulation, but then we have to
(27:22):
push hard to the technicians soour system works precisely no
bugs.
You know that everything worksas it should Because everything
is constantly changing and everyday we see more efficiencies or
things that we can keepimproving.
This is like the never endingcycle, right?
Speaker 5 (27:43):
Yeah, I take your point and you're right.
I mean it is an efficiencyplace.
So I mean, one of the greatthings about new technology and
the way it's kind of moved on,it allows us to build some of
that efficiency into ourprocesses.
So an example on our side wouldbe, for example, using natural
(28:03):
language technology to be ableto extract certain phrases from
documentation, from term sheets.
But obviously you have to put alot of work in up front to
ensure that the machine learningalgorithm is actually
processing that information inthe correct way, and there's a
(28:28):
lot of work to do up front inorder to be able to achieve that
.
But that's something that we'realways looking out for and there
are a number of areas wherewe've actually deployed that.
But again, because, likeyourselves, we're dealing with
regulatory data orclassification generated from
(28:49):
the underlying regulatory data,so we need to be sure that we're
comfortable with that processbefore we kind of implement it.
I mean, just to give you anidea of looking forward from a
more of an innovativeperspective, I mean, one of the
things that we are working on aswell is we're looking at
(29:10):
deploying technology that willprovide additional analytics and
insight into the content thatwe have being able to present
some of the underlyingmethodology to provide those
insights kind of earlier in thebusiness process to our clients.
I think will be hugelybeneficial and also for customer
(29:33):
queries.
So that's always a goodbeginning.
Speaker 2 (29:35):
It's almost like you're providing the answer
before that's amazing that'swhat I was going to say that
somehow this is turning to.
Technology comes first, becausebefore you can start analyzing
all the data and can startbuilding a new system for
regulatory purposes, you need tofind the right technical
structure, because it happenedmany times that you start
(29:59):
building a system for somethingthat then it doesn't fit because
you have so much more data thatthe system cannot manage and
all that.
So I think we are now at thepoint where, in my opinion,
technology has to come first.
At least you know the structure, like what data structure we
have to use, what we will belooking at in the future, what's
(30:21):
the amount of data we have tomanage, what's the scalability
of this, because the system hasto be also scalable at the same
level.
So this is to me like, it'sbeautiful, right Like, and it's
very complex actually.
Speaker 4 (30:36):
Yeah, completely.
I go along with that.
I think the challenge as wellis because you've got more and
more data.
The challenge is how can younavigate it as well?
How can you effectivelynavigate that data to quickly
pull out the information youneed?
It's funny that it's completelyunrelated to the conversations
we've had.
I've been talking to some otherpeople in financial information.
They introduced me to a companythat you're working with around
(30:57):
chatbots and using chatbots toquickly go in and to actually
pull out set information and Iknow from my side we're looking
at that and it's well.
How can we use that from ourside as well and look, the
requirement to pull data quicklyis only increasing because
regulatory reporting times fromour side they're shortening.
So if the client has a hugepressure to be able to get that
(31:21):
source information quickly andto be able to report it
correctly, and that goes downthe chain if you're doing
securities financing traits, youneed to be able to look at the
collateral, you need to be ableto classify, you need to be able
to look at your portfolio tomaximize it, and that is all
around the immediacy of the dataitself.
So that's huge pressure nowthat we're getting and
(31:42):
automation is the only solutionto that.
Speaker 1 (31:44):
Darren, there is, from a product management point
of view, a challenge here.
Isn't there, because it's notlike you can roll out a product
the way that Google does orMicrosoft and if it doesn't work
, roll it back or do incrementalupdates and what have you?
When you're a financialinstitution, when you roll that
product out, it's got to bereliable, because it comes with
a much heavier legal overheadattached to it that you can't
(32:08):
launch a product for marketparticipants.
That doesn't quite work right,because then we get banking
meltdowns and fines and allsorts of problems.
So what are your datamanagement disciplines there and
your product developmentdisciplines to engineer things
to a very, very high level ofreliability?
Speaker 5 (32:25):
Well, as I mentioned before, you always have to start
with the regulatory text.
There's kind of no getting awayfrom it, and that's the
expectation of our clients.
But again, I mean, I know Imentioned before that we would
work closely with our clients aspart of that.
But then, by the same token,because we are almost the
production end of the process,we recognize that there will be
(32:52):
different kind of distributionplatforms and different ways for
our clients to actually processtheir information, and that
could be through third partyplatforms, third party software
systems, et cetera.
So we also work very, veryclosely with partners in that
regard, in that we are able todeploy and make available the
(33:14):
information as and when it'srequired through third parties
into the business process on ourclient side.
So that's kind of the way thatwe would approach that from
distribution perspective.
So then, the only thing on usto make that as seamless and as
quick and as timely as possible.
(33:35):
So we'll adapt differentdistribution methods, so
obviously we'll distribute viathe cloud, using APIs, et cetera
.
So the idea being that we canprovide that information on a
demand basis, so that no one'skind of waiting for an element
to be processed before they canactually get on with their day
(34:00):
job.
Speaker 1 (34:01):
Now these, of course, are the issues that you can
control.
What I want to talk about nowis the issues you can't control
because, let's face it, thingsare changing out there.
We've had a year ofunprecedented volatility and
change when it comes to thevalue of assets, the value of
bonds In particular.
Obviously, we've seen a hugespike in repo transactions.
(34:24):
We know that, for example, theBundesbank has stopped
remunerating government deposits, so there's 70 billion or so
euros which are now entering themoney markets and need to get
repoed out, reverse repoed out.
There's a huge amount of excessliquidity out there.
Banks are concerned about theircollateral requirements on a
sort of day basis.
(34:44):
It feels like everything hasgot a lot busier and the value
and weighting of assets haschanged.
So I mean, has your job turnedinto trying to manage ever
changing and increasing volumesinformation compared with a few
years ago, when everythingseemed very stable?
Speaker 5 (35:01):
Well, I mean, there's no lead up in the volume.
You're absolutely right.
So what we need to do isobviously have more efficient
and optimal ways of processingthat information, because we
need to.
First of all, we need tocollect and collect that,
aggregate that information.
It may come from many, manydifferent sources.
It does come from differentsources.
What we prefer to do is, if wecan take it direct from source,
(35:26):
then obviously that's great, butby the same token, we're also
using alternative sources.
As you know, there are now manymore sources of unstructured
data as well as structuredinformation that needs to be
translated, it needs to beaggregated in a way that can be
processed by the clients and theclient systems.
(35:48):
So these are things that wehave to deal with on a daily
basis.
Yeah, and that's what we again.
So, using the, by deployingautomated processes and new
technologies, that's one waythat we can leverage those to
(36:12):
our benefit and to the mutualbenefit of our clients.
Speaker 1 (36:15):
When we talk about automated processes and publicly
available data, I mean there isa huge amount of it out there,
isn't there?
I mean, I think at our lastRegistry R event we had the Bank
of England join us and theywere talking about the huge
volumes of data that are comingin, that are being used every
day by central banks to look atmarket conditions and adjust
(36:36):
monetary policies for stabilizedconditions.
There's vast amounts of dataout there.
Nick and I were to talk just acouple of weeks ago where
someone from the ECB waspresenting how much cash ECB
cash is out there in the sort ofthe EU 27, and how they're
reducing that.
(36:56):
Interestingly, though, whenthey went to look at their
sources, no one mentioned SFTRdata and the amount of data
that's out there.
So how do you manage datasources now?
Do you have a sort of a teamwhose focus is identifying the
sources of publicly availabledata to help you get a better
idea of where systemic risk liesor where certain assets are
(37:20):
riskier than others?
Speaker 5 (37:23):
Well, I mean, our fundamental approach is to
support the instruments that ourclients invested.
So we're a global business.
We cover something like 20million individual instruments
globally.
So that's certainly our mainfocus.
(37:44):
But within that you mentionedpublic sources of data.
But they're not all public andthey're certainly not all in a
user-friendly format so thatthey could be disseminated and
produced into data feeds for ourclients.
So there's a hell of a lot ofwork that kind of goes into that
process to be able to normalizethat.
(38:06):
I mean.
I suppose an interestingexample of this is with some of
the ESG data points.
So we've got a situationwhereby regulation has been
implemented and I'll just takethe example of the EU.
So you've got SFDR and you'vegot the EU taxonomy, for example
, but you don't necessarily haveall of the data inputs that go
into that, because the CSDRwhich, sorry, I've swallowed an
(38:30):
acronym of Dictionary thismorning, as you can probably
tell but the CSDR isn't kind ofestablished yet and it's going
to be established over a periodof time, so not all companies
will be in scope from day one.
So you kind of have thissituation where clients have to
retroactively populate thevarious different data fields
(38:52):
that are being required by aregulator for a different
purpose, and it's not allavailable.
So then you have to can, I say,aggregate information from
public sources, from privatesources, but again, they're not
all going to be.
Not everybody speaks in thesame language, so you're not
going to have a consistent viewof those data.
(39:13):
So you have to make decisionsas part of that and ensure that
you can present the informationin a way that makes sense to you
as a business and also enablesyou to meet those regulatory
requirements as well.
So you need to satisfy theregulators.
Speaker 2 (39:30):
So, darin, this is something very interesting, I
believe, and make me think aboutthe timeline or the time spread
between when you decide topublish some information,
because you're saying there'salways more information coming.
There are multiple sources.
You have to aggregate that, youhave to filter it for your
(39:52):
business, but sometimes we seereports from ESMA, like one two
years ahead, like today, withdata of 2021 or 2022, which
seems kind of old, but I guessit's the time they need to
actually aggregate all theinformation from all the sources
.
So this is kind of a big timeright, because I mean, of course
(40:15):
, it is relevant and for us atthe PR level it is of major
importance.
But I wonder you know, for thefront desks, what's the expected
timeline for you to bepublishing the data?
Speaker 5 (40:29):
Yeah, I suppose, because the old ad is not all
data are created equally.
You will require the sameinformation, but for different
business processes, differentparts of the organization, with
different time frames, differentlevels of quality.
So you're quite right, and Ithink it's always a trade-off
between how long do you retaininformation to ensure that it's
(40:55):
as perfect as possible, versusreleasing that information
earlier.
And, as you say, in a frontoffice situation the
requirements would definitely bedifferent than they are from a
back office perspective, wherebythey can rely on.
They could potentially waituntil that information is
(41:16):
published.
At the end of the day, therewill be intraday requirements
from a risk managementperspective, but, as you say,
the front office is going towant that information instantly.
We do have to manage that itbecomes.
I think most of it is down tokind of experience and making
the calls, but also, as Imentioned before, it depends a
lot on the source.
(41:36):
So if you are takinginformation directly from the
source, via a feed, for example,then the expectation,
especially if it's publiclyavailable, as far as supervisory
search, for example, then theemphasis will be on you have to
trust that information more thanyou would if you were taking it
(42:01):
directly from a specific termsheet.
So you're quite right, thereare differences and it is my
data ops colleagues will tellyou it's one of the many
challenges that they have tomaintain.
Speaker 1 (42:17):
So, darren, we now come to the crystal ball section
of the show.
It's all sound effects thisweek, and let's start looking a
little bit towards the future,because, of course, we've been
very focused on Amir.
We will be focused, no doubt,on Dora and Myka and other
(42:39):
regimes as they start todominate the headlines, but
right now everyone's got theirnose down for the April 29th
deadline.
The Amir refit, but looming inthe background is T plus one.
This is going to be a moveacross the EU.
Esmer has said it's a questionof when, not if, and a lot of
the industry is talking about it.
(42:59):
Does that make much differenceto you to settlement times and
those sorts of things thataffect information services?
Do you need to be able todeliver data faster?
Do you mean to harvest itfaster, or is it business as
usual from the informationservices side?
Speaker 5 (43:16):
Yeah, I would say it depends on the area of
information that you're workingin.
I mean, obviously, from asettlement perspective, we're
moving to T plus one.
There is the requirement forthose information, that data, to
be available more quickly thanit is currently.
(43:37):
That's one part of it.
I'm not sure if I see as muchof an impact on, for example,
producing reference data if youlike, because that process will
remain the same.
But certainly the interestingthing, I think, is that we do
(43:58):
have this move to T plus one inNorth America.
So you could say that for us inthe UK and in Europe more
broadly, we do have thepotential to understand and see
the process of how that rollsout.
So we're in a lucky position ina way in that we can keep very
(44:24):
close to that process.
Obviously, we need to serviceour clients in that area and
we've done all of our duediligence and we ensure that
everything runs smoothly at theswitchover.
But certainly, from a Europeanperspective, if there are any
lessons to be learned, thenobviously we have that slight
advantage.
Speaker 1 (44:43):
Okay, and one more crystal ball question for you,
darren.
I'm sorry, sound effects arejust too good to waste.
This week.
We have an unprecedented yearof change ahead, don't we?
There's over 60 generalelections taking place globally
in democracies this year.
Obviously, all eyes especiallyon what's going to happen in
(45:05):
October in the US.
We're anticipating increasedongoing volatility from in
markets, geopolitical risk,energy prices, those sorts of
things.
Does this changing environmentmean that you are sort of having
to develop new data products tocover areas that you haven't
(45:26):
had to cover before?
Speaker 5 (45:30):
Well, I mean, I gave the example before of the ESG
space, so that, for me, is areally good example of something
that we haven't had to coveruntil quite recently.
I would say yes, there's alwaysthe potential for more data to
be onboarded.
I mean, as far as volumes andcomplexity is concerned.
(45:51):
It's only going in onedirection, as we know, and there
are.
One thing that's reallyencouraging is we're now seeing
regulators recognise or theyhave in the last couple of years
, really recognise the impact onour client institutions and
they're actually taking actionto introduce things like
(46:11):
integrated reporting, to kind oftry and ease the burden and, if
you like, take off some of thestrain of aggregating all of
these various different reports.
But certainly, from ourperspective, we have to provide
the information that our clientsneed and want.
At the end of the day, we haveto bake that into their
(46:32):
investment processes, into theiroverall trading clearing
processes as well, as part ofthat.
So as these new data becomeavailable, we will certainly be
sourcing them, we will beaggregating them and providing
them in an accurate andconsistent manner, as we do
today.
Speaker 1 (46:51):
Thank you, fantastic.
Okay, now that is it.
We have to draw the show to aclose now, but I think we all
want to give a huge virtualstudio Registry R Roundup round
of applause to the seniorproduct manager for risk and
regulatory Reporting products atsix financial information
services, darren Marsh.
Darren, thank you, thank you.
Speaker 4 (47:16):
Thank you, Darren.
Speaker 1 (47:18):
And, of course, we have to give a huge thank you to
our virtual studio crew, whoare in no particular order.
Was this week the nicest andmost efficient person in the
organization, brava Uisalonso,head of client services.
Speaker 2 (47:32):
Thank you, andrew.
Thank you, darren, it was apleasure to have you here.
Speaker 1 (47:36):
And also the man who put the canary in the wharf.
He was Devonshire but neversquare.
Now he's holding St Mary'saccident.
Of course, mr John Kern, ceoRegistry R UK, thanks.
Speaker 3 (47:47):
Andrew and again, thanks so much, Darren.
Really interesting to listen to.
Speaker 1 (47:51):
But last and never least, the voice of reason
himself, a man who's had tochange rooms twice during this
recording because it's so busy.
Now you should see himPodcasting on the go live and
direct as he's going down thecorridors.
The voice of reason himself.
Head of business development,mr Nicholas Bruce.
Speaker 4 (48:10):
Thank you, Andrew.
Yeah, I feel like the littlesthobo, like I haven't got a home.
I'm just keep walking aroundfrom room to room.
Thankfully no one listening tothis can see it, but huge.
Thank you, Darren.
Really appreciate you coming onit.
It's been really interesting tolisten to what's going on your
side as well.
Speaker 1 (48:24):
I don't forget, until tomorrow you'll be freeing to
roam.
There you go.
That's, you have to be acertain age to get that gag, but
if you remember it, good foryou you're nearing retirement.
Okay, on that front, it's timefor us to title together.
I just have to say, obviously,if you want to find out more
about the topics we've discussedtoday, do join us on our
(48:46):
LinkedIn page that islinkedincom slash companies.
Slash Regis hyphen to you,where you'll be able to network
with Nick and with Barbara andwith John and with Darren and
with everyone else At the sixgroup and find out all about
what's going to be coming up onour next show there.
And in the meantime, for me andRicky Walker from Leana Sudan,
our producer, from everyone herein the six virtual studio, have
(49:08):
a good month, have a safe monthand we'll see you in a month.
And remember that clock isdefinitely ticking for your
countdown, so get your emir on.
Speaker 4 (49:46):
You.
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