May 24, 2024 • 58 mins
In this special feature-length show, EMIR Refit reporting experts Tim Hartley (Dir. EMIR Reporting, Kaizen) and John Graham (Senior Dir. Regulation, FIA) join our Head of Biz Dev. Nick Bruce, Head of Institutional Relations, Laura Rodriguez and Head of Client Services, Barbera Ruiz Alonso to review the go-live of the most significant new regulatory reporting regime of 2024. After years of preparation, how did market participants react? Did the new UTI system work? Is the data quality there - and are ESMA and NCAs happy with the results? We go in-depth with our expert panel to review the go-live so far and address the issues that remain too early to answer for sure. Plus, we say goodbye to Barbera after 4 years of being a founding member of the team - and give John and Tim a surprise quiz to keep them on their toes. Don't miss it!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Hi I'm.
Andrew Keith Walker.
Hi, I'm Laura Rodriguez andthis 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 regtech, fintech
and trade repositories.
Welcome to the Registr Rounduprepositories.
(00:28):
Welcome to the Registr Roundup.
And remember, this podcast isbrought to you by Registr, which
is a six company and featuresmembers of the Registr team and
special guests offering theirpersonal opinions, not the
opinions of Registr as anorganization.
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.
And welcome back to the RegistryHour Roundup.
(00:51):
We are back and it is May andthat means just a couple of
weeks ago Amir Refit went liveand we have got our Refit show
for you.
Yes, the post-match analysisJoining us sadly for her last
ever show before she moves on tobrighter, bigger and more
exciting things in the fantasticworld of asset management is,
(01:11):
of course, nicest and mostefficient person in the
organization by a long way.
Of course.
Barbara Ruiz Alonso, barbara,welcome back.
Speaker 3 (01:21):
Hey, andrew, thank you very much.
Indeed, I'm moving on, but Ihave to say it's been a pleasure
being part of the RegisDR team,being part of this podcast.
I had a great time.
I just learned a lot, but, yeah, it came to an end Well, I just
have to thank everybody forthis time, but I'm sure the
(01:42):
podcast will keep kicking inforever.
Speaker 1 (01:45):
Well, barbara, you've set a very high bar for this
show, to be honest with you, andwhoever replaces you has got
some big shoes to fill, which isironic, of course, because you
have tiny feet.
Nevertheless, thank you forcoming back for this show.
And with you, of course, is thevoice of reason himself, the
man who, without any question,is the head of reason himself,
the man who, without anyquestion, is the head of
(02:06):
business development and, rightnow, a man with many, many arms
holding many, many phones.
It is the very busy, mrNicholas, bruce, nick, thanks
for joining us.
Speaker 4 (02:15):
Always a pleasure, andrew, and if Barbara's
obviously the person who setsthe high bar, I'm the man who
sets a very low bar, whichhopefully will help whoever
comes in.
Speaker 1 (02:25):
Okay, yes Now, nick, you have been super busy.
Obviously, go live is a busytime for the head of biz dev, no
doubt, but you're looking verywell on it actually.
Is that a tan, or is that justthe color you go after white?
Speaker 4 (02:39):
Yeah, to be fair, I'm not sure when this one will
come out, but I'm hoping theweather will last.
We've just had that gorgeousweekend.
It's been 28 degrees in London,so I'm a typical Englishman.
I've gone out there.
No tan, sorry, no tan.
No sun cream, you know, justbearing my all to the weather,
and it's been fantastic.
It's great to put shorts andflip-flops back on again.
Speaker 1 (03:01):
It certainly is.
And on the subject of shortsand flip flops, someone who
never wears them in the officeand is always a sartorial
pinnacle, the pride of Spainherself, of course, the head of
institutional relations forRegistria, it is none other than
Laura Rodriguez.
Speaker 2 (03:19):
Laura, welcome back, hi, andrew.
Thank you very much.
Speaker 1 (03:20):
How are you?
I'm very good.
I'm very good.
It's good to see you again.
I was very pleased with ourDora show.
As a tech guy, dora is my jam,so that was very exciting.
How has the last few weeks beenfor you?
Has it been super busy?
Speaker 2 (03:46):
sad, but at the same time happy, but of course now,
uh, the only way for barbara tokeep on track on all the news
and the information will belistening to us every month.
So now on the other, side.
Speaker 3 (03:54):
Exactly that's why you have to keep working in this
okay, that's good.
Speaker 1 (03:58):
Yes, one more listener.
We we celebrate everyone thatcomes to the show and, talking
of which, that's our virtualstudio crew.
But we couldn't do this showwithout two very special guests,
old friends of the show thathave been on before, two men who
, between them, have forgottenmore about regulatory reporting
than most people ever learn.
Yes, I think that sounds like agood thing.
(04:19):
I'm not sure if that's come outthe wrong way, but joining us,
of course, someone who needs nointroduction if you work in the
field of regulatory reportingTim Hartley, who is the director
of EMEA Reporting at Kaizen.
Tim, welcome back to the show,thanks for having me Great to be
here, thank you.
It's great to have you back, tim.
We have a few little triviaquestions coming up for you
(04:39):
later on which we're going todrop in amongst the top flight
analysis.
There's going to be a fewquestions about breakfast
sausages.
If that's okay, we like to tryand keep you on your toes.
Sounds good, good.
And joining Tim is againsomeone else who's an old friend
of the show and also someonewho knows everything there
really is to know aboutreporting for the futures
(05:02):
industry, and that is the SeniorDirector of Regulation at the
FIA, John Graham.
John, welcome back.
Speaker 5 (05:07):
Thank you very much, andrew.
Good morning everyone.
Huge credit to everyone forcreating this podcast, an
enjoyable podcast on regreporting, very successful.
So pleased to be back, thankyou very much.
Speaker 1 (05:18):
Well, thanks, thanks for coming back and so that you
don't feel left out, we havealso got a trivia quiz for you,
uh, but your specialist topic isgoing to be bruce springsteen
and the e-street band, so we'llbe dropping those in as we go,
but we need to get on with thebig news story a mere refit
which we've been talking aboutfor a couple of years, and we've
(05:41):
explored all the potentialissues.
We now get a chance to actuallysit down and talk about the
real issues, what went well,what didn't go so well, and to
set us up for this.
I want to come first to Laura,because you're head of
institutional relations.
You're the one who is the bestfriend to all the regulators in
the EU.
You're involved and get a viewfrom it, from their side.
(06:04):
I want you to frame it withthat.
So how is ESMA measuring thissuccess?
What are they looking for now?
How have they reacted now?
What's the news from theregulatory side?
Because really they're alwaysthe voice that's missing from
these shows, because they tendnot to do podcasts and that sort
of stuff.
So what's the inside view?
How's it gone for ESMA?
Speaker 2 (06:26):
Good question, andrew , but I think the important here
is not how ESMA has reacted tothe go-live or how the NCAs have
reacted to it.
It's more how the market and thereporting participants have
reacted in general, how theyhave approached the first days,
the first issues and the sourcestoppers and the capacity they
(06:48):
had had to overcome anydifficulty that they might have
identified.
And this is something that wewill discuss now.
So that's great, and I alsothink it's really important that
at this very moment, the marketparticipants had a clear
communication with theirrelevant direct supervisors,
(07:09):
with their NCAs, because duringthese first weeks they will be
cooperative and participative tohelp them to find this
stability of the reportingrequirements, them to find this
stability of the reportingrequirements.
So this is a great opportunityto establish relevant contacts
(07:33):
with the NCA's and to show thecommitment to comply with the
new regime.
But of course, if you ask meabout the specific reaction,
probably we will still need towait some time to have any news
or public statements from theirside to really know their views
on the success of theimplementation.
(07:53):
It might be too early yet, butI'm sure they will give us the
information in some time.
Speaker 1 (08:01):
Are there any sort of rumors in sort of time?
Are there any sort of rumours?
You know, is anyone you knowdoing their fruit over the data
quality there in Brussels orLuxembourg?
Is it running smoothly though?
I mean, come on any hints youcan give us.
Are they happy or not?
I realise I'm asking you tomake a massive commitment on
(08:22):
behalf of major Europeanfinancial institutions here.
Live on a show, so I mean,don't no pressure, but you know,
do you think it's gone well?
Speaker 2 (08:31):
I think it's a.
I won't answer because I don'thave I don't have, you know the
full picture.
It's really difficult, but, onmy view at least, I see that
there is a lot of cooperationfrom the authority side and this
is really good and clear thatthey want this to go smoothly
and well.
Speaker 1 (08:50):
So, yeah, Okay, fantastic, Now we're gonna go.
Then we're gonna jump from theregulator side and I think I
think we all read the subtlesubtext there, which is actually
is going pretty well and gostraight over to the man who has
quite literally got his ear tothe ground.
In this case they're in thecity, Tim Hartley, so Tim Kaizen
(09:12):
have got a massive network.
You're familiar with a bigpicture of how market
participants are reacting toAmir and how things are going.
So I want to come to you andsay, from the market participant
side, is this what you expectedto see when it went live?
I remember us havingconversations when SFTR went
live and everyone was surprisedthat it went a lot better than
(09:35):
people were expecting, but ofcourse, it was a lot smaller.
So what about this?
Have we seen goodreconciliation rates?
Is there a high rate ofrejections?
What about the issues that wewere talking about over the last
couple of years?
Have they gone smoothly?
Speaker 6 (09:49):
Yeah, there's lots of things in there, andrew.
The other thing with the SFDRis that there's a much smaller
array of product types to bereported, and so actually for me
personally, it wasn't that muchof a surprise that data quality
was higher or it wasnecessarily easier to get those
trades in under SFTR.
What we've seen under AmirRefit is such a large array and
(10:11):
a large complexity of changeunder Amir Even for clients that
do Amir reporting in the oldstyle of Amir, to adhere to
everything other than Newstar isa big burden.
There's lots of things to takeinto account.
There's lots of new lessons tolearn, and things that we spoke
about over the last couple ofyears are, for example, almost
(10:33):
every single field changed, andthat's a big change for an IT
resource.
Also, we've got hundreds ofpages of guidelines that we
spoke about before already.
That changes the interpretation, and sometimes it's good, and
sometimes it creates more of agrey area, and so actually, in
actual fact, for most firms thathad an EMEA reporting
obligation and still do today,they see EMEA refit as a new
(10:59):
reporting obligation, eventhough they were doing EMEA
reporting already, and so it'sbeen a real tough task.
So I'm genuinely impressed athow firms have gone and how
they've taken to all the changesthat have been there.
I think positive things are theparticipation rates for trade
association groups and differentforums that the trade
repositories have put together.
(11:19):
So that level of communicationand questioning things and
coming to a consensus on what'sgood and what's bad and how we
should report things, that'sbeen applauded by me.
I think that's very, very good,but it should be underestimated
the amount of change that therehas been from Irifit.
And then back to your originalpoint in that question, andrew,
(11:40):
measures that firms should bepaying attention to, measures
that firms should be payingattention to.
I see on LinkedIn and othersocial media, people paying a
lot of attention to the ACNACrates, so the acceptance rates
and rejection rates on, forexample, a trade depository.
I think that's not worth payingattention to at all.
(12:01):
I think what you need to payattention to are the late trades
.
So how many firms um arereporting those trades late
because they've got an issuewith the, with the actual
submission itself?
Um, rather than, if you get yourtrade rejected, let's say your
submission is rejected, allyou're going to do as a firm is
correct, that rejection andresubmit, so great.
So, um, acceptance rates shouldbe 100 and um, so I don't pay
(12:23):
too much attention and I adviseother firms not to do that.
The other thing as well is tolook at the inter-TR
reconciliation rates and so howyour trades are matching up with
your counterparty's trades, andthe tricky part on both those
two stats is that they will takea little while to come out,
whereas the ACMAT rates firmsare happy to talk about those.
Tricky part on both those twostats is that they will take a
(12:44):
little while to come out, um, um.
Whereas the act map rates areum, firms are happy to talk
about those, I think mainlybecause it's easy um, but it's
the late trade and the ncrreconciliation success rates
that firms really want to payattention to and, if I'm being
suspicious, I expect that beingwhat the national competent
authorities um will be payingattention to as well.
Speaker 5 (13:06):
I was just going to ask a question because we're two
weeks out from go-life.
Going back to Tim's point withregards to the acceptance rates
at the TRs, for what it's worth,I do agree with him when we're
(13:26):
so close to go-life we're onlytwo weeks and we're looking for
those stats to try to give animpression as to the success
rate of implementation plans etcetera.
Would you completely ignoreacceptance rates, tim?
It seems a bit harsh.
Or is it potentially a goodnews story that can indicate
potentially the direction oftravel with regards to the
success of refit implementationplans?
Speaker 6 (13:43):
Yeah, I've been called many things for mere
reporting.
Nice is not one of them.
But no, I think firms can takea level of comfort from ACNAC
rates.
I think that is true.
I think it's a bit of a softstat, is what I'm saying.
So you're right in that it ishard to get everything into the
TR with this amount of change.
So you can take a level ofcomfort from that.
(14:06):
Firms that are getting almosteverything accepted first time,
first submission, try thatshould be applauded, because
there are still a few trickyparts of the validation rules.
For example, when you'relooking at notional schedules
and things like that.
And notional schedules andthings like that and prior UTI
(14:27):
and things like that, it can gettricky.
So, yes, I agree there is alevel of comfort in that, but
for me it's not the true pictureand that's why I want firms to
focus on the big hitting stats,whereas the other one is a nice
to have.
Speaker 1 (14:41):
So, on that front, though, I want to come to you,
john, and ask about a few of theunknowns that were sort of
floating around in the show thatwe did last season, talking
about the challenges that mightbe there for the futures
industry.
Beyond that, Things are stillvery early, but we did talk a
(15:09):
fair bit, didn't we?
About position data, forexample, and those sort of
tricky things.
So, position data timestampsthere are those things to
consider Plus, of course, thelargely tested but hadn't been
deployed at the time the UTIsystem from Anadies B.
How have these things pannedout as planned or not as planned
?
And also, are there any thingsthat we weren't expecting to be
a problem that have shown up tobe a problem?
Speaker 5 (15:30):
Yeah, sure, I think first and foremost I'm going to
start off on a positive note andit's really picking up on what
Tim mentioned about the size ofthe task that the industry faced
over the past 18 to 24 monthswith refit.
Refit was huge, wholesalechanges.
So we are guilty within ourindustry.
(15:52):
Regulation markets move so fast, regulation moves so fast we
never take the time to sort oftip the hat and say well done to
anyone.
There's been a lot of folks inour industry that spent days and
days and months preparing for arefit, so I'll be the first to
say well done to the industryand we're all collectively
(16:14):
working through teething issuesand problems that we're seeing.
When we hit March of 2024, alot of firms, their
implementation plans, theirreleases, their IT updates, they
were locked in place.
They couldn't really move thatmuch and, as a result, over the
(16:36):
sort of six weeks out fromgo-live, the focus area really
became transition plans, becametransition plans, and what I
mean by that is transition plansover the weekend of Friday, the
26th of April, into Monday, the29th, go live date.
The reason I mentioned this andNick might be able to speak on
this, as well as the fact thatobviously TRs were switching
(16:57):
over to MIR refit.
They were doing that over theweekend and, as a result, tr
environments came down.
They closed on Friday evening,some of them midnight on Friday,
some of them a little bitearlier.
What that meant for us is thatin the ETD markets the majority
of firms report Friday'sactivity and Friday's end of day
(17:21):
positions on Saturday.
They weren't able to do thatbecause the TR environment was
down.
As a result, firms were thenforced to report Friday's
activity on Monday.
So, in a long-winded way, whatI'm getting at is Friday's
activity needed to be refitcompliant and if I was looking
at this very blunt, it almostbrought the go-live date back to
(17:45):
Friday, the 26th of April,because you needed to have all
your data elements for refitcompliance ready for Friday's
activity.
That became a huge focus areafor us during the second half of
March and then all through thecourse of April.
Another point that maybe naivelywe discovered and focused on
(18:06):
close to go-live was in relationto flat positions.
So when a position goes flatunder the previous MA rules,
many clear members exited thatposition, didn't report, and the
CCPs took a different approach.
They retained that position,reported daily valuations.
(18:27):
That wasn't going to fly for MA, refit ESMA, to be fair to them
, were very clear in theirexpectations in that you have
two options If a position goesflat, if you exit out of that
position and if it reopens or isretraded into, you're expected
to report that with a newposition, uti or your
alternatives, as the CCPs weredoing.
(18:49):
You can retain that flatposition, report daily
valuations.
So a lot of the clear membershad to go back and identify
those flat positions and try tofind a way to for want of a
better term revive them, bringthem back to life.
Some firms were clear memberswere successful on that Before
GoLive, others not so much.
(19:09):
So again, a bit of an issue thatwe were dealing with and then,
finally, another point, and thenI'll just finish up on your
point execution timestamp atposition level.
Our argument for many years isthe fact that positions are not
executed.
So under the previous EMEArules we were leaving the
execution timestamp blank.
(19:30):
Obviously, again, esma to befair to them, were very clear in
their expectations in the factthat they want the execution
timestamp at position level tobe reported with the execution
timestamp of the trade thatfirst opened that position.
We needed to go back and find away to identify the trade that
first opened that position.
We needed to go back and find away to identify the trade that
first opened that position, totry to report that, preferably
(19:51):
before refit.
Golive Again, some firms weresuccessful in that, others were
not, but that was a teethingissue that we're dealing with.
And then the point and maybe Timmight be better to speak about
it but in relation to the UPIand the GoLive UPI, it's very
much more of an OTC element anddoesn't really touch the ETV
(20:11):
world.
So I would leave that maybewith Tim and my industry
colleagues at ISDA as well.
But certainly what we'regetting at, andrew is teething.
Issues were to be expected.
We are building a list of thoseand we're working with industry
stakeholders to try to resolvethem over the coming weeks.
Speaker 1 (20:30):
Okay, so that feels again broadly positive, like
nothing too unexpected hasoccurred.
I mean there haven't been anymajor curveballs yet.
But of course we've seen theregulator side.
We just had a little chat aboutthe market participant side.
What about the TR side?
I want to come to Nick andBarbara now and ask you how it's
(20:51):
been for you, because of course, from the TR's point of view,
you have to be producing sevendifferent kinds of daily reports
now.
You've got a whole load of newsystems you have to implement
for servicing the datarequirements of refit.
There's 209 fields that need tobe piped through to you.
That again have got variouschallenges, john just pointed
out you know time stamps andthings that used to be left
(21:12):
blank.
Speaker 4 (21:13):
We've got a range of fairly tricky, deep technical
stuff at a massive volume whichdoesn't sound like you've had an
easy couple of weeks in the sunBecause I think there's a few
things I'm completely agreeing,actually, with what the guys
said, particularly in the bitwhere I think john said to tim
he's being a bit harsh aroundthe act rates.
100 agree with that as well.
Um, because I think where weare, as you said, it's been a
(21:34):
huge challenge for the industryand trs weren't immune from that
.
It meant huge changes on ourside as well.
I mean, we used it we've talkedabout it before as an
opportunity to effectivelylaunch a brand new platform and
that, for us, felt like theright moment.
But there was a huge body ofwork around this.
And now for me, the way I lookat it is the number of things is
(21:55):
looking at.
What does success look like?
As we said, at the moment, alot of the stats.
If we're looking at things likeyou know, regs, etc.
That's going to come out downthe line.
So we don't really know thatyet.
We need a settling down periodand that will be we know will be
the measure going forward.
That's what the NCAAs, that'swhat ESMA will look at.
But the ag rates are a greatindication because actually,
(22:17):
when we were going in, we weresort of heading towards go live.
The whole industry was worriedabout market participant
readiness.
We were seeing the testingrates were extremely low up
until the last three monthsbefore go-live.
So clients were really pushingtheir testing programs quite
late in the day.
So when we're looking now atrates that are in the high 90%,
(22:41):
you know that's actually a verygood position.
That's probably better than wewere expected, if I'm being
honest, which is a greatindication of what the industry
did.
But there were a lot ofchallenges that we've seen
around that I mean john wasabsolutely right.
It was incredible in the lastcouple of weeks that kind of
realization that I was havingwith clients where we're talking
about the data for the 26 andthat plan around.
(23:03):
Well, how do we report that?
Because if the window is notthere to get that through on the
26th because of changes, thetransformation and also things
about the time stamp etc.
Couldn't be reported over theweekend.
We we actually pursued that.
There were discussions aroundthat which meant it had to be
reported on the monday and thenit had to be reported to the new
standard.
That's a challenge, especiallywhen you're really set in your
(23:26):
programs as well.
So we were having a lot ofconsultations with clients
around that, you know and thesethings had.
I suppose there was a lot ofthings where in planning, you
always look at the biggerpicture and you don't always
look at those small kind of theimpact of how am I treating my
Friday?
So my wind down, my hand over,and then that opening up on the
(23:46):
Monday, what resources?
And from our point of view, oneof the big challenges we've had
as well was, I think a lot ofpeople presume, well you know
what it's going to look likepost-refit because you're
already doing the mere reportingtoday.
But this comes back to the sizeof a mere reporting relative to
SFTR, a completely differentbeast, and the type of entities
(24:07):
you're dealing with is a wholerange, you know, from CCPs, the
tier ones, through to corporatetreasuries.
Everyone's got a very differentjourney and what we found was,
when it came to go live, thekind of just even things like
the reporting spikes that younormally have, the busy periods
of the day it's all shiftedbecause clients were still
(24:27):
running parts of their projects,they were still proofing
elements of their reporting.
Some, in the first few days,reported late because there were
certain things that they hadn'tfinished or certain challenges
that they came across only inproduction.
So what we were finding as wellwas, for us it was trying to
make sure, and the challenge ofoptimizing our platform, because
we were getting spikes at timeswe weren't expecting them.
(24:48):
You know, we were seeing peakflows on what normally a quarter
days as well.
So I think there's been there'sbeen a lot of challenges that
we've seen a lot of interestingsort of dynamics to this that
we've navigated together and Ithink over.
When you look at it and we lookat those early stats, it's
actually been been reallyencouraging.
I mean, that's just my kind ofhigh-level view, but obviously
Barbara's probably more in theweeds, speaking with the clients
(25:11):
and sort of seeing theday-to-day stuff.
So I mean, barbara, I know whatyour view is as well.
Speaker 3 (25:16):
Well, yeah, I basically agree with everything
that you've said, and also Johnand Tim.
This has been huge for all theindustry, not only the tier,
obviously and we've seen a hugevariety of preparation, also
amongst the different clients.
So I cannot concentrate, youknow, in one single thing the
(25:38):
issues we've been experiencing,because some people had more
issues on a certain fields whereothers, you know, just had
passed all the initial forexample, initial connectivity
issues, because we completelychanged our platform and maybe,
you know, some people were stillworking on that at the very few
(25:58):
days before they go live andothers went through that three
months earlier.
So it's been huge.
But we also have to bear inmind that here refit broad
changes, actually from still2014,.
Things that couldn't be changedsince then, that now you know,
(26:21):
pursuing the quality of the data, we are still fixing, like, for
example, the CLC codes.
There are still codes which arenot LEIs, entities that are
identified or individuals notidentified with an LEI, and also
many entities had to work onthis.
So this is a very long way.
(26:42):
As we said, it's not that we canreach some big conclusions
still today, because it's veryearly, but what I see is that
you know the big thing isworking, which, to be honest and
laura can correct me if I'mwrong in my experience what
esmond regulators are followingor are pursuing at this stage is
(27:02):
stability and the big thing tobe done.
There are many little itemsthat can be fixed going forward,
but these days, what we need isyou know to make sure the big
part of the reporting is beingdone, that entities are
connected, that you knoweveryone knows what to do and
how to modify the things, how toupdate, how to correct the
(27:26):
different stuff, and there Ithink we are.
You know we are getting thereand we're doing a good job.
We are actually also on ourside adapting our platform to
all those things that we can hotfix and that we can easily fix,
and this is what we aretargeting these days.
Speaker 1 (27:44):
So, yeah, very big uh , you know variety of of uh
things, as I said, but I Ibelieve we're doing well okay,
which this brings us, I guess,to the point we're at right now,
which feels a little bit likeare we waiting for the other
shoe to drop, as they say, aseveryone sort of, is this the
calm before the storm, or isthis the calm before the storm,
(28:09):
or actually is it going to be abit of an anticlimax and
everything's going to carry onbusiness as usual, it's all fine
.
So I want to come to Lara and Iwant to come to Tim and John on
this one, because I want toknow what the next milestones
are, and it's very easy to thinkokay, this is a major event,
it's on the horizon ofprogression, of the go live,
(28:46):
because it's not like throwing aswitch, is it?
It's a bit more of a transition.
Tim, I want to start with youon that.
What are you telling Kaizenclients?
Speaker 6 (28:55):
Yeah, I think there's a lot to be getting on with
Many firms.
I think I agree totally withBarbara's point that the big
picture is that trades aregetting in and that is it's
really, really important.
I think for many firms there isa large book of day to work
where firms are looking at thedata quality.
(29:16):
They're looking whether whatthey've reported not just meets
those validation rules butwhether it's been done in an
accurate, timely, a complete andconsistent fashion for all the
reporting they've done.
And those checks are really,really important at this stage
as we're going through, you know, this first kind of transition
period for, uh, in mere refits.
(29:37):
There's lots and lots to dothere and um and because all
those things we mentionedalready, the amount of change
there was going into a mererefit.
It's not possible to buildeverything that you want and to
test everything you want for dayone.
So the day-to-book of work foralmost every single firm
involved is a good chunk of workto do to make sure your rec's
in place, make sure yourassurance testing is in place,
(29:59):
make sure that you've got checksand balances on your reference
data and things like that Notsmall tasks by any means.
So lots and lots of things to dothere and indeed I think we've
alluded to this a little bitalong today's chat in that we
haven't seen all of the issuesyet, all the niggling first
(30:21):
issues yet for a mere refit,because it's only been the first
small period, as firms tradedifferent types of derivatives
and indeed different lifecycleevents happen that will bring
more issues out of the borderwould work.
Also, as firms go through andchange their data from existing
derivatives in the old formatthat need to be amended to the
(30:43):
new format, that will bringchallenges as well and I think
come uh, come to the surface astime goes on so as as we move
forward with the rest of thisyear for a mere refit, as um
under for eu firms need to belooking to make sure that their
data is totally fit for purpose.
Um and for many, many firmslistening to this podcast, they
(31:07):
will have that uh reportingobligation in the eu and in the
uk and uh, whilst the tworegimes are fairly similar at
the moment, any changes, anyimprovements they make to their
emir reporting under the eu umwill have massive economies of
scale for the uk reporting andso it's really all to play for
at this stage, which is great.
Speaker 5 (31:29):
Completely agree with what Tim said there and I'm
always trying to be certainly onthis podcast anyway optimistic.
The day two book of work ishuge.
You just look at that high barwhere the bar is for successful
reconciliation.
Look at that high bar where thebar is for successful
reconciliation Under refit.
The volume, the amount offields that are being reconciled
(31:51):
has increased seismically.
So there is going to becontinuous corrections and
amendments and adjustments toensure the data quality is there
.
Where my optimism takes a littlebit of a hit is as Tim
mentioned there.
So the four and a half monthsbefore refit go live in the UK
(32:17):
will be upon us in no time.
It doesn't help the fact aswell that we take in the summer
break, the summer holidays, asfolks hopefully take some time
off as well.
So that 30th of September datewill be upon us in no time.
So where firms have a reportingobligation under EMEA in the EU
and the UK, I think thepressure on resources will be
(32:44):
sizable over the next few monthsand that's a tricky point.
One thing I would be interestedto hear from the group here is
how much of my work if I'm amarket participant, how much of
my work to prepare and implementfor eu refit.
How much of that can berecycled and used for the uk?
I would hope again, potentiallynaively, optimistically, I
(33:05):
would hope a lot of that can berecycled.
But we do have to account forthe fact that there's nuances
and differences, um, somedifferences between the two
regimes, but I don't know ifanyone's got a wild figure.
I I'm for white tim.
Would you disagree if I saidsomething like 85 of my work for
eu refit can be recycled for uk?
Speaker 6 (33:24):
it's probably a little bit higher.
We've got some q a coming outfrom that's just been released
from the fca and bank of england, um, which has got some
interesting things in there.
Um, the fca have specified thatthey don't think those changes
would need to be implementedprior to UK refit going live,
and so I think I think it'snorth of 85 percent for sure,
(33:44):
and so, like I mentioned before,this real economy is a scale
there nervous on that point, inthat firms um shouldn't look to
give up their regulatory changeresource until, um, you know uk
briefings gone live and you know, looking at the other g20
regulations as well, um, youknow of which, for example um,
(34:06):
uh, there there is print threadcoming up, but also, uh, asic
and mass in october.
There's lots of change going onthere.
But for UK, any attention thatyou give to data quality and any
improvements that you givethere are really, really going
to pull big benefits come laterin the year for September for UK
(34:27):
.
So I totally agree.
Speaker 3 (34:29):
Barbara, yeah, from a tier perspective, I fully agree
.
I mean our intention in termsof the platform and the you know
the structure of all thedatabase and everything, is just
to replicate as much aspossible also for the UK, not
only in our benefit, of course,to just reuse everything we have
(34:50):
, but also in the benefit of theclients.
So I'm not sure I dare to say apercentage, 85 or bigger, but
yeah, it will be pretty high andit's just a question of, you
know, adjusting to thedifferences with the FCA, but
that should be minor.
So I agree with Tim that allthe work that entities are doing
these days to fix and to adaptto the European regulation, that
(35:13):
will be worked that could bealso used for the UK.
Speaker 4 (35:18):
Yeah, and I was just going to say I mirror that the
conversations I have, I think,platform-wise.
You know that there is very,you know there are some
variances, but it's small.
So maybe some of the otherconsiderations are approach
things like errors and omissionsreporting et cetera.
But from a TR perspective, whenyou're talking purely technical
, I mean, there's very littlechange.
So I'm with John, I think yeah,it's definitely higher than the
(35:40):
85% in that regard, and thatseems to be the conversations
I'm having as well.
Speaker 1 (35:45):
Now I want to come back to John here for a minute,
because in a way futures arekind of new here, aren't they?
They are now in scope.
The expansion, I suppose, forthe industry, or the change of
the industry maybe, has beenfelt most keenly in the Futures
Association.
I mean, what are your memberssaying?
Are they finding Emir Rifa isonerous or, you know, have they
(36:08):
found it a fairly easytransition?
Speaker 5 (36:10):
It's brutal.
I'll complain a little bit here.
Emir is an OTC reporting regimewith ETDs bolted onto the back,
but I've been complaining aboutthat for 10 years, so forget
that.
But the task that firms havefaced over the past couple of
years, like I mentioned, it'sbeen huge.
(36:31):
So I don't know ifcongratulations or fair play to
market participants because theyput in a hell of a lot of work
over the past couple of years toget where they are.
I mean, one of the benefits thatwe have, andrew, as a trade
association is the fact that ourmembership covers those clear
members, as I mentioned, ccps,trs and obviously the
(36:54):
third-party solution providersas well.
So that element ofcollaboration really is there.
And others might disagree, butI think in our industry the REG
reporting space is one of themost collaborative spaces.
There's no real winners, if youknow what I mean.
There's no real benefits ofbeing way in front of another
(37:17):
market participant.
So the working groups that wehave for example, we have the
FIA MIR Refit Working Group andwe also partner with our friends
at each European Association ofClearinghouses to bring
together clearing members andCCPs.
That collaboration really ispriceless.
It's a forum to raise thosequestions, engage with others
(37:41):
and work through the challengesover the past couple of years
and the benefits and the outputof that has been industry best
practice documentation.
We've built on ESMA'sguidelines where they set out
certain scenarios as well, sotrying to have industry
consensus in the face of hugeregulatory change.
(38:02):
It's invaluable so that workcontinues and, as I mentioned,
sort of our day two work becausewe have elements of day two
work as well is sort of togather and log those issues that
I mentioned.
I'm going to try to beoptimistic again in the fact
that I feel many of the issuesare teething problems, and
(38:26):
here's an example Obviously, theCCPs, working in collaboration
with the industry, prepare theCCP harmonized file.
What that is in a nutshell is anend-of-day file containing key
data attributes that Clearmembers use to enrich their
reports in order to submit incompliance with Article 9 of
(38:48):
EMIR.
What we saw post-go-live issome delays in receiving those
files from the ccps.
That obviously puts strain onclear members ability to report
in time for what it's worth.
We were hearing delays ofupwards of 12 hours.
Then that improved to six hoursand I think over time we will
(39:10):
um, hopefully eradicate thosedelays, but that's what we were
seeing over the past couple ofweeks and Nick's maybe going to
beat me up for saying this butalso one thing that we were sort
of discussing and dealing withis elements of inconsistent
validation rules across the TRs,which happens.
(39:30):
It's the nature of the beastwhen you look at the size and
volume of reportable fieldsunder refit, but what it means
is industry best practice andindustry consensus.
Obviously there's a pitfallthere where the TRs maybe have
implemented validation checks inan inconsistent manner.
Speaker 6 (39:47):
Again, those are only a handful of fields, so I hope
they again can be resolvedthrough communication with with
the trs yeah, I'm gonna disagreewith john patrick on on one
point there which is reallyimportant um, um, so, uh, it is
a subtle one, but it isimportant.
(40:08):
So with I think there isbenefit to being out in front
and having make to make surethat your, the quality of your
data, is as good as it can be.
I think if I'm going to correctyou, I'm going to say that
there's a comfort in being partof the pack and having a
consensus in what to do withyour reporting and how that
reporting should be.
But I feel quite strongly thatfirms should be striving to make
(40:31):
sure that their reporting isthe best it can possibly be,
striving to make sure that theirreporting is the best it can
possibly be, not striving andthat's not what you're saying
but not striving to make surethat what they're doing is
matching the other firm.
For example, should we allperform FX swaps as two
submissions just because theother big sell-side bank down
the road does FX swaps as twosubmissions?
(40:52):
The answer is definitely no.
You should make sure thatyou're adhering to the regitude
details, you're adhering to thelevel three documents, and so to
be out there in front is areally honourable and worthwhile
thing to strive for, because itmakes that quality of data much
higher.
And when we talk to the Bank ofEngland and the ECB about their
(41:12):
data and the things thatthey're using it for, all of a
sudden it becomes quite scary Ifthe Bank of England is using
this data for monetary policycommittee meetings, all of a
sudden, that impacts people'smortgages, that impacts policy
decisions.
That do impact not just peoplein the financial sector but the
rest of us, and so for me, Ithink it's a goal worth striving
(41:35):
for.
Speaker 1 (41:43):
Well, I wanted to.
I mean, sadly, we have toactually tie this together
Because we're coming to the endof our time together and I think
actually what we should bedoing perhaps is looking
forwards at the calendar ofevents and workshops and
conferences that are going to becoming up from all of your
respective organisations,because anyone who follows these
topics on LinkedIn will haveseen you all in quite an
intensive program of eventsworking group meetings,
(42:06):
conferences where these topicsand solutions for the problems
people are encountering aregetting actively worked out.
So it's probably the mosteffective way for market
participants to address theirissues if they're not attending
already.
So I want to just go aroundquickly and see what are the key
sort of milestones coming upevents-wise.
Laura, I want to start with youon this because I'm guessing
(42:27):
there must be some that aregetting held from the regulator
side.
Speaker 2 (42:31):
Well, actually something that already came a
few weeks ago was the dataquality report from ESMA from
last year.
It was like a public discussionor webinar where they presented
the report, and it was quiteinteresting to see how this
report was highlighted, becauseit was focused on how
(42:56):
authorities are making use ofthe data, how they monitor the
trends, how they monitor theexposures, and it's where you
can see that the I mean summingup all the discussions that we
have having here today that thedata has sufficient quality to
be used now for these purposes,that the data has sufficient
quality to be used now for thesepurposes, which, of course, for
(43:21):
REFID.
We will need to make moreefforts on the data quality
issues that will come, but Ithink it gives the comfort to
the authorities that soon enough, they can enhance their
monitoring supervision with thequality of the data that they
will have in the future monthswith REFID.
So I hope we receive moreinformation from authorities on
(43:42):
this regard.
On upcoming monitoring ofdifferent activities they are
doing based on data driven fromEMIRA and any other regulations.
Yeah, and of course, there willbe many other events coming
from them, different regulations, but I'm really eager to see
what's their views on theevolution of this one.
Speaker 1 (44:05):
Okay, great.
And what about from the Kaizenside?
What's the events program?
What's the next key thing thatyou're doing to address issues
for market participants, eventparticipants, event wise?
Speaker 6 (44:17):
yeah, so we've got quite a few events coming up
this year, um, and but most ofthem are for kaisen clients and
some esteemed guests, so any trsthat are nice to us can come
along as well.
Um, but we have a kaisenconference in june, of which
where we have various marketexperts talking on not only how
(44:38):
Emirate Fit, for example, hasgone, but also looking forward
to UK Emirate Fit as well.
We have Bank of England and theFCA giving their opinion and
talking about some of thosechanges as well, as well as a
vast array of buy and selloutside banks at that particular
Kaizen conference.
So we're really looking forwardto that.
There's a lot of change hereand we want to hear where firms
(45:01):
are having trouble, where we canhelp firms and also to give
feedback on industry consensusto the marketplace as well.
So that's really useful.
We're also doing continuing ourseries of uh, what we call cars
and community forums where wegive the opportunity to talk
about different issues that wehave.
(45:22):
It's a slightly different spin,for example, uh, what john has
for his trade association withthe fia, but it's a small group,
that where we look at um thingsthat want to have a bit more
discussion in depth and that'sreally really good, and a few
other events will be inStockholm with Nick in the
(45:43):
middle of this year as well,talking again to those firms
also about the difficulties ofEMEA and how it can help and to
try and clarify some things thatare tricky.
So definitely lots coming up asfirms.
You know, as everything settlesdown, they've started to do the
reporting and they start to seeother issues and what things
they need to be addressing.
(46:03):
Lots of things in there and,like we said before, any changes
now to the quality to improvethe data quality is really
really worthwhile at this earlytransition traditional period,
which is tough.
It can't be underestimated howtough it is.
Speaker 1 (46:18):
Okay, and John, I'm guessing you've got a full
program ahead.
We often see you speaking atevents and coverage of your sort
of viewpoints, so I mean,obviously I'm guessing the FIA
also has got its own eventscoming up and working groups.
What's the next few weekslooking like for you?
Speaker 5 (46:36):
Well, this afternoon sees the FIA, each working group
that I mentioned earlier.
We're meeting to discusspost-refit teething problems,
etc.
Probably the biggest one.
Very much it's comfort seasonwe're coming into, and the
biggest one that I would mentionis the fact that IDX kicks off
(46:56):
inon in mid-june I believe it'sthe 17th to the 19th of june, um
, where I'm delighted to saythat mr refit is a focus topic
for us and we have a panelentitled mr refit, the final
countdown, and I've beeninformed that we're going to be
playing the europe song uh,final countdown as we walk on
(47:18):
stage.
I know right, so, and I'mdelighted tim's going to be on
the panel, nick's going to be onthe panel, we're going to have
representation from the fca,from london metal exchange and
also from deutsche bank and andthe plan really there is to look
at implementation plans how canyou prepare your business for
(47:39):
refit go-live in the UK inSeptember?
And then also another pointlessons learned, really, sort of
post-refit go-live in the EU.
How can we learn to make it asmoother go-live in the UK come
the end of September?
So, really, really lookingforward to that panel and having
Tim and Nick on there with meas well nick, what have you got
coming up?
Speaker 4 (48:00):
from our side, it's a case of it doesn't stop,
because obviously we've got theuk coming up.
Um, a lot of what we'll bedoing over the next few weeks as
a team is actually getting outand seeing clients.
So there's this period whereeveryone's betting down.
That is very, very importantfor us to be in front of our
clients.
Then post that.
Next month We've just got tofinalize the date we will be
(48:21):
doing another webinar which isjust focusing principally on the
UK go live, but also lookingback at the launch and just
looking at what are the lessonslearned, things like that.
We're also going to be hostingin july a uk breakfast as well
around refit.
Speaker 1 (48:37):
So those are just some immediate things, and
obviously our friends over atkaizen and the fia are going to
keep me busy as well, which isgreat stuff in that case, we can
now move on to the fun portionof the show, which is a trivia
quiz challenge between twotitans of the industry uh, john
gray and tim hartley.
Who can win the rapid fireround?
(48:57):
Uh, on their specialist topic.
I'm going to start with you,john.
Yes, okay, questions are comingup.
Okay, here's your one minutechat.
I was going to do multiplechoice, but I think that's too
easy so, so nervous we'reactually going to find out if
he's a proper fan.
Speaker 4 (49:14):
Now this could just be talk.
This is it.
This is the test.
Speaker 3 (49:16):
You have to tell the listeners that he's stretching,
he's getting ready for the quizand everything.
Speaker 1 (49:22):
John, your minute starts now.
In what year did BruceSpringsteen release his debut
album?
Greetings from Ashbury Park,New Jersey?
1973.
Okay, Sorry, 72.
Which Bruce Springsteen albumFeatures the song?
Speaker 5 (49:38):
Born to Run, born to Run.
Speaker 1 (49:39):
Yes.
What was the name of thesaxophonist who was a prominent
member of the E Street BandUntil his death in 2011?
Lawrence Clements?
Yes, which song did BruceSpringsteen win An Academy Award
for Best Original Song?
Please, philadelphia, correct.
In which year did the E StreetBand?
In which year did the E StreetBand?
In which year was the E StreetBand officially formed?
1975.
(50:01):
1972.
Which song features the lyricsyou Ain't a Beauty, but hey,
you're Alright.
Thunder Road, correct.
And finally, how many GrammyAwards has Bruce Springsteen won
as of 2020?
Speaker 5 (50:17):
Oh, that's a good question.
I'm going to guess this, I'mgoing to say it.
Speaker 1 (50:21):
No, the answer is 20.
Speaker 4 (50:25):
That is impressive.
The funny thing is I'm lookingat Tim and just the visual that
I've got.
I reckon this man knows hissausage.
Speaker 1 (50:32):
Okay.
Speaker 4 (50:34):
I don't think this is going over, yet I was thinking
the same.
Speaker 6 (50:37):
AI Tim is pretty good at sausage out here, so yeah.
Speaker 1 (50:39):
Okay.
So I'm going to say now, john,that was almost a perfect round,
almost a perfect round.
You only got one wrong, sorry,two wrong, so well played.
Well played, john Graham,fantastic score.
Okay, Tim, your specialisttopic is breakfast sausages.
I can't believe I'm doing thisto a senior analyst in the
industry.
There you go.
(50:59):
It's the silly season, it's thesun.
Okay, tim, your minute startsnow.
Okay, what type of meat istraditionally used in British
sausages commonly served atbreakfast?
Correct.
Now, ok.
What type of meat istraditionally used in British
sausages commonly served atbreakfast?
Oop, correct.
Which country is known for avariety of breakfast sausages
(51:21):
called Weisswurst?
Germany, correct.
In the United States, what is acommon seasoning used in
breakfast sausage?
Germany oregano sage.
Um, what is the popular type ofbreakfast sausage in the
southern united states known forbeing spicy?
It's actually chorizo.
(51:43):
Uh, interesting one there forthe spanish contingent.
Which of the following sausagesis traditionally sugar, cured
and smoked?
Is it cumberland sausage,summer sausage, chorizo or
andouille andououille?
Sadly, it's summer sausage.
What is the name of theScottish sausage made from oats
and spices often eaten atbreakfast and shaped in a square
Haggis Lawn sausage and whichbreakfast sausage is known for
(52:08):
its inclusion in a full Irishbreakfast Cumberland?
No, it's the Irish banger,apparently.
And final question In what formis breakfast sausage typically
served in American diners?
Is it links, patties slices, orboth links and patties Patty it
is, I'm afraid, answer D, bothlinks and patties.
(52:31):
Okay, sorry about that, butafter it's too difficult.
Speaker 3 (52:36):
I mean, I'm not an expert at all.
I didn't know any of theanswers After a very, very tough
and arguably grossly unfairsausage round.
Speaker 1 (52:45):
John Graham is the winner.
Speaker 4 (52:48):
Well done, John.
Speaker 6 (52:51):
Congratulations, John .
Speaker 1 (52:53):
Yeah.
Speaker 3 (52:53):
I mean.
Speaker 1 (52:53):
John in fairness, you have just won an obviously
fixed competition.
Well done.
I have never felt such tension,though I mean, john, in
fairness, you have just won anobviously fixed competition.
Speaker 4 (52:57):
Well, they have never felt such tension, though I
mean you can honestly feel itbuilding.
I mean, it's a shame that thepeople listening to this can't
see John celebrating every wronganswer Tim gave.
He was punching the air.
You know this is a quiz onsausages and he was punching the
air.
It was brilliant.
Speaker 1 (53:14):
I know I've got to say Tim, you did better than
most people.
I mean, you know, I kid you not.
You're clearly a very, verywell-read and intelligent man.
Speaker 3 (53:22):
So I think in fairness a huge round of
applause for.
Speaker 1 (53:25):
Tim.
Speaker 3 (53:26):
I have to say a Spanish person.
I don't know, lara, did youconsider chorizo as a sausage?
Speaker 2 (53:33):
No, no, no, that question it should, no, we
shouldn't count it shouldn'tcount.
Speaker 3 (53:39):
It's not a sausage.
Speaker 1 (53:40):
No, it has the same form or whatever, but it's not
considered a sausage it's not ateam, you really got a very hard
uh well spotted there and ifyou do feel as though we've been
culturally insensitive to you,uh, regarding the, the way we
refer to your meat products inone of your wherever you're
living in Europe right now, onbehalf of Registriar, we do
(54:00):
apologize.
So I guess all that remains isfor us to give a huge Registriar
thank you from everyone here inthe virtual studio to our very
special guest today, and that isin no particular order, a man
whose sense of humor has to bebig because we've just totally
stitched him up.
Live on there, uh, someone whohas an encyclopedic knowledge of
(54:21):
the topic, and if you want tonetwork him, do uh get hold of
him through our linkedin page,uh, so you can ask him your
questions.
It is the director of amirreporting at kaizen, uh, mr tim
hartley.
Speaker 6 (54:31):
Tim, thanks so much I'm adding big, big bangers onto
my email sign-off, so, butlovely to be here and yeah,
always, always very happy to behere.
Speaker 1 (54:43):
Fantastic.
Thank you, tim.
And, of course, joining Tim asour other very special guest
today, it is the Senior Directorof Regulation at the FIA,
that's, the Futures IndustryAssociation, mr John Graham.
John, thank you so much.
Speaker 5 (54:58):
Thank you so much.
Lots of fun.
Always good to be here.
I noticed that Tim didn'tcongratulate me on winning the
quiz, but we'll let that onepass.
Lots of fun guys, thank you.
Speaker 1 (55:07):
I guess we also have to thank our virtual studio crew
.
We've put in a huge amount ofwork behind the scenes with all
the market participants and allthe sort of challenging issues
we're facing, as well as turningup for the podcast.
So, in no particular order,again, huge thanks to the pride
of Spain herself, the head ofinstitutional relations, laura
Rodriguez.
Speaker 2 (55:29):
Thank you, andrew, and thanks a lot to Tim and John
.
It was great.
I really enjoyed all theinformation, also the contest,
and I have to say just to keepgiving information on the
culture, on the 15th of Maythere is this celebration in
Madrid.
It's San Isidro, the patronsaint of Madrid, and we have a
(55:53):
lot of concerts.
People enjoy typical dances andthere is like a famous dance
called totis.
So we will have a lot ofconcerts.
People enjoy typical dishes andthere is like a famous dance
called totis, so we will have areally nice time in a few days
so that you have some cultureinformation from Madrid.
Speaker 1 (56:06):
And on that front as well, huge thanks to the voice
of reason himself, the head ofbusiness development, the
busiest man in the UK right nowbecause John is away and that is
, of course, mr nick bruce nick.
Thank you so much no, thank you.
Speaker 4 (56:20):
Obviously a huge thank you to john and tim, and
I've got to say, a fantasticepisode, I think, for barbara's
last.
We're going to miss barbaraimmensely, but it's been a lot
of fun.
Speaker 1 (56:31):
So, and thank you, barbara, for everything you've
done for us yes, barbara uh ruizalon, the nicest and most
efficient person in theorganization for at least the
last 10 years.
We are going to miss you.
And, founding member of theVirtual Studio crew, been in
over nearly 100 podcasts so far,which is quite a podcasting
career.
(56:51):
Barbara, what can I say otherthan thank you so much for
everything you've done for theshow and for the clients, and
we'll see you when your clientsside what can I say?
Speaker 3 (57:04):
I mean it's it's been an honor.
I learned so much from the crew, from all our guests, uh.
So, yeah, keep it up.
You have to keep it up.
This podcast is amazing.
I think this actual recordinguh, you know, uh feels the way
uh we leave the podcast.
I think it's uh the only wayyou can make a relatively
(57:25):
intense topic like the reportingindustry uh to be a pretty easy
going listening uh.
So, yeah, just thank you all.
Thanks, uh, andrew, nick, lauraand John Kernan as well, and of
course, today to John and team,because it's been a great honor
to share with you my lastepisode.
So, thank you very much all.
Speaker 1 (57:47):
Okay, that's it.
That is the end of another show.
Now, barbara may be leaving,but we are not.
We will be right back here nextmonth with another show, with
more coverage, with morein-depth analysis of the big
issues that are shaping thetrade repository industry,
shaping the lives of marketparticipants, data quality, you
name it, we've got it, and so,from everyone here, it's a big
goodbye, and do join us on ourLinkedIn page if you want to
(58:08):
connect with anyone that's beenon the show this season.
That is linkedincom.
Slash company slash register,hyphen TR, and we would love to
hear from you and, in themeantime, from me, andrew Keith
Walker, and from our producer,liana Sudan.
Goodbye, goodbye, it's a biggoodbye from us, and we'll see
you next time.
Bye-bye.
Hi I'm.
Andrew Keith Walker.
Hi, I'm Laura Rodriguez andthis 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 regtech, fintech
and trade repositories.
Welcome to the Registr Rounduprepositories.
(00:28):
Welcome to the Registr Roundup.
And remember, this podcast isbrought to you by Registr, which
is a six company and featuresmembers of the Registr team and
special guests offering theirpersonal opinions, not the
opinions of Registr as anorganization.
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.
And welcome back to the RegistryHour Roundup.
(00:51):
We are back and it is May andthat means just a couple of
weeks ago Amir Refit went liveand we have got our Refit show
for you.
Yes, the post-match analysisJoining us sadly for her last
ever show before she moves on tobrighter, bigger and more
exciting things in the fantasticworld of asset management is,
(01:11):
of course, nicest and mostefficient person in the
organization by a long way.
Of course.
Barbara Ruiz Alonso, barbara,welcome back.
Speaker 3 (01:21):
Hey, andrew, thank you very much.
Indeed, I'm moving on, but Ihave to say it's been a pleasure
being part of the RegisDR team,being part of this podcast.
I had a great time.
I just learned a lot, but, yeah, it came to an end Well, I just
have to thank everybody forthis time, but I'm sure the
(01:42):
podcast will keep kicking inforever.
Speaker 1 (01:45):
Well, barbara, you've set a very high bar for this
show, to be honest with you, andwhoever replaces you has got
some big shoes to fill, which isironic, of course, because you
have tiny feet.
Nevertheless, thank you forcoming back for this show.
And with you, of course, is thevoice of reason himself, the
man who, without any question,is the head of reason himself,
the man who, without anyquestion, is the head of
(02:06):
business development and, rightnow, a man with many, many arms
holding many, many phones.
It is the very busy, mrNicholas, bruce, nick, thanks
for joining us.
Speaker 4 (02:15):
Always a pleasure, andrew, and if Barbara's
obviously the person who setsthe high bar, I'm the man who
sets a very low bar, whichhopefully will help whoever
comes in.
Speaker 1 (02:25):
Okay, yes Now, nick, you have been super busy.
Obviously, go live is a busytime for the head of biz dev, no
doubt, but you're looking verywell on it actually.
Is that a tan, or is that justthe color you go after white?
Speaker 4 (02:39):
Yeah, to be fair, I'm not sure when this one will
come out, but I'm hoping theweather will last.
We've just had that gorgeousweekend.
It's been 28 degrees in London,so I'm a typical Englishman.
I've gone out there.
No tan, sorry, no tan.
No sun cream, you know, justbearing my all to the weather,
and it's been fantastic.
It's great to put shorts andflip-flops back on again.
Speaker 1 (03:01):
It certainly is.
And on the subject of shortsand flip flops, someone who
never wears them in the officeand is always a sartorial
pinnacle, the pride of Spainherself, of course, the head of
institutional relations forRegistria, it is none other than
Laura Rodriguez.
Speaker 2 (03:19):
Laura, welcome back, hi, andrew.
Thank you very much.
Speaker 1 (03:20):
How are you?
I'm very good.
I'm very good.
It's good to see you again.
I was very pleased with ourDora show.
As a tech guy, dora is my jam,so that was very exciting.
How has the last few weeks beenfor you?
Has it been super busy?
Speaker 2 (03:46):
sad, but at the same time happy, but of course now,
uh, the only way for barbara tokeep on track on all the news
and the information will belistening to us every month.
So now on the other, side.
Speaker 3 (03:54):
Exactly that's why you have to keep working in this
okay, that's good.
Speaker 1 (03:58):
Yes, one more listener.
We we celebrate everyone thatcomes to the show and, talking
of which, that's our virtualstudio crew.
But we couldn't do this showwithout two very special guests,
old friends of the show thathave been on before, two men who
, between them, have forgottenmore about regulatory reporting
than most people ever learn.
Yes, I think that sounds like agood thing.
(04:19):
I'm not sure if that's come outthe wrong way, but joining us,
of course, someone who needs nointroduction if you work in the
field of regulatory reportingTim Hartley, who is the director
of EMEA Reporting at Kaizen.
Tim, welcome back to the show,thanks for having me Great to be
here, thank you.
It's great to have you back, tim.
We have a few little triviaquestions coming up for you
(04:39):
later on which we're going todrop in amongst the top flight
analysis.
There's going to be a fewquestions about breakfast
sausages.
If that's okay, we like to tryand keep you on your toes.
Sounds good, good.
And joining Tim is againsomeone else who's an old friend
of the show and also someonewho knows everything there
really is to know aboutreporting for the futures
(05:02):
industry, and that is the SeniorDirector of Regulation at the
FIA, John Graham.
John, welcome back.
Speaker 5 (05:07):
Thank you very much, andrew.
Good morning everyone.
Huge credit to everyone forcreating this podcast, an
enjoyable podcast on regreporting, very successful.
So pleased to be back, thankyou very much.
Speaker 1 (05:18):
Well, thanks, thanks for coming back and so that you
don't feel left out, we havealso got a trivia quiz for you,
uh, but your specialist topic isgoing to be bruce springsteen
and the e-street band, so we'llbe dropping those in as we go,
but we need to get on with thebig news story a mere refit
which we've been talking aboutfor a couple of years, and we've
(05:41):
explored all the potentialissues.
We now get a chance to actuallysit down and talk about the
real issues, what went well,what didn't go so well, and to
set us up for this.
I want to come first to Laura,because you're head of
institutional relations.
You're the one who is the bestfriend to all the regulators in
the EU.
You're involved and get a viewfrom it, from their side.
(06:04):
I want you to frame it withthat.
So how is ESMA measuring thissuccess?
What are they looking for now?
How have they reacted now?
What's the news from theregulatory side?
Because really they're alwaysthe voice that's missing from
these shows, because they tendnot to do podcasts and that sort
of stuff.
So what's the inside view?
How's it gone for ESMA?
Speaker 2 (06:26):
Good question, andrew , but I think the important here
is not how ESMA has reacted tothe go-live or how the NCAs have
reacted to it.
It's more how the market and thereporting participants have
reacted in general, how theyhave approached the first days,
the first issues and the sourcestoppers and the capacity they
(06:48):
had had to overcome anydifficulty that they might have
identified.
And this is something that wewill discuss now.
So that's great, and I alsothink it's really important that
at this very moment, the marketparticipants had a clear
communication with theirrelevant direct supervisors,
(07:09):
with their NCAs, because duringthese first weeks they will be
cooperative and participative tohelp them to find this
stability of the reportingrequirements, them to find this
stability of the reportingrequirements.
So this is a great opportunityto establish relevant contacts
(07:33):
with the NCA's and to show thecommitment to comply with the
new regime.
But of course, if you ask meabout the specific reaction,
probably we will still need towait some time to have any news
or public statements from theirside to really know their views
on the success of theimplementation.
(07:53):
It might be too early yet, butI'm sure they will give us the
information in some time.
Speaker 1 (08:01):
Are there any sort of rumors in sort of time?
Are there any sort of rumours?
You know, is anyone you knowdoing their fruit over the data
quality there in Brussels orLuxembourg?
Is it running smoothly though?
I mean, come on any hints youcan give us.
Are they happy or not?
I realise I'm asking you tomake a massive commitment on
(08:22):
behalf of major Europeanfinancial institutions here.
Live on a show, so I mean,don't no pressure, but you know,
do you think it's gone well?
Speaker 2 (08:31):
I think it's a.
I won't answer because I don'thave I don't have, you know the
full picture.
It's really difficult, but, onmy view at least, I see that
there is a lot of cooperationfrom the authority side and this
is really good and clear thatthey want this to go smoothly
and well.
Speaker 1 (08:50):
So, yeah, Okay, fantastic, Now we're gonna go.
Then we're gonna jump from theregulator side and I think I
think we all read the subtlesubtext there, which is actually
is going pretty well and gostraight over to the man who has
quite literally got his ear tothe ground.
In this case they're in thecity, Tim Hartley, so Tim Kaizen
(09:12):
have got a massive network.
You're familiar with a bigpicture of how market
participants are reacting toAmir and how things are going.
So I want to come to you andsay, from the market participant
side, is this what you expectedto see when it went live?
I remember us havingconversations when SFTR went
live and everyone was surprisedthat it went a lot better than
(09:35):
people were expecting, but ofcourse, it was a lot smaller.
So what about this?
Have we seen goodreconciliation rates?
Is there a high rate ofrejections?
What about the issues that wewere talking about over the last
couple of years?
Have they gone smoothly?
Speaker 6 (09:49):
Yeah, there's lots of things in there, andrew.
The other thing with the SFDRis that there's a much smaller
array of product types to bereported, and so actually for me
personally, it wasn't that muchof a surprise that data quality
was higher or it wasnecessarily easier to get those
trades in under SFTR.
What we've seen under AmirRefit is such a large array and
(10:11):
a large complexity of changeunder Amir Even for clients that
do Amir reporting in the oldstyle of Amir, to adhere to
everything other than Newstar isa big burden.
There's lots of things to takeinto account.
There's lots of new lessons tolearn, and things that we spoke
about over the last couple ofyears are, for example, almost
(10:33):
every single field changed, andthat's a big change for an IT
resource.
Also, we've got hundreds ofpages of guidelines that we
spoke about before already.
That changes the interpretation, and sometimes it's good, and
sometimes it creates more of agrey area, and so actually, in
actual fact, for most firms thathad an EMEA reporting
obligation and still do today,they see EMEA refit as a new
(10:59):
reporting obligation, eventhough they were doing EMEA
reporting already, and so it'sbeen a real tough task.
So I'm genuinely impressed athow firms have gone and how
they've taken to all the changesthat have been there.
I think positive things are theparticipation rates for trade
association groups and differentforums that the trade
repositories have put together.
(11:19):
So that level of communicationand questioning things and
coming to a consensus on what'sgood and what's bad and how we
should report things, that'sbeen applauded by me.
I think that's very, very good,but it should be underestimated
the amount of change that therehas been from Irifit.
And then back to your originalpoint in that question, andrew,
(11:40):
measures that firms should bepaying attention to, measures
that firms should be payingattention to.
I see on LinkedIn and othersocial media, people paying a
lot of attention to the ACNACrates, so the acceptance rates
and rejection rates on, forexample, a trade depository.
I think that's not worth payingattention to at all.
(12:01):
I think what you need to payattention to are the late trades
.
So how many firms um arereporting those trades late
because they've got an issuewith the, with the actual
submission itself?
Um, rather than, if you get yourtrade rejected, let's say your
submission is rejected, allyou're going to do as a firm is
correct, that rejection andresubmit, so great.
So, um, acceptance rates shouldbe 100 and um, so I don't pay
(12:23):
too much attention and I adviseother firms not to do that.
The other thing as well is tolook at the inter-TR
reconciliation rates and so howyour trades are matching up with
your counterparty's trades, andthe tricky part on both those
two stats is that they will takea little while to come out,
whereas the ACMAT rates firmsare happy to talk about those.
Tricky part on both those twostats is that they will take a
(12:44):
little while to come out, um, um.
Whereas the act map rates areum, firms are happy to talk
about those, I think mainlybecause it's easy um, but it's
the late trade and the ncrreconciliation success rates
that firms really want to payattention to and, if I'm being
suspicious, I expect that beingwhat the national competent
authorities um will be payingattention to as well.
Speaker 5 (13:06):
I was just going to ask a question because we're two
weeks out from go-life.
Going back to Tim's point withregards to the acceptance rates
at the TRs, for what it's worth,I do agree with him when we're
(13:26):
so close to go-life we're onlytwo weeks and we're looking for
those stats to try to give animpression as to the success
rate of implementation plans etcetera.
Would you completely ignoreacceptance rates, tim?
It seems a bit harsh.
Or is it potentially a goodnews story that can indicate
potentially the direction oftravel with regards to the
success of refit implementationplans?
Speaker 6 (13:43):
Yeah, I've been called many things for mere
reporting.
Nice is not one of them.
But no, I think firms can takea level of comfort from ACNAC
rates.
I think that is true.
I think it's a bit of a softstat, is what I'm saying.
So you're right in that it ishard to get everything into the
TR with this amount of change.
So you can take a level ofcomfort from that.
(14:06):
Firms that are getting almosteverything accepted first time,
first submission, try thatshould be applauded, because
there are still a few trickyparts of the validation rules.
For example, when you'relooking at notional schedules
and things like that.
And notional schedules andthings like that and prior UTI
(14:27):
and things like that, it can gettricky.
So, yes, I agree there is alevel of comfort in that, but
for me it's not the true pictureand that's why I want firms to
focus on the big hitting stats,whereas the other one is a nice
to have.
Speaker 1 (14:41):
So, on that front, though, I want to come to you,
john, and ask about a few of theunknowns that were sort of
floating around in the show thatwe did last season, talking
about the challenges that mightbe there for the futures
industry.
Beyond that, Things are stillvery early, but we did talk a
(15:09):
fair bit, didn't we?
About position data, forexample, and those sort of
tricky things.
So, position data timestampsthere are those things to
consider Plus, of course, thelargely tested but hadn't been
deployed at the time the UTIsystem from Anadies B.
How have these things pannedout as planned or not as planned
?
And also, are there any thingsthat we weren't expecting to be
a problem that have shown up tobe a problem?
Speaker 5 (15:30):
Yeah, sure, I think first and foremost I'm going to
start off on a positive note andit's really picking up on what
Tim mentioned about the size ofthe task that the industry faced
over the past 18 to 24 monthswith refit.
Refit was huge, wholesalechanges.
So we are guilty within ourindustry.
(15:52):
Regulation markets move so fast, regulation moves so fast we
never take the time to sort oftip the hat and say well done to
anyone.
There's been a lot of folks inour industry that spent days and
days and months preparing for arefit, so I'll be the first to
say well done to the industryand we're all collectively
(16:14):
working through teething issuesand problems that we're seeing.
When we hit March of 2024, alot of firms, their
implementation plans, theirreleases, their IT updates, they
were locked in place.
They couldn't really move thatmuch and, as a result, over the
(16:36):
sort of six weeks out fromgo-live, the focus area really
became transition plans, becametransition plans, and what I
mean by that is transition plansover the weekend of Friday, the
26th of April, into Monday, the29th, go live date.
The reason I mentioned this andNick might be able to speak on
this, as well as the fact thatobviously TRs were switching
(16:57):
over to MIR refit.
They were doing that over theweekend and, as a result, tr
environments came down.
They closed on Friday evening,some of them midnight on Friday,
some of them a little bitearlier.
What that meant for us is thatin the ETD markets the majority
of firms report Friday'sactivity and Friday's end of day
(17:21):
positions on Saturday.
They weren't able to do thatbecause the TR environment was
down.
As a result, firms were thenforced to report Friday's
activity on Monday.
So, in a long-winded way, whatI'm getting at is Friday's
activity needed to be refitcompliant and if I was looking
at this very blunt, it almostbrought the go-live date back to
(17:45):
Friday, the 26th of April,because you needed to have all
your data elements for refitcompliance ready for Friday's
activity.
That became a huge focus areafor us during the second half of
March and then all through thecourse of April.
Another point that maybe naivelywe discovered and focused on
(18:06):
close to go-live was in relationto flat positions.
So when a position goes flatunder the previous MA rules,
many clear members exited thatposition, didn't report, and the
CCPs took a different approach.
They retained that position,reported daily valuations.
(18:27):
That wasn't going to fly for MA, refit ESMA, to be fair to them
, were very clear in theirexpectations in that you have
two options If a position goesflat, if you exit out of that
position and if it reopens or isretraded into, you're expected
to report that with a newposition, uti or your
alternatives, as the CCPs weredoing.
(18:49):
You can retain that flatposition, report daily
valuations.
So a lot of the clear membershad to go back and identify
those flat positions and try tofind a way to for want of a
better term revive them, bringthem back to life.
Some firms were clear memberswere successful on that Before
GoLive, others not so much.
(19:09):
So again, a bit of an issue thatwe were dealing with and then,
finally, another point, and thenI'll just finish up on your
point execution timestamp atposition level.
Our argument for many years isthe fact that positions are not
executed.
So under the previous EMEArules we were leaving the
execution timestamp blank.
(19:30):
Obviously, again, esma to befair to them, were very clear in
their expectations in the factthat they want the execution
timestamp at position level tobe reported with the execution
timestamp of the trade thatfirst opened that position.
We needed to go back and find away to identify the trade that
first opened that position.
We needed to go back and find away to identify the trade that
first opened that position, totry to report that, preferably
(19:51):
before refit.
Golive Again, some firms weresuccessful in that, others were
not, but that was a teethingissue that we're dealing with.
And then the point and maybe Timmight be better to speak about
it but in relation to the UPIand the GoLive UPI, it's very
much more of an OTC element anddoesn't really touch the ETV
(20:11):
world.
So I would leave that maybewith Tim and my industry
colleagues at ISDA as well.
But certainly what we'regetting at, andrew is teething.
Issues were to be expected.
We are building a list of thoseand we're working with industry
stakeholders to try to resolvethem over the coming weeks.
Speaker 1 (20:30):
Okay, so that feels again broadly positive, like
nothing too unexpected hasoccurred.
I mean there haven't been anymajor curveballs yet.
But of course we've seen theregulator side.
We just had a little chat aboutthe market participant side.
What about the TR side?
I want to come to Nick andBarbara now and ask you how it's
(20:51):
been for you, because of course, from the TR's point of view,
you have to be producing sevendifferent kinds of daily reports
now.
You've got a whole load of newsystems you have to implement
for servicing the datarequirements of refit.
There's 209 fields that need tobe piped through to you.
That again have got variouschallenges, john just pointed
out you know time stamps andthings that used to be left
(21:12):
blank.
Speaker 4 (21:13):
We've got a range of fairly tricky, deep technical
stuff at a massive volume whichdoesn't sound like you've had an
easy couple of weeks in the sunBecause I think there's a few
things I'm completely agreeing,actually, with what the guys
said, particularly in the bitwhere I think john said to tim
he's being a bit harsh aroundthe act rates.
100 agree with that as well.
Um, because I think where weare, as you said, it's been a
(21:34):
huge challenge for the industryand trs weren't immune from that
.
It meant huge changes on ourside as well.
I mean, we used it we've talkedabout it before as an
opportunity to effectivelylaunch a brand new platform and
that, for us, felt like theright moment.
But there was a huge body ofwork around this.
And now for me, the way I lookat it is the number of things is
(21:55):
looking at.
What does success look like?
As we said, at the moment, alot of the stats.
If we're looking at things likeyou know, regs, etc.
That's going to come out downthe line.
So we don't really know thatyet.
We need a settling down periodand that will be we know will be
the measure going forward.
That's what the NCAAs, that'swhat ESMA will look at.
But the ag rates are a greatindication because actually,
(22:17):
when we were going in, we weresort of heading towards go live.
The whole industry was worriedabout market participant
readiness.
We were seeing the testingrates were extremely low up
until the last three monthsbefore go-live.
So clients were really pushingtheir testing programs quite
late in the day.
So when we're looking now atrates that are in the high 90%,
(22:41):
you know that's actually a verygood position.
That's probably better than wewere expected, if I'm being
honest, which is a greatindication of what the industry
did.
But there were a lot ofchallenges that we've seen
around that I mean john wasabsolutely right.
It was incredible in the lastcouple of weeks that kind of
realization that I was havingwith clients where we're talking
about the data for the 26 andthat plan around.
(23:03):
Well, how do we report that?
Because if the window is notthere to get that through on the
26th because of changes, thetransformation and also things
about the time stamp etc.
Couldn't be reported over theweekend.
We we actually pursued that.
There were discussions aroundthat which meant it had to be
reported on the monday and thenit had to be reported to the new
standard.
That's a challenge, especiallywhen you're really set in your
(23:26):
programs as well.
So we were having a lot ofconsultations with clients
around that, you know and thesethings had.
I suppose there was a lot ofthings where in planning, you
always look at the biggerpicture and you don't always
look at those small kind of theimpact of how am I treating my
Friday?
So my wind down, my hand over,and then that opening up on the
(23:46):
Monday, what resources?
And from our point of view, oneof the big challenges we've had
as well was, I think a lot ofpeople presume, well you know
what it's going to look likepost-refit because you're
already doing the mere reportingtoday.
But this comes back to the sizeof a mere reporting relative to
SFTR, a completely differentbeast, and the type of entities
(24:07):
you're dealing with is a wholerange, you know, from CCPs, the
tier ones, through to corporatetreasuries.
Everyone's got a very differentjourney and what we found was,
when it came to go live, thekind of just even things like
the reporting spikes that younormally have, the busy periods
of the day it's all shiftedbecause clients were still
(24:27):
running parts of their projects,they were still proofing
elements of their reporting.
Some, in the first few days,reported late because there were
certain things that they hadn'tfinished or certain challenges
that they came across only inproduction.
So what we were finding as wellwas, for us it was trying to
make sure, and the challenge ofoptimizing our platform, because
we were getting spikes at timeswe weren't expecting them.
(24:48):
You know, we were seeing peakflows on what normally a quarter
days as well.
So I think there's been there'sbeen a lot of challenges that
we've seen a lot of interestingsort of dynamics to this that
we've navigated together and Ithink over.
When you look at it and we lookat those early stats, it's
actually been been reallyencouraging.
I mean, that's just my kind ofhigh-level view, but obviously
Barbara's probably more in theweeds, speaking with the clients
(25:11):
and sort of seeing theday-to-day stuff.
So I mean, barbara, I know whatyour view is as well.
Speaker 3 (25:16):
Well, yeah, I basically agree with everything
that you've said, and also Johnand Tim.
This has been huge for all theindustry, not only the tier,
obviously and we've seen a hugevariety of preparation, also
amongst the different clients.
So I cannot concentrate, youknow, in one single thing the
(25:38):
issues we've been experiencing,because some people had more
issues on a certain fields whereothers, you know, just had
passed all the initial forexample, initial connectivity
issues, because we completelychanged our platform and maybe,
you know, some people were stillworking on that at the very few
(25:58):
days before they go live andothers went through that three
months earlier.
So it's been huge.
But we also have to bear inmind that here refit broad
changes, actually from still2014,.
Things that couldn't be changedsince then, that now you know,
(26:21):
pursuing the quality of the data, we are still fixing, like, for
example, the CLC codes.
There are still codes which arenot LEIs, entities that are
identified or individuals notidentified with an LEI, and also
many entities had to work onthis.
So this is a very long way.
(26:42):
As we said, it's not that we canreach some big conclusions
still today, because it's veryearly, but what I see is that
you know the big thing isworking, which, to be honest and
laura can correct me if I'mwrong in my experience what
esmond regulators are followingor are pursuing at this stage is
(27:02):
stability and the big thing tobe done.
There are many little itemsthat can be fixed going forward,
but these days, what we need isyou know to make sure the big
part of the reporting is beingdone, that entities are
connected, that you knoweveryone knows what to do and
how to modify the things, how toupdate, how to correct the
(27:26):
different stuff, and there Ithink we are.
You know we are getting thereand we're doing a good job.
We are actually also on ourside adapting our platform to
all those things that we can hotfix and that we can easily fix,
and this is what we aretargeting these days.
Speaker 1 (27:44):
So, yeah, very big uh , you know variety of of uh
things, as I said, but I Ibelieve we're doing well okay,
which this brings us, I guess,to the point we're at right now,
which feels a little bit likeare we waiting for the other
shoe to drop, as they say, aseveryone sort of, is this the
calm before the storm, or isthis the calm before the storm,
(28:09):
or actually is it going to be abit of an anticlimax and
everything's going to carry onbusiness as usual, it's all fine
.
So I want to come to Lara and Iwant to come to Tim and John on
this one, because I want toknow what the next milestones
are, and it's very easy to thinkokay, this is a major event,
it's on the horizon ofprogression, of the go live,
(28:46):
because it's not like throwing aswitch, is it?
It's a bit more of a transition.
Tim, I want to start with youon that.
What are you telling Kaizenclients?
Speaker 6 (28:55):
Yeah, I think there's a lot to be getting on with
Many firms.
I think I agree totally withBarbara's point that the big
picture is that trades aregetting in and that is it's
really, really important.
I think for many firms there isa large book of day to work
where firms are looking at thedata quality.
(29:16):
They're looking whether whatthey've reported not just meets
those validation rules butwhether it's been done in an
accurate, timely, a complete andconsistent fashion for all the
reporting they've done.
And those checks are really,really important at this stage
as we're going through, you know, this first kind of transition
period for, uh, in mere refits.
(29:37):
There's lots and lots to dothere and um and because all
those things we mentionedalready, the amount of change
there was going into a mererefit.
It's not possible to buildeverything that you want and to
test everything you want for dayone.
So the day-to-book of work foralmost every single firm
involved is a good chunk of workto do to make sure your rec's
in place, make sure yourassurance testing is in place,
(29:59):
make sure that you've got checksand balances on your reference
data and things like that Notsmall tasks by any means.
So lots and lots of things to dothere and indeed I think we've
alluded to this a little bitalong today's chat in that we
haven't seen all of the issuesyet, all the niggling first
(30:21):
issues yet for a mere refit,because it's only been the first
small period, as firms tradedifferent types of derivatives
and indeed different lifecycleevents happen that will bring
more issues out of the borderwould work.
Also, as firms go through andchange their data from existing
derivatives in the old formatthat need to be amended to the
(30:43):
new format, that will bringchallenges as well and I think
come uh, come to the surface astime goes on so as as we move
forward with the rest of thisyear for a mere refit, as um
under for eu firms need to belooking to make sure that their
data is totally fit for purpose.
Um and for many, many firmslistening to this podcast, they
(31:07):
will have that uh reportingobligation in the eu and in the
uk and uh, whilst the tworegimes are fairly similar at
the moment, any changes, anyimprovements they make to their
emir reporting under the eu umwill have massive economies of
scale for the uk reporting andso it's really all to play for
at this stage, which is great.
Speaker 5 (31:29):
Completely agree with what Tim said there and I'm
always trying to be certainly onthis podcast anyway optimistic.
The day two book of work ishuge.
You just look at that high barwhere the bar is for successful
reconciliation.
Look at that high bar where thebar is for successful
reconciliation Under refit.
The volume, the amount offields that are being reconciled
(31:51):
has increased seismically.
So there is going to becontinuous corrections and
amendments and adjustments toensure the data quality is there
.
Where my optimism takes a littlebit of a hit is as Tim
mentioned there.
So the four and a half monthsbefore refit go live in the UK
(32:17):
will be upon us in no time.
It doesn't help the fact aswell that we take in the summer
break, the summer holidays, asfolks hopefully take some time
off as well.
So that 30th of September datewill be upon us in no time.
So where firms have a reportingobligation under EMEA in the EU
and the UK, I think thepressure on resources will be
(32:44):
sizable over the next few monthsand that's a tricky point.
One thing I would be interestedto hear from the group here is
how much of my work if I'm amarket participant, how much of
my work to prepare and implementfor eu refit.
How much of that can berecycled and used for the uk?
I would hope again, potentiallynaively, optimistically, I
(33:05):
would hope a lot of that can berecycled.
But we do have to account forthe fact that there's nuances
and differences, um, somedifferences between the two
regimes, but I don't know ifanyone's got a wild figure.
I I'm for white tim.
Would you disagree if I saidsomething like 85 of my work for
eu refit can be recycled for uk?
Speaker 6 (33:24):
it's probably a little bit higher.
We've got some q a coming outfrom that's just been released
from the fca and bank of england, um, which has got some
interesting things in there.
Um, the fca have specified thatthey don't think those changes
would need to be implementedprior to UK refit going live,
and so I think I think it'snorth of 85 percent for sure,
(33:44):
and so, like I mentioned before,this real economy is a scale
there nervous on that point, inthat firms um shouldn't look to
give up their regulatory changeresource until, um, you know uk
briefings gone live and you know, looking at the other g20
regulations as well, um, youknow of which, for example um,
(34:06):
uh, there there is print threadcoming up, but also, uh, asic
and mass in october.
There's lots of change going onthere.
But for UK, any attention thatyou give to data quality and any
improvements that you givethere are really, really going
to pull big benefits come laterin the year for September for UK
(34:27):
.
So I totally agree.
Speaker 3 (34:29):
Barbara, yeah, from a tier perspective, I fully agree
.
I mean our intention in termsof the platform and the you know
the structure of all thedatabase and everything, is just
to replicate as much aspossible also for the UK, not
only in our benefit, of course,to just reuse everything we have
(34:50):
, but also in the benefit of theclients.
So I'm not sure I dare to say apercentage, 85 or bigger, but
yeah, it will be pretty high andit's just a question of, you
know, adjusting to thedifferences with the FCA, but
that should be minor.
So I agree with Tim that allthe work that entities are doing
these days to fix and to adaptto the European regulation, that
(35:13):
will be worked that could bealso used for the UK.
Speaker 4 (35:18):
Yeah, and I was just going to say I mirror that the
conversations I have, I think,platform-wise.
You know that there is very,you know there are some
variances, but it's small.
So maybe some of the otherconsiderations are approach
things like errors and omissionsreporting et cetera.
But from a TR perspective, whenyou're talking purely technical
, I mean, there's very littlechange.
So I'm with John, I think yeah,it's definitely higher than the
(35:40):
85% in that regard, and thatseems to be the conversations
I'm having as well.
Speaker 1 (35:45):
Now I want to come back to John here for a minute,
because in a way futures arekind of new here, aren't they?
They are now in scope.
The expansion, I suppose, forthe industry, or the change of
the industry maybe, has beenfelt most keenly in the Futures
Association.
I mean, what are your memberssaying?
Are they finding Emir Rifa isonerous or, you know, have they
(36:08):
found it a fairly easytransition?
Speaker 5 (36:10):
It's brutal.
I'll complain a little bit here.
Emir is an OTC reporting regimewith ETDs bolted onto the back,
but I've been complaining aboutthat for 10 years, so forget
that.
But the task that firms havefaced over the past couple of
years, like I mentioned, it'sbeen huge.
(36:31):
So I don't know ifcongratulations or fair play to
market participants because theyput in a hell of a lot of work
over the past couple of years toget where they are.
I mean, one of the benefits thatwe have, andrew, as a trade
association is the fact that ourmembership covers those clear
members, as I mentioned, ccps,trs and obviously the
(36:54):
third-party solution providersas well.
So that element ofcollaboration really is there.
And others might disagree, butI think in our industry the REG
reporting space is one of themost collaborative spaces.
There's no real winners, if youknow what I mean.
There's no real benefits ofbeing way in front of another
(37:17):
market participant.
So the working groups that wehave for example, we have the
FIA MIR Refit Working Group andwe also partner with our friends
at each European Association ofClearinghouses to bring
together clearing members andCCPs.
That collaboration really ispriceless.
It's a forum to raise thosequestions, engage with others
(37:41):
and work through the challengesover the past couple of years
and the benefits and the outputof that has been industry best
practice documentation.
We've built on ESMA'sguidelines where they set out
certain scenarios as well, sotrying to have industry
consensus in the face of hugeregulatory change.
(38:02):
It's invaluable so that workcontinues and, as I mentioned,
sort of our day two work becausewe have elements of day two
work as well is sort of togather and log those issues that
I mentioned.
I'm going to try to beoptimistic again in the fact
that I feel many of the issuesare teething problems, and
(38:26):
here's an example Obviously, theCCPs, working in collaboration
with the industry, prepare theCCP harmonized file.
What that is in a nutshell is anend-of-day file containing key
data attributes that Clearmembers use to enrich their
reports in order to submit incompliance with Article 9 of
(38:48):
EMIR.
What we saw post-go-live issome delays in receiving those
files from the ccps.
That obviously puts strain onclear members ability to report
in time for what it's worth.
We were hearing delays ofupwards of 12 hours.
Then that improved to six hoursand I think over time we will
(39:10):
um, hopefully eradicate thosedelays, but that's what we were
seeing over the past couple ofweeks and Nick's maybe going to
beat me up for saying this butalso one thing that we were sort
of discussing and dealing withis elements of inconsistent
validation rules across the TRs,which happens.
(39:30):
It's the nature of the beastwhen you look at the size and
volume of reportable fieldsunder refit, but what it means
is industry best practice andindustry consensus.
Obviously there's a pitfallthere where the TRs maybe have
implemented validation checks inan inconsistent manner.
Speaker 6 (39:47):
Again, those are only a handful of fields, so I hope
they again can be resolvedthrough communication with with
the trs yeah, I'm gonna disagreewith john patrick on on one
point there which is reallyimportant um, um, so, uh, it is
a subtle one, but it isimportant.
(40:08):
So with I think there isbenefit to being out in front
and having make to make surethat your, the quality of your
data, is as good as it can be.
I think if I'm going to correctyou, I'm going to say that
there's a comfort in being partof the pack and having a
consensus in what to do withyour reporting and how that
reporting should be.
But I feel quite strongly thatfirms should be striving to make
(40:31):
sure that their reporting isthe best it can possibly be,
striving to make sure that theirreporting is the best it can
possibly be, not striving andthat's not what you're saying
but not striving to make surethat what they're doing is
matching the other firm.
For example, should we allperform FX swaps as two
submissions just because theother big sell-side bank down
the road does FX swaps as twosubmissions?
(40:52):
The answer is definitely no.
You should make sure thatyou're adhering to the regitude
details, you're adhering to thelevel three documents, and so to
be out there in front is areally honourable and worthwhile
thing to strive for, because itmakes that quality of data much
higher.
And when we talk to the Bank ofEngland and the ECB about their
(41:12):
data and the things thatthey're using it for, all of a
sudden it becomes quite scary Ifthe Bank of England is using
this data for monetary policycommittee meetings, all of a
sudden, that impacts people'smortgages, that impacts policy
decisions.
That do impact not just peoplein the financial sector but the
rest of us, and so for me, Ithink it's a goal worth striving
(41:35):
for.
Speaker 1 (41:43):
Well, I wanted to.
I mean, sadly, we have toactually tie this together
Because we're coming to the endof our time together and I think
actually what we should bedoing perhaps is looking
forwards at the calendar ofevents and workshops and
conferences that are going to becoming up from all of your
respective organisations,because anyone who follows these
topics on LinkedIn will haveseen you all in quite an
intensive program of eventsworking group meetings,
(42:06):
conferences where these topicsand solutions for the problems
people are encountering aregetting actively worked out.
So it's probably the mosteffective way for market
participants to address theirissues if they're not attending
already.
So I want to just go aroundquickly and see what are the key
sort of milestones coming upevents-wise.
Laura, I want to start with youon this because I'm guessing
(42:27):
there must be some that aregetting held from the regulator
side.
Speaker 2 (42:31):
Well, actually something that already came a
few weeks ago was the dataquality report from ESMA from
last year.
It was like a public discussionor webinar where they presented
the report, and it was quiteinteresting to see how this
report was highlighted, becauseit was focused on how
(42:56):
authorities are making use ofthe data, how they monitor the
trends, how they monitor theexposures, and it's where you
can see that the I mean summingup all the discussions that we
have having here today that thedata has sufficient quality to
be used now for these purposes,that the data has sufficient
quality to be used now for thesepurposes, which, of course, for
(43:21):
REFID.
We will need to make moreefforts on the data quality
issues that will come, but Ithink it gives the comfort to
the authorities that soon enough, they can enhance their
monitoring supervision with thequality of the data that they
will have in the future monthswith REFID.
So I hope we receive moreinformation from authorities on
(43:42):
this regard.
On upcoming monitoring ofdifferent activities they are
doing based on data driven fromEMIRA and any other regulations.
Yeah, and of course, there willbe many other events coming
from them, different regulations, but I'm really eager to see
what's their views on theevolution of this one.
Speaker 1 (44:05):
Okay, great.
And what about from the Kaizenside?
What's the events program?
What's the next key thing thatyou're doing to address issues
for market participants, eventparticipants, event wise?
Speaker 6 (44:17):
yeah, so we've got quite a few events coming up
this year, um, and but most ofthem are for kaisen clients and
some esteemed guests, so any trsthat are nice to us can come
along as well.
Um, but we have a kaisenconference in june, of which
where we have various marketexperts talking on not only how
(44:38):
Emirate Fit, for example, hasgone, but also looking forward
to UK Emirate Fit as well.
We have Bank of England and theFCA giving their opinion and
talking about some of thosechanges as well, as well as a
vast array of buy and selloutside banks at that particular
Kaizen conference.
So we're really looking forwardto that.
There's a lot of change hereand we want to hear where firms
(45:01):
are having trouble, where we canhelp firms and also to give
feedback on industry consensusto the marketplace as well.
So that's really useful.
We're also doing continuing ourseries of uh, what we call cars
and community forums where wegive the opportunity to talk
about different issues that wehave.
(45:22):
It's a slightly different spin,for example, uh, what john has
for his trade association withthe fia, but it's a small group,
that where we look at um thingsthat want to have a bit more
discussion in depth and that'sreally really good, and a few
other events will be inStockholm with Nick in the
(45:43):
middle of this year as well,talking again to those firms
also about the difficulties ofEMEA and how it can help and to
try and clarify some things thatare tricky.
So definitely lots coming up asfirms.
You know, as everything settlesdown, they've started to do the
reporting and they start to seeother issues and what things
they need to be addressing.
(46:03):
Lots of things in there and,like we said before, any changes
now to the quality to improvethe data quality is really
really worthwhile at this earlytransition traditional period,
which is tough.
It can't be underestimated howtough it is.
Speaker 1 (46:18):
Okay, and John, I'm guessing you've got a full
program ahead.
We often see you speaking atevents and coverage of your sort
of viewpoints, so I mean,obviously I'm guessing the FIA
also has got its own eventscoming up and working groups.
What's the next few weekslooking like for you?
Speaker 5 (46:36):
Well, this afternoon sees the FIA, each working group
that I mentioned earlier.
We're meeting to discusspost-refit teething problems,
etc.
Probably the biggest one.
Very much it's comfort seasonwe're coming into, and the
biggest one that I would mentionis the fact that IDX kicks off
(46:56):
inon in mid-june I believe it'sthe 17th to the 19th of june, um
, where I'm delighted to saythat mr refit is a focus topic
for us and we have a panelentitled mr refit, the final
countdown, and I've beeninformed that we're going to be
playing the europe song uh,final countdown as we walk on
(47:18):
stage.
I know right, so, and I'mdelighted tim's going to be on
the panel, nick's going to be onthe panel, we're going to have
representation from the fca,from london metal exchange and
also from deutsche bank and andthe plan really there is to look
at implementation plans how canyou prepare your business for
(47:39):
refit go-live in the UK inSeptember?
And then also another pointlessons learned, really, sort of
post-refit go-live in the EU.
How can we learn to make it asmoother go-live in the UK come
the end of September?
So, really, really lookingforward to that panel and having
Tim and Nick on there with meas well nick, what have you got
coming up?
Speaker 4 (48:00):
from our side, it's a case of it doesn't stop,
because obviously we've got theuk coming up.
Um, a lot of what we'll bedoing over the next few weeks as
a team is actually getting outand seeing clients.
So there's this period whereeveryone's betting down.
That is very, very importantfor us to be in front of our
clients.
Then post that.
Next month We've just got tofinalize the date we will be
(48:21):
doing another webinar which isjust focusing principally on the
UK go live, but also lookingback at the launch and just
looking at what are the lessonslearned, things like that.
We're also going to be hostingin july a uk breakfast as well
around refit.
Speaker 1 (48:37):
So those are just some immediate things, and
obviously our friends over atkaizen and the fia are going to
keep me busy as well, which isgreat stuff in that case, we can
now move on to the fun portionof the show, which is a trivia
quiz challenge between twotitans of the industry uh, john
gray and tim hartley.
Who can win the rapid fireround?
(48:57):
Uh, on their specialist topic.
I'm going to start with you,john.
Yes, okay, questions are comingup.
Okay, here's your one minutechat.
I was going to do multiplechoice, but I think that's too
easy so, so nervous we'reactually going to find out if
he's a proper fan.
Speaker 4 (49:14):
Now this could just be talk.
This is it.
This is the test.
Speaker 3 (49:16):
You have to tell the listeners that he's stretching,
he's getting ready for the quizand everything.
Speaker 1 (49:22):
John, your minute starts now.
In what year did BruceSpringsteen release his debut
album?
Greetings from Ashbury Park,New Jersey?
1973.
Okay, Sorry, 72.
Which Bruce Springsteen albumFeatures the song?
Speaker 5 (49:38):
Born to Run, born to Run.
Speaker 1 (49:39):
Yes.
What was the name of thesaxophonist who was a prominent
member of the E Street BandUntil his death in 2011?
Lawrence Clements?
Yes, which song did BruceSpringsteen win An Academy Award
for Best Original Song?
Please, philadelphia, correct.
In which year did the E StreetBand?
In which year did the E StreetBand?
In which year was the E StreetBand officially formed?
1975.
(50:01):
1972.
Which song features the lyricsyou Ain't a Beauty, but hey,
you're Alright.
Thunder Road, correct.
And finally, how many GrammyAwards has Bruce Springsteen won
as of 2020?
Speaker 5 (50:17):
Oh, that's a good question.
I'm going to guess this, I'mgoing to say it.
Speaker 1 (50:21):
No, the answer is 20.
Speaker 4 (50:25):
That is impressive.
The funny thing is I'm lookingat Tim and just the visual that
I've got.
I reckon this man knows hissausage.
Speaker 1 (50:32):
Okay.
Speaker 4 (50:34):
I don't think this is going over, yet I was thinking
the same.
Speaker 6 (50:37):
AI Tim is pretty good at sausage out here, so yeah.
Speaker 1 (50:39):
Okay.
So I'm going to say now, john,that was almost a perfect round,
almost a perfect round.
You only got one wrong, sorry,two wrong, so well played.
Well played, john Graham,fantastic score.
Okay, Tim, your specialisttopic is breakfast sausages.
I can't believe I'm doing thisto a senior analyst in the
industry.
There you go.
(50:59):
It's the silly season, it's thesun.
Okay, tim, your minute startsnow.
Okay, what type of meat istraditionally used in British
sausages commonly served atbreakfast?
Correct.
Now, ok.
What type of meat istraditionally used in British
sausages commonly served atbreakfast?
Oop, correct.
Which country is known for avariety of breakfast sausages
(51:21):
called Weisswurst?
Germany, correct.
In the United States, what is acommon seasoning used in
breakfast sausage?
Germany oregano sage.
Um, what is the popular type ofbreakfast sausage in the
southern united states known forbeing spicy?
It's actually chorizo.
(51:43):
Uh, interesting one there forthe spanish contingent.
Which of the following sausagesis traditionally sugar, cured
and smoked?
Is it cumberland sausage,summer sausage, chorizo or
andouille andououille?
Sadly, it's summer sausage.
What is the name of theScottish sausage made from oats
and spices often eaten atbreakfast and shaped in a square
Haggis Lawn sausage and whichbreakfast sausage is known for
(52:08):
its inclusion in a full Irishbreakfast Cumberland?
No, it's the Irish banger,apparently.
And final question In what formis breakfast sausage typically
served in American diners?
Is it links, patties slices, orboth links and patties Patty it
is, I'm afraid, answer D, bothlinks and patties.
(52:31):
Okay, sorry about that, butafter it's too difficult.
Speaker 3 (52:36):
I mean, I'm not an expert at all.
I didn't know any of theanswers After a very, very tough
and arguably grossly unfairsausage round.
Speaker 1 (52:45):
John Graham is the winner.
Speaker 4 (52:48):
Well done, John.
Speaker 6 (52:51):
Congratulations, John .
Speaker 1 (52:53):
Yeah.
Speaker 3 (52:53):
I mean.
Speaker 1 (52:53):
John in fairness, you have just won an obviously
fixed competition.
Well done.
I have never felt such tension,though I mean, john, in
fairness, you have just won anobviously fixed competition.
Speaker 4 (52:57):
Well, they have never felt such tension, though I
mean you can honestly feel itbuilding.
I mean, it's a shame that thepeople listening to this can't
see John celebrating every wronganswer Tim gave.
He was punching the air.
You know this is a quiz onsausages and he was punching the
air.
It was brilliant.
Speaker 1 (53:14):
I know I've got to say Tim, you did better than
most people.
I mean, you know, I kid you not.
You're clearly a very, verywell-read and intelligent man.
Speaker 3 (53:22):
So I think in fairness a huge round of
applause for.
Speaker 1 (53:25):
Tim.
Speaker 3 (53:26):
I have to say a Spanish person.
I don't know, lara, did youconsider chorizo as a sausage?
Speaker 2 (53:33):
No, no, no, that question it should, no, we
shouldn't count it shouldn'tcount.
Speaker 3 (53:39):
It's not a sausage.
Speaker 1 (53:40):
No, it has the same form or whatever, but it's not
considered a sausage it's not ateam, you really got a very hard
uh well spotted there and ifyou do feel as though we've been
culturally insensitive to you,uh, regarding the, the way we
refer to your meat products inone of your wherever you're
living in Europe right now, onbehalf of Registriar, we do
(54:00):
apologize.
So I guess all that remains isfor us to give a huge Registriar
thank you from everyone here inthe virtual studio to our very
special guest today, and that isin no particular order, a man
whose sense of humor has to bebig because we've just totally
stitched him up.
Live on there, uh, someone whohas an encyclopedic knowledge of
(54:21):
the topic, and if you want tonetwork him, do uh get hold of
him through our linkedin page,uh, so you can ask him your
questions.
It is the director of amirreporting at kaizen, uh, mr tim
hartley.
Speaker 6 (54:31):
Tim, thanks so much I'm adding big, big bangers onto
my email sign-off, so, butlovely to be here and yeah,
always, always very happy to behere.
Speaker 1 (54:43):
Fantastic.
Thank you, tim.
And, of course, joining Tim asour other very special guest
today, it is the Senior Directorof Regulation at the FIA,
that's, the Futures IndustryAssociation, mr John Graham.
John, thank you so much.
Speaker 5 (54:58):
Thank you so much.
Lots of fun.
Always good to be here.
I noticed that Tim didn'tcongratulate me on winning the
quiz, but we'll let that onepass.
Lots of fun guys, thank you.
Speaker 1 (55:07):
I guess we also have to thank our virtual studio crew
.
We've put in a huge amount ofwork behind the scenes with all
the market participants and allthe sort of challenging issues
we're facing, as well as turningup for the podcast.
So, in no particular order,again, huge thanks to the pride
of Spain herself, the head ofinstitutional relations, laura
Rodriguez.
Speaker 2 (55:29):
Thank you, andrew, and thanks a lot to Tim and John
.
It was great.
I really enjoyed all theinformation, also the contest,
and I have to say just to keepgiving information on the
culture, on the 15th of Maythere is this celebration in
Madrid.
It's San Isidro, the patronsaint of Madrid, and we have a
(55:53):
lot of concerts.
People enjoy typical dances andthere is like a famous dance
called totis.
So we will have a lot ofconcerts.
People enjoy typical dishes andthere is like a famous dance
called totis, so we will have areally nice time in a few days
so that you have some cultureinformation from Madrid.
Speaker 1 (56:06):
And on that front as well, huge thanks to the voice
of reason himself, the head ofbusiness development, the
busiest man in the UK right nowbecause John is away and that is
, of course, mr nick bruce nick.
Thank you so much no, thank you.
Speaker 4 (56:20):
Obviously a huge thank you to john and tim, and
I've got to say, a fantasticepisode, I think, for barbara's
last.
We're going to miss barbaraimmensely, but it's been a lot
of fun.
Speaker 1 (56:31):
So, and thank you, barbara, for everything you've
done for us yes, barbara uh ruizalon, the nicest and most
efficient person in theorganization for at least the
last 10 years.
We are going to miss you.
And, founding member of theVirtual Studio crew, been in
over nearly 100 podcasts so far,which is quite a podcasting
career.
(56:51):
Barbara, what can I say otherthan thank you so much for
everything you've done for theshow and for the clients, and
we'll see you when your clientsside what can I say?
Speaker 3 (57:04):
I mean it's it's been an honor.
I learned so much from the crew, from all our guests, uh.
So, yeah, keep it up.
You have to keep it up.
This podcast is amazing.
I think this actual recordinguh, you know, uh feels the way
uh we leave the podcast.
I think it's uh the only wayyou can make a relatively
(57:25):
intense topic like the reportingindustry uh to be a pretty easy
going listening uh.
So, yeah, just thank you all.
Thanks, uh, andrew, nick, lauraand John Kernan as well, and of
course, today to John and team,because it's been a great honor
to share with you my lastepisode.
So, thank you very much all.
Speaker 1 (57:47):
Okay, that's it.
That is the end of another show.
Now, barbara may be leaving,but we are not.
We will be right back here nextmonth with another show, with
more coverage, with morein-depth analysis of the big
issues that are shaping thetrade repository industry,
shaping the lives of marketparticipants, data quality, you
name it, we've got it, and so,from everyone here, it's a big
goodbye, and do join us on ourLinkedIn page if you want to
(58:08):
connect with anyone that's beenon the show this season.
That is linkedincom.
Slash company slash register,hyphen TR, and we would love to
hear from you and, in themeantime, from me, andrew Keith
Walker, and from our producer,liana Sudan.
Goodbye, goodbye, it's a biggoodbye from us, and we'll see
you next time.
Bye-bye.
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