October 25, 2024 • 36 mins
We're back from our summer break with a new team - introducing Paula López Ortega our new head of client services, and a chance to catch up with our MD Maria Santos - together with regular co-hosts Laura Rodriguez and Nicholas Bruce, we're looking at the success of UK EMIR Refit earlier this month, plus reviewing the main friction points market participants have reported as they adapt to the new EU EU EMIR framework. We'll look at the regulatory horizon with SFTR and FinFrag consultations, look forward to our big Madrid client event on November 26th, and hit our new guests with a surprise quiz... don't miss it!
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Episode Transcript
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Speaker 1 (00:11):
this podcast is brought to you by registry r,
which is a member of the sixgroup and features members of
the registry, our team andspecial guests expressing their
personal opinions, not theopinions of registry r as an
organization.
There is no representation madeas to the Registriar Roundup.
Yes, thank you, thank you.
There we are, the good people,the good market participants of
(00:42):
Europe and the UK go wild thereclapping their hands in our new
post-Emir era.
Yes, we are back.
It's Q4.
Where has the year gone?
Well, if you work in the traderepository space, if you work in
the regulatory reporting space,or if you're a market
participant who's had to meetyour EU and your UK deadlines
for Emir, well, it's gone.
(01:04):
Doing that, hopefully, youmanaged to get a summer break.
If not, you're going to have abit of a break now before the
next wave of regulation comes inand hits you.
And we have got a packed showfor you to start off the second
half of our season.
Yes, we have got the usual crew.
We've got some new faces.
It's all happening.
Of course, we're going to divein first by introducing my most
(01:25):
regular co-host, the man whoturns up the most because,
frankly, they don't let himleave the office.
It is, of course, the head ofbusiness development, mr
Nicholas Bruce.
Nick, welcome back.
Speaker 2 (01:33):
Good to be back, Andrew, and hello everyone.
Speaker 1 (01:35):
Did you get a summer holiday?
Speaker 2 (01:45):
I mean head of business development.
You can't haveifa, which isvery sad.
When you hit my age, you knowthat is fantastic.
Speaker 1 (01:49):
And did you have to file any reports?
Speaker 2 (01:51):
uh, at the end of that, because obviously you know
trade repository, that's,that's the gig yeah, I did
wonder where he was going whenyou said did I have to file any
reports?
Um, yeah, we'll keep thatbetween us.
Um, it was all good good, good,good.
Speaker 1 (02:03):
Well, of course, and joining nick is another familiar
face.
Uh, you will know, the pride ofspain, herself the head of our
institutional relations team,someone who hopefully also got a
summer holiday, laura rodriguez.
Speaker 3 (02:14):
Laura, welcome back hi andrew, thank you very much.
Speaker 1 (02:17):
Really happy to be here with you and and all the
listeners so, laura, did you geta good uh summer break in
between your many, many trips toLuxembourg and to Brussels and
all the other places whereimportant regulatory decisions
get made?
Speaker 3 (02:32):
I have to say I had a lot of sun.
I didn't have a lot of holidays.
I really thought that, you know, authorities will get a break,
and actually also UK authorities, but it didn't happen and
actually also UK authorities,but it didn't happen.
Speaker 1 (02:46):
Spare a thought for the good people at ESMA and the
other regulatory authorities,national competent authorities
around the EU, because they'vebeen busy too, let's face it.
They've all been busy, and ashave the market participants.
And that brings us to the firstof our new faces here on the
show.
Very excited, we have a new,nicest and most efficient person
in the organization joining us,and it is Paola López-Ortega.
(03:09):
Paola, welcome to the show.
Speaker 4 (03:10):
Hi everyone, Thanks a lot.
I'm very proud and happy tojoin this special podcast with
these very nice people.
Speaker 1 (03:18):
Now you've been with Registriar for 10 years, so you
have gone right the way throughthe client services journey,
starting out on the help deskand then working your way
through the whole sort of nineyards of the client services
team to make it there to the top.
And I'm very interested to hearabout that because I'm guessing
the help desk is where thephones go on fire and everyone
panics when the deadlines hit.
(03:38):
Have you had a busy summer?
Speaker 4 (03:40):
Same as Lara said, I had only a few days during the
summer.
I did enjoy them because I knewwhat was going on at the
support team.
It was really tough this yearwith all the refit ongoing.
Speaker 1 (03:57):
Yes, you picked a fantastic time.
To take over as head of clientservices is the two largest
pieces of regulation in the lastsort of I don't know 10 years
or so.
Come rolling through and changethe landscape there for trade
repositories in the EU.
And joining you at this time onthat journey, of course, we
(04:19):
have someone who you will havemet on the show at least a
couple of times before.
You remember joining us back onour International Women's Day
show a couple of years ago andthen back again last year, maria
Santos.
Now Maria, you are the MD nowthere in your role at Registrere
.
You've been 20 years working atBME and Six You're an expert in
financial information services.
(04:40):
Of course, you led theexpansion of the trade
repository business intoPortugal and Mexico and you led
the migration to SIC.
So I'm guessing you're prettyused to those big new regimes
kicking in and causing a bit oforganizational chaos.
How was your summer?
Speaker 5 (04:56):
My summer was fantastic.
I was connected every dayduring my 15 days of summertime.
But, to be honest, I feel morerelaxed by knowing what was
going on.
And instead of reading, youknow, an entertainable book, I
was reading the Regulation,which was also fine.
But, yeah, I had a very goodtime.
I was in contact with all mycolleagues and, yeah, I mean, I
(05:18):
felt, you know, more relaxed byknowing you know what was going
on at that moment.
Yeah, good, and thank you foryour introduction, but I've been
34 years at BME6, not 20.
So you know I'm 14 years olderthan you said.
So, yeah, wow, 34 years now.
Speaker 1 (05:37):
Yeah, I'm going to be honest with you.
It's funny because Nick is 14years younger than I said, but
he looks 14 years older, sothere's an interesting twist,
nick, I want to come to you.
Last time we had Tara Cruz andAndrew Bailey on the show and
you know, in many respects we'dhad a bit of an update on Amir,
but we're waiting for a lot ofthings to happen with that data
(05:59):
for us to get a really clearpicture from the regulators
about how that has gone, whatreconciliation rates look like
and all of that.
And lara is going to beexplaining a bit more about, uh,
the data upgrades and thingsthat need to happen for that
first.
So before we come to that, wedo have the big news, which is
uk amir.
Now john uh, kernan uh can'tjoin us for the recording, so
(06:19):
I'm afraid that falls to you asthe resident brit.
Uh, I'm gonna hit you with uh,the uk amir question.
How was it for you?
How did uk amir turn out in theend?
Speaker 2 (06:33):
very good question.
Actually, before I address that, I suppose what I should say
and this is to all the listeners, this is the beauty of this
being a podcast and not, youknow, a video podcast is you
don't have to see me.
Um, as andrew said, for thosewho do know me that are
listening to this, I did have avery hard paper round and that
has aged me extensively.
(06:53):
I think I looked 30 when I was16.
I I can't help it.
It's the hard life you know,growing up in london.
What can I say about that?
But on to uk refit.
So I think from our perspectiveit went really swell.
Um, you know it comes withcaveats.
There's always challenges,there's always road bumps as you
go through that journey.
But I think for a lot of ourclients they're already familiar
(07:16):
with eu refit and, whilst notidentical and there's only a few
minor adaptations needed forthe uk side of things.
So I think there was already acomfort there and I think, from
a testing point of view again,clients were already well versed
with their programs.
They'd already gone through theeu, so they'd got themselves in
a place of comfort.
(07:36):
Having said that, if you look atthe day, one go lives on the
30th of september we also puttogether across the team so
Paola with her team, certainlyon my side with the RMs, where
we made sure that we had veryclose channel communications.
We were monitoring the clientactivity and we were actually
(07:57):
proactively reaching out toclients.
So if we saw that there wereany difficulties in the
reporting, any kind of sort ofspikes in the rejection rates,
we were quickly speaking withthe clients to address it.
I think what you saw was on dayone, from the top of my head I
think, the rejection rates werearound something like 8.7% and
that mainly was in the morningand it settled by the afternoon
(08:19):
and obviously that's a lotbetter than we saw in the early
days of the EU.
But actually by the Tuesday, soby the next day, rejection
rates had already normalized toabout 0.5%, which is really in
line with what you know thenumbers would expect pre-refit.
So in that regard it was, youknow, it was one of those where
I always say you know, youprepare for the worst and hope
(08:39):
for the best, and I thinkactually it was a relatively
smooth introduction for theregime.
Speaker 1 (08:44):
Now that is good news and of course it's, I guess, a
smaller market.
When it comes to the EU, that'shuge and that's a major sort of
amount of data to work with.
Laura, tell us more about that.
What is the situation with EUrefit?
When will we hear from ESMAabout the data quality, about
(09:08):
the rejection rates, about thesuccess of the big kahuna when
that took place back in Q1?
Speaker 3 (09:17):
Yeah, that's a really good question because we are, I
think, all eager to know moreabout data quality and how this
change to EU refit has brought achange in the quality of the
data.
But I think one of the upcomingmilestones that we will reach
at the end of this month I thinkit's the 26th of October, it's
(09:38):
the deadline for this transitionperiod the upgrade of the data
to the latest refit standards.
As far as I know, one of thelatest information that ESMA has
shared with us is thatapproximately 64% of the data is
(09:58):
already upgraded, meaning thatthere is still a remaining
percentage of data that needs tobe updated, and these are
figures from the beginning ofthe month.
So I'm sure that during thismonth of October, the entities
have received the request oftheir NCAs to upgrade this data
(10:19):
as soon as possible.
So we reached the 26th ofOctober with the biggest
percentage of data upgradedalready.
So I think that that's one ofthe biggest, as I said,
milestones that will come in afew weeks and hopefully this
goes well On our side.
We will also and I'm surePaula's team has received
(10:42):
already a lot of requests onthis and questions on how to
upgrade the data in case someentities have issues to do so
and, yeah, let's see what is thefinal figure, but still
percentage to be updated and onthe authority side also, we are
following up with them when theyhave any question.
(11:03):
We are sharing with them thefigures that are remaining to be
upgraded for specific entities.
So, uh, closed follow-up onthis on that front, paula.
Speaker 1 (11:13):
Um, it's, it's time to come to you.
You are now in, uh, that clienthot seat, and I'm guessing
you've had a lot of calls comingthrough about issues to do with
data quality.
After all, this is all aboutboosting the number of data
fields.
I mean we're up to.
Was it 204 now, from 170something?
So I mean that's a lot of newdata fields.
Some terms have been deprecated, others have been, you know,
(11:36):
created.
There were some problemspotentially on the horizon, uh,
weren't there to do withpositions at close and time
stamps and and all the usualkind of logistical sort of data
points?
Tell us, I mean, how has itbeen?
What's been the biggestchallenge that market
participants have encountered?
Speaker 4 (11:55):
Well, I guess that one of the biggest challenges
has been exactly to adapt to thenew validation rules for those
fields that were not to becompleted in the in the previous
let's call uh report reportingstandards.
Um, still, we, we, we receiveconcerns from clients and doubts
(12:15):
on on on how this update ofdata needs to be done.
Uh, we are close to thedeadline and that is very
worrying at the same time.
But yeah, it's mainly alsoaround the reconciliation topic.
So I guess most of the panic,let's say, is on how to adapt
(12:43):
these new fields so that theyalso reconcile at an interior
world were you expecting theissues that came up?
Speaker 1 (12:49):
were they the ones you were expecting to come up,
or were there some unusual onesin there that actually, you know
, hadn't uh been spottedbeforehand?
Speaker 2 (12:57):
yeah, I think it's interesting actually, andrew,
because, um, as we're talkingabout, I think, the, when you
look at refit, what's thepurpose of refit?
And it's all around dataquality.
So market participantsinstantly want to understand
where is their data quality,where do they stand?
Understandably so, because theyknow it's going to be the focus
of their NCAs, they know it'sgoing to be the focus of ESMA or
(13:20):
the FCA, whoever the regulatoryauthority is.
And, as Lara mentioned as wellearlier, we're still going
through a transition phase.
We're coming to the end of it,but there's still a lot of data
that needs to be upgraded to thenew standard.
There's not a lot of statisticsat the moment and we still
don't.
Every time I have a clientconversation, everyone's asking
(13:41):
where do they stand?
They're asking about the data,they're asking where are the
problem points, and we don'treally have that granularity yet
, but you're starting to seecertain things coming out, like
upi and the use of the upi and,uh, you know, are you matching
the upi?
Are counterparties using thesame upi?
And I think there's a.
There's going to be a lot ofchallenges that we're going to
see around these new data fieldsthat we just haven't really got
(14:03):
clarity on yet, but it'sstarting to come out, people are
starting to talk about it andit's starting to become the
theme of the conferences thatI'm going to so, maria, I want
to come to you here because youare very much the change
management transition specialistworking in that senior level uh
, familiar with how these eventscan transform operations.
Speaker 1 (14:25):
So I want to ask you what are the sort of lessons
that market participants learnwhen they go through a big
change like this and you knowwhat's the impact that has on
their businesses moving forwards?
And, of course, the same forRegistr.
I mean, this is a big rollout,big new systems.
What lessons have you learnedand what changes is it making
for you on your side of that?
Speaker 5 (14:47):
Wow, that's a huge question.
We could be, you know, daysdiscussing about that.
But from my other experiencesof deploying a huge platform
where everybody is involved, forme the most important thing is
the alignment of the whole teamand the communication and
transparency between thedifferent teams of Registr and
(15:12):
together with the customer.
So to be aligned in thecommunication that everybody
gets the same messages at thesame time that the customer is
fully informed of the situation.
If there's any issue, anyproblem, to be the first ones in
informing our customers andalso align the whole company
with the voice line, the answers, the ETAs or whatever needs to
(15:34):
be told to the customer.
So for me, the communicationand alignment is basic for the
success of a deployment of sucha huge platform and for
everybody to have the same viewand the same way to go through.
So yeah, that was my, that's myimpression.
I don't know if my colleagueshave the same feeling, but that
(15:54):
was, you know, the ABC of thedeployment.
Speaker 1 (15:58):
We've been working toward this for years.
There have been endless workinggroups, meetings, discussion.
We've had some fantasticspeakers on this show.
We've had some great speakersat, obviously, registry Hour
events from a wealth ofdifferent organizations
addressing various things, like,of course, anna DSB talking
about their UPI solution, and soon.
(16:19):
When it all goes live, there'sa slight sort of tendency in
your head to think well, youjust flick a switch and that's
it, it's done now.
But I'm guessing that withanything this big and this
complicated, that's something ofan oversimplification.
So, paul, I want to come to youand start with the client
services side.
What is your main focus rightnow with the rollout and the
(16:41):
transition for clients?
Is it handholding and helpthrough their issues, or do you
find that actually, you'refeeding back to the development
team about things that could beworked out or improved on your,
your side?
That's gonna, you know, headsome of these you know
challenges that clients arehaving?
Speaker 4 (16:59):
uh off at the park so the first thing I would say is
just to make sure thateverything runs smoothly.
Uh, as we usually say, it's upand running, all the systems are
working correctly and after wesucceed in that, we try to
monitor closely the activity ofmany clients reporting to the TR
(17:21):
, looking closely at therejection rates in every of the
sessions.
If something gets stuck, tryingto support as much as possible,
it's part of the day-to-day.
Speaker 1 (17:34):
Because there are quite a few big value adds that
you have to deliver.
Here I mean, for example, thenumber of reports you're issuing
on a daily basis has gone rightup.
How's the reports going?
Have they been well received?
Those are the sort of thingsthat I'm guessing are a big
change for the clients and theirdaily operations things that
I'm guessing are a big changefor, uh, the, the clients and
their sort of daily operations.
Speaker 4 (17:55):
Yeah, so first thing we, we, we check is that file
processing is going as expected,but we also make sure that the
end of processes run alsosmoothly.
So this means that clients arereally waiting for the end of
their sessions so that theycheck the, the reports that are
being generated from the TR tothese participants, so that they
can check and correct not onlythe reconciliation but also the
(18:18):
rejection rate so that they canimprove it.
So that's the main role, let'ssay, on the client service.
Then, of course, we keep trackof the emails that are coming in
, because we are not onlymonitoring Re course.
We keep track of the emailsthat are coming in because we
are not only monitoring refit.
We closely follow up on otherregulations, as you all know, to
(18:38):
reply in a timely manner.
All those, all those requeststhat are being received from
from many participants at thesupport side.
Speaker 1 (18:46):
Of course.
Yes, there are otherregulations available.
Incidentally, if you are amarket participant out there and
you're worried it's only refit,no, don't worry, there's more.
Uh, nick, I mean from your sideyou've had to mobilize, I'm
guessing, teams of people, uhthe reporting to you, to get out
there and actually uh,interface clients, uh meet
clients, sort of handhold, um,you know, introduce them to walk
(19:09):
them through some of these newfeatures, because there's some
pretty major step changes aren'tthere in the sort of
operational side I guess the keyas well for me is the world
never stands still.
Speaker 2 (19:19):
So, you know, you start with the, you refit, as
you said, there are otherregulations, um, we get over the
first hurdle, which is gettingreporting coming through, and
then we get out, we mobilize, westart talking to clients.
You then have the break withthe summer, but also, at the
same time, everyone's thenfocused on the UK.
You know, we can't discount thefact that there are the global
(19:39):
rewrites that are going on, sowe don't sit still with that.
So very much for us.
There's always this question ofwhat next.
We're helping clients getacross the line with the
immediate reporting requirements, but what we're actually doing
now which for me is the bestpart of the job, is I'm hoping
anyway that when you get aperiod of normality, that you
can actually step back and thenwe go into the next phase, which
(20:00):
is actually talking to ourclients about right, what next?
How do we improve the services?
How do we actually offer moreor better services to our
clients and add value that helpthem on that whole post-trade
reporting life cycle.
And that's very much the phasewe're entering into now, which
for me is, you know, that's themost exciting kind of part of
the job is that you can actuallysit down with people and almost
(20:23):
say, right, this is great, butblank piece of paper, what would
you like?
What do you want from us?
And I'm really excited aboutgoing into that phase.
Next, because, because I've hadenough of rewrites, I don't
want anyone to mention FinFrag,rewrites, sftr, any of this.
I don't want Lara to say thewords consultation paper.
I don't want to hear it.
I want to start thinking aboutthe client and the evolution,
(20:43):
because now we've got this greatbrand new platform that's got a
lot more flexibility in it.
We've got to startdemonstrating to our clients
what that means in terms ofvalue.
And that, for me, is the nextpart of the job.
Speaker 1 (20:54):
I mean, maria, this is absolutely one of those sort
of business imperatives thatsits right on your desk, isn't
it?
The idea that, ok, you'veactually had a huge amount of
inward investment.
You've built this massive newplatform, you're servicing
clients at a level never seenbefore, with more data than ever
before.
What are the businessopportunities?
Speaker 5 (21:18):
How does that sort of point your thinking looking
towards the future?
Well, anything that is relatedto data, data analytics, big
data, benchmarking, consultantservices, everything that can
help the customers in this hugeregulatory world.
And it's going to be, you know,our direction and this is our
intention to be, you know, theperfect partner for our
customers and even forregulators, and to give comfort
(21:41):
to our customers that ourregulators also are fully
informed and by delivering asmuch services as possible for
them to know where they are inthe trade repository world
playing, I mean gettingvalue-added services.
With all this huge amount ofdata that we have in our systems
, and now that we have a greatplatform that allows us, you
(22:02):
know, to analyze our databasesand to manage them in a very
efficient way, which is one ofthe greatest improvements of our
platform.
Now it's time to think aboutthese kind of services and offer
them to the market, and we willalso sit down with our
customers to understand theirexpectations and to ask them
what they really want.
From now on and this is ourintention to build the services,
(22:27):
but very close to our customercommunity, to make sure that
they get what they want and theyneed.
Speaker 1 (22:33):
I know that Nick's tired of rewrites and no doubt
this is something that you'rehaving to turn your attention to
, because there is an SFTR refiton the cards.
Finfrag, consultation whodoesn't love this?
I just love saying FinFrag, itsounds like so much fun.
Who doesn't love this?
(22:55):
I just love saying finfrag, itsounds like so much fun.
Um, tell me, I mean, what areyou uh focusing on now?
Do you have time really tospend too much more time on the
platform, or do you have toimmediately kick off another
long development cycle?
Uh, there internally?
Speaker 5 (23:06):
we are not in the process of finfrag for moment.
They are starting now level twoconsultation, which will be the
one that is supposed to beaffecting the TRs, and this, as
far as I'm aware, it will bestarting at the end of the year,
beginning of year 2025.
So we'll still have a littlebit more of time.
(23:28):
We have DORA first, that wehave to implement it for the
month of January.
Everybody's forgetting.
Have DORA first, that we haveto implement it for the month of
January.
Everybody's forgetting aboutDORA, but DORA is there and
needs to be implemented also,although it's not part of our
regulation, of our traderepository, but it's something
that impacts us and we have towork on that and we are ready
for it.
And then SFTR I mean I heardsome bells but no official
(23:51):
announcements for the moment andI'm sure that, to be honest, I
don't expect any regulatory bigchange during the year 2025.
That's my personal impression.
That's, you know, my personalthought.
Speaker 1 (24:04):
Okay, so good.
So a bit of a chance foreveryone to take a bit of a
break, a bit of a breather, yeah, a little bit yeah, and
consolidate, except of course,for you, laura.
No rest, I'm afraid, for thepride of Spain.
Tell us how are things going.
What does the regulatoryhorizon look like, moving
forwards now, as we come to theend of this year and the
beginning of a new one?
Speaker 3 (24:25):
No right, maria was totally right on the
expectations for next year, butactually there will be some
updates not impacting theentities, the reporting entities
.
So all smooth and just for themto focus on what has to be
updated or has to be improved onthe reporting obligations.
(24:47):
It's more on the traderepository side, we are having
some additional requirements interms of governance, in terms of
reporting to ESMA.
So ESMA, let's say it'supdating or providing some
guidance on their supervisoryexpectations, on the
(25:11):
expectations of how themanagement body on the entities
they supervise should act, andthat's one of the things that we
are looking into now.
So, although, as Maria said,there will be room for
improvement in terms of theservice, we also need to look
(25:31):
into these specific details,which are just additional
requirements that ESMA isrequesting to the entities they
supervise.
So it will be on the TRs toupdate some of these things.
Speaker 1 (25:44):
Good.
Well, you know, I think we canall breathe a collective sigh of
relief that we've got throughAmir.
We've got through refit, bothin the EU and the UK.
We've got through, uh, amir.
We've got through, uh, uh,refit, uh, both in the eu and
the uk.
We've survived through tochristmas and finally, maybe
sylvia will get to spend achristmas at home and not in her
office, with the rest of thedevelopment team moaning at the
(26:05):
rest of you who managed to slipback for a turkey or two.
Uh, that is good news coming up.
But, of course, we are backhere and there are many big
issues coming up and lots ofinteresting shows, not least to
review uh, how, uh, the data isgone.
There will, of course, be dataquality reports and updates
coming back, which we'll need tobring experts in and talk about
(26:26):
as well, plus, uh, new servicesand things that are developing
at registry r.
So there is still an awful lotfor us to talk about here on the
show, so don't go away.
However, I think we shouldcelebrate, especially having two
very special new guests here inthe studio, by having a quick
lightning quiz.
Yes, it's quiz time.
Yes, you thought we'd got awayfrom it, but no, the quiz which
(26:52):
has proven hugely popular.
Not obviously with uh, timhartley hi team, if you're
listening, it's, it's.
We miss you.
Um, do come back soon.
Uh, uh, but we have a specialquiz uh this week.
Uh, this uh show.
We've got a madrid quiz, um forour two very special guests.
So for maria sant and for PaolaLopez Ortega, we have got a
(27:17):
quick Madrid quickfire 10questions each.
You will have one minute toanswer and see how far you can
get.
Okay, who wants to go first?
Speaker 4 (27:31):
Okay, who wants to go first?
Speaker 1 (27:33):
I think Maria, no, I go.
Okay, that's very managingdirector of you as well there.
You never ask your troops to doanything you won't do yourself.
I admire that, maria, ok, whichfamous square in Madrid is
known for being a popular NewYear's Eve gathering spot?
Plaza Mayor.
I'm afraid the answer I waslooking for was Puerta del Sol,
(27:53):
ok, which Madrid park is home tothe Crystal Palace, or the
Palacio de Cristal El.
Speaker 5 (27:59):
Retiro.
Speaker 1 (28:00):
El Retiro.
That's right.
Madrid's popular La Violeta isknown for producing what kind of
candy Violet caramel.
That is correct.
What year did Madrid officiallybecome the capital of Spain?
Oh, I don't know.
It was 1561.
I'm afraid the precise answer16th century.
Yes, what is the name ofMadrid's main airport?
Speaker 5 (28:27):
Adolfo Suarez Madrid Barajas.
Speaker 1 (28:29):
That is correct.
What is the nickname forMadrid's city council building,
now located at the Palacio deChibeles?
Palacio Correos?
No, it is El Palacio deComunicaciones.
Speaker 5 (28:41):
Yes, it's Correos, right?
Laura is supporting me.
Look at her, okay fine fineChat GPT.
Speaker 1 (28:48):
You're killing me.
You're killing me here, Okaygood.
Okay, well, listen.
Thank you, that was a good run.
Thank you, that was acontroversial.
Speaker 2 (28:57):
Can I just say, andrew, if you want me to
adjudicate, maria's my boss.
So everything she said I agreedwith.
Speaker 1 (29:07):
I just want to make that very very clear.
Speaker 5 (29:08):
Okay, no, I I'm also fully in agreement with that.
Speaker 1 (29:09):
Not necessarily, nick so there's a there's, there's a
tough score to beat, um youknow, and possible, possible
redundancy as well, coming yourway here, paula.
So be ready uh I'm ready.
Speaker 4 (29:21):
but just one note I live like 70 kilometers away
from Madrid city and I, I thinkI go just once a year.
Speaker 2 (29:28):
The disclaimer is coming in.
I think Paola's my, I don'tknow.
Paola's a native of Madrid.
Come on, maria's not even fromMadrid.
I can't believe the excuse hascome in.
Speaker 4 (29:39):
That's not true at all.
I live where the, the, the.
The ski station is in Madrid,just imagine Wow.
The ski station is in Madrid,just imagine Wow.
But okay, let's go for the 10questions.
Speaker 1 (29:50):
Okay, let's go for it .
Okay, so now, bearing in minddisclaimer, these were written
by AI and I've never actuallybeen to Madrid, although I will
be there later this year, on the26th of November, for the
Registrar Client event.
Do stay tuned for our specialshows from Spain coming up.
Okay, your time time, paula,starts now.
Which famous madrid statuedepicts a bear reaching for a
(30:13):
tree?
Yes, okay, uh.
What's the name of the maintrain station in madrid known
for its tropical garden?
Okay, which famous madridmuseum houses?
Museum houses Picasso'sGuernica.
Speaker 4 (30:31):
Museo del Prado.
Speaker 1 (30:33):
No, it was the Museo Reina Sofia, which Madrid team's
nickname is Los Colchoneros.
Speaker 4 (30:39):
Los Colchoneros Atlético de Madrid.
Speaker 1 (30:41):
Correct.
Yes, what is the name ofMadrid's opera house located
near the Royal Palace?
Speaker 4 (30:49):
I don't know.
Speaker 1 (30:50):
The Teatro Real, which Madrid street is famous
for its luxury shopping andhigh-end boutiques.
Speaker 4 (30:57):
That could be the Encerano.
Speaker 1 (30:58):
Yes, it is Encerano.
Well done, you know where, weknow where you do your shopping.
Now what is the name of themountain range located near
Madrid?
Speaker 4 (31:08):
The mountain range.
Speaker 1 (31:09):
Yes, where you go skiing, I'm guessing.
Speaker 4 (31:12):
Sierra de Guadarrama.
Speaker 1 (31:13):
That's correct.
Speaker 4 (31:16):
Okay, good, well, that's the sound, that is the
sound of the score.
Speaker 1 (31:20):
I'm going to declare that a draw because, frankly, my
accent is terrible and the AIlet us down, and so I think you
both deserve a huge Regisiorround of applause.
Fantastic work, fantastic bothof you.
Speaker 3 (31:38):
There was no question about food.
We have an amazing a lot oftypical food in Madrid, so next
time we should do a quick ontraditional.
Speaker 1 (31:51):
Well, in that case, just for you, laura, I was going
to say, during the San IsidroFestival, what is the typical
Madrid dessert that locals enjoyArrozquillas.
Yes, very good, there you go.
So, all right, you can do itnext time.
You're on it, for next You'reon the next one.
Good, well, listen, thank you.
I guess all that remains that isus coming to the end of the
(32:11):
show now.
So it must be time for us tothank our special guests,
appearing in no particular order, but starting with the new,
nicest and most efficient personin the organization, the new
head of client services, someonewho will be back on the show, I
have no doubt, next month.
It is Paola López-Otega.
Paola, thank you, thank youvery much, andrew, thank you,
(32:34):
paola.
And, of course, with Paola aswell, a huge thank you to the
managing director of Registry,maria Santos, who has joined us
again to bring some much neededcorrection to our abysmal
artificial intelligence here inthe studio for the production
team and also to give us someideas about the strategic
direction moving forward as wemove into Q4 and 2025.
(32:59):
Maria, thank you.
Speaker 5 (33:01):
Thank you, thank you to you for such a wonderful
moment.
Thank you.
Speaker 1 (33:05):
Thank you.
That's good, and, of course, noshow would be complete without
the woman who has a finger onthe pulse of the regulators, and
they are alive as well.
That is, of course, the prideof Spain herself.
Head of Institutional Relations, laura Rodriguez.
Speaker 3 (33:22):
Thank you, Andrew.
Hope to see you soon in thenext one Hope to have you back,
laura.
Speaker 1 (33:27):
And yes, of course that means also a huge thank you
to the head of businessdevelopment.
When we normalize the data, heis, without any question, the
most regular co-host.
We've had the man who,statistically speaking, is most
likely to be fronting theRegistrar roundup with me, the
head of business development, mrNicholas Bruce.
Speaker 2 (33:44):
Thank you, andrew.
Thank you to everyone who'slistening.
I'm really looking forwardbecause actually I've got Maria,
laura and Paula are all inLondon this week, so I'm going
to be seeing them in person,which will be great, and I think
on the way back I'm going toarrange for Madrid Airport a
guided tour of Madrid for Paula,just so she gets to understand
Madrid and she'll get to know afew places.
Speaker 1 (34:07):
That's good.
And, of course, talking,talking of madrid, uh, I will be
joining uh the rest of mycolleagues here at uh the uh
madrid exchange, uh for theregister, our client event on
the 26th of november.
We'll be recording shows withmarket participants and with
other members of the team and alive show where we will grab
(34:28):
feedback and insights from theaudience at the event as well.
So there's a lot of excitingstuff coming your way, possibly
even some video clips.
So it's time for Nick andmyself to dye the white out of
our beards and don't forget tojoin us on our LinkedIn page
that is linkedincom slashcompany, slash Regis hy, regist
hyphen, to where you can findout all about this show, our
guests, uh network with thepeople who appeared here with us
(34:50):
and, of course, more about ourclient events and the busy
things we're getting up to uhhere at the six group.
and in the meantime, for me,andrew keith walker and everyone
else, bye, thank you.
this podcast is brought to you by registry r,
which is a member of the sixgroup and features members of
the registry, our team andspecial guests expressing their
personal opinions, not theopinions of registry r as an
organization.
There is no representation madeas to the Registriar Roundup.
Yes, thank you, thank you.
There we are, the good people,the good market participants of
(00:42):
Europe and the UK go wild thereclapping their hands in our new
post-Emir era.
Yes, we are back.
It's Q4.
Where has the year gone?
Well, if you work in the traderepository space, if you work in
the regulatory reporting space,or if you're a market
participant who's had to meetyour EU and your UK deadlines
for Emir, well, it's gone.
(01:04):
Doing that, hopefully, youmanaged to get a summer break.
If not, you're going to have abit of a break now before the
next wave of regulation comes inand hits you.
And we have got a packed showfor you to start off the second
half of our season.
Yes, we have got the usual crew.
We've got some new faces.
It's all happening.
Of course, we're going to divein first by introducing my most
(01:25):
regular co-host, the man whoturns up the most because,
frankly, they don't let himleave the office.
It is, of course, the head ofbusiness development, mr
Nicholas Bruce.
Nick, welcome back.
Speaker 2 (01:33):
Good to be back, Andrew, and hello everyone.
Speaker 1 (01:35):
Did you get a summer holiday?
Speaker 2 (01:45):
I mean head of business development.
You can't haveifa, which isvery sad.
When you hit my age, you knowthat is fantastic.
Speaker 1 (01:49):
And did you have to file any reports?
Speaker 2 (01:51):
uh, at the end of that, because obviously you know
trade repository, that's,that's the gig yeah, I did
wonder where he was going whenyou said did I have to file any
reports?
Um, yeah, we'll keep thatbetween us.
Um, it was all good good, good,good.
Speaker 1 (02:03):
Well, of course, and joining nick is another familiar
face.
Uh, you will know, the pride ofspain, herself the head of our
institutional relations team,someone who hopefully also got a
summer holiday, laura rodriguez.
Speaker 3 (02:14):
Laura, welcome back hi andrew, thank you very much.
Speaker 1 (02:17):
Really happy to be here with you and and all the
listeners so, laura, did you geta good uh summer break in
between your many, many trips toLuxembourg and to Brussels and
all the other places whereimportant regulatory decisions
get made?
Speaker 3 (02:32):
I have to say I had a lot of sun.
I didn't have a lot of holidays.
I really thought that, you know, authorities will get a break,
and actually also UK authorities, but it didn't happen and
actually also UK authorities,but it didn't happen.
Speaker 1 (02:46):
Spare a thought for the good people at ESMA and the
other regulatory authorities,national competent authorities
around the EU, because they'vebeen busy too, let's face it.
They've all been busy, and ashave the market participants.
And that brings us to the firstof our new faces here on the
show.
Very excited, we have a new,nicest and most efficient person
in the organization joining us,and it is Paola López-Ortega.
(03:09):
Paola, welcome to the show.
Speaker 4 (03:10):
Hi everyone, Thanks a lot.
I'm very proud and happy tojoin this special podcast with
these very nice people.
Speaker 1 (03:18):
Now you've been with Registriar for 10 years, so you
have gone right the way throughthe client services journey,
starting out on the help deskand then working your way
through the whole sort of nineyards of the client services
team to make it there to the top.
And I'm very interested to hearabout that because I'm guessing
the help desk is where thephones go on fire and everyone
panics when the deadlines hit.
(03:38):
Have you had a busy summer?
Speaker 4 (03:40):
Same as Lara said, I had only a few days during the
summer.
I did enjoy them because I knewwhat was going on at the
support team.
It was really tough this yearwith all the refit ongoing.
Speaker 1 (03:57):
Yes, you picked a fantastic time.
To take over as head of clientservices is the two largest
pieces of regulation in the lastsort of I don't know 10 years
or so.
Come rolling through and changethe landscape there for trade
repositories in the EU.
And joining you at this time onthat journey, of course, we
(04:19):
have someone who you will havemet on the show at least a
couple of times before.
You remember joining us back onour International Women's Day
show a couple of years ago andthen back again last year, maria
Santos.
Now Maria, you are the MD nowthere in your role at Registrere
.
You've been 20 years working atBME and Six You're an expert in
financial information services.
(04:40):
Of course, you led theexpansion of the trade
repository business intoPortugal and Mexico and you led
the migration to SIC.
So I'm guessing you're prettyused to those big new regimes
kicking in and causing a bit oforganizational chaos.
How was your summer?
Speaker 5 (04:56):
My summer was fantastic.
I was connected every dayduring my 15 days of summertime.
But, to be honest, I feel morerelaxed by knowing what was
going on.
And instead of reading, youknow, an entertainable book, I
was reading the Regulation,which was also fine.
But, yeah, I had a very goodtime.
I was in contact with all mycolleagues and, yeah, I mean, I
(05:18):
felt, you know, more relaxed byknowing you know what was going
on at that moment.
Yeah, good, and thank you foryour introduction, but I've been
34 years at BME6, not 20.
So you know I'm 14 years olderthan you said.
So, yeah, wow, 34 years now.
Speaker 1 (05:37):
Yeah, I'm going to be honest with you.
It's funny because Nick is 14years younger than I said, but
he looks 14 years older, sothere's an interesting twist,
nick, I want to come to you.
Last time we had Tara Cruz andAndrew Bailey on the show and
you know, in many respects we'dhad a bit of an update on Amir,
but we're waiting for a lot ofthings to happen with that data
(05:59):
for us to get a really clearpicture from the regulators
about how that has gone, whatreconciliation rates look like
and all of that.
And lara is going to beexplaining a bit more about, uh,
the data upgrades and thingsthat need to happen for that
first.
So before we come to that, wedo have the big news, which is
uk amir.
Now john uh, kernan uh can'tjoin us for the recording, so
(06:19):
I'm afraid that falls to you asthe resident brit.
Uh, I'm gonna hit you with uh,the uk amir question.
How was it for you?
How did uk amir turn out in theend?
Speaker 2 (06:33):
very good question.
Actually, before I address that, I suppose what I should say
and this is to all the listeners, this is the beauty of this
being a podcast and not, youknow, a video podcast is you
don't have to see me.
Um, as andrew said, for thosewho do know me that are
listening to this, I did have avery hard paper round and that
has aged me extensively.
(06:53):
I think I looked 30 when I was16.
I I can't help it.
It's the hard life you know,growing up in london.
What can I say about that?
But on to uk refit.
So I think from our perspectiveit went really swell.
Um, you know it comes withcaveats.
There's always challenges,there's always road bumps as you
go through that journey.
But I think for a lot of ourclients they're already familiar
(07:16):
with eu refit and, whilst notidentical and there's only a few
minor adaptations needed forthe uk side of things.
So I think there was already acomfort there and I think, from
a testing point of view again,clients were already well versed
with their programs.
They'd already gone through theeu, so they'd got themselves in
a place of comfort.
(07:36):
Having said that, if you look atthe day, one go lives on the
30th of september we also puttogether across the team so
Paola with her team, certainlyon my side with the RMs, where
we made sure that we had veryclose channel communications.
We were monitoring the clientactivity and we were actually
(07:57):
proactively reaching out toclients.
So if we saw that there wereany difficulties in the
reporting, any kind of sort ofspikes in the rejection rates,
we were quickly speaking withthe clients to address it.
I think what you saw was on dayone, from the top of my head I
think, the rejection rates werearound something like 8.7% and
that mainly was in the morningand it settled by the afternoon
(08:19):
and obviously that's a lotbetter than we saw in the early
days of the EU.
But actually by the Tuesday, soby the next day, rejection
rates had already normalized toabout 0.5%, which is really in
line with what you know thenumbers would expect pre-refit.
So in that regard it was, youknow, it was one of those where
I always say you know, youprepare for the worst and hope
(08:39):
for the best, and I thinkactually it was a relatively
smooth introduction for theregime.
Speaker 1 (08:44):
Now that is good news and of course it's, I guess, a
smaller market.
When it comes to the EU, that'shuge and that's a major sort of
amount of data to work with.
Laura, tell us more about that.
What is the situation with EUrefit?
When will we hear from ESMAabout the data quality, about
(09:08):
the rejection rates, about thesuccess of the big kahuna when
that took place back in Q1?
Speaker 3 (09:17):
Yeah, that's a really good question because we are, I
think, all eager to know moreabout data quality and how this
change to EU refit has brought achange in the quality of the
data.
But I think one of the upcomingmilestones that we will reach
at the end of this month I thinkit's the 26th of October, it's
(09:38):
the deadline for this transitionperiod the upgrade of the data
to the latest refit standards.
As far as I know, one of thelatest information that ESMA has
shared with us is thatapproximately 64% of the data is
(09:58):
already upgraded, meaning thatthere is still a remaining
percentage of data that needs tobe updated, and these are
figures from the beginning ofthe month.
So I'm sure that during thismonth of October, the entities
have received the request oftheir NCAs to upgrade this data
(10:19):
as soon as possible.
So we reached the 26th ofOctober with the biggest
percentage of data upgradedalready.
So I think that that's one ofthe biggest, as I said,
milestones that will come in afew weeks and hopefully this
goes well On our side.
We will also and I'm surePaula's team has received
(10:42):
already a lot of requests onthis and questions on how to
upgrade the data in case someentities have issues to do so
and, yeah, let's see what is thefinal figure, but still
percentage to be updated and onthe authority side also, we are
following up with them when theyhave any question.
(11:03):
We are sharing with them thefigures that are remaining to be
upgraded for specific entities.
So, uh, closed follow-up onthis on that front, paula.
Speaker 1 (11:13):
Um, it's, it's time to come to you.
You are now in, uh, that clienthot seat, and I'm guessing
you've had a lot of calls comingthrough about issues to do with
data quality.
After all, this is all aboutboosting the number of data
fields.
I mean we're up to.
Was it 204 now, from 170something?
So I mean that's a lot of newdata fields.
Some terms have been deprecated, others have been, you know,
(11:36):
created.
There were some problemspotentially on the horizon, uh,
weren't there to do withpositions at close and time
stamps and and all the usualkind of logistical sort of data
points?
Tell us, I mean, how has itbeen?
What's been the biggestchallenge that market
participants have encountered?
Speaker 4 (11:55):
Well, I guess that one of the biggest challenges
has been exactly to adapt to thenew validation rules for those
fields that were not to becompleted in the in the previous
let's call uh report reportingstandards.
Um, still, we, we, we receiveconcerns from clients and doubts
(12:15):
on on on how this update ofdata needs to be done.
Uh, we are close to thedeadline and that is very
worrying at the same time.
But yeah, it's mainly alsoaround the reconciliation topic.
So I guess most of the panic,let's say, is on how to adapt
(12:43):
these new fields so that theyalso reconcile at an interior
world were you expecting theissues that came up?
Speaker 1 (12:49):
were they the ones you were expecting to come up,
or were there some unusual onesin there that actually, you know
, hadn't uh been spottedbeforehand?
Speaker 2 (12:57):
yeah, I think it's interesting actually, andrew,
because, um, as we're talkingabout, I think, the, when you
look at refit, what's thepurpose of refit?
And it's all around dataquality.
So market participantsinstantly want to understand
where is their data quality,where do they stand?
Understandably so, because theyknow it's going to be the focus
of their NCAs, they know it'sgoing to be the focus of ESMA or
(13:20):
the FCA, whoever the regulatoryauthority is.
And, as Lara mentioned as wellearlier, we're still going
through a transition phase.
We're coming to the end of it,but there's still a lot of data
that needs to be upgraded to thenew standard.
There's not a lot of statisticsat the moment and we still
don't.
Every time I have a clientconversation, everyone's asking
(13:41):
where do they stand?
They're asking about the data,they're asking where are the
problem points, and we don'treally have that granularity yet
, but you're starting to seecertain things coming out, like
upi and the use of the upi and,uh, you know, are you matching
the upi?
Are counterparties using thesame upi?
And I think there's a.
There's going to be a lot ofchallenges that we're going to
see around these new data fieldsthat we just haven't really got
(14:03):
clarity on yet, but it'sstarting to come out, people are
starting to talk about it andit's starting to become the
theme of the conferences thatI'm going to so, maria, I want
to come to you here because youare very much the change
management transition specialistworking in that senior level uh
, familiar with how these eventscan transform operations.
Speaker 1 (14:25):
So I want to ask you what are the sort of lessons
that market participants learnwhen they go through a big
change like this and you knowwhat's the impact that has on
their businesses moving forwards?
And, of course, the same forRegistr.
I mean, this is a big rollout,big new systems.
What lessons have you learnedand what changes is it making
for you on your side of that?
Speaker 5 (14:47):
Wow, that's a huge question.
We could be, you know, daysdiscussing about that.
But from my other experiencesof deploying a huge platform
where everybody is involved, forme the most important thing is
the alignment of the whole teamand the communication and
transparency between thedifferent teams of Registr and
(15:12):
together with the customer.
So to be aligned in thecommunication that everybody
gets the same messages at thesame time that the customer is
fully informed of the situation.
If there's any issue, anyproblem, to be the first ones in
informing our customers andalso align the whole company
with the voice line, the answers, the ETAs or whatever needs to
(15:34):
be told to the customer.
So for me, the communicationand alignment is basic for the
success of a deployment of sucha huge platform and for
everybody to have the same viewand the same way to go through.
So yeah, that was my, that's myimpression.
I don't know if my colleagueshave the same feeling, but that
(15:54):
was, you know, the ABC of thedeployment.
Speaker 1 (15:58):
We've been working toward this for years.
There have been endless workinggroups, meetings, discussion.
We've had some fantasticspeakers on this show.
We've had some great speakersat, obviously, registry Hour
events from a wealth ofdifferent organizations
addressing various things, like,of course, anna DSB talking
about their UPI solution, and soon.
(16:19):
When it all goes live, there'sa slight sort of tendency in
your head to think well, youjust flick a switch and that's
it, it's done now.
But I'm guessing that withanything this big and this
complicated, that's something ofan oversimplification.
So, paul, I want to come to youand start with the client
services side.
What is your main focus rightnow with the rollout and the
(16:41):
transition for clients?
Is it handholding and helpthrough their issues, or do you
find that actually, you'refeeding back to the development
team about things that could beworked out or improved on your,
your side?
That's gonna, you know, headsome of these you know
challenges that clients arehaving?
Speaker 4 (16:59):
uh off at the park so the first thing I would say is
just to make sure thateverything runs smoothly.
Uh, as we usually say, it's upand running, all the systems are
working correctly and after wesucceed in that, we try to
monitor closely the activity ofmany clients reporting to the TR
(17:21):
, looking closely at therejection rates in every of the
sessions.
If something gets stuck, tryingto support as much as possible,
it's part of the day-to-day.
Speaker 1 (17:34):
Because there are quite a few big value adds that
you have to deliver.
Here I mean, for example, thenumber of reports you're issuing
on a daily basis has gone rightup.
How's the reports going?
Have they been well received?
Those are the sort of thingsthat I'm guessing are a big
change for the clients and theirdaily operations things that
I'm guessing are a big changefor, uh, the, the clients and
their sort of daily operations.
Speaker 4 (17:55):
Yeah, so first thing we, we, we check is that file
processing is going as expected,but we also make sure that the
end of processes run alsosmoothly.
So this means that clients arereally waiting for the end of
their sessions so that theycheck the, the reports that are
being generated from the TR tothese participants, so that they
can check and correct not onlythe reconciliation but also the
(18:18):
rejection rate so that they canimprove it.
So that's the main role, let'ssay, on the client service.
Then, of course, we keep trackof the emails that are coming in
, because we are not onlymonitoring Re course.
We keep track of the emailsthat are coming in because we
are not only monitoring refit.
We closely follow up on otherregulations, as you all know, to
(18:38):
reply in a timely manner.
All those, all those requeststhat are being received from
from many participants at thesupport side.
Speaker 1 (18:46):
Of course.
Yes, there are otherregulations available.
Incidentally, if you are amarket participant out there and
you're worried it's only refit,no, don't worry, there's more.
Uh, nick, I mean from your sideyou've had to mobilize, I'm
guessing, teams of people, uhthe reporting to you, to get out
there and actually uh,interface clients, uh meet
clients, sort of handhold, um,you know, introduce them to walk
(19:09):
them through some of these newfeatures, because there's some
pretty major step changes aren'tthere in the sort of
operational side I guess the keyas well for me is the world
never stands still.
Speaker 2 (19:19):
So, you know, you start with the, you refit, as
you said, there are otherregulations, um, we get over the
first hurdle, which is gettingreporting coming through, and
then we get out, we mobilize, westart talking to clients.
You then have the break withthe summer, but also, at the
same time, everyone's thenfocused on the UK.
You know, we can't discount thefact that there are the global
(19:39):
rewrites that are going on, sowe don't sit still with that.
So very much for us.
There's always this question ofwhat next.
We're helping clients getacross the line with the
immediate reporting requirements, but what we're actually doing
now which for me is the bestpart of the job, is I'm hoping
anyway that when you get aperiod of normality, that you
can actually step back and thenwe go into the next phase, which
(20:00):
is actually talking to ourclients about right, what next?
How do we improve the services?
How do we actually offer moreor better services to our
clients and add value that helpthem on that whole post-trade
reporting life cycle.
And that's very much the phasewe're entering into now, which
for me is, you know, that's themost exciting kind of part of
the job is that you can actuallysit down with people and almost
(20:23):
say, right, this is great, butblank piece of paper, what would
you like?
What do you want from us?
And I'm really excited aboutgoing into that phase.
Next, because, because I've hadenough of rewrites, I don't
want anyone to mention FinFrag,rewrites, sftr, any of this.
I don't want Lara to say thewords consultation paper.
I don't want to hear it.
I want to start thinking aboutthe client and the evolution,
(20:43):
because now we've got this greatbrand new platform that's got a
lot more flexibility in it.
We've got to startdemonstrating to our clients
what that means in terms ofvalue.
And that, for me, is the nextpart of the job.
Speaker 1 (20:54):
I mean, maria, this is absolutely one of those sort
of business imperatives thatsits right on your desk, isn't
it?
The idea that, ok, you'veactually had a huge amount of
inward investment.
You've built this massive newplatform, you're servicing
clients at a level never seenbefore, with more data than ever
before.
What are the businessopportunities?
Speaker 5 (21:18):
How does that sort of point your thinking looking
towards the future?
Well, anything that is relatedto data, data analytics, big
data, benchmarking, consultantservices, everything that can
help the customers in this hugeregulatory world.
And it's going to be, you know,our direction and this is our
intention to be, you know, theperfect partner for our
customers and even forregulators, and to give comfort
(21:41):
to our customers that ourregulators also are fully
informed and by delivering asmuch services as possible for
them to know where they are inthe trade repository world
playing, I mean gettingvalue-added services.
With all this huge amount ofdata that we have in our systems
, and now that we have a greatplatform that allows us, you
(22:02):
know, to analyze our databasesand to manage them in a very
efficient way, which is one ofthe greatest improvements of our
platform.
Now it's time to think aboutthese kind of services and offer
them to the market, and we willalso sit down with our
customers to understand theirexpectations and to ask them
what they really want.
From now on and this is ourintention to build the services,
(22:27):
but very close to our customercommunity, to make sure that
they get what they want and theyneed.
Speaker 1 (22:33):
I know that Nick's tired of rewrites and no doubt
this is something that you'rehaving to turn your attention to
, because there is an SFTR refiton the cards.
Finfrag, consultation whodoesn't love this?
I just love saying FinFrag, itsounds like so much fun.
Who doesn't love this?
(22:55):
I just love saying finfrag, itsounds like so much fun.
Um, tell me, I mean, what areyou uh focusing on now?
Do you have time really tospend too much more time on the
platform, or do you have toimmediately kick off another
long development cycle?
Uh, there internally?
Speaker 5 (23:06):
we are not in the process of finfrag for moment.
They are starting now level twoconsultation, which will be the
one that is supposed to beaffecting the TRs, and this, as
far as I'm aware, it will bestarting at the end of the year,
beginning of year 2025.
So we'll still have a littlebit more of time.
(23:28):
We have DORA first, that wehave to implement it for the
month of January.
Everybody's forgetting.
Have DORA first, that we haveto implement it for the month of
January.
Everybody's forgetting aboutDORA, but DORA is there and
needs to be implemented also,although it's not part of our
regulation, of our traderepository, but it's something
that impacts us and we have towork on that and we are ready
for it.
And then SFTR I mean I heardsome bells but no official
(23:51):
announcements for the moment andI'm sure that, to be honest, I
don't expect any regulatory bigchange during the year 2025.
That's my personal impression.
That's, you know, my personalthought.
Speaker 1 (24:04):
Okay, so good.
So a bit of a chance foreveryone to take a bit of a
break, a bit of a breather, yeah, a little bit yeah, and
consolidate, except of course,for you, laura.
No rest, I'm afraid, for thepride of Spain.
Tell us how are things going.
What does the regulatoryhorizon look like, moving
forwards now, as we come to theend of this year and the
beginning of a new one?
Speaker 3 (24:25):
No right, maria was totally right on the
expectations for next year, butactually there will be some
updates not impacting theentities, the reporting entities
.
So all smooth and just for themto focus on what has to be
updated or has to be improved onthe reporting obligations.
(24:47):
It's more on the traderepository side, we are having
some additional requirements interms of governance, in terms of
reporting to ESMA.
So ESMA, let's say it'supdating or providing some
guidance on their supervisoryexpectations, on the
(25:11):
expectations of how themanagement body on the entities
they supervise should act, andthat's one of the things that we
are looking into now.
So, although, as Maria said,there will be room for
improvement in terms of theservice, we also need to look
(25:31):
into these specific details,which are just additional
requirements that ESMA isrequesting to the entities they
supervise.
So it will be on the TRs toupdate some of these things.
Speaker 1 (25:44):
Good.
Well, you know, I think we canall breathe a collective sigh of
relief that we've got throughAmir.
We've got through refit, bothin the EU and the UK.
We've got through, uh, amir.
We've got through, uh, uh,refit, uh, both in the eu and
the uk.
We've survived through tochristmas and finally, maybe
sylvia will get to spend achristmas at home and not in her
office, with the rest of thedevelopment team moaning at the
(26:05):
rest of you who managed to slipback for a turkey or two.
Uh, that is good news coming up.
But, of course, we are backhere and there are many big
issues coming up and lots ofinteresting shows, not least to
review uh, how, uh, the data isgone.
There will, of course, be dataquality reports and updates
coming back, which we'll need tobring experts in and talk about
(26:26):
as well, plus, uh, new servicesand things that are developing
at registry r.
So there is still an awful lotfor us to talk about here on the
show, so don't go away.
However, I think we shouldcelebrate, especially having two
very special new guests here inthe studio, by having a quick
lightning quiz.
Yes, it's quiz time.
Yes, you thought we'd got awayfrom it, but no, the quiz which
(26:52):
has proven hugely popular.
Not obviously with uh, timhartley hi team, if you're
listening, it's, it's.
We miss you.
Um, do come back soon.
Uh, uh, but we have a specialquiz uh this week.
Uh, this uh show.
We've got a madrid quiz, um forour two very special guests.
So for maria sant and for PaolaLopez Ortega, we have got a
(27:17):
quick Madrid quickfire 10questions each.
You will have one minute toanswer and see how far you can
get.
Okay, who wants to go first?
Speaker 4 (27:31):
Okay, who wants to go first?
Speaker 1 (27:33):
I think Maria, no, I go.
Okay, that's very managingdirector of you as well there.
You never ask your troops to doanything you won't do yourself.
I admire that, maria, ok, whichfamous square in Madrid is
known for being a popular NewYear's Eve gathering spot?
Plaza Mayor.
I'm afraid the answer I waslooking for was Puerta del Sol,
(27:53):
ok, which Madrid park is home tothe Crystal Palace, or the
Palacio de Cristal El.
Speaker 5 (27:59):
Retiro.
Speaker 1 (28:00):
El Retiro.
That's right.
Madrid's popular La Violeta isknown for producing what kind of
candy Violet caramel.
That is correct.
What year did Madrid officiallybecome the capital of Spain?
Oh, I don't know.
It was 1561.
I'm afraid the precise answer16th century.
Yes, what is the name ofMadrid's main airport?
Speaker 5 (28:27):
Adolfo Suarez Madrid Barajas.
Speaker 1 (28:29):
That is correct.
What is the nickname forMadrid's city council building,
now located at the Palacio deChibeles?
Palacio Correos?
No, it is El Palacio deComunicaciones.
Speaker 5 (28:41):
Yes, it's Correos, right?
Laura is supporting me.
Look at her, okay fine fineChat GPT.
Speaker 1 (28:48):
You're killing me.
You're killing me here, Okaygood.
Okay, well, listen.
Thank you, that was a good run.
Thank you, that was acontroversial.
Speaker 2 (28:57):
Can I just say, andrew, if you want me to
adjudicate, maria's my boss.
So everything she said I agreedwith.
Speaker 1 (29:07):
I just want to make that very very clear.
Speaker 5 (29:08):
Okay, no, I I'm also fully in agreement with that.
Speaker 1 (29:09):
Not necessarily, nick so there's a there's, there's a
tough score to beat, um youknow, and possible, possible
redundancy as well, coming yourway here, paula.
So be ready uh I'm ready.
Speaker 4 (29:21):
but just one note I live like 70 kilometers away
from Madrid city and I, I thinkI go just once a year.
Speaker 2 (29:28):
The disclaimer is coming in.
I think Paola's my, I don'tknow.
Paola's a native of Madrid.
Come on, maria's not even fromMadrid.
I can't believe the excuse hascome in.
Speaker 4 (29:39):
That's not true at all.
I live where the, the, the.
The ski station is in Madrid,just imagine Wow.
The ski station is in Madrid,just imagine Wow.
But okay, let's go for the 10questions.
Speaker 1 (29:50):
Okay, let's go for it .
Okay, so now, bearing in minddisclaimer, these were written
by AI and I've never actuallybeen to Madrid, although I will
be there later this year, on the26th of November, for the
Registrar Client event.
Do stay tuned for our specialshows from Spain coming up.
Okay, your time time, paula,starts now.
Which famous madrid statuedepicts a bear reaching for a
(30:13):
tree?
Yes, okay, uh.
What's the name of the maintrain station in madrid known
for its tropical garden?
Okay, which famous madridmuseum houses?
Museum houses Picasso'sGuernica.
Speaker 4 (30:31):
Museo del Prado.
Speaker 1 (30:33):
No, it was the Museo Reina Sofia, which Madrid team's
nickname is Los Colchoneros.
Speaker 4 (30:39):
Los Colchoneros Atlético de Madrid.
Speaker 1 (30:41):
Correct.
Yes, what is the name ofMadrid's opera house located
near the Royal Palace?
Speaker 4 (30:49):
I don't know.
Speaker 1 (30:50):
The Teatro Real, which Madrid street is famous
for its luxury shopping andhigh-end boutiques.
Speaker 4 (30:57):
That could be the Encerano.
Speaker 1 (30:58):
Yes, it is Encerano.
Well done, you know where, weknow where you do your shopping.
Now what is the name of themountain range located near
Madrid?
Speaker 4 (31:08):
The mountain range.
Speaker 1 (31:09):
Yes, where you go skiing, I'm guessing.
Speaker 4 (31:12):
Sierra de Guadarrama.
Speaker 1 (31:13):
That's correct.
Speaker 4 (31:16):
Okay, good, well, that's the sound, that is the
sound of the score.
Speaker 1 (31:20):
I'm going to declare that a draw because, frankly, my
accent is terrible and the AIlet us down, and so I think you
both deserve a huge Regisiorround of applause.
Fantastic work, fantastic bothof you.
Speaker 3 (31:38):
There was no question about food.
We have an amazing a lot oftypical food in Madrid, so next
time we should do a quick ontraditional.
Speaker 1 (31:51):
Well, in that case, just for you, laura, I was going
to say, during the San IsidroFestival, what is the typical
Madrid dessert that locals enjoyArrozquillas.
Yes, very good, there you go.
So, all right, you can do itnext time.
You're on it, for next You'reon the next one.
Good, well, listen, thank you.
I guess all that remains that isus coming to the end of the
(32:11):
show now.
So it must be time for us tothank our special guests,
appearing in no particular order, but starting with the new,
nicest and most efficient personin the organization, the new
head of client services, someonewho will be back on the show, I
have no doubt, next month.
It is Paola López-Otega.
Paola, thank you, thank youvery much, andrew, thank you,
(32:34):
paola.
And, of course, with Paola aswell, a huge thank you to the
managing director of Registry,maria Santos, who has joined us
again to bring some much neededcorrection to our abysmal
artificial intelligence here inthe studio for the production
team and also to give us someideas about the strategic
direction moving forward as wemove into Q4 and 2025.
(32:59):
Maria, thank you.
Speaker 5 (33:01):
Thank you, thank you to you for such a wonderful
moment.
Thank you.
Speaker 1 (33:05):
Thank you.
That's good, and, of course, noshow would be complete without
the woman who has a finger onthe pulse of the regulators, and
they are alive as well.
That is, of course, the prideof Spain herself.
Head of Institutional Relations, laura Rodriguez.
Speaker 3 (33:22):
Thank you, Andrew.
Hope to see you soon in thenext one Hope to have you back,
laura.
Speaker 1 (33:27):
And yes, of course that means also a huge thank you
to the head of businessdevelopment.
When we normalize the data, heis, without any question, the
most regular co-host.
We've had the man who,statistically speaking, is most
likely to be fronting theRegistrar roundup with me, the
head of business development, mrNicholas Bruce.
Speaker 2 (33:44):
Thank you, andrew.
Thank you to everyone who'slistening.
I'm really looking forwardbecause actually I've got Maria,
laura and Paula are all inLondon this week, so I'm going
to be seeing them in person,which will be great, and I think
on the way back I'm going toarrange for Madrid Airport a
guided tour of Madrid for Paula,just so she gets to understand
Madrid and she'll get to know afew places.
Speaker 1 (34:07):
That's good.
And, of course, talking,talking of madrid, uh, I will be
joining uh the rest of mycolleagues here at uh the uh
madrid exchange, uh for theregister, our client event on
the 26th of november.
We'll be recording shows withmarket participants and with
other members of the team and alive show where we will grab
(34:28):
feedback and insights from theaudience at the event as well.
So there's a lot of excitingstuff coming your way, possibly
even some video clips.
So it's time for Nick andmyself to dye the white out of
our beards and don't forget tojoin us on our LinkedIn page
that is linkedincom slashcompany, slash Regis hy, regist
hyphen, to where you can findout all about this show, our
guests, uh network with thepeople who appeared here with us
(34:50):
and, of course, more about ourclient events and the busy
things we're getting up to uhhere at the six group.
and in the meantime, for me,andrew keith walker and everyone
else, bye, thank you.
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