July 10, 2025 • 36 mins
This month, we have T+1 expert Jesús Sánchez with the latest updates and advice for market participants to prepare for the January 2027 testing deadline. Jesús is Iberclear's Head of Domestic Settlement, a member and chair of various ECSDA committees and CSD industry working groups focused on settlement discipline and T+1. Along with regular hosts Laura Rodríguez and Andrew Keith Walker, this episode is a masterclass on getting ready for T+1. It's possibly an even bigger challenge than EMIR Refit... are you ready?
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Andrew Keith Walker (00:19):
Thank you made to the accuracy or
completeness of information inthis podcast, and nor should it
be taken as any legal, tax orother professional advice, but
take it as 35 minutes of expertinsight and industry leader
comment as we go behind thescenes and under the hood of the
world of regtech, regulatoryreporting and trade repositories
.
Welcome to the Registry RRoundup.
(00:40):
Welcome back to this season 11of the Registry RR Roundup.
Yes, we are going strong.
Episode 140.
Yes, 140 episodes.
And we have got an absolutedoozy for you today, because
everyone's talking about T plusone.
But do you really know whatthat is going to mean for your
(01:02):
business?
Now, fortunately, today we cananswer that question because we
have a bona fide T plus oneexpert here with us.
He's on the EU T plus oneindustry committee.
He is also the was the chair ofmarket settlement efficiency
committee for T2S.
He's the chair of thesettlement working group for
Exeter.
He joined BME in 2006.
He's been 19 years there.
(01:24):
Before that, of course, he had10 years at Citibank, where he
headed up equities and fixedincome in the custody team.
There he is head of domesticsettlement services for
Iberclear, the Spanish CSD.
It's none other than, of course, Jesus Sanchez.
Jesus, welcome.
Jesús Sánchez (01:39):
Welcome.
Thank you very much for thesemagnificent words, but, honestly
speaking, it seems that I'mvery old.
Andrew Keith Walker (01:45):
well, you don't look old.
I think that's the importantthing, jesus.
I mean, you know, compared to,uh, my regular co-host, mr john
kern, mr nick bruce, uh, hi,fellas, if you're listening,
trust me, you look positivelyyouthful.
Okay, and talking of youthful,uh, that leads us on to our
second guest back in the virtualstudio.
After traveling the corridorsof power all over the EU 27 and
(02:08):
beyond, it is, of course, thepride of Spain herself and the
head of our institutionalrelations team.
It's Laura Rodriguez.
Laura Rodriguez (02:15):
Thank you very much, Andrew.
How are you?
Andrew Keith Walker (02:18):
I'm good.
I'm good and I'm going to sayhow are you?
I'm going to say how are you?
Because you've just come off acall just yesterday about
changes to streamliningregulatory regimes across Europe
.
I know you can't say too much,but this is huge news,
especially for a show that'sfocused solely on regulatory
(02:39):
reporting in Europe.
This is probably the best newsI could have as a journalist in
the space.
I mean, what about yourself?
Was it good news?
Laura Rodriguez (02:47):
for you?
Yeah, most probably.
I mean, we were all eager toreceive something like this and
to keep working on the changesthat will come.
So, yeah, let's discuss aboutthis, about T plus one with
Jesus and everything that willcome.
So, yeah, let's go deeper intothis everything that will come.
Andrew Keith Walker (03:09):
So, uh, yeah, let's go deeper into this,
okay.
So, jesus, as we've toldeverybody, we're jumping in with
to the deep end with a t plusone special.
Okay, um, and this is a areally big year, isn't it?
For market infrastructure inthe eu, because now we got the
ecms system.
Uh is live, uh, the um eurosystem, collateral management
system too many systems in thatacronym.
I'm going to say as I'm, ifyou're listening.
(03:29):
Um, uh, of course we've gottips, t2, t2s.
We've seen a massive boom intokenization, digital issuance.
It just feels like everythingis going plumbing wise right now
and going mad to make t plusone.
When it comes into effect inOctober 2027, it's going to make
T plus one nice and easy, withno problems.
Okay, now I've set that up.
(03:51):
I need you to knock it down.
So tell us, set the big picture.
How big is this challenge forCSDs, for NCBs, market
participants and as well youknow how are they going to adapt
to this?
As well as the full suite ofMIFIR, csdr, a mere 3.0, as
we're calling it now.
(04:11):
Well, past refit the rest of it.
This is a huge year of changefor market infrastructures.
Tell us what's the big picture.
Jesús Sánchez (04:22):
Yes indeed, yes indeed.
(04:46):
The question is that we have togo a little bit in the past,
because we have been a lot ofchanges that at the end came
from the consolidation of T2 andT2S the major one of them is
the payment system and the otherthe security settlement
platform and afterwards ECMScame into the court also, and it
was just a few weeks ago, inApril.
(05:09):
So it's fantastic.
And now we have everybody sorry, ecms in June.
It's fantastic that we have noweverybody playing in the same
room.
Obviously, huge effort in manyareas cost, human resources,
management of portfolio, becauseat the end we have to continue
(05:30):
our life, because these FMI'sand other stakeholders have to
live with it.
At the same time, in parallel,because we have customers, we
have different things that wehave to take on board and now,
without any break, to breathe Tplus one, as we have now in the
(05:51):
OE zone.
So we have been working at MUNSfrom November, with the
publication of ESMA report, whenit was clear that the mandate
to implement T plus one inOctober 2027 is a critical path,
and now, in a little bit morethan six months, we have
(06:13):
published the final report fromthe industry committee with the
recommendations that everybodyhas to take on board in order to
be ready for that time, becausewhat is clear is that this date
, october 20, 2007, is writtenin stone as far as we receive
from the regulators, so wecannot do any long break.
(06:36):
Just a couple of minutes tobreathe after this EMS
implementation and now ready togo again.
Andrew Keith Walker (06:43):
Okay, and just something you touched on
there now.
You worked in custody for 10years.
You were involved in fixedincome and uh securities.
You know repos booming, there'smore clearing going on, there's
more tri-party collateralmanagement.
The securities uh industry isdoing well, the repo industry is
doing well and they are busy.
(07:03):
So you know something aboutwhat it's like to be running a
busy department and to then haveto really focus on your
settlement discipline.
And that was back in the dayswhen T2S was coming in.
This really is going to be amajor disruption for market
participants, isn't it?
Jesús Sánchez (07:19):
Yes, indeed, the question is that many things
have been discussed about howAmericans have implemented T
plus one, but we do not have toforget what you have mentioned.
Here in the EU, we have a lotof stuff coming into the plate
and with the penalties redeemed,which means that if you have
failed, you have to pay for that, and in the States, no.
(07:40):
So it's important, it's veryrelevant, because the
participants are quite or haveconcerns about how this would
impact in their implementation,because we do not have any kind
of second life, because we haveto do it well from the very,
very beginning and, as youmentioned, a lot of new stuff,
(08:03):
new traits, new products comingin, because, as I mentioned
before, life is not a stop untilwe implement T plus one.
Andrew Keith Walker (08:13):
Life runs and we have to do it at the same
time and I want to bring Laurain here While we're doing the
big picture part of the story,there is an even bigger backdrop
, isn't there?
To the T plus one story.
It's like a story within astory.
It's like a sort of nest ofMatryoshka dolls here, because
(08:33):
what we're really talking about,t plus one, is one of those
many stages that we need to gothrough to facilitate the
Savings and Investments Unionplan for the EU.
The Savings and InvestmentsUnion plan for the EU, now I
should explain it was theCapital Markets Union for the
previous two Europeancommissions and they never quite
managed to move that planforwards.
(08:53):
It's now the Savings andInvestments Union.
It was the subject of Ursulavon der Leyen at Davos this year
and it is all about loweringthe cost of capital in the EU so
that companies, when they float, they don't always think I'm
going to IPO in America, becausethe cost of capital is lower
and there's one big domesticmarket and that's where all the
other cool kids do it.
(09:14):
We want the cool kids to IPO inEurope.
So tell us a bit more aboutthat.
We've got Tplusone.
We've just had the ECMS.
Go live the EurosystemCollateral Management System.
How are plans evolving aroundthe SIU?
You've been involved, haven'tyou, in consultations and papers
and all kinds of things, sogive us the big picture update.
Laura Rodriguez (09:36):
Yeah, absolutely, andrew, and thanks
for the question.
I think you are spot on.
As you say, T plus one, ecmsand all the ongoing work on
post-trade harmonization arepart of a much broader agenda.
So we are not just talkingabout shortening settlement
cycles or modernizing centralbank systems.
(09:57):
These are all pieces of apuzzle in the EU's long-running
ambition to create a deeper anda more competitive capital
market.
As you said, it all startedunder the Capital Market Union
and now it's rebranded as theSaving and Investment Unions.
We can see what other names wewill receive in the future.
(10:19):
But, joke aside, it is clear inthis consultation that there are
at least three key pillarsbehind all this.
So the first there is a needfor more harmonization across
the euro system in general.
Right now, several post-tradeprocesses are different between
(10:39):
national central banks, as wehave just discussed, and that
creates fragmentation andinefficiencies, especially for
cross-border activities andprojects like ECMS and the
broader target servicesconsolidation aims to fix this
aspect and to create one solidand interoperable market
(11:01):
infrastructure that is trulyEuropean.
So that will be one of the bigpoints of this agenda.
The second we need to betterimprove fiscal and regulatory
alignment.
The consultation shows a strongfeedback around tax barriers
(11:22):
and diverging national rules.
This is like the elephant inthe room.
These things make it harder andmore expensive to operate
across borders, so tackling themis essentially if we want to
unlock the EU-wide investment ona scale that's especially key
for small and medium entitiesand retail investors, but also
(11:44):
for us for the marketinfrastructure, as many of them
have direct supervision at anational level and, in my
opinion, moving towards acentralized supervision is a
huge challenge.
This industry, as we all know,is overregulated and this change
will imply even more cost and abig burden at first, but it
(12:07):
seems that this is what theEuropean Commission and the
European authorities considerkey towards future harmonization
and simplification.
And third, this is all aboutglobal competitiveness.
And third, this is all aboutglobal competitiveness.
Europe wants to position itselfas a serious alternative to the
(12:30):
EU's capital market, and weneed to do so.
We need to be there, but to dothat we need efficiency and
simplicity on the regulationsthat we currently have, and
that's why issues likepost-trade efficiency have, and
that's why issues likepost-trade efficiency, the
(12:51):
adoption of GLT and a smarterreporting framework are gaining
traction in this consultation.
So, yeah, I think overall, thisis the big picture of the
Sabine and Investment Union.
Several respondents to theEuropean Commission consultation
have a clear common message,which is simplify the rules,
(13:12):
reduce duplication andstreamline the supervision, and
there is also a strong supportfor strengthening SM smash role.
But most other respondents alsoprefer a coordination over a
full centralization.
(13:33):
So let's see what's the finaldecision of the commission.
Andrew Keith Walker (13:40):
OK, so we know that the Savings and
Investments Union, or theCapital Markets Union as it was
called, was on the agenda forabout two EU commissions and
never got off the groundcompletely.
Now the wheels really areturning, and of course that
means T plus one.
If we're going to reduce thecost of raising capital,
increase the velocity of capitalmoving around the euro system,
(14:02):
then we've got to settle in thesame way that the americans do.
I mean, tell us this is amassive job.
Does the regulator know it'sgoing to mean christmas in the
office for the next couple ofyears?
Laura Rodriguez (14:15):
I hope no, but uh, no, really, I think it's
very clear with this topic, witht plus one, they really want to
commit with this agenda andjesus is the more most
convenient person here todiscuss the reality of this and
I'm sure he will give us moreinsight on the broader response
he has been involved in in this.
(14:36):
Um, but, um, yeah, in general,the topic is what is now on the
table.
As I said, we need to followthe agenda and most probably
this is already a reality,knowing all the challenges that
we already have, and ESMA iscontinuing with this path of
(15:01):
simplification, efficiency, etc.
For example, I just want tocomment very quickly they have
recently launched a call forevidence on simplification of
financial transaction reportingacross EMIR, mifir and SFTR, and
this is kind of a practicalstep after the commission
(15:21):
consultation and at the end,this is all related.
That I said at the beginning,this is a picture I mean little
pieces of a big puzzle that isthis moving towards this
competitiveness.
So, yeah, let's discuss alsoabout this call for evidence in
(15:42):
next episodes, because therewill be a lot of things to
tackle here.
Andrew Keith Walker (15:48):
Hey Zeus, I want you to take us through the
settlement discipline sort ofaspects of this, because this
really does speak to a majorshift in the way the
instructions get sent and youknow trades are settled.
I mean, iberclear, of course,is at the heart of this in some
respects.
Like all CSDs, you've had tocollect the first penalties
under CSDR for fails and you'realso an expert on settlement
(16:13):
timings.
And when we talk about T plustwo we think, oh, that's T plus
two days, but actually it's not,is it?
It can be less than thatbecause of the life cycle of a
trade and settlement.
And in T plus one it soundslike T plus one day but it's not
.
That is it.
It could actually be quite alot less, same as T2S can be,
you know, or T plus two can be.
(16:36):
Ok, jesus, let's talk a littlebit about the settlement
discipline side of this, becauseyou're at Iberclear.
Iberclear has collected some ofthe first fails penalties under
CSDR and CSDs now areresponsible for enforcing better
discipline.
And there's a bit of complexitywith T plus one, isn't there?
Because when people think of Tplus two they think it's T plus
(16:59):
two days, but actually it can beless than that and in the same
way way, when we talk about tplus one, it sounds like t plus
one day, but it could be lessthan that now.
Now, less than one day doesn'tseem like very much.
So, if you're listening about,how do I need to change my
systems?
The answer is going to be well,you need to be able to settle a
trade in less than a day.
Give us some idea of howcomplex that actually could be.
Jesús Sánchez (17:22):
Yes, it's a very good question because, honestly,
the main impact is on timings,and different timings and we
have to start from the verybeginning is what you have said
Today.
From the moment that someonedoes a trade, they have at least
almost two days in order tosend instructions to be settled.
(17:44):
But in the coming T plus one.
Or when I say two days in orderto send instructions to be
settled, but in the coming Tplus one, when I say two days,
it's one full day and the restof the day from the moment of
the trade has been done to theend of that day.
But in the coming situation Tplus one, once you do the trade,
you have to send instructionbefore eight o'clock, the same
(18:04):
trade date, the same date.
So usually the trading venuesclose, most of them at 6 o'clock
pm, so you have only two hours.
We will have only two hours todo many things because at the
end, trading is one layer butcleaning is one additional layer
and it's very important interms of risk, in terms of even
(18:27):
reduction of cost, because theyneed a lot of instructions.
So all of this process has tobe run quickly, they have to be
very efficient, they have to bevery automated, because
obviously manual here will be adeath.
So definitely many things hasto be fine-tuned to the extreme.
(18:47):
Colloquially speaking we cansay that.
So everybody has to be ready tolose and to be very fit,
fine-tuned, automated and readyto be absolutely quick in order
to be effective.
An additional question ESMA,when they mandate in November
(19:12):
last year that we have toimplement T plus one, they
didn't say that, only they sayin the same statement, so it's
the same mandate In the samestatement.
So it's the same mandate ismarket has to implement T plus
one in October 2027, maintainingthe settlement efficiency rates
(19:34):
that they have before theOctober 2027.
So that means that there willnot be excuses for being less
efficient.
You have to be even more or atthe minimum maintain those rates
.
Of course, for a very, veryshort and interim period of time
, esma could accept and theyhave mentioned informally that
(19:57):
for a very short time they couldhave said OK, there will be
some implementation oradaptation timing, but very
short, even not for Christmas.
If we implement in October, forChristmas we have to be very,
very efficient back to theprevious rates or even better.
Andrew Keith Walker (20:15):
You are an expert, obviously, on settlement
discipline.
You're at the heart of thatwhole CSD community.
You're also on a number ofindustry working groups,
steering committees.
I interviewed Mark Jem fromExxon a while back and he was
saying that the plumbing side ofthings is great.
There's a lot of other issuesthat market participants and
regulatory authorities have tosolve to sort of get out of
(20:38):
their own way, to make this asmooth implementation.
Now, on that front, we've doneshows about SFTR, we've done
shows about EMEA refit, we'vedone shows about MIFIA, and not
just that, obviously, but CSDRand all the various different
regimes that have happened to usover the last five years.
(20:58):
It seems a lot, and the numberone question is timelines
testing being ready?
So tell us timelines.
What should market participantsbe doing right now?
Jesús Sánchez (21:09):
No, it's a very good question because although
we see that we have a long timein front of us, it's very short.
It's going to be very short, sowe have to be ready from now,
and in BME and also in CXS inSwitzerland, we have been taking
this very seriously because inboth countries we are leading
the national task forceresponsible for the coordination
(21:32):
of the implementation of T plusone.
It's very important that weconsider this not as an
individual responsibility ofevery institution, but a
community one, because at theend, if the community is not
ready, if only one or twoinstitutions are ready, at the
end as community we will failDefinitely.
(21:53):
We have to do it together.
So we are quite involved insupporting all our stakeholders
on their internal assessments.
Now is the moment for internalassessments because we have now
the papers from the industrycommittee, the final report.
We have also many works donealready in the different
(22:18):
national communities.
I can tell you that in Spain wehave had already three task
force that now we are closingthem because we have finalized
our internal work.
And now is the moment for justdigging in more detail about the
internal assessment that everyinstitution has to do in order
to check what they have toimplement internally and not
(22:39):
only thinking in their queue andisolated system, but also with
their customers, because at theend, the custody chain could be
long and everybody has to beready.
We have only almost 18 monthsto be testing, because now we
are in the middle of 2025 and bybeginning 2027, we have to be
(23:03):
doing the testing.
So we are focusing on thoseareas that they have to be the
participant has to takeseriously and assess in detail,
and especially that they realizeif they have potentially areas
(23:23):
that T plus one could impactthem negatively in a later phase
.
Even so, because it's the momentnow to be sure that when we
start a technical, functionaland operational implementation,
we will not find any hiddenshowstopper, now is the moment
(23:45):
to be sure that at least we canlist the issues and we can face
them one by one.
Key question, in case thatparticipants and the
relationship with otherparticipants find something, is
the moment that they immediatelyraise the hand and we have to
discuss.
(24:05):
We have to take it as communityand work together and, for sure
, january 2027 is a very cleardeadline.
We cannot lose the trainbecause T plus one has to be
tested.
As easy to understand ascommunity, you cannot test in
(24:26):
isolated ways.
So in case that someone losesthe momentum, they will have a
lot of problems.
So it's the moment to be surethat nobody loses this.
Andrew Keith Walker (24:37):
And I mean on that front, what about
perennially, whenever we talkedabout new regimes coming in,
someone raises the issue oftimestamps, about doing trades
with markets in different timezones.
So if you're trading with anAsian bloc, trading with US
Mexico calendar, you're tradingacross to the Middle East and
(25:00):
Near East, the Middle East andthe Near East, then you have
changes, obviously in time zonesthat always create timestamp
issues or identifier issues orvarious sort of technical
nitty-gritty that people alwaysassume is just going to get
solved at the last minute.
What do you think about that?
I mean, presumably, on theworking groups, you're already
talking about ways to deal withtime zone issues and positions
(25:23):
and that sort of stuff.
Jesús Sánchez (25:25):
Yeah, this is one of the critical points, because
now you don't have one day inbetween to do this.
Everything fixing, everythinggets fixed of the different
institutions how they handle, isthe human resources, because in
some specific elements,probably when the institutions
(25:55):
work in different markets with avery different time zone, for
sure they have to think abouttools like artificial
intelligence and other tools inorder to anticipate as much as
possible to the potentialbottlenecks.
But it's fair to say that itwill depend also about the
(26:20):
structure of those institutions,because if they have different
branches in different time zones, probably they can manage in
different way than the othersthat they have concentrated in
one country or in one place.
So it's something that for surecannot be lost in the
(26:41):
discussions.
It's a very important elementthat has to be addressed.
Andrew Keith Walker (26:46):
But it's good news, isn't it at Iberclé,
because your whizzy high-technew state-of-the-art system went
live in I think was it March,april, it was earlier in the
year.
Anyway, it's been live for awhile.
It is a state-of-the-artsettlement system which is
absolutely geared up for T plusone.
Tell us a bit more about that.
Let's hear about the good newsat Iberclé.
Jesús Sánchez (27:07):
No, in fact, exactly.
It's a very important projectin our life because it was a
regulatory one with very toughdeadlines and, unfortunately,
sometimes we have to reprogramthis project due to delays in
ECMS especially.
So, finally, we did it thisyear in March, and quite
(27:27):
successfully, because I can tellyou that the transition was
very smooth, even better thanexpected, and last week we were
checking the evolution of thevolumes, the evolution of the
efficiency, and I can tell youthat you can believe on me or
not, but I can tell you that allof them are positively moved.
(27:50):
So definitely we have very goodnews about the implementation
of reform.
So we can feel quite proud ofthat, not as BME, but also as
CyberClear, but also as aSpanish community, because at
the end, this is engagement ofeverybody and we can tell you
and we can say that itdefinitely has been in success,
(28:12):
a story of success okay, good,good.
Andrew Keith Walker (28:15):
so it's good that we uh, uh, coming to,
uh, the end of the show here ona high note.
Uh, if you're sitting thereworried about what t plus one is
going to mean, you know what Ithink this time I think, with
all the experience people havehad, that you're going to be
ready in time.
Don Don't worry, just relax.
But of course, that is memaking a prediction, and you
know we love our crystal ballquestions here on the show.
(28:37):
Obviously, jesus, as our firstguest, you may not have done the
famous Registriar crystal ballbefore.
So, lara, you're an old hand,you can show us how it's done.
What are your T plus onepredictions?
We're running through Testing.
Starts is meant to startJanuary 2027.
Implementation October 2027, aswe've discussed in the show.
(28:59):
How do you say Christmas in theoffice in Spanish?
Laura Rodriguez (29:03):
We should invent a specific word for that.
That's right.
That's a difficult prediction.
For sure, I think theinvolvement of central banks is
going to be key.
They need to get all theleadership on this to ensure
(29:25):
that this is done properly.
It's an under-benefit and Ithink they will be the major
ones involved in the finaltesting and in the
clarifications at the end of allthe small things that could be
pending, but definitely it willfollow the agenda that is there,
(29:50):
so I think we're going to makeit.
I think it's time Now.
The discussions are there, butthe readiness is going to come
by the deadline, I'm sure.
Andrew Keith Walker (30:04):
Okay.
So, jesus, it's crystal balltime and this is your first
crystal ball question, so youknow I'll make it a gentle one,
which is, given your experienceworking in the industry, being
an expert on settlementdiscipline, being right at the
cutting edge of new regulationscoming in the implementation of
new tech, you are probably thebest person to answer this.
And, of course, you are head ofsettlement committee at Exeter
(30:28):
as well, and you're on the Tplus one committee.
What are your predictions atthis early stage of the T plus
one implementation?
Will ESMA get it right in theirresponse to the industry survey
the consultation paper, that'sthis you know, obviously, that
they're looking at right now andwill market participants be
(30:48):
ready in time for january 27 tostart their testing?
Jesús Sánchez (30:54):
I really appreciate this moment because
everybody loves to have a kindof crystal ball moment without
any responsibility of what youare saying.
So fantastic to be to take thisand today, of course uh, of
course it's of a disclosureabout my conclusion.
Let's see what happens, butwhat I can feel now is that it
(31:17):
will depend how important orwhat level of importance the
different institutions give tothis, and I hope that they have
been taken very seriously tothis, and I hope that they have
been taken very seriously.
At this stage, at this moment,I can tell you that my feeling
is that everybody is taken veryseriously.
So this is a good sign-off, ora good prerequisite, if you want
(31:40):
to say it this way.
But in any case, I foresee a lotof work to be done.
I foresee a lot of work to bedone.
Hopefully we cannot leave forthe end of the time, so allowing
us to have a more not relaxed,but more order implementation
(32:04):
project.
But in any case, for me it's achallenge, clearly a challenge,
and potentially someinstitutions could suffer a
little bit because it's a cost.
It's a challenge also formanagement and for sure,
(32:26):
depending on the clients, itcould be the same institutions
the certain beneficency could beimpacted in higher level than
others.
Those have to be starting thediscussions with the clients
soonest, as soon as possible Itend to be very aggressive and
(32:51):
saying that they have to do evennow, before the holiday season,
so it's a moment of work andcontact the clients in order to
anticipate the potentialshowstopper, the potential risks
, and to be ready for that andto be ready for that In any case
, as you request me.
(33:12):
Just to give you a kind ofanticipation, although it's a
finger in the air.
I think that, as average inSpain, we will not have special
issues, but potentially someinstitutions could be a bit less
optimistic.
But let's do it.
Let's do it together and, as Imentioned before, iberclia is
(33:35):
trying to coordinate thenational task force in order to
support every institution and beready as a group.
So let's do it that way,hopefully.
Andrew Keith Walker (33:45):
Okay, that is great.
Thank you, you heard it herefirst on the show.
It's the summer of T plus one.
Everybody no-transcript andhopefully the motivational
(34:16):
speech that our listeners aregoing to need to get moving on
this.
So all that remains is for usto give a huge virtual studio.
Thank you to the head ofdomestic settlement services at
Iberclear, also the chair of thesettlementettlement Working
Group at Exeter and on the TPlus One Industry Committee as
well, none other than JesusSanchez.
Jesus, thank you very much.
(34:36):
Thank you very much to you.
Jesús Sánchez (34:38):
I'm open to be here or to discuss later.
Thank you.
Andrew Keith Walker (34:43):
Fantastic and as well, obviously, a huge
thank you to the pride of Spainherself, the head of
institutional relations, who isthe one who has to translate all
of this between the regulatoryauthorities in their lofty
marble halls and the hardworkingfinancial institutions in the
(35:03):
air conditioned offices aroundthe world.
The pride of Spain, lauraRodriguez.
Laura, thank you very much.
Laura Rodriguez (35:09):
Thank you, andrew, thank you to all the
listeners and especially thankyou to Jesus.
This was a great discussion, alot of insights on T plus one,
yeah, and thanks a lot.
Have a great summer if we don'tspeak before.
Andrew Keith Walker (35:24):
So I'm afraid that's all we've got time
for.
We have to go.
It's a huge thank you toeveryone for making this happen
Our friends at Iberclear,everyone at BME and, of course,
at the Six Group, and a hugethank you from me, andrew Keith
Walker and our producer, manuelMoreno-Garcia.
We will see you on the nextshow and don't forget to join us
on our LinkedIn page that islinkedin slash company, slash
(35:46):
Regis, hyphen TR, where you cannetwork with Jesus and everyone
who's been a guest on the showso far, and you can even connect
with myself.
But if you want to come on theshow, connect with Manuel Manuel
Moreno-Garcero, our producer,would be delighted to talk to
you about that.
And in the meantime, fromeverybody here, have a good
month, have a safe month.
We'll see you soon.
Bye-bye.
Thank you made to the accuracy or
completeness of information inthis podcast, and nor should it
be taken as any legal, tax orother professional advice, but
take it as 35 minutes of expertinsight and industry leader
comment as we go behind thescenes and under the hood of the
world of regtech, regulatoryreporting and trade repositories
.
Welcome to the Registry RRoundup.
(00:40):
Welcome back to this season 11of the Registry RR Roundup.
Yes, we are going strong.
Episode 140.
Yes, 140 episodes.
And we have got an absolutedoozy for you today, because
everyone's talking about T plusone.
But do you really know whatthat is going to mean for your
(01:02):
business?
Now, fortunately, today we cananswer that question because we
have a bona fide T plus oneexpert here with us.
He's on the EU T plus oneindustry committee.
He is also the was the chair ofmarket settlement efficiency
committee for T2S.
He's the chair of thesettlement working group for
Exeter.
He joined BME in 2006.
He's been 19 years there.
(01:24):
Before that, of course, he had10 years at Citibank, where he
headed up equities and fixedincome in the custody team.
There he is head of domesticsettlement services for
Iberclear, the Spanish CSD.
It's none other than, of course, Jesus Sanchez.
Jesus, welcome.
Jesús Sánchez (01:39):
Welcome.
Thank you very much for thesemagnificent words, but, honestly
speaking, it seems that I'mvery old.
Andrew Keith Walker (01:45):
well, you don't look old.
I think that's the importantthing, jesus.
I mean, you know, compared to,uh, my regular co-host, mr john
kern, mr nick bruce, uh, hi,fellas, if you're listening,
trust me, you look positivelyyouthful.
Okay, and talking of youthful,uh, that leads us on to our
second guest back in the virtualstudio.
After traveling the corridorsof power all over the EU 27 and
(02:08):
beyond, it is, of course, thepride of Spain herself and the
head of our institutionalrelations team.
It's Laura Rodriguez.
Laura Rodriguez (02:15):
Thank you very much, Andrew.
How are you?
Andrew Keith Walker (02:18):
I'm good.
I'm good and I'm going to sayhow are you?
I'm going to say how are you?
Because you've just come off acall just yesterday about
changes to streamliningregulatory regimes across Europe
.
I know you can't say too much,but this is huge news,
especially for a show that'sfocused solely on regulatory
(02:39):
reporting in Europe.
This is probably the best newsI could have as a journalist in
the space.
I mean, what about yourself?
Was it good news?
Laura Rodriguez (02:47):
for you?
Yeah, most probably.
I mean, we were all eager toreceive something like this and
to keep working on the changesthat will come.
So, yeah, let's discuss aboutthis, about T plus one with
Jesus and everything that willcome.
So, yeah, let's go deeper intothis everything that will come.
Andrew Keith Walker (03:09):
So, uh, yeah, let's go deeper into this,
okay.
So, jesus, as we've toldeverybody, we're jumping in with
to the deep end with a t plusone special.
Okay, um, and this is a areally big year, isn't it?
For market infrastructure inthe eu, because now we got the
ecms system.
Uh is live, uh, the um eurosystem, collateral management
system too many systems in thatacronym.
I'm going to say as I'm, ifyou're listening.
(03:29):
Um, uh, of course we've gottips, t2, t2s.
We've seen a massive boom intokenization, digital issuance.
It just feels like everythingis going plumbing wise right now
and going mad to make t plusone.
When it comes into effect inOctober 2027, it's going to make
T plus one nice and easy, withno problems.
Okay, now I've set that up.
(03:51):
I need you to knock it down.
So tell us, set the big picture.
How big is this challenge forCSDs, for NCBs, market
participants and as well youknow how are they going to adapt
to this?
As well as the full suite ofMIFIR, csdr, a mere 3.0, as
we're calling it now.
(04:11):
Well, past refit the rest of it.
This is a huge year of changefor market infrastructures.
Tell us what's the big picture.
Jesús Sánchez (04:22):
Yes indeed, yes indeed.
(04:46):
The question is that we have togo a little bit in the past,
because we have been a lot ofchanges that at the end came
from the consolidation of T2 andT2S the major one of them is
the payment system and the otherthe security settlement
platform and afterwards ECMScame into the court also, and it
was just a few weeks ago, inApril.
(05:09):
So it's fantastic.
And now we have everybody sorry, ecms in June.
It's fantastic that we have noweverybody playing in the same
room.
Obviously, huge effort in manyareas cost, human resources,
management of portfolio, becauseat the end we have to continue
(05:30):
our life, because these FMI'sand other stakeholders have to
live with it.
At the same time, in parallel,because we have customers, we
have different things that wehave to take on board and now,
without any break, to breathe Tplus one, as we have now in the
(05:51):
OE zone.
So we have been working at MUNSfrom November, with the
publication of ESMA report, whenit was clear that the mandate
to implement T plus one inOctober 2027 is a critical path,
and now, in a little bit morethan six months, we have
(06:13):
published the final report fromthe industry committee with the
recommendations that everybodyhas to take on board in order to
be ready for that time, becausewhat is clear is that this date
, october 20, 2007, is writtenin stone as far as we receive
from the regulators, so wecannot do any long break.
(06:36):
Just a couple of minutes tobreathe after this EMS
implementation and now ready togo again.
Andrew Keith Walker (06:43):
Okay, and just something you touched on
there now.
You worked in custody for 10years.
You were involved in fixedincome and uh securities.
You know repos booming, there'smore clearing going on, there's
more tri-party collateralmanagement.
The securities uh industry isdoing well, the repo industry is
doing well and they are busy.
(07:03):
So you know something aboutwhat it's like to be running a
busy department and to then haveto really focus on your
settlement discipline.
And that was back in the dayswhen T2S was coming in.
This really is going to be amajor disruption for market
participants, isn't it?
Jesús Sánchez (07:19):
Yes, indeed, the question is that many things
have been discussed about howAmericans have implemented T
plus one, but we do not have toforget what you have mentioned.
Here in the EU, we have a lotof stuff coming into the plate
and with the penalties redeemed,which means that if you have
failed, you have to pay for that, and in the States, no.
(07:40):
So it's important, it's veryrelevant, because the
participants are quite or haveconcerns about how this would
impact in their implementation,because we do not have any kind
of second life, because we haveto do it well from the very,
very beginning and, as youmentioned, a lot of new stuff,
(08:03):
new traits, new products comingin, because, as I mentioned
before, life is not a stop untilwe implement T plus one.
Andrew Keith Walker (08:13):
Life runs and we have to do it at the same
time and I want to bring Laurain here While we're doing the
big picture part of the story,there is an even bigger backdrop
, isn't there?
To the T plus one story.
It's like a story within astory.
It's like a sort of nest ofMatryoshka dolls here, because
(08:33):
what we're really talking about,t plus one, is one of those
many stages that we need to gothrough to facilitate the
Savings and Investments Unionplan for the EU.
The Savings and InvestmentsUnion plan for the EU, now I
should explain it was theCapital Markets Union for the
previous two Europeancommissions and they never quite
managed to move that planforwards.
(08:53):
It's now the Savings andInvestments Union.
It was the subject of Ursulavon der Leyen at Davos this year
and it is all about loweringthe cost of capital in the EU so
that companies, when they float, they don't always think I'm
going to IPO in America, becausethe cost of capital is lower
and there's one big domesticmarket and that's where all the
other cool kids do it.
(09:14):
We want the cool kids to IPO inEurope.
So tell us a bit more aboutthat.
We've got Tplusone.
We've just had the ECMS.
Go live the EurosystemCollateral Management System.
How are plans evolving aroundthe SIU?
You've been involved, haven'tyou, in consultations and papers
and all kinds of things, sogive us the big picture update.
Laura Rodriguez (09:36):
Yeah, absolutely, andrew, and thanks
for the question.
I think you are spot on.
As you say, T plus one, ecmsand all the ongoing work on
post-trade harmonization arepart of a much broader agenda.
So we are not just talkingabout shortening settlement
cycles or modernizing centralbank systems.
(09:57):
These are all pieces of apuzzle in the EU's long-running
ambition to create a deeper anda more competitive capital
market.
As you said, it all startedunder the Capital Market Union
and now it's rebranded as theSaving and Investment Unions.
We can see what other names wewill receive in the future.
(10:19):
But, joke aside, it is clear inthis consultation that there are
at least three key pillarsbehind all this.
So the first there is a needfor more harmonization across
the euro system in general.
Right now, several post-tradeprocesses are different between
(10:39):
national central banks, as wehave just discussed, and that
creates fragmentation andinefficiencies, especially for
cross-border activities andprojects like ECMS and the
broader target servicesconsolidation aims to fix this
aspect and to create one solidand interoperable market
(11:01):
infrastructure that is trulyEuropean.
So that will be one of the bigpoints of this agenda.
The second we need to betterimprove fiscal and regulatory
alignment.
The consultation shows a strongfeedback around tax barriers
(11:22):
and diverging national rules.
This is like the elephant inthe room.
These things make it harder andmore expensive to operate
across borders, so tackling themis essentially if we want to
unlock the EU-wide investment ona scale that's especially key
for small and medium entitiesand retail investors, but also
(11:44):
for us for the marketinfrastructure, as many of them
have direct supervision at anational level and, in my
opinion, moving towards acentralized supervision is a
huge challenge.
This industry, as we all know,is overregulated and this change
will imply even more cost and abig burden at first, but it
(12:07):
seems that this is what theEuropean Commission and the
European authorities considerkey towards future harmonization
and simplification.
And third, this is all aboutglobal competitiveness.
And third, this is all aboutglobal competitiveness.
Europe wants to position itselfas a serious alternative to the
(12:30):
EU's capital market, and weneed to do so.
We need to be there, but to dothat we need efficiency and
simplicity on the regulationsthat we currently have, and
that's why issues likepost-trade efficiency have, and
that's why issues likepost-trade efficiency, the
(12:51):
adoption of GLT and a smarterreporting framework are gaining
traction in this consultation.
So, yeah, I think overall, thisis the big picture of the
Sabine and Investment Union.
Several respondents to theEuropean Commission consultation
have a clear common message,which is simplify the rules,
(13:12):
reduce duplication andstreamline the supervision, and
there is also a strong supportfor strengthening SM smash role.
But most other respondents alsoprefer a coordination over a
full centralization.
(13:33):
So let's see what's the finaldecision of the commission.
Andrew Keith Walker (13:40):
OK, so we know that the Savings and
Investments Union, or theCapital Markets Union as it was
called, was on the agenda forabout two EU commissions and
never got off the groundcompletely.
Now the wheels really areturning, and of course that
means T plus one.
If we're going to reduce thecost of raising capital,
increase the velocity of capitalmoving around the euro system,
(14:02):
then we've got to settle in thesame way that the americans do.
I mean, tell us this is amassive job.
Does the regulator know it'sgoing to mean christmas in the
office for the next couple ofyears?
Laura Rodriguez (14:15):
I hope no, but uh, no, really, I think it's
very clear with this topic, witht plus one, they really want to
commit with this agenda andjesus is the more most
convenient person here todiscuss the reality of this and
I'm sure he will give us moreinsight on the broader response
he has been involved in in this.
(14:36):
Um, but, um, yeah, in general,the topic is what is now on the
table.
As I said, we need to followthe agenda and most probably
this is already a reality,knowing all the challenges that
we already have, and ESMA iscontinuing with this path of
(15:01):
simplification, efficiency, etc.
For example, I just want tocomment very quickly they have
recently launched a call forevidence on simplification of
financial transaction reportingacross EMIR, mifir and SFTR, and
this is kind of a practicalstep after the commission
(15:21):
consultation and at the end,this is all related.
That I said at the beginning,this is a picture I mean little
pieces of a big puzzle that isthis moving towards this
competitiveness.
So, yeah, let's discuss alsoabout this call for evidence in
(15:42):
next episodes, because therewill be a lot of things to
tackle here.
Andrew Keith Walker (15:48):
Hey Zeus, I want you to take us through the
settlement discipline sort ofaspects of this, because this
really does speak to a majorshift in the way the
instructions get sent and youknow trades are settled.
I mean, iberclear, of course,is at the heart of this in some
respects.
Like all CSDs, you've had tocollect the first penalties
under CSDR for fails and you'realso an expert on settlement
(16:13):
timings.
And when we talk about T plustwo we think, oh, that's T plus
two days, but actually it's not,is it?
It can be less than thatbecause of the life cycle of a
trade and settlement.
And in T plus one it soundslike T plus one day but it's not
.
That is it.
It could actually be quite alot less, same as T2S can be,
you know, or T plus two can be.
(16:36):
Ok, jesus, let's talk a littlebit about the settlement
discipline side of this, becauseyou're at Iberclear.
Iberclear has collected some ofthe first fails penalties under
CSDR and CSDs now areresponsible for enforcing better
discipline.
And there's a bit of complexitywith T plus one, isn't there?
Because when people think of Tplus two they think it's T plus
(16:59):
two days, but actually it can beless than that and in the same
way way, when we talk about tplus one, it sounds like t plus
one day, but it could be lessthan that now.
Now, less than one day doesn'tseem like very much.
So, if you're listening about,how do I need to change my
systems?
The answer is going to be well,you need to be able to settle a
trade in less than a day.
Give us some idea of howcomplex that actually could be.
Jesús Sánchez (17:22):
Yes, it's a very good question because, honestly,
the main impact is on timings,and different timings and we
have to start from the verybeginning is what you have said
Today.
From the moment that someonedoes a trade, they have at least
almost two days in order tosend instructions to be settled.
(17:44):
But in the coming T plus one.
Or when I say two days in orderto send instructions to be
settled, but in the coming Tplus one, when I say two days,
it's one full day and the restof the day from the moment of
the trade has been done to theend of that day.
But in the coming situation Tplus one, once you do the trade,
you have to send instructionbefore eight o'clock, the same
(18:04):
trade date, the same date.
So usually the trading venuesclose, most of them at 6 o'clock
pm, so you have only two hours.
We will have only two hours todo many things because at the
end, trading is one layer butcleaning is one additional layer
and it's very important interms of risk, in terms of even
(18:27):
reduction of cost, because theyneed a lot of instructions.
So all of this process has tobe run quickly, they have to be
very efficient, they have to bevery automated, because
obviously manual here will be adeath.
So definitely many things hasto be fine-tuned to the extreme.
(18:47):
Colloquially speaking we cansay that.
So everybody has to be ready tolose and to be very fit,
fine-tuned, automated and readyto be absolutely quick in order
to be effective.
An additional question ESMA,when they mandate in November
(19:12):
last year that we have toimplement T plus one, they
didn't say that, only they sayin the same statement, so it's
the same mandate In the samestatement.
So it's the same mandate ismarket has to implement T plus
one in October 2027, maintainingthe settlement efficiency rates
(19:34):
that they have before theOctober 2027.
So that means that there willnot be excuses for being less
efficient.
You have to be even more or atthe minimum maintain those rates
.
Of course, for a very, veryshort and interim period of time
, esma could accept and theyhave mentioned informally that
(19:57):
for a very short time they couldhave said OK, there will be
some implementation oradaptation timing, but very
short, even not for Christmas.
If we implement in October, forChristmas we have to be very,
very efficient back to theprevious rates or even better.
Andrew Keith Walker (20:15):
You are an expert, obviously, on settlement
discipline.
You're at the heart of thatwhole CSD community.
You're also on a number ofindustry working groups,
steering committees.
I interviewed Mark Jem fromExxon a while back and he was
saying that the plumbing side ofthings is great.
There's a lot of other issuesthat market participants and
regulatory authorities have tosolve to sort of get out of
(20:38):
their own way, to make this asmooth implementation.
Now, on that front, we've doneshows about SFTR, we've done
shows about EMEA refit, we'vedone shows about MIFIA, and not
just that, obviously, but CSDRand all the various different
regimes that have happened to usover the last five years.
(20:58):
It seems a lot, and the numberone question is timelines
testing being ready?
So tell us timelines.
What should market participantsbe doing right now?
Jesús Sánchez (21:09):
No, it's a very good question because although
we see that we have a long timein front of us, it's very short.
It's going to be very short, sowe have to be ready from now,
and in BME and also in CXS inSwitzerland, we have been taking
this very seriously because inboth countries we are leading
the national task forceresponsible for the coordination
(21:32):
of the implementation of T plusone.
It's very important that weconsider this not as an
individual responsibility ofevery institution, but a
community one, because at theend, if the community is not
ready, if only one or twoinstitutions are ready, at the
end as community we will failDefinitely.
(21:53):
We have to do it together.
So we are quite involved insupporting all our stakeholders
on their internal assessments.
Now is the moment for internalassessments because we have now
the papers from the industrycommittee, the final report.
We have also many works donealready in the different
(22:18):
national communities.
I can tell you that in Spain wehave had already three task
force that now we are closingthem because we have finalized
our internal work.
And now is the moment for justdigging in more detail about the
internal assessment that everyinstitution has to do in order
to check what they have toimplement internally and not
(22:39):
only thinking in their queue andisolated system, but also with
their customers, because at theend, the custody chain could be
long and everybody has to beready.
We have only almost 18 monthsto be testing, because now we
are in the middle of 2025 and bybeginning 2027, we have to be
(23:03):
doing the testing.
So we are focusing on thoseareas that they have to be the
participant has to takeseriously and assess in detail,
and especially that they realizeif they have potentially areas
(23:23):
that T plus one could impactthem negatively in a later phase
.
Even so, because it's the momentnow to be sure that when we
start a technical, functionaland operational implementation,
we will not find any hiddenshowstopper, now is the moment
(23:45):
to be sure that at least we canlist the issues and we can face
them one by one.
Key question, in case thatparticipants and the
relationship with otherparticipants find something, is
the moment that they immediatelyraise the hand and we have to
discuss.
(24:05):
We have to take it as communityand work together and, for sure
, january 2027 is a very cleardeadline.
We cannot lose the trainbecause T plus one has to be
tested.
As easy to understand ascommunity, you cannot test in
(24:26):
isolated ways.
So in case that someone losesthe momentum, they will have a
lot of problems.
So it's the moment to be surethat nobody loses this.
Andrew Keith Walker (24:37):
And I mean on that front, what about
perennially, whenever we talkedabout new regimes coming in,
someone raises the issue oftimestamps, about doing trades
with markets in different timezones.
So if you're trading with anAsian bloc, trading with US
Mexico calendar, you're tradingacross to the Middle East and
(25:00):
Near East, the Middle East andthe Near East, then you have
changes, obviously in time zonesthat always create timestamp
issues or identifier issues orvarious sort of technical
nitty-gritty that people alwaysassume is just going to get
solved at the last minute.
What do you think about that?
I mean, presumably, on theworking groups, you're already
talking about ways to deal withtime zone issues and positions
(25:23):
and that sort of stuff.
Jesús Sánchez (25:25):
Yeah, this is one of the critical points, because
now you don't have one day inbetween to do this.
Everything fixing, everythinggets fixed of the different
institutions how they handle, isthe human resources, because in
some specific elements,probably when the institutions
(25:55):
work in different markets with avery different time zone, for
sure they have to think abouttools like artificial
intelligence and other tools inorder to anticipate as much as
possible to the potentialbottlenecks.
But it's fair to say that itwill depend also about the
(26:20):
structure of those institutions,because if they have different
branches in different time zones, probably they can manage in
different way than the othersthat they have concentrated in
one country or in one place.
So it's something that for surecannot be lost in the
(26:41):
discussions.
It's a very important elementthat has to be addressed.
Andrew Keith Walker (26:46):
But it's good news, isn't it at Iberclé,
because your whizzy high-technew state-of-the-art system went
live in I think was it March,april, it was earlier in the
year.
Anyway, it's been live for awhile.
It is a state-of-the-artsettlement system which is
absolutely geared up for T plusone.
Tell us a bit more about that.
Let's hear about the good newsat Iberclé.
Jesús Sánchez (27:07):
No, in fact, exactly.
It's a very important projectin our life because it was a
regulatory one with very toughdeadlines and, unfortunately,
sometimes we have to reprogramthis project due to delays in
ECMS especially.
So, finally, we did it thisyear in March, and quite
(27:27):
successfully, because I can tellyou that the transition was
very smooth, even better thanexpected, and last week we were
checking the evolution of thevolumes, the evolution of the
efficiency, and I can tell youthat you can believe on me or
not, but I can tell you that allof them are positively moved.
(27:50):
So definitely we have very goodnews about the implementation
of reform.
So we can feel quite proud ofthat, not as BME, but also as
CyberClear, but also as aSpanish community, because at
the end, this is engagement ofeverybody and we can tell you
and we can say that itdefinitely has been in success,
(28:12):
a story of success okay, good,good.
Andrew Keith Walker (28:15):
so it's good that we uh, uh, coming to,
uh, the end of the show here ona high note.
Uh, if you're sitting thereworried about what t plus one is
going to mean, you know what Ithink this time I think, with
all the experience people havehad, that you're going to be
ready in time.
Don Don't worry, just relax.
But of course, that is memaking a prediction, and you
know we love our crystal ballquestions here on the show.
(28:37):
Obviously, jesus, as our firstguest, you may not have done the
famous Registriar crystal ballbefore.
So, lara, you're an old hand,you can show us how it's done.
What are your T plus onepredictions?
We're running through Testing.
Starts is meant to startJanuary 2027.
Implementation October 2027, aswe've discussed in the show.
(28:59):
How do you say Christmas in theoffice in Spanish?
Laura Rodriguez (29:03):
We should invent a specific word for that.
That's right.
That's a difficult prediction.
For sure, I think theinvolvement of central banks is
going to be key.
They need to get all theleadership on this to ensure
(29:25):
that this is done properly.
It's an under-benefit and Ithink they will be the major
ones involved in the finaltesting and in the
clarifications at the end of allthe small things that could be
pending, but definitely it willfollow the agenda that is there,
(29:50):
so I think we're going to makeit.
I think it's time Now.
The discussions are there, butthe readiness is going to come
by the deadline, I'm sure.
Andrew Keith Walker (30:04):
Okay.
So, jesus, it's crystal balltime and this is your first
crystal ball question, so youknow I'll make it a gentle one,
which is, given your experienceworking in the industry, being
an expert on settlementdiscipline, being right at the
cutting edge of new regulationscoming in the implementation of
new tech, you are probably thebest person to answer this.
And, of course, you are head ofsettlement committee at Exeter
(30:28):
as well, and you're on the Tplus one committee.
What are your predictions atthis early stage of the T plus
one implementation?
Will ESMA get it right in theirresponse to the industry survey
the consultation paper, that'sthis you know, obviously, that
they're looking at right now andwill market participants be
(30:48):
ready in time for january 27 tostart their testing?
Jesús Sánchez (30:54):
I really appreciate this moment because
everybody loves to have a kindof crystal ball moment without
any responsibility of what youare saying.
So fantastic to be to take thisand today, of course uh, of
course it's of a disclosureabout my conclusion.
Let's see what happens, butwhat I can feel now is that it
(31:17):
will depend how important orwhat level of importance the
different institutions give tothis, and I hope that they have
been taken very seriously tothis, and I hope that they have
been taken very seriously.
At this stage, at this moment,I can tell you that my feeling
is that everybody is taken veryseriously.
So this is a good sign-off, ora good prerequisite, if you want
(31:40):
to say it this way.
But in any case, I foresee a lotof work to be done.
I foresee a lot of work to bedone.
Hopefully we cannot leave forthe end of the time, so allowing
us to have a more not relaxed,but more order implementation
(32:04):
project.
But in any case, for me it's achallenge, clearly a challenge,
and potentially someinstitutions could suffer a
little bit because it's a cost.
It's a challenge also formanagement and for sure,
(32:26):
depending on the clients, itcould be the same institutions
the certain beneficency could beimpacted in higher level than
others.
Those have to be starting thediscussions with the clients
soonest, as soon as possible Itend to be very aggressive and
(32:51):
saying that they have to do evennow, before the holiday season,
so it's a moment of work andcontact the clients in order to
anticipate the potentialshowstopper, the potential risks
, and to be ready for that andto be ready for that In any case
, as you request me.
(33:12):
Just to give you a kind ofanticipation, although it's a
finger in the air.
I think that, as average inSpain, we will not have special
issues, but potentially someinstitutions could be a bit less
optimistic.
But let's do it.
Let's do it together and, as Imentioned before, iberclia is
(33:35):
trying to coordinate thenational task force in order to
support every institution and beready as a group.
So let's do it that way,hopefully.
Andrew Keith Walker (33:45):
Okay, that is great.
Thank you, you heard it herefirst on the show.
It's the summer of T plus one.
Everybody no-transcript andhopefully the motivational
(34:16):
speech that our listeners aregoing to need to get moving on
this.
So all that remains is for usto give a huge virtual studio.
Thank you to the head ofdomestic settlement services at
Iberclear, also the chair of thesettlementettlement Working
Group at Exeter and on the TPlus One Industry Committee as
well, none other than JesusSanchez.
Jesus, thank you very much.
(34:36):
Thank you very much to you.
Jesús Sánchez (34:38):
I'm open to be here or to discuss later.
Thank you.
Andrew Keith Walker (34:43):
Fantastic and as well, obviously, a huge
thank you to the pride of Spainherself, the head of
institutional relations, who isthe one who has to translate all
of this between the regulatoryauthorities in their lofty
marble halls and the hardworkingfinancial institutions in the
(35:03):
air conditioned offices aroundthe world.
The pride of Spain, lauraRodriguez.
Laura, thank you very much.
Laura Rodriguez (35:09):
Thank you, andrew, thank you to all the
listeners and especially thankyou to Jesus.
This was a great discussion, alot of insights on T plus one,
yeah, and thanks a lot.
Have a great summer if we don'tspeak before.
Andrew Keith Walker (35:24):
So I'm afraid that's all we've got time
for.
We have to go.
It's a huge thank you toeveryone for making this happen
Our friends at Iberclear,everyone at BME and, of course,
at the Six Group, and a hugethank you from me, andrew Keith
Walker and our producer, manuelMoreno-Garcia.
We will see you on the nextshow and don't forget to join us
on our LinkedIn page that islinkedin slash company, slash
(35:46):
Regis, hyphen TR, where you cannetwork with Jesus and everyone
who's been a guest on the showso far, and you can even connect
with myself.
But if you want to come on theshow, connect with Manuel Manuel
Moreno-Garcero, our producer,would be delighted to talk to
you about that.
And in the meantime, fromeverybody here, have a good
month, have a safe month.
We'll see you soon.
Bye-bye.
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