The REGIS-TR RoundUp
The REGIS-TR RoundUp is a hub for regulatory reporting news and views from your leading Trade Repository team and industry guests from across the globe.
The REGIS-TR RoundUp
S10:E8 UK Refit Update & Reporting Focus for Q4
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!
this podcast is brought to you by registry r, which is a member of the six group and features members of the registry, our team and special guests expressing their personal opinions, not the opinions of registry r as an organization. There is no representation made as to the Registriar Roundup. Yes, thank you, thank you. There we are, the good people, the good market participants of Europe and the UK go wild there clapping 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 trade repository space, if you work in the regulatory reporting space, or if you're a market participant who's had to meet your EU and your UK deadlines for Emir, well, it's gone.
Speaker 1:Doing that, hopefully, you managed to get a summer break. If not, you're going to have a bit of a break now before the next wave of regulation comes in and hits you. And we have got a packed show for 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 dive in first by introducing my most regular co-host, the man who turns up the most because, frankly, they don't let him leave the office. It is, of course, the head of business development, mr Nicholas Bruce. Nick, welcome back.
Speaker 2:Good to be back, Andrew, and hello everyone.
Speaker 1:Did you get a summer holiday?
Speaker 2:I mean head of business development. You can't haveifa, which is very sad. When you hit my age, you know that is fantastic.
Speaker 1:And did you have to file any reports?
Speaker 2: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 when you said did I have to file any reports? Um, yeah, we'll keep that between us. Um, it was all good good, good, good.
Speaker 1:Well, of course, and joining nick is another familiar face. Uh, you will know, the pride of spain, herself the head of our institutional relations team, someone who hopefully also got a summer holiday, laura rodriguez.
Speaker 3:Laura, welcome back hi andrew, thank you very much.
Speaker 1:Really happy to be here with you and and all the listeners so, laura, did you get a good uh summer break in between your many, many trips to Luxembourg and to Brussels and all the other places where important regulatory decisions get made?
Speaker 3: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:Spare a thought for the good people at ESMA and the other regulatory authorities, national competent authorities around the EU, because they've been busy too, let's face it. They've all been busy, and as have the market participants. And that brings us to the first of 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. Paola, welcome to the show.
Speaker 4:Hi everyone, Thanks a lot. I'm very proud and happy to join this special podcast with these very nice people.
Speaker 1:Now you've been with Registriar for 10 years, so you have gone right the way through the client services journey, starting out on the help desk and then working your way through the whole sort of nine yards of the client services team to make it there to the top. And I'm very interested to hear about that because I'm guessing the help desk is where the phones go on fire and everyone panics when the deadlines hit. Have you had a busy summer?
Speaker 4:Same as Lara said, I had only a few days during the summer. I did enjoy them because I knew what was going on at the support team. It was really tough this year with all the refit ongoing.
Speaker 1:Yes, you picked a fantastic time. To take over as head of client services is the two largest pieces of regulation in the last sort of I don't know 10 years or so. Come rolling through and change the landscape there for trade repositories in the EU. And joining you at this time on that journey, of course, we have someone who you will have met on the show at least a couple of times before. You remember joining us back on our International Women's Day show a couple of years ago and then back again last year, maria Santos. Now Maria, you are the MD now there in your role at Registrere. You've been 20 years working at BME and Six You're an expert in financial information services. Of course, you led the expansion of the trade repository business into Portugal and Mexico and you led the migration to SIC. So I'm guessing you're pretty used to those big new regimes kicking in and causing a bit of organizational chaos. How was your summer?
Speaker 5:My summer was fantastic. I was connected every day during my 15 days of summertime. But, to be honest, I feel more relaxed by knowing what was going on. And instead of reading, you know, an entertainable book, I was reading the Regulation, which was also fine. But, yeah, I had a very good time. I was in contact with all my colleagues and, yeah, I mean, I felt, you know, more relaxed by knowing you know what was going on at that moment. Yeah, good, and thank you for your introduction, but I've been 34 years at BME6, not 20. So you know I'm 14 years older than you said. So, yeah, wow, 34 years now.
Speaker 1:Yeah, I'm going to be honest with you. It's funny because Nick is 14 years younger than I said, but he looks 14 years older, so there's an interesting twist, nick, I want to come to you. Last time we had Tara Cruz and Andrew Bailey on the show and you know, in many respects we'd had a bit of an update on Amir, but we're waiting for a lot of things to happen with that data for us to get a really clear picture from the regulators about how that has gone, what reconciliation rates look like and all of that. And lara is going to be explaining a bit more about, uh, the data upgrades and things that need to happen for that first. So before we come to that, we do have the big news, which is uk amir. Now john uh, kernan uh can't join us for the recording, so I'm afraid that falls to you as the 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 the end?
Speaker 2: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, you know, a video podcast is you don't have to see me. Um, as andrew said, for those who do know me that are listening to this, I did have a very hard paper round and that has aged me extensively. I think I looked 30 when I was 16. 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 perspective it went really swell. Um, you know it comes with caveats. There's always challenges, there's always road bumps as you go through that journey. But I think for a lot of our clients they're already familiar with eu refit and, whilst not identical and there's only a few minor adaptations needed for the uk side of things. So I think there was already a comfort there and I think, from a testing point of view again, clients were already well versed with their programs. They'd already gone through the eu, so they'd got themselves in a place of comfort.
Speaker 2:Having said that, if you look at the day, one go lives on the 30th of september we also put together across the team so Paola with her team, certainly on my side with the RMs, where we made sure that we had very close channel communications.
Speaker 2:We were monitoring the client activity and we were actually proactively reaching out to clients. So if we saw that there were any difficulties in the reporting, any kind of sort of spikes in the rejection rates, we were quickly speaking with the clients to address it. I think what you saw was on day one, from the top of my head I think, the rejection rates were around something like 8.7% and that mainly was in the morning and it settled by the afternoon and obviously that's a lot better than we saw in the early days of the EU. But actually by the Tuesday, so by the next day, rejection rates had already normalized to about 0.5%, which is really in line with what you know the numbers would expect pre-refit. So in that regard it was, you know, it was one of those where I always say you know, you prepare for the worst and hope for the best, and I think actually it was a relatively smooth introduction for the regime.
Speaker 1:Now that is good news and of course it's, I guess, a smaller market. When it comes to the EU, that's huge and that's a major sort of amount of data to work with. Laura, tell us more about that. What is the situation with EU refit? When will we hear from ESMA about the data quality, about the rejection rates, about the success of the big kahuna when that took place back in Q1?
Speaker 3:Yeah, that's a really good question because we are, I think, all eager to know more about data quality and how this change to EU refit has brought a change in the quality of the data. But I think one of the upcoming milestones that we will reach at the end of this month I think it's the 26th of October, it's the deadline for this transition period the upgrade of the data to the latest refit standards. As far as I know, one of the latest information that ESMA has shared with us is that approximately 64% of the data is already upgraded, meaning that there is still a remaining percentage of data that needs to be updated, and these are figures from the beginning of the month. So I'm sure that during this month of October, the entities have received the request of their NCAs to upgrade this data as soon as possible. So we reached the 26th of October with the biggest percentage of data upgraded already. So I think that that's one of the biggest, as I said, milestones that will come in a few weeks and hopefully this goes well On our side.
Speaker 3:We will also and I'm sure Paula's team has received already a lot of requests on this and questions on how to upgrade the data in case some entities have issues to do so and, yeah, let's see what is the final figure, but still percentage to be updated and on the authority side also, we are following up with them when they have any question. We are sharing with them the figures that are remaining to be upgraded for specific entities. So, uh, closed follow-up on this on that front, paula.
Speaker 1:Um, it's, it's time to come to you. You are now in, uh, that client hot seat, and I'm guessing you've had a lot of calls coming through about issues to do with data quality. After all, this is all about boosting the number of data fields. I mean we're up to. Was it 204 now, from 170 something? So I mean that's a lot of new data fields. Some terms have been deprecated, others have been, you know, created. There were some problems potentially on the horizon, uh, weren't there to do with positions at close and time stamps and and all the usual kind of logistical sort of data points? Tell us, I mean, how has it been? What's been the biggest challenge that market participants have encountered?
Speaker 4:Well, I guess that one of the biggest challenges has been exactly to adapt to the new validation rules for those fields that were not to be completed in the in the previous let's call uh report reporting standards. Um, still, we, we, we receive concerns from clients and doubts on on on how this update of data needs to be done. Uh, we are close to the deadline and that is very worrying at the same time. But yeah, it's mainly also around the reconciliation topic. So I guess most of the panic, let's say, is on how to adapt these new fields so that they also reconcile at an interior world were you expecting the issues that came up?
Speaker 1:were they the ones you were expecting to come up, or were there some unusual ones in there that actually, you know, hadn't uh been spotted beforehand?
Speaker 2:yeah, I think it's interesting actually, andrew, because, um, as we're talking about, I think, the, when you look at refit, what's the purpose of refit? And it's all around data quality. So market participants instantly want to understand where is their data quality, where do they stand? Understandably so, because they know it's going to be the focus of their NCAs, they know it's going to be the focus of ESMA or the FCA, whoever the regulatory authority is. And, as Lara mentioned as well earlier, 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 the new standard. There's not a lot of statistics at the moment and we still don't.
Speaker 2:Every time I have a client conversation, everyone's asking where do they stand? They're asking about the data, they're asking where are the problem points, and we don't really have that granularity yet, but you're starting to see certain things coming out, like upi and the use of the upi and, uh, you know, are you matching the upi? Are counterparties using the same upi? And I think there's a. There's going to be a lot of challenges that we're going to see around these new data fields that we just haven't really got clarity on yet, but it's starting to come out, people are starting to talk about it and it's starting to become the theme of the conferences that I'm going to so, maria, I want to come to you here because you are very much the change management transition specialist working in that senior level uh, familiar with how these events can transform operations.
Speaker 1:So I want to ask you what are the sort of lessons that market participants learn when they go through a big change like this and you know what's the impact that has on their businesses moving forwards? And, of course, the same for Registr. I mean, this is a big rollout, big new systems. What lessons have you learned and what changes is it making for you on your side of that?
Speaker 5:Wow, that's a huge question. We could be, you know, days discussing about that. But from my other experiences of deploying a huge platform where everybody is involved, for me the most important thing is the alignment of the whole team and the communication and transparency between the different teams of Registr and together with the customer. So to be aligned in the communication that everybody gets the same messages at the same time that the customer is fully informed of the situation. If there's any issue, any problem, to be the first ones in informing our customers and also align the whole company with the voice line, the answers, the ETAs or whatever needs to be told to the customer. So for me, the communication and alignment is basic for the success of a deployment of such a huge platform and for everybody to have the same view and the same way to go through. So yeah, that was my, that's my impression. I don't know if my colleagues have the same feeling, but that was, you know, the ABC of the deployment.
Speaker 1:We've been working toward this for years. There have been endless working groups, meetings, discussion. We've had some fantastic speakers on this show. We've had some great speakers at, obviously, registry Hour events from a wealth of different organizations addressing various things, like, of course, anna DSB talking about their UPI solution, and so on. When it all goes live, there's a slight sort of tendency in your head to think well, you just flick a switch and that's it, it's done now. But I'm guessing that with anything this big and this complicated, that's something of an oversimplification. So, paul, I want to come to you and start with the client services side. What is your main focus right now with the rollout and the transition for clients? Is it handholding and help through their issues, or do you find that actually, you're feeding back to the development team about things that could be worked out or improved on your, your side? That's gonna, you know, head some of these you know challenges that clients are having?
Speaker 4:uh off at the park so the first thing I would say is just to make sure that everything runs smoothly. Uh, as we usually say, it's up and running, all the systems are working correctly and after we succeed in that, we try to monitor closely the activity of many clients reporting to the TR, looking closely at the rejection rates in every of the sessions. If something gets stuck, trying to support as much as possible, it's part of the day-to-day.
Speaker 1:Because there are quite a few big value adds that you have to deliver. Here I mean, for example, the number of reports you're issuing on a daily basis has gone right up. How's the reports going? Have they been well received? Those are the sort of things that I'm guessing are a big change for the clients and their daily operations things that I'm guessing are a big change for, uh, the, the clients and their sort of daily operations.
Speaker 4: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 also smoothly. So this means that clients are really waiting for the end of their sessions so that they check the, the reports that are being generated from the TR to these participants, so that they can check and correct not only the reconciliation but also the rejection rate so that they can improve it. So that's the main role, let's say, on the client service. Then, of course, we keep track of the emails that are coming in, because we are not only monitoring Re course. We keep track of the emails that are coming in because we are not only monitoring refit. We closely follow up on other regulations, as you all know, to reply in a timely manner. All those, all those requests that are being received from from many participants at the support side.
Speaker 1:Of course. Yes, there are other regulations available. Incidentally, if you are a market participant out there and you're worried it's only refit, no, don't worry, there's more. Uh, nick, I mean from your side you've had to mobilize, I'm guessing, teams of people, uh the 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 them through some of these new features, because there's some pretty major step changes aren't there in the sort of operational side I guess the key as well for me is the world never stands still.
Speaker 2:So, you know, you start with the, you refit, as you said, there are other regulations, um, we get over the first hurdle, which is getting reporting coming through, and then we get out, we mobilize, we start talking to clients. You then have the break with the summer, but also, at the same time, everyone's then focused on the UK. You know, we can't discount the fact that there are the global rewrites that are going on, so we don't sit still with that. So very much for us. There's always this question of what next. We're helping clients get across the line with the immediate reporting requirements, but what we're actually doing now which for me is the best part of the job, is I'm hoping anyway that when you get a period of normality, that you can actually step back and then we go into the next phase, which is actually talking to our clients about right, what next? How do we improve the services? How do we actually offer more or better services to our clients and add value that help them on that whole post-trade reporting life cycle.
Speaker 2:And that's very much the phase we're entering into now, which for me is, you know, that's the most exciting kind of part of the job is that you can actually sit down with people and almost say, right, this is great, but blank piece of paper, what would you like? What do you want from us? And I'm really excited about going into that phase. Next, because, because I've had enough of rewrites, I don't want anyone to mention FinFrag, rewrites, sftr, any of this. I don't want Lara to say the words consultation paper. I don't want to hear it. I want to start thinking about the client and the evolution, because now we've got this great brand new platform that's got a lot more flexibility in it. We've got to start demonstrating to our clients what that means in terms of value. And that, for me, is the next part of the job.
Speaker 1:I mean, maria, this is absolutely one of those sort of business imperatives that sits right on your desk, isn't it? The idea that, ok, you've actually had a huge amount of inward investment. You've built this massive new platform, you're servicing clients at a level never seen before, with more data than ever before. What are the business opportunities?
Speaker 5:How does that sort of point your thinking looking towards the future?
Speaker 5:Well, anything that is related to data, data analytics, big data, benchmarking, consultant services, everything that can help the customers in this huge regulatory world.
Speaker 5:And it's going to be, you know, our direction and this is our intention to be, you know, the perfect partner for our customers and even for regulators, and to give comfort to our customers that our regulators also are fully informed and by delivering as much services as possible for them to know where they are in the trade repository world playing, I mean getting value-added services. With all this huge amount of data that we have in our systems, and now that we have a great platform that allows us, you know, to analyze our databases and to manage them in a very efficient way, which is one of the greatest improvements of our platform. Now it's time to think about these kind of services and offer them to the market, and we will also sit down with our customers to understand their expectations and to ask them what they really want. From now on and this is our intention to build the services, but very close to our customer community, to make sure that they get what they want and they need.
Speaker 1:I know that Nick's tired of rewrites and no doubt this is something that you're having to turn your attention to, because there is an SFTR refit on the cards. Finfrag, consultation who doesn't love this? I just love saying FinFrag, it sounds like so much fun. Who doesn't love this? I just love saying finfrag, it sounds like so much fun. Um, tell me, I mean, what are you uh focusing on now? Do you have time really to spend too much more time on the platform, or do you have to immediately kick off another long development cycle? Uh, there internally?
Speaker 5:we are not in the process of finfrag for moment. They are starting now level two consultation, which will be the one that is supposed to be affecting the TRs, and this, as far as I'm aware, it will be starting at the end of the year, beginning of year 2025. So we'll still have a little bit more of time. We have DORA first, that we have to implement it for the month of January. Everybody's forgetting. Have DORA first, that we have to implement it for the month of January. Everybody's forgetting about DORA, but DORA is there and needs to be implemented also, although it's not part of our regulation, of our trade repository, but it's something that impacts us and we have to work on that and we are ready for it. And then SFTR I mean I heard some bells but no official announcements for the moment and I'm sure that, to be honest, I don't expect any regulatory big change during the year 2025. That's my personal impression. That's, you know, my personal thought.
Speaker 1:Okay, so good. So a bit of a chance for everyone 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 the pride of Spain. Tell us how are things going. What does the regulatory horizon look like, moving forwards now, as we come to the end of this year and the beginning of a new one?
Speaker 3:No right, maria was totally right on the expectations for next year, but actually there will be some updates not impacting the entities, the reporting entities. So all smooth and just for them to focus on what has to be updated or has to be improved on the reporting obligations. It's more on the trade repository side, we are having some additional requirements in terms of governance, in terms of reporting to ESMA. So ESMA, let's say it's updating or providing some guidance on their supervisory expectations, on the expectations of how the management body on the entities they supervise should act, and that'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 the service, we also need to look into these specific details, which are just additional requirements that ESMA is requesting to the entities they supervise. So it will be on the TRs to update some of these things.
Speaker 1:Good. Well, you know, I think we can all breathe a collective sigh of relief that we've got through Amir. We've got through refit, both in 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 to christmas and finally, maybe sylvia will get to spend a christmas at home and not in her office, with the rest of the development team moaning at the rest of you who managed to slip back for a turkey or two.
Speaker 1:Uh, that is good news coming up. But, of course, we are back here and there are many big issues coming up and lots of interesting shows, not least to review uh, how, uh, the data is gone. There will, of course, be data quality reports and updates coming back, which we'll need to bring experts in and talk about as well, plus, uh, new services and things that are developing at registry r. So there is still an awful lot for us to talk about here on the show, so don't go away. However, I think we should celebrate, especially having two very special new guests here in the studio, by having a quick lightning quiz. Yes, it's quiz time. Yes, you thought we'd got away from it, but no, the quiz which has proven hugely popular. Not obviously with uh, tim hartley hi team, if you're listening, it's, it's. We miss you. Um, do come back soon.
Speaker 1:Uh, uh, but we have a special quiz uh this week. Uh, this uh show. We've got a madrid quiz, um for our two very special guests. So for maria sant and for Paola Lopez Ortega, we have got a quick Madrid quickfire 10 questions each. You will have one minute to answer and see how far you can get. Okay, who wants to go first?
Speaker 4:Okay, who wants to go first?
Speaker 1:I think Maria, no, I go. Okay, that's very managing director of you as well there. You never ask your troops to do anything you won't do yourself. I admire that, maria, ok, which famous square in Madrid is known for being a popular New Year's Eve gathering spot? Plaza Mayor. I'm afraid the answer I was looking for was Puerta del Sol, ok, which Madrid park is home to the Crystal Palace, or the Palacio de Cristal El.
Speaker 5:Retiro.
Speaker 1:El Retiro. That's right. Madrid's popular La Violeta is known for producing what kind of candy Violet caramel. That is correct. What year did Madrid officially become the capital of Spain? Oh, I don't know. It was 1561. I'm afraid the precise answer 16th century. Yes, what is the name of Madrid's main airport?
Speaker 5:Adolfo Suarez Madrid Barajas.
Speaker 1:That is correct. What is the nickname for Madrid's city council building, now located at the Palacio de Chibeles? Palacio Correos? No, it is El Palacio de Comunicaciones.
Speaker 5:Yes, it's Correos, right? Laura is supporting me. Look at her, okay fine fine Chat GPT.
Speaker 1:You're killing me. You're killing me here, Okay good. Okay, well, listen. Thank you, that was a good run. Thank you, that was a controversial.
Speaker 2:Can I just say, andrew, if you want me to adjudicate, maria's my boss. So everything she said I agreed with.
Speaker 1:I just want to make that very very clear.
Speaker 5:Okay, no, I I'm also fully in agreement with that.
Speaker 1:Not necessarily, nick so there's a there's, there's a tough score to beat, um you know, and possible, possible redundancy as well, coming your way here, paula. So be ready uh I'm ready.
Speaker 4:but just one note I live like 70 kilometers away from Madrid city and I, I think I go just once a year.
Speaker 2:The disclaimer is coming in. I think Paola's my, I don't know. Paola's a native of Madrid. Come on, maria's not even from Madrid. I can't believe the excuse has come in.
Speaker 4: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 10 questions.
Speaker 1:Okay, let's go for it. Okay, so now, bearing in mind disclaimer, these were written by AI and I've never actually been to Madrid, although I will be there later this year, on the 26th of November, for the Registrar Client event. Do stay tuned for our special shows from Spain coming up. Okay, your time time, paula, starts now. Which famous madrid statue depicts a bear reaching for a tree? Yes, okay, uh. What's the name of the main train station in madrid known for its tropical garden? Okay, which famous madrid museum houses? Museum houses Picasso's Guernica.
Speaker 4:Museo del Prado.
Speaker 1:No, it was the Museo Reina Sofia, which Madrid team's nickname is Los Colchoneros.
Speaker 4:Los Colchoneros Atlético de Madrid.
Speaker 1:Correct. Yes, what is the name of Madrid's opera house located near the Royal Palace?
Speaker 4:I don't know.
Speaker 1:The Teatro Real, which Madrid street is famous for its luxury shopping and high-end boutiques.
Speaker 4:That could be the Encerano.
Speaker 1:Yes, it is Encerano. Well done, you know where, we know where you do your shopping. Now what is the name of the mountain range located near Madrid?
Speaker 4:The mountain range.
Speaker 1:Yes, where you go skiing, I'm guessing.
Speaker 4:Sierra de Guadarrama.
Speaker 1:That's correct.
Speaker 4:Okay, good, well, that's the sound, that is the sound of the score.
Speaker 1:I'm going to declare that a draw because, frankly, my accent is terrible and the AI let us down, and so I think you both deserve a huge Regisior round of applause. Fantastic work, fantastic both of you.
Speaker 3:There was no question about food. We have an amazing a lot of typical food in Madrid, so next time we should do a quick on traditional.
Speaker 1:Well, in that case, just for you, laura, I was going to say, during the San Isidro Festival, what is the typical Madrid dessert that locals enjoy Arrozquillas. Yes, very good, there you go. So, all right, you can do it next time. You're on it, for next You're on the next one. Good, well, listen, thank you.
Speaker 1:I guess all that remains that is us coming to the end of the show now. So it must be time for us to thank our special guests, appearing in no particular order, but starting with the new, nicest and most efficient person in the organization, the new head of client services, someone who will be back on the show, I have no doubt, next month. It is Paola López-Otega. Paola, thank you, thank you very much, andrew, thank you, paola. And, of course, with Paola as well, a huge thank you to the managing director of Registry, maria Santos, who has joined us again to bring some much needed correction to our abysmal artificial intelligence here in the studio for the production team and also to give us some ideas about the strategic direction moving forward as we move into Q4 and 2025.
Speaker 1:Maria, thank you.
Speaker 5:Thank you, thank you to you for such a wonderful moment. Thank you.
Speaker 1:Thank you. That's good, and, of course, no show would be complete without the woman who has a finger on the pulse of the regulators, and they are alive as well. That is, of course, the pride of Spain herself. Head of Institutional Relations, laura Rodriguez.
Speaker 3:Thank you, Andrew. Hope to see you soon in the next one Hope to have you back, laura.
Speaker 1:And yes, of course that means also a huge thank you to the head of business development. When we normalize the data, he is, without any question, the most regular co-host. We've had the man who, statistically speaking, is most likely to be fronting the Registrar roundup with me, the head of business development, mr Nicholas Bruce.
Speaker 2:Thank you, andrew. Thank you to everyone who's listening. I'm really looking forward because actually I've got Maria, laura and Paula are all in London 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 to arrange for Madrid Airport a guided tour of Madrid for Paula, just so she gets to understand Madrid and she'll get to know a few places.
Speaker 1:That's good. And, of course, talking, talking of madrid, uh, I will be joining uh the rest of my colleagues here at uh the uh madrid exchange, uh for the register, our client event on the 26th of november. We'll be recording shows with market participants and with other members of the team and a live show where we will grab feedback and insights from the audience at the event as well. So there's a lot of exciting stuff coming your way, possibly even some video clips. So it's time for Nick and myself to dye the white out of our beards and don't forget to join us on our LinkedIn page that is linkedincom slash company, slash Regis hy, regist hyphen, to where you can find out all about this show, our guests, uh network with the people who appeared here with us and, of course, more about our client events and the busy things we're getting up to uh here at the six group.
Speaker 1:and in the meantime, for me, andrew keith walker and everyone else, bye, thank you.