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:E10 2025 Predictions - Live in Madrid (Part 02)
In this special episode, recorded live at the 2024 client event in Madrid, we hear predictions and analysis of what 2025 will bring for the regulatory reporting industry and markets - from Thomas Steiman (CEO, Regis-TR SA) Mari Carmen Mochón (CCO), Sara Gil (Client Services), Aušrinė Juškevičiūtė (Institutional Relations), Pilar Martinez (Public Affairs), Marianna Longobardo (Markets Research), Shi Thiele (Eurex Clearing) Aladin Bennouna (Quintet Private Bank), Kevin Demeyer (Deloitte’s), Grant Haley, Micheal MacAlinden & Amanda Macallister (1st Derivative). Plus festive holiday messages from Paula López Ortega (Head of Client Services), John Kernan (CEO, Regis-TR UK) and Nicholas Bruce (Head of Business Development, Regis-TR).
this podcast is brought to you by register, which is a member of the six group and features members of the register team and special guests expressing their personal opinions, not the opinions of register as an organization.
Speaker 1:There is no representation made as to the accuracy or completeness of information in this podcast, and nor should it be taken as legal tax or any other professional advice. Hello and welcome back to the Registry, our roundup podcast for part two of our Madrid live event special that was recorded at the Palacio de la Balsa a couple of weeks ago during a very, very successful day of insights and analysis from industry leaders, market participants and experts on regulatory reporting on the state of 2024. And if you haven't heard that episode, do go back in our feed. It was the last one that came out. You can find it on our LinkedIn page that's linkedincom slash company, slash Regis hyphen TR, and that was looking back at 2024. Today's episode is all about looking forwards to 2025 and what regulatory reporting has got in store for us there. And who better to kick it off than Thomas Steinman, the CEO of Registriar SA, and he had this to say about the year that's gone and the year that's coming Well, that's a good question.
Speaker 2:My hope is consolidation settling down and seeing what we have put in place is working, is consolidated, we're delivering what we said we're going to deliver and for me, that is my hope for 2025. Listening to some of the panels, listening to future dates, I'm not so convinced that this hope finally is reality. So there are some challenges ongoing. Convinced that this hope finally is reality. So there are some challenges ongoing. We heard some people talk about rumors for other regulations with changes coming up. So it will be between my understanding, between my hope of consolidation and my fear or my looking forward view of now turning into pending topics we are having and pending topics the market are having the regulator, the Saarwagen, and from there to develop and to look into these future things. So hopefully the balance is more a little bit towards the consolidation than to starting already future pieces.
Speaker 2:We are all a little bit exhausted. I think the market is exhausted, the regulator we heard it and if you want to read a little bit between the lines, I think they still have a lot to do before they can manage all the data they have now. So from that perspective, I think they have some time to breath, to sit back and to see what they are going to do with all this data they are having now. And we, I think, also deserve it a little bit now. And we, I think, also deserve it a little bit.
Speaker 1:The market, the clients, the reporting entities, the TRs now to, as I said, consolidate on what we have built and taking from there. That would be my view and looking towards 2025, obviously you should get a holiday. But are you going to get a holiday? Are you going to be in the office getting ready for whatever may come from changes outside the EU? Perhaps with a deregulatory government in the US, is that going to mean that everyone in European infrastructure has got a tougher job to do?
Speaker 2:Well, for sure, we will take holidays, and several people said it also from the client side, working weekends, not having always good nights, all this, I mean, has also a limit. So from that perspective and that is what I said before, the hope of consolidating that people can, I would not say, rest, but can recover from what this year has been, from a workload, from a stress level, and from that perspective I do hope, as I said before, that we can recover a little bit before the new challenges are coming up. I hope it will not only be a hope, but we will see what future brings. Thomas Simon, thank you very much. You're welcome. Thanks to you, thanks for you for coming, thanks to not exactly sure who's going to listen to that, but thanks to everyone who joined our event, because I think it was a great event in a great location. So thanks a lot to everybody for making it happen. Thanks.
Speaker 1:Thomas Steinman there Now. Someone else I managed to catch up with at the event, who's an old friend of the Registry Art Roundup podcast, is, of course, marie Carmen Michon, who is the chief compliance officer of Registry Art and, as you can imagine, compliance officers have had a busy year keeping up with all the regulatory implementations and it looks like they're going to have a busy year in 2025 as well, as they keep up with Dora and a whole new wave of changes around the world. Here's Mary Coleman now.
Speaker 3:I'm happy to say that we are heading towards a stabilization period and we all wish to face 2025 with much more calm and less challenges ahead.
Speaker 1:You don't get to rest, do you? Because we've got Dora in two months. That is going to be another big compliance challenge. I was going to say headache but challenge. But again, for lots and lots of market participants, they're only just getting over refit. Do you think Dora is going to hit them equally as hard?
Speaker 3:well, possibly not equally, because, um dora is more a transversal regulation that brings requirements in many different areas of the regulation, but not so much, uh, specific, in the technological development. So here it's more a holistic implementation regarding InfoSec, management of ICT providers, business continuity, cyber testing and, yeah, and then internal training of both senior management and employees. So it's going more to the grounds, to the foundations of the strategies of ICT risk management.
Speaker 1:Now, one of the really nice things, of course, about client events is you get to network with the whole team and I managed to catch up with some of the people who haven't been on the show before but certainly be on it again and onboarding for clients obviously is a huge issue. It's a major part of service delivery for any organization and certainly where there are so many new financial entities, non-financial entities and market participants that are in scope of changing regulation, onboarding has become really important within the regulatory reporting industry, and who better to take us through those challenges than Sara Gill, who is one of our onboarding officers?
Speaker 4:I mean, of course, it's going to be another busy year for us. We've got a lot of projects ahead, which you will know on the next future, but yeah, it's about all like improving it, stabilizing it. Indeed, I mean from my perspective, which is about documentation will make. It will make a lot of documentation disappear and everything will be on the platform, so so you'll forget about physical documentation, for example.
Speaker 1:And so streamlining user experience is going to be a big part of it. And finally, I've got to ask you about Dora how are you expecting the phones to melt in the customer service department when the deadline hits in January?
Speaker 4:No, no, no, no. I don't think in this case. I mean, I think the important part, the critical one, has been Emil Refit. This will be much smoother.
Speaker 1:So, yeah, I think it will be a very good year for us from the participants' experience as is traditional on the Registry Art Roundup podcast for our December episode, the strains of a little bit of lighthearted festive jazz playing in the background here in the virtual studio.
Speaker 1:Because, of course, it is the end of the year and the holiday season is upon us and, whether or not Christmas is your tradition, or you get a holiday or, like so many people working in the world of financial services and reg tech, you won't be getting a holiday. Or, like so many people working in the world of financial services and reg tech, you won't be getting a holiday at Christmas. You'll be in the office with a sandwich and a glass of champagne, maybe with your line manager. We have a few Christmas messages for you from the virtual studio crew, and here's one from someone who's head of client services and, of course, works with Sarah Gill and the onboarding team and across the whole client services remit paula lopez, and she had this christmas message for you all grateful to have spoken at the annual client event for the very first time.
Speaker 5:I'm very happy and privileged to have had the opportunity to join such panel discussion with some great speakers such as Felicity from AVN AMRO, roberto Bermejo from CNMV, tim Hartley from Kaizen and, of course, our moderator, joan Kernan, sharing our own experiences pre during and post-reference Go live. It has not been an easy path, but I think we made it happen. Obviously, still plenty of room for improvements and releases to go, but we will get there. Big thank you to everyone who joined us during this session and to all VME6 colleagues who made this possible and to all participants for the valuable insight and attendance. Taking this opportunity to wish you all the best for this next 2025, enjoy a joyful holiday season and, switching back to my native language, I wish you all a happy holiday, a merry Christmas around you and a prosperous new year 2025.
Speaker 1:Greetings to all now, for a couple of years, and when it landed, yep, it was a big one and it's been a huge wave of disruption across the whole industry in europe and perhaps less so in the uk, but then we did have a bit longer to get ready for that, as john kern explained in our last show. Do make sure you go back and take a listen to that. By the way, if you missed it, lots of great content there all about, uh, the lessons that have been learned. By the way, if you missed it, lots of great content there all about the lessons that have been learned by the whole industry and the regulators in 2024. However, of course, in 2025, there's a lot more regulation happening all over the world, from Japan to Singapore, from MIFID to DORA. There's lots on the horizon more rewrites, more reviews, more consultations and more data fields to be reported.
Speaker 1:And taking a look at those, we have Ozrina Juskiviski, the Lithuanian powerhouse, who joins us from the institutional relations team. We have Pilar Martinez, from the public affairs team, looking at the evolution of the European capital market now the Savings and Investments Union and what that could mean for regulatory reporting and, of, of course, changes with deregulatory friendly administration. Coming in the us, we have mariana longabardo, who is going to be looking at the broader market situation. She is a specialist in analyzing market developments and trends and all the data indicators for 2025. And finally, a few thoughts from Xi Tili, who is from Eurex Clearing, about the growth of clearing and what this might mean to market participants trading across from the EU to the US. So let's kick off with Ozrina from the EU to the US.
Speaker 6:So let's kick off with Ozrina. Dora is coming next. So we have already on 17th of January 2025. So less than two months. We'll have to be compliant like all the other European Union institutions. You know this is big, that is coming and we are almost ready for that.
Speaker 1:Now I've been asking people if 2025 is going to be nice and smooth, or if 2025 is going to be nice and smooth or if 2025 is going to be a challenging one. What do you think from the institutional relations point of view?
Speaker 6:Definitely challenging, as always. You know, we are regulatory services, so there is always something going on. We have DORA. Now we also have FinPRAC review, so there is a refit on FinPRAC and there are rumors about SFTR 2.0. So we don't know if it's going to come also next year, apart from other consultation papers that we're already awaiting from our supervisors. So I would say it's going to be challenging every year.
Speaker 1:And are you going to get a Christmas break this year, or are you going to be in the office with a snack from the vending machine, wading through mountains of paper? What's it going to be like for you?
Speaker 6:I'm going to have my Christmas break. Definitely, I'm going to my hometown, to Lithuania, to my country. So definitely, at least for a few days during Christmas Hopefully there's no white Christmas I'm going to enjoy back home in Lithuania. Get ready and be back for Dora and join back home in Lithuania. Get ready and be back for Dora.
Speaker 1:Now I've managed to find a quieter corridor to interview our next guest, pilar Martinez, from the public affairs team at BME6. And, pilar, you were on the first side. Chat today about regulatory change, what's on the horizon, what's coming, and also some really interesting European issues which are adjacent to the world of market infrastructure, but perhaps we don't always get the chance to talk about.
Speaker 7:Yeah, well, indeed, the CMU action plan is nothing new. It's nothing outstanding on our tables that you have never heard about, but it is the third time that we have these plans on our desks. First CMU Action Plan took place in 2015. Second one was 2020, and now we're heading for the third block. Cmu Action Plan is the tool that the Commission has to start and to finalize the Capital Markets Union, which is basically having all the capital markets in the EU functioning as one single market and bringing in this time, with this new addition, savings and investments. This goes very well with the initiatives that we had from the previous commission about retail investment strategy, benchmarks and another bunch of regulations that we will see. I think the most interesting part about this is the two reports that we saw early this year Draghi report and Leta report. They deep dive into the problems and the challenges that the CMU will be facing for the next political cycle, and I really do think they will be setting the tone for the next action plan.
Speaker 1:Now tell us a bit more about life from your desk, because you're involved. It's not just about public affairs. It's also about strategic planning for decisions within the group, looking forward and weathering uncertain times politically and economically and, let's face it, they couldn't be more uncertain than they are now, with so much change, more elections than they've ever been in a two year period and, of course, a new administration in the US who has a sharp focus on deregulation. So tell me, I mean, how do you leave the office?
Speaker 7:Well, that's a very good question, and actually the US question is the million dollar one, if you allow me this one question, and actually the US question is the million dollar one, if you allow me this one. Um, no, certainly. Uh, we had the voting year, and this will materialize in a lot of changes, not just from us, but from other jurisdictions as well, and I think it is. It is a job for the EU to live up to the expectations, to maintain this work path that they have been following on strategic autonomy and on becoming a truly competitive bloc versus other jurisdictions. And since you mentioned and you didn't, but you did the US elections, I'm guessing, I think that's where the EU really needs to put a focus. We still don't know the office, we still don't know what the cabinet will look like, but we're hearing rumors already, and it is already a time for the Commission, for the parliament themselves, to start working and start thinking about policies that can reinforce this strategic autonomy without losing the partnerships and the relations that we already have with the US.
Speaker 1:Well, I've managed to escape the soft jazz and grabbed Mariana Longobardo, who is a macroeconomic specialist. You gave a great talk because you really pulled out and gave us the helicopter view of the challenges facing market participants in the EU. And, of course, number one is a change in the regulatory outlook coming from the US and from a Trump presidency. What do you think might be the likely market disruptions or the market positives from the new administration coming in in January?
Speaker 8:Well, of course, everything will depend on how quickly those policies will be implemented. There is a little bit of skepticism in that he's going to actually implement everything that he's promising or that he's promised in his campaign, and he's also kind of switching speeches. For example, two days ago he nominated the secretary of treasury a person from the market. He just decided that he was implementing tariffs on Mexico and on Canada in the day one of the administration. So it's hard to decide which is really rhetoric and which is exactly going to be implemented.
Speaker 8:What we know that in general, there is going to be a more protectionism trend and it's going to reshape global trade and global supply chains. What we think as an opportunity in the first place. It can be like a challenge for, for example, going to reshape global trade and global supply chains. What we think is an opportunity in the first place, it can be like a challenge for, for example, export economies like China or even emerging markets. But it's also true that in the last administration, since the last administration Trump administration China reduced its exposure to the US across different economies. So it can be a new configuration of the global system, the global trade system.
Speaker 1:And you're also talking about the outlook for GDP growth across the EU, which looks like it's slowing, but there have been some real success stories, like Spain.
Speaker 8:Yeah, sure, actually, in the past years Europe struggled in terms of GDP growth. This year we are going to have a modest GDP growth and the projections is that it's going to increase for the next two years. But Spain has been a good surprise. In fact, spain has a lot of strengths in terms of domestic consumption and also government consumption and the tourism sector. The tourist sector is the key driver this year, I would say, with record levels of tourists coming to Spain and also spending a lot of dollars here. That definitely helps the economy and also some investments that the government has made in improving competitiveness, especially in the services sectors. But I would say that the key driver from the Spain economy it's domestic consumption.
Speaker 9:So actually EU and US, they do exactly the different way. For example, in EU everything is very good, prepared and regulated and in the US they just leave the market run and if they say there's something wrong and they will come back and say, oh, it was not good, it should be prohibited. So for them it looks like something like trial and fail and then learning by doing. But in EU, I believe they do have a different philosophy. They want to have the market regulated so that every participant in a market, they do have the security and they do have the certainty what they could do, what they are not allowed to do. I believe that's a different approach. It could be the case that it looks chaotic in the US area, but it's not necessary to be by the end of the day. But of course I cannot foresee that much, but it's at least my opinion.
Speaker 1:Thank you for the question and that was she tilly, from eurex clearing, summing up a sentiment that was expressed on many of the panels during the day at the madrid event that you know there are changes afoot and a change in regulatory outlook between the eu and the us, which could provide a lot of opportunities for market participants and open up new markets, but also raise some challenges as well for the world of regulatory reporting. Uh, wise words there and uh, yeah, we're all watching that one, she moving on. Uh, of course it's time to hear from another member of the virtual studio crew, mr nicholas bruce, the voice of reason, himself the head of business development, my statistically most regular co-host on the show. Nick's been with us since the beginning and is a very, very busy man raring to go with the new Registrion platform in the new year, but he found time in his busy globetrotting schedule to send this Christmas message to you all.
Speaker 10:Hello everyone. It's Nick from the Roundup. I just really wanted to wish everyone a very Merry Christmas, a Happy New Year. Whatever you're doing, I hope you have a fantastic time. I think for everyone, 2024 has been a period of change, challenges, so let's hope 2025 is a quieter year, and I'm just wishing everyone a really restful time over this festive period. Take care and speak to everyone in the new year.
Speaker 1:One of the things I like most about the annual client event is I get to leave the virtual studio. Like most about the annual client events, I get to leave the virtual studio, put on some outside clothes and go and mix with regtech, vendors, with management companies and, of course, most importantly, market participants All those people who exist as part of the regulatory reporting community and find out how things have been from their side. And this year was no exception. I managed to catch up with Aladdin Banuna from Quint quintet private bank, with andreas roussos from 0.9.9. Of course have been a guest on the show at last year's live event. It was great to meet, uh andreas.
Speaker 1:This year I also managed to catch up with grant haley, michael mcalinda and amanda McAllister from First Derivative and get a real feel for the sort of consulting work that's going on in such a busy space. And, of course, kevin DeMeyer, who has been on the show many times in the past, an expert in all things regulatory reporting and data quality from Deloitte, and Kevin rounds us off with some really interesting insights into 24 and I ask him the crucial question about 2025 is it going to be smooth sailing or is there more choppy water on the horizon.
Speaker 11:Let's start with aladdin bernouna from quintet private bank I think it was like underestimated before because because we get comfortable with AMIR, so yeah, we have some fields to change, that's all. So we will be quite underestimating this project. But once we try to put everything on together and try to adapt our new system, so we realize that there is a lot of issues and especially also issues in data. So AMIR is not only help us to just submit in a reporting, but also to review the way we are doing the things and the way how we can challenge our internal data.
Speaker 11:2025 is bringing a lot of challenges. We can see already there is a lot of change on the political side, especially in the US. The wars around the world, so the market volatility, especially also on the cryptocurrencies out there, are now impacting also the market Regulatory side also, we have a lot of changes coming, looking for Mifertree, csdr, sftr, so DORA also, as we mentioned, and this is all the things. I think that 2025 will be quite challenging for us and for our clients, but we are doing our best to relieve these challenges.
Speaker 1:And also joining me, andreas Roussos from Point9. Now, point9, we've had you on the show before different representatives talking, of course, about your tech solutions, helping people with their regulatory reporting, the burden of the back office, because we often talk about this idea that everyone's a tier one bank with a giant back office and an endless budget, but of course, we know there's lots of smaller financial counterparties that have reporting obligations that just can't scale to meet something the size of EMEA. Have you had a great year, or were you looking forward to a calmer 2025?
Speaker 12:It's been a very, very challenging year. Uk and EU refits, rewrites in Singapore, in America, in Australia, new clients we had to help because we offer a managed service right. So for us it's not a matter of just giving the specs to the clients and say go to refit. We had to actually do it for them. We had to help them get the correct UPIs, not just valid UPIs. So we are all looking forward to getting some rest now, ironing out any issues with the clients and next year come back. We see a lot of demand already in reconciliations, so everybody has a way to report nowadays. But now moving to data quality, everybody wants like a live reconciliation tool, especially when they delegate reporting to their counterparties. So next year it will be challenging, but first we need a break. I think all of us Some people lost weight, like Nick. Some people like sleep, like me. Oh well, looking forward to Christmas holidays.
Speaker 1:And joining us here we have Grant Haley, michael McAlinda and Amanda McAllister from First Derivative. It's been a huge year for derivatives reporting, but actually that feels like we're underselling it. It's kind of been a huge what? 15 years for derivatives, uh reporting. The whole industry has been transformed. I mean you must have seen a lot of changes. Did you ever think we would get to the end of the refit process?
Speaker 13:uh, I started in 2014 in this and I've been doing it for the last 10 years and I thought in 2017 the regulatory pipeline was was drying up, um, but here we are in 2024.
Speaker 1:It's still as strong as it was then and continues to to get more and more complex and challenging and in terms of that, michael, I want to ask you um, there's still variation, isn't there, across the eu between what is deemed a derivative by national competent authorities. Do you think that is going to be, uh, settled? Do you think that there'll be agreement, finally, or uniformity, over things like fx forwards?
Speaker 14:no, I think we hope so. Um, there's always different interpretations across you countries and I think that's where the challenge is, with a lot of different companies and, again, a lot of countries as well. And, as one of the speakers said earlier on, we're no longer on different pages completely, we're just on different or I think he said it was different languages, but now we're in a slightly different dialect. So I think that's where we're at and hopefully it gets closer together going forward.
Speaker 1:And I mean looking out as well, amanda, looking out. 2024 was a crazy year as a derivatives consulting firm. You've had, obviously, inundation of work. Tell me what about sort of 2025? Is it going to get a bit calmer a a bit smoother, or do you think actually that volume of business is going to ramp up as more market participants fall in scope of the regulation and more actually want to engage in the derivatives market?
Speaker 15:no, I only think it's gonna get. I think it'll be. It'll not be as fast paced, but it'll be a steady pace, especially like from today, I take. Reconciliation was a big, big topic and a good data quality which I definitely think a lot of firms, a lot of people are going to have to look into and that'll cause us a lot of issues that we'll all see coming up and maybe more inputs to look into that. So I don't think we're slowing down anytime soon. I don't think we're going as fast paced because we don't have a hard deadline, but we seriously need to look into the data quality of stuff for sure talking of data quality.
Speaker 1:I'm gonna ask you about that now and I'm gonna ask grant, uh, michael and amanda to make some predictions here. 204 fields of data do you think that's an end to it or do you think there's going to be more data fields emerging? Will there be a refit? Refit sometime in the next couple of years?
Speaker 13:organization. The regulator wants to get visibility of and understand how these work. So you know they need the data to do that and 204 fields. If it does or doesn't achieve that objective, um will be down to whether that increases in the future michael, what about yourself?
Speaker 1:do you see, uh, the fields going up anytime soon, or do we need to get the quality up first?
Speaker 14:no, I definitely think the fields will definitely go up um at some point, like, for this, for example, crypto there I'm sure there's a lot, lots of fields they can think of, that they'll start adding um.
Speaker 1:But yeah, game quality something that probably should be focused on first, first and foremost and amanda uh, you, I'm gonna guess you're thinking the fields are going up and michael introduced crypto into the conversation. Now nick bruce, who's head of business development at reg cr, my co-host on the show. He's told me I can't keep asking people questions about crypto and nerdy cyber stuff, but just because I'm interested in it. But what's your take on that? The Bitcoin is riding high. We've got a Bitcoin positive administration potentially coming in to the US, and the EU has been pretty crypto positive. There's a lot of talk as well about central bank issued digital currency. Are we going to see data fields going up and will crypto feature?
Speaker 15:So, first of all, I like to think I'm an optimist. So I'm going to take Nick's stance on this. He said once the quality comes up, he sees maybe fields become a redundant because the quality is so good and we can already drag that from there. So I'm going gonna say no, I don't see it going up. But I'm also a realistic person. So, yeah, crypto will definitely come into the regulation. It needs to. It doesn't make sense if it doesn't. So overall, I see the current fees coming down, but also crypto fees coming in, but I'm optimistic.
Speaker 16:So overall I think it might stay the same I think in general, yes, the effort was underestimated, so people came into this. Some participants treated it as an IT project, which definitely was not. It was a lot broader than that and I think that led to issues in the go-live and in the implementation. I think it's stabilized and it's stabilizing more and more, but a mirror is a gift that keeps on giving. I just say so. It still requires some work. We see now and we heard this morning the view from regulators on data quality indicators. That remains important and I think that's a continuous effort to continue to improve that.
Speaker 1:I mean when you're informing your own plans and advising clients. One of the problems seemed to have been that the synthetic data and the testing processes weren't quite matched up with the sort of day-to-day operational challenges that reporting from Mir would cause. So do you think there needs to be a bigger focus on testing before new regimes kick in?
Speaker 16:Good testing is always great. I think that a lot of counterparties also struggled with the timing. Everyone was late to have to change, so it was ESMA who did the last minute change in the requirements. Let's not forget about that one. For those who remember, there was the system providers, who were struggling to deliver on their side as well, both on the bank side and on the asset manager side, and also the third parties. Everyone was struggling to be ready. That meant that a lot of the testing actually happened in the past, the last two, three weeks. That was a concern for regulators. That was a concern for everyone. To be honest, I think, considering that and ignoring the first week, I would say, where people were stabilizing the process in getting reports out, it went quite well, given all of the circumstances. Maybe the lesson learned is that everyone's budgeting far in advance and regulators need to pay attention to not impose too many changes too swiftly and have stability in the requirements.
Speaker 1:And finally, what's the outlook for 2025 going to be? Is it going to be the calm after the storm or we've got DORA in two months? There will be other things happening SFTR 2.0, the broader changes that come from a mere 3.0, beyond the derivatives trading side of it. Do you think 2025, the industry will get a chance to catch its breath or is it going to be more of the same? I think it's going to get it. Do you think 2025,?
Speaker 16:the industry will get a chance to catch its breath, or is it going to be more of the same? I think it's going to get worse. And you mentioned Dora. I think anyone who's in a banking environment will struggle with instant payments at the same time. Let's not forget those are both coming in January. We have retail investment strategy, we have Mifid 3. We have Amir 3. And retail investment strategy, we have mythid 3, you have amir 3, uh, and actually mythid 3 and mythir 2 hold some nasty surprises as well on technical side. So I think it's going to be at least as intense as 2024 okay, kevin demayas, thank you very much this is john kernan from register uk.
Speaker 17:This is John Kernan from Registrar UK, sending a message from St Mary Axe in London. I'm sat here with my reindeer Christmas jumper on, just about to go with the team for our Christmas lunch and I just wanted to say thanks to our clients during what has been a particularly busy year for all of us. I hope you will get the chance to unwind a bit, spend some time with your loved ones, and I'm looking forward to coming back in January and rolling out some of the client-driven development in 2025, which we showcased at our client event in Madrid a couple of weeks ago. So, with all that said, all the very best. Thanks again and uh, looking forward to coming back on the roundup sometime in uh, in january.
Speaker 1:Take care well, that's it. We are at the end of another show and the end of another year. Yes, and what a year it was. As we've heard in this show and our last one, it's been quite a ride for the market participants, for the market infrastructures, uh, for the management companies, for the consultants, for the data experts and the many, many people who've helped to transition, uh, the derivatives markets of europe uh into, uh, a mere refit, and I think everyone is glad it's happening. And you know, looking back, it may have been challenging, but it's obviously been a huge success and it's got everyone fired up and ready for another exciting year of change.
Speaker 1:And we'll be talking about that next year when we come back, uh, with the final few episodes of season 10 and then, of course, as we roll into season 11 of the show. Yes, season 11. Over 110 episodes will have passed by then, and we have been through sftr and amir and we've talked about dora, we've talked about all kinds of different challenges facing the market, from esG, collateral right the way through to open new data standards, online executables, you name it. We've had it, thanks, of course, to Isla and Ikma and all the people who've joined us on the show, from many different market participants, management companies, regtech vendors and everyone who's a part of the broader six group and RegistryR community, and I guess all that remains, then, is for me to ask you again to join us on our linkedin page that's linkedincom slash company, slash register, hyphen tr, where you can network with everyone who you've just heard in this show, plus, of course, nick and john and paula and thomas and all the other members of the register crew and as well.
Speaker 1:Uh, do make sure that you get a bit of a break, if you can, over the holiday season. If you're going to be celebrating christmas, we hope you have a happy one. If you're not, then we hope you get a decent break. And if you're in the office, as so many of you were last year, with a mere refits deadline rolling in, well, I hope the sandwich vending machine has got something festive in it for you and, in the meantime, for me, andrew keith walker, and from our producer, manuel moreno garcia. Uh, everyone at the uh six group and everyone here in the virtual studio helps bring this show together and make it happen. Have a happy festive season, a happy holiday, uh, and a very happy new year, and we'll see you in January 2025. Bye-bye.