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
Reporting Industry: Taking the RegTech pulse, live in Zurich, 2025
In this special feature-length show, recorded live in Zurich, we hear from industry experts and market participants on their view of the reporting scene in 2025, ESMA's call for evidence, and the challenges ahead for 2026. With expert contributions from Kaizen, Capgemini, the FIA, MarketAxess, Erste Digital, KFW, SIX and Regis-TR.
Hello and welcome back to the Registry R Roundup Podcast, and this very special client event episode that I recorded live over a couple of days at the Sixth Convention Point in Zurich. And if you haven't been, the Sixth Convention Point is a great location. It's got a proper soundproofed recording studio. There was a little room just for me, which made me feel very special and glad that I'd actually taken off my pajamas and put on some proper outdoor clothes to visit it. A couple of years ago we recorded live in London, and then last year we recorded live in Madrid at the Palacio de la Bolsas. And this event in Zurich was bigger, uh, even more special guests. We've got even more interviews with uh regular industry expert voices and with market participants too coming up for you. So let's not waste any more time and dive straight in with an update on the product development roadmap with David Inglesias, uh, who is the product manager for Amir Products, and with the new head of sales and relationship management, Chris Mason, who of course is taking on that role, which was formerly uh under the purview of Nick Bruce, uh the voice of reason himself, and my most regular co-host. And I wanted to catch up with Chris and find out what the Chris Mason approach was going to be like.
SPEAKER_04:Well, I think the Chris Mason focus is is really uh I think because Nick, Nick's refit development and refit implementation was hard, and he's faced questions from clients that have really driven product to look at it uh even in more depth. My role is really to show what we have developed, the better products that are coming out, to make them understand how they can use them and how they can better their own understanding of data and check their understanding and boost their their understanding.
SPEAKER_03:Okay, and David, tell us about data quality. You're enriching uh the client's uh insights into their own business by uh the sort of pre-qualification work you do by uh enriching data by upping their data quality. Tell me more about it. Um, what's the biggest focus? What's the toughest friction point when it comes to improving client data quality?
SPEAKER_13:Right now, our main focus is that when a client see a report came in front register, they have to be 100% sure that the data that is reflected in the report, it is the real data they can report it. So we are ensuring that our process process all the data with very good level of quality. So this is our main focus in the regulatory side. In the business size, we are giving the clients tools in order that they are able to see where they have there on the on their side. For example, reporting statistics. We are providing them different kinds of statistics with stop rejection, so how many levels of error code they have, where are the main error code that they had. We provide different graphics, we provide also statistics about reconciliation, so what are the status? Which are the counterparties that they usually have and per record, where are which are the counterparties that they usually have mismatched, and now we have put on place and we are in the process of getting authorization for the client a benchmarking tool so they are able to compare the rejection radius, the matching radios with other clients. So, one side regulatory, so they are sure that we are providing 100% data quality in our report. Second side, business. We provide tools to make their lives easy.
SPEAKER_03:Chris Mason and David Inglesius there. Now I actually recorded some of these interviews at the client reception the night before, which was at a fantastic bar called the Venice Bar in downtown Zurich, and had lovely food and canopies and uh, you know, fantastic uh uh drinks, none of which I got to have because I was too busy running around interviewing people. It's a very packed schedule. And so I thought I'd start early. And I managed to catch up with someone who's been on the show before, Jose Mar uh Santamaria. Jose Manuel Santamaria, who's the head of regulatory reporting at the Sixth Group, and I wanted to get his take on how the year has gone and uh what's rumbling on the horizon in the ever-changing regulatory reporting industry. Josema, we've got a lot to talk about uh at this event, haven't we? Uh, not least consolidated tape. We can come to that in a second, but tell us more about the call for evidence and the work you've been doing on the uh regulatory side at six.
SPEAKER_14:Yeah, sure. Thank you, Andrea. Thank you for asking this. I'm not sure if this is if this is an easy question, indeed. The call for evidence is going to have, I would say, a huge impact on the way the transaction reporting is done, not only in MIFIIR, but also across other regulations, for example, EMIR or SFTR, or potentially other regulations which have not been under the radar so far. For example, the market abuse. Uh let's see how it ends up. And it's having a huge impact as well on the timeline of implementation. You know, there is a there is a decision recently by the commission to postpone a number of delegated acts, level two regulations, uh for the sake of simplification and uh, you know, the you know redefinition of priorities, and this is also promoted somehow by the call for evidence. So, for example, all the regulation on on the transaction reporting RTS 22 in MiFIR is being postponed, not only until the result of the consultation in the call for evidence, but also um it has been postponed until October 2027 at the earliest. So I think there will be lots of debate, lots of issues arising, discussion in the industry, but I don't expect something you know material on which we can really work on implementing changes until at least two years' time. Consolidated tape. Uh, where are we on the consolidated tape question? The consolidated tape is being like uh an in and out discussion. It's gonna trigger, again, like relevant changes for the industry. It's gonna mean if it is if it if it is duly implemented, uh hypothetically it's gonna bring like cost saving for a lot of investors. It remains to be seen how useful or how usable this really is for uh from a trading perspective. And in terms of the timeline, you know, there was uh uh the the fixed income consolidated tape provider has been already appointed in the EU. It has been recently appointed also in the UK by the FCA. There is uh a legal clash in this designation in the UK. So it it again it remains to be seen if this has some sort of impact on the implementation Thailand or on the deadlines in the EU for the entry into parts of the consolidated tape for fixed income. Then uh we are still waiting for the consolidated tape for equities to be appointed at some point at the end by the end of this year. And the process to the appointment of the derivatives consolidated tape provider has not been launched yet in the EU. So lots of new things still to be seen there. Again, I think this is gonna be a game or could potentially be a game changer in the industry, but as always, the evil is in the detail. Let's see how it really works, let's see how it how useful this is, especially for trading purposes, which is not that clear to me at least. And uh good luck to everybody involved with this project because it's gonna be a big thing.
SPEAKER_03:Now, as I was finishing up with Jose Ma, uh I noticed someone else arrive at the reception, so I rushed off and grabbed him in the stairwell before he'd even had a chance to take his coat off or get a drink and start networking. That is, of course, someone who's been on the show many, many times. He's virtually a member of uh the studio crew. Tim Harley, the director of Amir Reporting at Kaizen. And uh I asked Tim to give us his assessment of where the industry is right now and you know the phase we're in before the next wave of changes start coming through, as they always do with regulatory reporting. Oh, and also it turns out Tim is something of a film buff, so I may have dropped a few Ghostbusters references as well. So, Tim, the really big question here appears to be the call for evidence. You are always on a panel talking about the big disruptor. You're kind of like, you know, the Ghostbuster uh for uh regulatory reporting.
SPEAKER_02:That's a weird analogy I never thought I'd use. I'm happy to be Dr. Vateman in that situation where common sense needs to prevail across reporting, and the call for evidence is a good step towards that. We see firms looking at the different options of where reg reporting can go, not just across Emir, but across SFTR and MiFID as well. Um and firms have really risen to the challenge of what changes should be, what they want them to be, and giving that opinion to ESMA to close out that call for evidence. So there's lots there to play for. And at Kaisen, we welcome change, we welcome simplicity, and we're hoping that ESMA um facilitate big change for firms for reg reporting.
SPEAKER_03:Okay, so looking ahead, um, and I I'm not gonna say choose the form of the destructor, but I I've done it now, haven't I? Choose the form of the destructor. What is gonna be the big headache on the horizon for market participants in 2026?
SPEAKER_02:The stape off Marsh Melleman that will be there for firms is around the inter-TR reconciliation. And many Regi's TR firms are looking at their data now to see what they can do as the number of fields that is reconcilable under the intertr reconciliation moves up to 150, which is a hell of a lot. And it includes just things like includes things like valuations, um, which is very tough for firms to agree unless it's a clear trade. So there's lots of things in there. Um, and there's also firms that still got a little bit of a headache for making sure they're adhering to all the guidelines and all the changes under Amir Refit, even though we're just over a year on from the GoDive.
SPEAKER_03:A very Halloween-themed interview there with Tim. Now, the next morning I got up bright and early and raced down to the convention point so I could grab some more interviews. And one of the people I caught up with at the coffee break was Jonathan Lee, who is the director of money markets at Kaizen. Jonathan, who's a former trader and uh now an expert on uh data and reporting, gave me a really interesting insight into SFTR. Yes, you remember that. That's how we started this show five years ago, talking about that new regulation that was coming in. And I wanted to know if there was going to be a refit for SFTR, like we've seen with the Mir.
SPEAKER_05:So I I I think um we've really come full circle since the financial crisis now, and sort of um macro systemic concerns about financial markets have been somewhat um displaced by concerns about geopolitical situations. What this has meant is that um ESMA and in in conjunction with uh regulatory changes across the Atlantic, ESMA is really focused now on simplification and and burden reduction, such that um there is the possibility that the much delayed SFTR review and refit is pushed fur further back into the weeds. We've already seen this with the implementation of the uh level two changes for the for the MIFID review. So I think it's quite likely that the SFTR review gets swallowed up with the simplification and burden reduction uh agenda. Having said that, there is the possibility that essentially SFTR becomes the trailblazer for that situation and that they're very much leading the pack in terms of implementation of simplification and uh burden reduction. This could mean that things like static and reference data fields get uh disregarded. I mean, I think that's wishful thinking perhaps, but that's certainly something that I think the industry would like to see. Alternatively, it could even mean the adoption of things like common domain models and more digital reporting.
SPEAKER_03:Now, a question, now this might be way out there, but I'm gonna throw it to you. Um, it feels like the whole post-trade process is getting ever more integrated and there's more automation, and FX is playing a larger part in post-trade, and the money markets are featuring more heavily as part of post-trade flows. I mean, looking long term, do you see greater integration and is that going to affect the sort of reporting overhead for uh participants from SFTR right the way across the different regimes that uh reporting ever more data?
SPEAKER_05:I mean, money markets reporting in general has a much more direct application to uh retail and and commercial financial markets in the sense that uh the money market regimes in the EU, money market statistical reporting, sterling money market data in in the UK, it directly feeds the the new uh benchmark interest rates that have replaced the LIBOR rates, such that the the sensitivity is clearly much greater. You know, reporting misdemeanours could result in distorted interest rates. And therefore, in terms of uh policy making, that the central banks in particular are holding it under much greater scrutiny. These are simpler regimes as well, there are fewer fields. Um, I wouldn't say there's necessarily less complexity, but there are certainly fewer fields. But they are more focused, but they also tend to be specific to a particular jurisdiction given that it's driving policy and interest rates specific to that currency.
SPEAKER_03:Another new voice on the podcast, and someone who will definitely, like Jonathan, be back is Paul Granger, who is a director in capital markets and the capital markets practice at Cap Gemini. And I'm interested in his view on the broader picture about getting everything uh bedded down and operationally functional. Of course, Cap Gemini uh have a fairly unique position because they have a huge tech side, they have a large consulting and reporting side as well. And so Paul's insights uh would be particularly useful if you're getting to grips with the technological outlook of the current reporting landscape.
SPEAKER_07:There's been so much change in the past few years that we're now in a position where there's a period of consolidation happening. Um, there's hopefully less change coming, uh, certainly with the the pause to the core for evidence. Um, but I think firms need to think about this time as an opportunity to to be introspective, to look internally, and and to to use the time to to fix their internal data um and to fix their internal data models. Um I think at the end of the day, reporting is is is the is the end of the road for for data. It's it's where it goes out the door. Um and all of the problems that firms have in their data quality, uh, which is the big biggest uh focus for regulators these days, um, comes from bad data or bad data processes uh internally. Uh and and looking at the opportunities to fix that is uh is is what firms should be doing right now, because they have the they have the time um to to make that change.
SPEAKER_03:And is a large part of this automation and tech is is that ultimately where this ends up? Uh or or is there a a more nuanced perspective about actually it's it's looking at process and the way your operations engage with the the trading side and with the post-trade side?
SPEAKER_07:Absolutely. Um so so we we focus on on the post-trade side within our within our practice. Um but it in essence it is it's the full stack that you're that you're looking at. So it's the operational side of it as well as the as well as the technical and the data side. Um and you know, everyone likes to talk about AI. AI is the the the topic of choice over the last few years, and it is it's allowing quite new, unique ways of interrogating your internal data. So it is it's it's kind of automating using AI. You can map, visually map, in fact, your your your full stack data model. And you would be horrified, I think, mo uh to see how complicated and how complex it is for most firms uh and most participants. Uh and it doesn't need to be that way. It's these these these data flows have been designed incrementally over 15, 20 plus years in in a lot of cases, and and a clean a clean view of where you are um or what your current state is, and then uh and then thinking about how you can can improve that um can not only improve your data quality, but quite frankly, could save you a lawful.
SPEAKER_03:A director in the capital markets team at Cap Gemini. And if you ever get the chance to catch up uh at an event with Paul or with Tim Hartley or Jonathan Lee, please make sure you do because they're very friendly, approachable guys who also uh have a gift for making complex and challenging topics very accessible with practical hands-on advice. And the same can be said, of course, of our next speaker, another old friend of the show, John Graham, who's the senior director of regulation at the Futures Industry Association. And John has been on the show many times. Do go back and check his episodes uh as well in the back catalogue. And John had some really interesting insights into the day, uh, the mood of the market, and also how Esma's Call for Evidence provides an opportunity to look at the way that financial instruments are reported and maybe make some adjustments to reduce duplication and lift the burden on market participants. Here's John.
SPEAKER_09:It's been an incredible day so far. I think as I mentioned on the panel, the the theme of the day, it's it's been extremely honest. It's been an open dialogue, lots of questions from the audience, and that's exactly what we're here to discuss. We're stakeholders, we all have a part to play in this. So the exchange of uh opinions and and thoughts as we move into the future and deal also with today's challenges, it's it's extremely vital. So lovely to be here in Zurich. On our panel today, we had the pleasure of looking ahead into the future, and that comes off the back of Esma's call for evidence that wrapped up on the 19th of September. We very much support the aims and objectives of the simplification agenda. We acknowledge the fact that over the past 10, 15 years, the reporting requirements they've developed in piecemeal fashion. That's resulted in certain inefficiencies and a duplication uh of reporting data elements. And this is an opportunity to address those and consider how do we improve on them. So, just by way of key messages that we set out to um ESMA on the 19th of September, we feel this is the right time to address and consider how do we reduce the burden on firms without having a detrimental impact on the quality of the data that regulatory authorities need for, for example, oversight of systemic risk or indeed the detection of market abuse. If I am selfish and if I deal with my area, which is the exchange-traded derivatives industry, ETDs by their very nature are more our markets are more transparent, have always been more transparent than their OTC counterparts. They are exchange traded, they are centrally cleared, they in many ways lack the customization that occurs in the OTC markets. As a result, we feel that applying the same reporting requirements to both ETD and OTC is not appropriate. If we consider uh systemic risk, systemic risk in ETD markets sits at a position level. The trading activity through the course of the day is um uh is is amalgamated into an end-of-day position. That's where risk sits. Having to report uh hundreds and thousands of ETD trades under a mere article nine, we would argue is inefficient. It is a cost, uh it results in huge costs, it also results in a huge um uh uh grasp on resources who have to work on resolving reconciliation breaks, etc. So getting to the point, uh our key message uh within our response to the call for evidence, and I should say that that's FIA working alongside industry colleagues at Athme and Isda. We have called for the removal of ETDs from EMIR Article IX so that they are then reported under MIFIR. And as such, we've also called for the removal of OTC from MIFIER so that OTCs are reported under EMIR, as was the purpose of EMIR post-um financial crisis. We've also highlighted the need for an honest assessment of single-sided reporting and the potential benefits that could offer against the current dual-sided nature of reporting that exists today, and as well as that, a very clear logic and determination of who is best placed to report. What I mean by that is for uh transactions that are uh traded on venue, we argue that the venue is best placed to report those. For centrally cleared derivatives, we argue the CCP is best placed to report those. There needs to be a clear understanding of who and where the information, the data should come from. So we're very optimistic about the future. We feel that we can make huge changes for the better of our industry to ensure costs are reduced, the burden is reduced, and on top of that, the quality of the data in many ways can be improved.
SPEAKER_03:So I recorded John at lunch and then headed out to see who else I could find. And of course, I caught up with my other most regular co-host, Lara Rodriguez, the Pride of Spain and the head of institutional relations. And Lara uh had a panel in the afternoon with Urs Reich, uh, who is the head of public affairs and market structure. Uh, and do go back and check uh our show with Urs. That's a great one, uh, looking at the uh outlook for his department there at six. And Laura and Us uh were giving a breakdown of all the different regulatory regime changes that have taken place over the last year. And it's a lot more complex than just a mere refit, obviously. So I caught up with Laura, who gave us a long overdue update on Dora, and it's a topic we always like to explore.
SPEAKER_12:Good question. You remember about Dora, right? Yes, well, actually, it's now 10 months, 10 months, nine months since the implementation of Dora. And uh, of course, it has been a huge change uh for everybody in the financial market regarding uh digital resilience for sure. Um we can say that um now firms know what they need to provide in terms of ICT risks, uh incident reporting, uh digital resilience, uh also in terms of uh well, all these different varieties in terms of operational uh resilience. And um what we can say is that cooperation with authorities has been huge during this time. For example, one of the the areas that um has been uh including or having many, many discussions since the implementation has been the incident reporting. Because um knowing what you need to report as an ICT uh critical incident is not that simple, even if the regulation may try to have specific parameters. So um here authorities have been very open uh to listen to us, our concerns about this, and actually uh we have been able to share feedbacks with them in terms of the um assessment that we consider for uh critical incidents. And that's been um a huge uh engagement between all the parties, which has made the implementation smoother, actually. And uh well, looking ahead uh for the next year, there's still a lot of things going on under uh Dora's scope. Um and for example, in the 2026 SESMA World Program, they are uh referring to uh different pieces of work that they will be looking at. Um one of them will be uh a first report on ICT-related incident based on the information of this year. Um they will also for sure do this joint supervision of uh third-party critical providers uh between the ISAs. And uh lately I think there will be like uh a publication uh from ESMA side uh of the cyber, uh like a new cyber coordination framework across the EU. So, yeah, as you can see, many things uh still ongoing. We can say that uh the bar has been set uh regarding uh operational resilience, uh, but also it's incredible to see how a framework which is uh trying to harmonize uh all these uh requirements uh has been set up for is covering many different regulations and is actually working. So uh well, uh yeah, very happy on this side, but of course, many work is still to do.
SPEAKER_03:Okay, so on that front, uh I have another one for you, which is the call for evidence. This is huge news on the market participant side. Uh it's big news on the infrastructure side. What about uh on the the regulator side? Uh is there a good reaction? Are they looking forward to this? Timelines have been raised as an issue. It's a very compressed timeline. Is that right?
SPEAKER_12:It it is right. Um I think now authorities are reviewing the responses to the consultations because um one of the actors or one of the receptors of also all these changes are them, the authorities. And of course, they want to um ensure that the market is competitive, uh, but as well they need to ensure that they receive the data uh the way they need in order to have an effective supervision. So um they will be maybe for the moment uh being a bit shy in terms of sharing uh much, but as soon as they start receiving the responses from uh from the call for evidence, they will uh make their point of what they need, they actually need for their supervisory activities.
SPEAKER_03:Someone else I managed to grab at lunchtime was, of course, John Kernan, another co-host from the show, and someone who's been on it since uh we started way back in the day when SFTR was just a gleam in Esma's eye. And John was giving us a catch-up, not just on Esma's call for evidence, which was the topic of his panel, but of course, on uh developments in the UK and whether or not divergence uh between UK regulations and EU regulations could be back on the news agenda as something market participants will have to handle. Over to John.
SPEAKER_06:Oh, well, it absolutely will bring big changes, uh albeit in the time frame of maybe five to seven years. But yeah, if you look at the ESMA call for evidence, any any of the three main options um being proposed uh represents significant changes. The framework. And let's not forget, 18 months after we've just finished one of the largest rewrites of a piece of reg reporting regulation in probably the last 20 years. In terms of the call for evidence itself, yeah, the timeline is very compressed. As I understand it, there have been somewhere in the region of 80 responses, some of those responses like from the FIA or each uh on behalf of a number of underlying members as well. And there's a very, very short window for ESMA to review that information. And I also understand, and you'll see if you read some of the consultation responses that participants have not only responded on the on the three main options proposed, but uh also proposing their own flavours of those options or different options altogether. So it'll be interesting to see what comes out of that once ESMA have the time to review it.
SPEAKER_03:Okay, and I can't let you go. You used to be our Brexit correspondent. What about the UK? Is divergence back on the table, or do we see everything following suit once uh ESMA has digested the call for evidence?
SPEAKER_06:Well, it's hard to say, isn't it? I mean, we obviously the UK is an independent regime, and the FCA have a responsibility to implement what they feel is best for the UK market, so we can't take it as red. Nevertheless, a lot of the UK market participants are the very same market participants that are applying to the ESMA call for evidence, and one would expect if and when the FCA issue a consultation, the responses will be the same as they as they were for the European Union.
SPEAKER_03:Well, talking of market participants, and thanks by the way, John, um, I managed to catch up with a few people behind the scenes to see uh what the mood was like out there on the other side of the regulatory fence. And three people I want to introduce to you uh Stefan Fortune, who's a sales and relationship manager in post-trade services at Market Access. Of course, you'll know Market Access as a uh very well-established management and service company uh working uh in the regulatory space. Also, I managed to catch up with Simeon Angera, who is in the uh digital team at uh Urster Digital, which is uh part of Erster Bank, of course. And also I managed to catch up with Nadine Heller from KFW, the German Landesbank, and uh they gave me their insights into how the year has been and how things are shaping up for 2026. But first of all, let's hear from Stefan.
SPEAKER_15:Uh the call for evidence from the ESMA has just been completed. There was a massive feedback from the market participants, so that's really good. Uh, among the options that were proposed, it looks like the option 1A uh seems to be the short-term implementation, and then there is a longer horizon where market participants also wish um simplification, cost reduction, and also you know, some time between reviews. Uh because these last years you we had Emil Refit just around the corner. We were supposed to have a Mifi review just now. Now I think it's an area where it's difficult to unlock budget and it's challenging for everyone. Yeah, so it's gonna be exciting. We are looking forward to see what the first quarter of 2026 will tell us, and then we'll have to adapt and um yeah, manage uh the new regulation.
SPEAKER_03:Tell me about uh Aster Bank as digital.
SPEAKER_08:Um uh what's your big focus there on the tech side? Uh so basically uh to automize everything so that we have uh very little uh manual activity to do, um, because it takes a lot of time when some trades that get reported um cause some troubles or stop some workflows in the worst case. So this is something that we're working on to prevent that uh that it works smoothly uh and without interruptions.
SPEAKER_03:How is life a KFW, large uh German Landesbank, big domestic bank? Um, how is the European regulatory landscape treating you?
SPEAKER_10:The European regulatory landscape is very difficult and broad, and we're still trying to figure out to make measures to make it more um grappable, you know, to get a better view of it. And that's what we're working on. And then, of course, we have some AI cooking up. We also have different task forces which are focusing on different AI tools and how we can implement that in our daily working.
SPEAKER_03:Big thank you there to Stefan Fortune from Market Access, to Simeon Angerer from uh Urster Digital, and uh Nadine Heller from KFW. And I do have to say that um I was uh grabbing people in a noisy cocktail bar and they're speaking in a second language, and all I can say to that is uh meiner uh Deutsch ist nicht besserer als seiner Englisch. Okay, um I've no idea if that actually made any sense or not. That's why we did the interviews in English. Moving on, uh, it's time to catch up with two people, without whom, of course, there would be no event. My most regular co-host and the voice of reason, Mr. Nicholas Bruce, and the new uh head of Regis CR, Maria Santos. Nick, we didn't get a chance to do our usual sort of uh interview shtick, did we? Because you were, like Maria, very, very busy. You were mobbed. Every time I tried to come and get you, you were in a deep conversation with a market participant or a new partner company or someone from the sixth group or or in the new Registry R family. I mean, tell us about it. It feels like the company is really uh going places uh over the last year and it you it's busy, busy, busy.
SPEAKER_00:Uh yeah, definitely busy, busy, busy. I mean, at the event we were a little bit like ships passing in the night. We were just waving at each other as we were swanning off talking to different people, um, which is a nice thing. I mean, at the end of the day, these events they're really primarily there for everyone just to sort of network for us to have shared experiences. And yeah, it was a really, I've got to say, it was a really good event this year because I think last year we were kind of in the eye of the storm, so to speak. Um, probably hurricane is the better word, because we've just gone through a mere refit. Um, everyone was talking about their issues, everyone was just sharing experience, and we were all working through it together. So we were kind of stuck in the now and talking about the now. And I think doing it a year later is that time where everyone's now reflecting, they've they've come through the other side, they've had that journey, and it was quite nice to be at an event where everyone's actually looking and sort of talking about okay, well, what next? What's the future? And they're kind of that time when you can reflect, draw breath, and think about okay, it's not about just reporting, it's about getting value out of what I'm reporting, which for me is that's the most important part and it's the fun part of the job.
SPEAKER_03:There was a lot to get through on the day. I mean, we had a uh a lot of great presentations, panels. You obviously ran uh one of the panels uh looking at the the many, many ways of regulation that uh are still unfolding uh before us and what we have to get ready for. I mean, tell us more about your session there, and of course the big focus, the the call for evidence.
SPEAKER_00:Yeah, I mean, it's actually quite hard to do my session because my session was looking at really looking at where we are today with the regulations across Europe and looking at what's on the horizon. So we're looking and talking about just this constant regulatory change that we know has always gone on, but we're almost saying as well at the same time that with the call for evidence, there's this kind of bigger agenda where SMAR are looking at the simplification of the regulation. So obviously we don't know where that is going to lead at the moment, but it also means that really that everything else is on hold until that review has taken place. So we know there's certain reforms that need to happen and should be happening, in particular with MIFIA, but at the same time, there seems very little sort of need to or desire, anyways, probably a better word, for the industry to make change to invest in their platforms when a call for evidence could mean that there's a wholesale change where everyone would have to restructure the way they report today. So it could have massive implications. So we're kind of it was almost a little bit reminded me of the podcast. There was a lot of crystal ball times because we were basically just saying, look, how do we think this is going to evolve if we have a call for evidence that could be five to seven years, even when the announcement is made until it's implemented? What do we think is going to happen in that interim period? And I mean that's going to give us a lot of juicy stuff to talk about actually on the podcast over the next, certainly over the next sort of two or three months.
SPEAKER_03:Maria, so we're catching up now. We didn't get a chance to catch up at the event. So I think we have to tell people it was so busy, and you were mobbed. All right. So I didn't see you without you having to connect with uh partners, uh uh market participants, um, and many of the guest speakers who were there who came from all over the industry and put on a really great event. So, I mean, tell us, it feels as though this year there's a real energy in the room and a real change uh in the sort of direction of uh the the markets uh that we discussed at the sixth convention point in Zurich. Tell us about it. How was the event for you?
SPEAKER_01:I it was fantastic, and um that was my second event, as I said in the um in the presentation. Um and also as I mentioned, um in the first in the past year I had just joined the company and um and uh and and I was fully aware of the challenges you know the company was facing and the clients as well, implementing the platform, accommodating to the new regulation, everything at the same time. And um the difference between, and I found a big difference between one event and the other. The past year we were talking about the present. We were only thinking about to live the present and to manage the present and to manage this pressure. Uh we were in the middle of the hurricane, while this year it's been talking about the future, what is coming, what we can embracing challenges and the future. It's it's it's been a completely different event. And I thought that everybody wanted to participate. The interaction during the panel sessions was great. There were always questions, so open and so honest, everybody uh speaking aloud that that that I think it was a very, a very positive event. That's my impression. I hope you you you were a speaker as well, and um you could see the audience uh uh uh from there. So I hope you think the same.
SPEAKER_03:There was a real um upbeat sort of vibe. I think that uh there was a great panel with Chris Mason and David Inglesias, where they took us through the roadmap uh for the next year. And there is a lot of new functionality and uh new features coming. Of course, key to all of this is the benchmarking process, which is new, it's fresh, and people really need to sign up to this because it's an insight into your own performance uh and an insight into your counterparties. It's it's a it's the kind of data product. Now, I'm gonna say you may be new to regulatory reporting a bit, but you have spent a long time building up data and information services within the sixth group and BME. So, I mean, you know, this is you're bringing your benchmarking stamp with you here, and this is a hot data product, right? Tell us about it. Give us the sub.
SPEAKER_01:Yeah, I love I love it because because I mean uh the data these days is the is is is the new gold. So the more data you have, the more value-added services you can provide to your customers. And um there was there were also interesting conversations and discussions in the panel in the client event regarding the quality of the data. And um, this is a must. I mean, data has to be accurate, uh, you have to have the golden source of the master data, and um and at the end, the responsible of the data is the client, because uh as as someone said uh during the client event, the regulator will knock on the door of the customer and on the on the door of the of the trade repository. So it's on the interest of the market uh uh to have accurate data, clean data and and stable data, okay? For because this is the only way that the regulator will be able um to take measures for the financial stability of the system or or whatever they need to. But on our side, uh we have a huge database uh uh with the behavior of the customer and with own the data. So we thought I mean we should use this to learn and to provide new services to our customers that make their life easier, okay? And um and and then we decided, yeah, to to launch this benchmarking, taking the opportunity, taking the advantage uh that 55% of the of the ME reporting flow goes through our TR, then we are in a unique position to provide benchmarking services to our customers. Where are you in terms of very imagining, in terms of reaction, reconciliations, et cetera, against your peers? So what we do is to anonymize all the data and deliver this information to the customer. For this, as I said, we need the approval of the customers because the data belongs to the customers and we need their permission to anonymize it. And um at this process is taking a little bit, um uh the signature of the permissions, but as soon as we have it, uh we are more than ready uh to start delivering the service, which is already prepared, only um uh pending of the data that we can use. The more clients accept the anonymization of their data, the better will be their service.
SPEAKER_03:That's great. Maria, uh, I I know you're busy and you've got another busy day. I'm gonna say thank you very much, and I'll see you at the next event.
SPEAKER_01:Thank you so much.
SPEAKER_03:Okay, well, that's it from the Registry R Roundup Podcast. This time, thank you for listening, and thank you to everyone who took part in this live show, which was recorded at the Registry Client event at the Sixth Convention Point in Zurich on the 15th and 16th of October. And also a big thank you to Manuel Moreno Garcia, who is the producer of the show but also hosted the event and did a brilliant job too. And if you want to see pictures of Manuel in full swing and all our speakers, uh then do go to our LinkedIn page. That is LinkedIn.com slash company slash registr, where you will see posts and content generated at the show. And you can network with everyone you've heard on the show today. And finally, for me, Andrew Keith Walker, it's goodbye. And also I'm gonna give the last word to Sabina Offerman uh from KFW, who has been on the show uh before, and I managed to catch her at the drinks reception the night before the event, and she summed up everything very well. Bye-bye.
SPEAKER_11:It is uh challenging as ever, yeah. And after Emi Rifit, we're still struggling. I mean, we're doing okay, and uh we take all the support we can get from every angle, especially from Register. Very helpful.
SPEAKER_03:And remember, you've been listening to the Regis DR Roundup, which is brought to you by Regis TR, a member of the Six Group, and features members of the Regis T R team and special guests expressing their personal opinions, not the opinions of Register as an organization. There's no representation made as to the accuracy or completeness of information in this podcast, and neither should it be taken as any legal, tax, or other professional advice.