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
S11:E01 Premiere: Regtech outlook for 2025 - recorded live in London
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We're back for an exciting new season - going in-depth, under the hood and behind the scenes of regulatory reporting and markets in the EU, UK and beyond. In this show - recorded live at our client breakfast event at SIX's UK HQ in the City of London - we chat with S&P Global, The London Reporting House, SIX and Regis-TR about the reporting changes, challenges and opportunities on the horizon for 2025-2026. If you work in derivatives, futures, securities lending or collateral management, don't miss this lively chat about upcoming changes to MiFIR, and reporting changes in the US, Canada and Hong Kong, plus all the usual chat with our virtual studio crew.
Season 11 Introduction
Speaker 1Thank you, information in this podcast, and nor should it be taken as any legal, tax or other professional advice. Hello and welcome back to the Registry Hour Roundup podcast. Yes, we're back and it's season 11. Yes, season 11. That's 105 episodes down. This is 106. And we are starting a new financial year and we thought what better way to start the new financial year than to attend the Registriar client breakfast that happened just last week at St Mary's Axe, the UK headquarters of the Six Group and, of course, the home of Registriar here in the UK. So I decided to dive in amongst the delicious pastries and the lovely coffee to catch up with industry leaders, with expert voices and with senior members of the RegistrCR team as they demoed new features of the RegistrCR platform. And let's start off with Nick Bruce. Everything from here on in was recorded live at the breakfast event in London, and I started off by asking Nick all about Amir Refit and how clients were feeling. Now we've got a year of it under our belts.
Speaker 2Firstly, when we're talking about the clients, I think generally it's positive. I think it's been a challenge in 12 months. I think everyone recognizes that. I think everyone now is in a good place or a better place, and what they're really looking at now is it's that kind of finessing. So they're looking at their data, they're looking at the quality of the data. They know that's going to be the focus from the NCAAs and they're coming to us and challenging us about how can we give them the data in the right format that you know it's meaningful that they can use that um, they can address the issues and they can be on the front foot in those kind of regulatory discussions that they're having for the coming year.
Speaker 1There's been a lot of talk about, you know, uh, new regulations that are coming in, uh in the us, uh, that are going to be a bit of a crunch for european uh reporting entities, uh, which is supposed to kick in in January. Is it going to be Christmas in the office, you think, for a lot of market participants?
Speaker 2Great question. From what I hear, I think actually we might have a relatively quiet Christmas period, which would be nice, but I know the minute I say that, probably Sylvia's shaking her head and going you must be joking, but I actually think. I mean, look on the horizon, we know there's some big stuff happening. You've mentioned the us. We know we've got the moment, the mythia consultation. Um, exactly the same with thin frag. So I think maybe this will be the christmas when everyone can just enjoy themselves, recharge the batteries, because guess what's going to happen next year? Um, there's a lot of change on the agenda. There's going to be a lot of work. I mean, look, it's regulatory reporting, the gift that keeps giving.
Speaker 1And we saw a lot of great new features in the platform today, which, of course, we can't report on because it's Chatham House. But maybe you could tell us a bit more about your business development plans looking down the new financial year. What are you going to be saying to clients when you take the new platform out on the road?
Speaker 2Yeah, look, great question.
Speaker 2I think from our point of view, as I said, the key to everything is around data.
Speaker 2So the new tools that we've been talking about today and sort of showcasing, I guess you'd say, to our clients is around sort of more transparency, around reconciliations, things like benchmarking tools as well, which are really powerful and really important. And also for us, what we're talking about and it's great I did a panel today Now I did that panel along with a couple of guests of the show before. So we had Darren, who works on our financial information team, jose Mar, who works for our exchanges business and looks after our upper arm business on MIFIR reporting, and really what we're looking at is look, how can we ensure that our clients are getting the best not just of RegisTR, but really of the six group where we have all these complementary products and solutions, and it's really making sure that we're delivering them to our clients but making it easy for them to navigate the organization so they don't have to go to three different people. They've got one entry point and they can access that whole universe and I think that's really important.
Speaker 1Okay, good, and what about yourself? You're very excited, obviously, about Arsenal's prospects of making it into the Champions League this year. Is that looking likely?
Speaker 2Well, as we're recording this, we're 1-0 down from the first leg of the semi-final in the Champions League, so it's going to be definitely a hard task against PSG. So I'm just crossing everything at the moment and the league form suffered, so I'm a nervous Arsenal fan, but that's the normal position as an Arsenal fan.
John Kernan on UK Market Priorities
Speaker 1To be fair, Joining us here in St Mary's Axe is the man who looks after St Mary's Axe. He used to put the canary in the wharf, then he was in Devonshire, but never square. John Kernan, uh, head of HCR UK. It's all change, isn't it? There's always a lot going on, andrew. Yeah, and on that front, uh, what's the big issue? Do you think that's going to be sort of dominating the chat in the UK side of things? Market participants in 2025?.
Speaker 3Well, I guess, from our perspective and our clients' perspective, it's probably going to be addressing data quality issues, trying to improve data quality, and then, of course, we have the additional reconciliation fields coming in, so there'll be more onerous reconciliation requirements. Reconciliation rates still have some way to go, and so, yeah, I think that's going to be the area of focus to try and get your data quality up to the required standard.
Speaker 1One of the things I've been doing in this show is a bit of a catch-up with the people who were there pre-Brexit. Danny Corrigan, of course, was there you were our Brexit reporter, of course and I mean there was a lot of talk of divergence. There's still a lot of talk of divergence, but it doesn't really seem to have arrived. Do you think there's a divergent trajectory for the UK and for market participants in the UK?
Speaker 3I think it's possible. I mean, look, there's not going to be divergence for its own sake and we're at a fairly early stage. Refit, of course, has been a long time in the making and the FCA would have been somehow one of the architects of that as well. But we have seen some divergence. Divergence both in terms of the implementation of refit and then also in terms of some of the things that market participants won't be aware of. But we have a number of periodic reporting requirements to your supervisory regulation. We've seen some divergence there divergence, I should add, in the in a positive way, where, um, the fca have, uh, adopted a kind of pragmatic approach and said, right, you know if, if there are, if there are no changes to this particular thing, don't keep re-reporting it, only report when there's delta, or you know when there's a material change, so so things like that. So I think there will inevitably be divergence. There are two separate regimes now, but I don't think that we will see it. I don't think we'll see the two regimes moving a million miles apart.
Speaker 1And in terms of a broader scope of regulation. On our last show we were talking about Mephia and ramifications of that. I know that's not something that Registrara has to report on yet, but we are talking about potentially new products coming on stream. A lot of the talk this morning at the event which I can't report on was looking at new features and an exciting product path for Registrara. I mean, how do you feel about the future? Do you see that there'll be expansion on the horizon?
Speaker 3Yeah, I think so. I mean, I think we need to. You know there's a number of different ways we can do things. I think we need to now refit Simplementage, as I mentioned earlier. Now's the time for us to really start focusing on what our clients need, over and above the mandatory regulatory requirements, and you know, that can come in many shapes and forms. We have a number of products and services for some major European markets and also beyond the group. Obviously, we have a number of partnerships with market intermediaries and I think we can look to fill product gaps for our clients with best-in-class providers on a quick-to-market basis. Let's see where the next 12 months bring us.
Speaker 1And talking of the next 12 months. I see you've hooked into the really good pastries for this event. More pastries in the virtual studio would be nice.
Speaker 3Yeah, I went for a Franciapan croissant, which was my favourite, until my local baker in Luxembourg started doing pistache croissants, and they are the business.
Jonathan Tsang on Global Regulatory Changes
Speaker 1Joining me is someone who hasn't been on the show now since season two. All those years ago I think it was still a lockdown. Jonathan Tsang, who is the head of business development for Cavitec, who were bought by HS Markets, who were bought by snp jonathan bit of an snp special today, bit of a reunion for the podcast crew as well, to get you back on the show. Uh, 2025 is our focus for this episode. What do you think, looking down the barrel of a lot of change for market?
Speaker 5participants. Definitely there is a lot of change um. 2024 is probably the year to forget in terms of rewrites. There's still more regulatory change coming down the path. You've uh, we've heard in today's breakfast meeting at regis tr. Uh, with mephia coming down the line um. But there's also another sec lending regulation that's going um under the sec, which is tennessee-1a um, and there's a lot of uh.
Speaker 5Well, there's a finra have just released a letter to the sec saying that they will um. They have requested a delay um for the regulation going live because it was due to go live on january 2nd next year, but they've requested it to be pushed back to september 28th next year, which hopefully gives a bit of respite. But before we kind of celebrate, I think, yeah, we're gonna have to wait until that's fully granted. It's just a request at the moment, but the expectation is they'll get pushed out. So lots going on and and that's just on the regular change front I think there's a quite a lot of focus in terms of data accuracy and data quality in terms of reporting. So firms have still got a lot to do.
Speaker 1What about Canada? Right now Is there a lot of focus on Canada from a business development point of view.
Speaker 5So there's a Canada rewrite going on which is going to harmonize derivatives reporting and sort of put that more in line with the rest of what's happened last year, you know in emir and cftc, japan etc. So there's a bit of work going on there. And obviously there's in h in hong kong, which is hkma. There's a rewrite going on there. So there's a little bit more alignment.
Speaker 1The adoption of using epis great and on the breakfast sandwich front you are something of an aficionado and you set a trend for what is the hottest breakfast sandwich choice. If you work in the city of London, have you discovered anything new that our listeners really need to hear about?
Speaker 5I think the last time I spoke was about the full Monty Sausage, bacon, egg in a bap with the sauce of your choice. Not really. I've probably gotten healthier as I get older. Yogurt and some granola maybe, yeah, or just skip it entirely.
Speaker 1Okay now, it wouldn't be a proper season premiere show if we didn't revisit the last season finale with Jose Mar Santamaria. Jose Mar is the head of BMI Regulatory Services. Mr Data, as is known Senor Data, shall we say. Jose Mar, listen. 2025 looks like it's going to be a very big year. How are things shaping up? Some of the questions we had from our last show about Maffia have they been answered yet, or are many market participants still?
Jose Mar on European Policy Developments
Speaker 6a little bit in limbo. Hi, Andrew, Thank you very much. I don't think they have been answered yet. Indeed, we are waiting for the final reports on the transparency, you know, regulatory standards to be published next month, this month, May and a lot of new things are going to arise out of them. So I mean, significant changes can be expected, Some of them with huge impact. I'm thinking, for example, about the credit rating data for the assessment of liquidity of bonds for regulated markets, trading venues as a whole and APAs and that's one of the great uncertainties that are still to be seen and assess the impact that it will have, which might not be minor.
Speaker 1And from your point of view, you know what's going to be the hot issue on your desk for the next financial year. We're looking down a whole new year. Is it going to be Maffia? Is it going to be something unexpected? Yeah, is it changes? Potentially with regulatory reporting in Canada, I mean, obviously, a six group stretches right the way around the world. What's going to be the hot one for you?
Speaker 6I believe that there is a nice landscape to observe when it comes to the interaction of the willingness of the European policymakers to streamline and simplify the regulatory framework, together with the vast amount of consultations that they have been launched in the last six months, and because they are not truly compatible, I would say you are in for simplification and further reduction, or you are in for more and more regulation and more fields. So for us it will be quite, I would say, exhausting year in terms of IT development, adaptation to the new regulation requirements, discussion with clients and getting everything done and properly aligned before the implementation line. So funny year ahead.
Speaker 1Josima, thank you very much. I know you've got to rush back to Madrid right now, so I'm going to say listen, it was great to see you and come back soon. Thank you very much, Andrew.
Speaker 6See you next time.
New Tech Approaches with S&P Experts
Speaker 1Now, shows like this aren't just about old faces, they're also about new voices, and joining us at the event was Barbara Soboczynska, head of product development at S&P, and also Graham Webb, both of them, of course, experts in regulatory reporting and the complexities for clients who, of course, are reporting across many different global jurisdictions beyond the UK and EU and they had this to say about 2025.
Speaker 7Yes, so it is very challenging. I have a great team with me, which is definitely helpful because we at S&P don't only cover European regulations. We are now doing CSA rewrite in Canada, we are looking into Korean reporting, south African reporting, hong Kong reporting so there's a lot going on across the globe. Really it is a challenge. We are very happy that a lot of regulators are trying to align closer and closer together, especially with, for example, iso 222 formats, so that's quite helpful for us to have some sort of synergies between the global regulations. Not everybody aligns to it, but we do appreciate that. A lot of trying, but yes, it requires a lot of analysis, a lot of work.
Speaker 1so dedicated team and we're trying to pass the all the information we're gathering to our clients now, of course, the big elephant in the room story for the tech people is Jason right now. Is Jason coming? Is that going to be a massive refit job trying to move everyone who's just left their spreadsheets behind and come over to XML? Is that going to be a tough one for them to move to Jason again? Or do you think there's going to be a tough one for them to move to json again, or do you think there's going to be a smoother transition for that?
Speaker 7well, it's definitely it will be a bit of a challenge. We're using json currently for some suggestion for sftr for example, so some clients are using in their inbound files to us so we can accommodate. So it's just about indication for the clients how they can prepare the file for us.
Speaker 1Okay, and finally 2025, big waves of changes coming from the product manager's desk. You're sitting there, you're in control of a product, lots of different clients, lots of different regimes that you're reporting on. What do you think is going to be the biggest headache for the industry? Uh, over the next financial year?
Speaker 7oh, that's a good one. Um, well, we have a this this year we have really big um hong kong rewrite and canada rewrite, and I think that's our biggest focus for this year. We are preparing for second C-1, but there is high possibility this will be delayed, which we're really counting on, and I think a lot of industry are counting on the delay because of so many unknowns. Right, there is lots of questions still outstanding, so the industry doesn't have time really to prepare very well with so many unknowns. But yes, I would say canadian importing, inspection of collateral reporting in canada, so that was coming in july and then hong kong in september graham webb, uh.
Speaker 1Who timed engagement from snp? Uh, you've got a global remit yourself, uh. So, in terms of the changing world of regulation, you must have a pretty good helicopter view. What does 2025 look like to you? Are there any particular hot spots?
Speaker 8Coyote- Much as it was last year, you know. But, that said, with the likes of Barra being around and the product team as a whole, we understand what it is that's required, that we need to meet, what our milestones are, when our milestones are and, um, making sure that we're prepared to meet them. You know, it's a huge challenge, always ongoing and with the regulatory changes that we've got, as well as the ones that we we don't know about yet, and looking at the us, big changes afoot there.
Speaker 1obviously there's been a hot treasuries market. There's a lot of cash getting repoed out overnight. Is there a big focus for European clients on what's happening in the US, or are they more focused on the EU capital markets initiatives and the various other programs that are going to be unfolding here?
Speaker 8I think with SEC that's going to be a major focus because it's the understanding exactly what the requirements are in the EU. Is that initially it was at least thought of as a catch of the US market. We know that's a bit different. So I think clients are starting to go to this war, but I do think that's part of it. Really, the focus is a lot on the delay.
Speaker 1Okay, so 2025,. Let's look forward to Christmas. So are you going to be spending Christmas in the office again, or do you think it's going to be a nice easy one? Hope it not. Let's hope this shit, barbara, what about you? Is it Christmas in the office again?
Speaker 7Well, actually the letter from Finbra was stating it's not the greatest go-live for sectancy-1. One of the reasons was it's just after Christmas and New Year's, so hopefully, not. Hopefully, we will have families.
Speaker 1Now I'm delighted to say I'm joined by someone who's been on every season of the Registry R roundup, an all-round global expert on the world of repo, danny Corrigan, who, of course, was CEO of CME Next Abide and since then has done a great many things, including co-founding the London Reporting House, the new repo data analysis insights firm that is growing very rapidly along with the repo market of course, and joining Danny is Ben Corrigan, who is the other co-founder of the London Reporting House and the Chief Operations Officer. Ben, I want to start with you Tell us a bit more about bringing a whole new model into the world of financial data analysis services, because you've got a different approach from many people in that sort of big data field.
Speaker 9Yeah, so we work on what's called a give-to-get model. So our clients you know global banks will give us their data and they get this combined aggregated market view. And I think, yes, traditionally global banks have been the most what I call it, maybe even paranoid around data ownership and data sharing, but I think that's definitely changed in recent years. I think there's more of an understanding that in order to extract the most value from this type of data, you have to sort of open it up. It has to be combined with other data sources and data sets, and then it's really about who's got the better tools to then properly analyze and interrogate this data. So we actually haven't seen as much pushback as you would think from these global banks around sharing that data. There has been a huge amount of interest in working with London Reporting House. We've met with pretty much every repo desk in Europe. It's been pretty good so far. We've got several banks already on board and a big pipeline of other banks.
Speaker 1And Danny, what about using this data effectively in repo trading? We know repo is booming. We've seen volumes increasing year on year over the last few years and of course, there's lots of money in the system. Qe's tapered and then it's sort of you know, come back, it's tapered again. It's been complicated. I mean, tell us you know what's sort of changing the repo market? What are the sort of core insights you're giving to people running repo books? Is credit bonds playing a big role now?
Speaker 10Well, a lot of the credit bonds, so that's let's call them non-government bonds. You know sovereigns, supers, agencies, and then all the way down you do it through. You know industry classifications. They are, you know, of good quality. You know you see people trade out of lower quality to higher quality and so forth. But there's lots out there and it just isn't the data on that. Now, what we've done, we've done a lot of work to work out just how good they are.
Speaker 10People say, well, let's look at the rating and stuff like we've said. Well, actually, just see how they trade in the market, the bonds themselves and repo. And if you look and see how they're trading on repo, some of them have never traded far away from the government rate. There's a clustering effect. So you say, right, that's the idea, is how what's going not quite default next, but what's going to get a weaker in terms of a risk and stuff like that. You can see how they react to each other and it's not just about industrial classification.
Speaker 10So what we actually do do with taxonomy. We basically put all the issues into many, many different levels of granularity so you can compare automobiles and automobiles, and leisure with leisure and so forth, and it's phenomenal. What's in the repo Repo market goes from overnight US treasury bills down to defaulted Chinese real estate, commercial debt and everything in between. We're seeing a lot of that and that's a lot of good trades out to a week and longer and stuff like that, good volumes. We've got a lot of good volume data. So I'd say, if anything, where the darkest of dark sides of the moon is credit, we've got a lot of that and we'd love to show that, because SFTR is every trade, every transaction by every market participant, across every instrument, every day.
Speaker 9These firms understand that they want to get better information around credit repo. They need to participate in the sort of network that we're offering. But, yeah, this credit's been really the big selling point for us, for most of the clients that we've been speaking to.
Speaker 1And, on that front, big picture on the repo markets now. How have they changed over the last year? What are they looking like over the next year? What are the sort of key trends you've observed no-transcript.
Speaker 10And so you can see that already in the futures curves going out, and you can see that in the advice coming from the central banks, there'll be a series, looks like there'll be a series of interest rate cuts. Uh, volumes always pick up. There's more volumes in the bull market than the bear market generally and we actually see that we'll see it go down the curve because there'll be a lot more issuance by the governments of europe and elsewhere because I have to and there'll be a lot more credit issuance and so forth. That now, because there's less buy to hold, there's more for trading purposes, that will basically find its way into the repo market and be leveraged, and so I think volumes this time next year will be even higher for sure. And then you never know what's going to happen next.
Speaker 10If things don't work too well with the economy. We'll see some quantitative easing again. If quantitative easing comes in, the central banks will now have a much better picture of what kind of debt to basically invest in, because you can use our kind of data to say there's liquidity there. This is where Australian repo and so forth. But one thing volumes work. So basically rates are going to be cut. I believe it looks like that.
Speaker 1Two there's more volumes in the bull and bear market and credit in particular, will pick up and Ben, finally, I wanted to come to you. I mean, what is your 2025 looking like? I'm going to imagine. I'm going to ask scaling tech infrastructure, cloud services. This must be the thing that keeps you up at night, presumably.
Speaker 9Yeah, I mean we've been building London Reporting House since April 2022 in joint venture with our partner, kaizen Reporting, who recently underwent their own private equity round. So we've been building out the platform, the user interface. We're expanding the team. We've got a few more hires, even starting this week actually. Yeah, the main thing that we have got right is that it's highly sensitive data. It requires best-in-class cybersecurity and data protection, which we've built. We have all the right accreditations. So, yes, 2025 is all about clients, clients, clients, the products built. It's in production. We're live with our early adopters, some big Canadian and Japanese and Australian banks, and we're just trying to basically close off that pipeline, get as many banks in as possible, and then we'll look to expand and increase our features and product sets. But, as Danny said, we've started with GC, curves and spreads, specials, haircuts, collateral prices, both the rates and credit, and then there's a whole host of other things we want to be building, but that's a 2026 question.
Registry R Platform and Future Outlook
Speaker 12025 is yes, yes, scale and security now someone who we haven't had on the show before, but someone who's been behind the scenes a lot is jonathan gallo. Jonathan, who is an analyst at bme, but he's also an expert on the register platform, on the product. Jonathan has worked with me many times, actually putting together scripts and demos and videos explaining to clients how the product works, and I can say, without any question, he's also one of the nicest guys in the business. Anyway, tell us how is it going? How is the new platform shaking out now?
Speaker 4I think it's working great. You can see major improvements across all the functionalities. It's more powerful, it's visually more appealing and we have the opportunity to increase even further the range of features that will be coming to the platform. In fact, we have a nice backlog that we are working on it and trying to catch up and deliver even further of these functionalities to the entities 2025, a lot of changes coming across the industry that could be affecting swaps, derivatives, futures and SFTR reporting for repo and all those kinds of regimes.
Speaker 1Big changes at MIFIR. As a product manager, looking down the barrel of another busy year of regulation, what's going to be your number one priority?
Speaker 4Well, I have to confess that I'm absolutely focused on NEM year. I know we serve most of the regulations, but each one of them have their own workload. What I can perhaps say, and what's going to be your net focus just for EMIR, is to roll out the alleged reports. This is going to be a very helpful report for entities to resolve their own pair contracts. It's basically a report that will be bringing up all the contracts where you are the other counterparty, meaning that you will gain visibility of what the entity is reporting on your behalf, and this gives you, in fact, the other side of the information. You know what you report. Now you're going to see what your entity reports on your behalf and, cross-checking that data, it would be very simple to identify if you're missing something or if they are missing something on the reports.
Speaker 1And standing beside Jonathan is someone, of course, you will know his voice from many, many seasons past, someone who always joins us at least once a season to talk about the big picture issues that are shaping development at Registry R, and that is David Retana, who is the Chief Operating Officer for the company. David, it's good to have you back on the show. 2025, a new year, a new CEO at Registry R. It's lots and lots of change From an operations point of view. I'm guessing you're busy again.
Speaker 11Yeah, we're busy again, but with a different perspective. I mean from you know, all these 11 years have passed so quick, so quickly and I have the feeling that every year, year after year, we've been going to address all the regulatory changes that the regulators were putting on us and now I think we are in the best position ever to start thinking of delivering other services, services for customers. Our first priority, of course, is to close out and fix all the bugs that are still in the system, but that will be in the short term, but that will be in the short term. So for us, this year is a very challenging year to start delivering ancillary services, start working and cooperating with other business units within the six group, because now more than ever, we are in a great position to leverage on the same technology to deliver those ancillary services, and that will come sooner than later. So I'm really keen on progressing with that part of the service.
Speaker 1And, from your point of view, 2025 for market participants. Is it going to be another year like 2024 and the EMEA go live? Is the changes coming to fear and the changes in Canada, obviously in the repo market securities lending regulations? Do you think we're going to see more global change and again more sort of regulation weariness from the market participants, especially in those multi-jurisdictional spaces?
Speaker 11Yes, yes, I'm afraid. So, I'm afraid. So. It is a pity that there are no more global cooperation amongst the jurisdictions, but it is also an opportunity for infrastructures like us to look for cooperation with similar infrastructures in other jurisdictions. It's something that we are looking at and definitely always, the US is one of our targets for the future. The US is one of our targets for the future. So, yeah, if they don't align amongst themselves, amongst the jurisdictions, let's do it ourselves and let's cooperate amongst the market infrastructures to do it Well.
Speaker 1Sadly, that's the end of our show, but what a year it is going to be. There's a lot of change happening and we will be there going in depth, under the hood and behind the scenes, to find out more about the changes that are affecting market participants in the EU, the UK and beyond. And don't forget to join us on our LinkedIn page that's linkedincom slash company, slash Regis, hyphen tier, where you can network with everyone who's been in this show, everyone who's been a guest on previous shows and, of course, with me, andrew, keith Walker and with Manuel Moreno-Garcia, our producer. Do get in touch, especially if you'd like to come on the show as a guest to talk about your part of the regtech world. If you'd like us to cover a topic for you, then just get in touch and drop us a line. And in the meantime, from everyone here in the virtual studio from me, the virtual studio crew, manuel, the Six Group and Registr, have a good month, have a safe month and we'll see you next month.
Closing Remarks and Show Information
Speaker 10Bye-bye, andrew. We're looking forward to looking forward. But the bigger question is this when we get together in these events and all in suits and stuff like it's, the footwear is always a problem, isn't it? Andrew and I was looking around here and we're all everyone's looking quite smart in their suits and stuff, but not the football. I see you have the snazziest pair of shoes there are. It's like a cross between a church's shoe and nike. I don't know how you're going to do this on a podcast, as it were, whatever but those look incredibly professional and comfortable.
Speaker 1Thank you, Danny. Finally, someone noticed the shoes. Yes, these are fantastic. Actually, they're sort of the ultimate journalist shoes, because they look like smart shoes, as you say, but underneath they are in fact trainers. If you're on a fetal day running around with a microphone, you know there's no substitute, Except no substitutes they are. Search for them online. I'll just, I'll leave it at that. Thank you, Danny. I feel seen at last. You've always been seen and heard, thank you.