Explorez tous les épisodes du podcast The REGIS-TR RoundUp

This month, we have T+1 expert Jesús Sánchez with the latest updates and advice for market participants to prepare for the January 2027 testing deadline. Jesús is Iberclear's Head of Domestic Settlement, a member and chair of various ECSDA committees and CSD industry working groups focused on settlement discipline and T+1. Along with regular hosts Laura Rodríguez and Andrew Keith Walker, this episode is a masterclass on getting ready for T+1. It's possibly an even bigger challenge than EMIR Refit... are you ready?

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. 

In our feature-length season finale, Matthew Vincent (Dir. MIFIR Reporting, Kaizen) and José Manuel Santamaría, (Head Regulatory Services, BME, SIX)  join our regular virtual studio crew to talk about the next huge wave of regulatory change - MIFIR 2024. With far-reaching implications for market participants in non-equity instruments and equities, could 2025 signal even more disruption than EMIR Refit last year? Join Andrew Keith Walker, Nick Bruce and John Kernan for another lively show going in-depth and under the hood of the latest Regtech news. 

In this special show recorded live in Madrid, our regular guest Aušrinė Juškevičiūtė, Institutional Relations Management, REGIS-TR, SIX, interviews  Pilar Martínez, Head Public Affairs EU & Latin America, BME, SIX. They discuss the new EU capital markets plan, the Draghi report, DORA and more regulatory and legal harmonisation facing market participants and trade repositories in 2025.

In this special live recording, hosted by John Kernan, Head, REGIS-TR UK, SIX, John interviews our special guests about the impact of EMIR Refit and the the rollout, delivery and data quality improvements from a market participant perspective. With hands-on expert insights from Felicity Howley (Product Owner Regulatory Reporting, ABN AMRO CLEARING), Roberto Bermejo (Secondary Markets Department, Deputy Director – Post-trading division, CNMV), Tim Hartley (Director - EMIR Reporting, Kaizen) and Paula López (Head Client Services, REGIS-TR, SIX)

Happy New Year! In our first show of 2025, we have Maria Santos (MD, Regis-TR SA), John Kernan (CEO Regis-TR UK) and Laura Rodriguez (Head of Institutional Relations) setting the big Q1 goals for the TR & market participants. Plus, we look at DORA, upcoming milestones in the regulation space, events and some predictions for 2025. 

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). 

In this special, recorded live at our #REGISTR Annual Client Event at the Madrid Stock Exchange, we interview senior industry leaders about the successes and challenges of 2024, one of the hardest for the derivatives industry as they implemented the far-reaching changes of EMIR Refit, and faced a tsunami of global rewrites. Featuring insights and analysis from:

👤María Santos, Managing Director, REGIS-TR, SIX

👤Alfonso Alcalá, Chief Operating Officer, REGIS-TR, SIX

👤Silvia Morales, Head Product Management, REGIS-TR, SIX

👤Tim Hartley, Director - EMIR Reporting, Kaizen

👤Felicity Howley, Product Owner Regulatory Reporting, ABN AMRO CLEARING

👤John Kernan, Head, REGIS-TR UK, SIX

👤David Retana, Managing Director, REGIS-TR UK, SIX 

Plus, lots of conference banter, behind-the-scenes chat and general buzz from a hugely successful event at the magnificent Palacio de la Bolsa in Madrid. We also hope to close the debate on the famous "Spanish chorizo"... is it a sausage? Bets are open!

We're back from our summer break with a new team - introducing Paula López Ortega our new head of client services, and a chance to catch up with our MD Maria Santos - together with regular co-hosts Laura Rodriguez and Nicholas Bruce, we're looking at the success of UK EMIR Refit earlier this month, plus reviewing the main friction points market participants have reported as they adapt to the new EU EU EMIR framework. We'll look at the regulatory horizon with SFTR and FinFrag consultations, look forward to our big Madrid client event on November 26th, and hit our new guests with a surprise quiz... don't miss it!

In this show, we go in-depth on ISDA's Digital Regulatory  Reporting (DRR) - a repository of open source,  machine-executable code that will enable market participants to report faster and with higher data quality in multiple global jurisdictions and across different reporting regimes. Join our special guests Tara Kruse (Global Head of Derivatives  Products & Infrastructure) and Andrew Bayley (Senior Director, DPI Data and Reporting) from ISDA and our virtual studio crew for a fast-paced discussion of the future of derivatives reporting.

In this special feature-length show, EMIR Refit reporting experts Tim Hartley (Dir. EMIR Reporting, Kaizen) and John Graham (Senior Dir. Regulation, FIA) join our Head of Biz Dev. Nick Bruce, Head of Institutional Relations, Laura Rodriguez and Head of Client Services, Barbera Ruiz Alonso to review the go-live of the most significant new regulatory reporting regime of 2024.  After years of preparation, how did market participants react? Did the new UTI system work? Is the data quality there - and are ESMA and NCAs happy with the results? We go in-depth with our expert panel to review the go-live so far and address the issues that remain too early to answer for sure. Plus, we say goodbye to Barbera after 4 years of being a founding member of the team - and give John and Tim a surprise quiz to keep them on their toes. Don't miss it!

In this show we take a break from EMIR Refit and look at the next major piece of 2024 regulation - DORA the Digital Operations and Resilience Act. This will be a potentially disruptive and complex new set of regulations for EU financial entities, and requires a mix of compliance, legal and technical expertise to ensure your organisation complies. Fortunately, we have our own team from SIX and BME Legal, the Regis-TR chief Information Security Officer, and our Institutional relations team to explain the timelines, contractual changes, supplier relationships and technical implementations you need to get through. Don't miss it!

In this special feature-length show, we celebrate International Women's Day and Regis-TR's industry-leading roster of women in senior leadership roles with co-hosts Bárbara Ruiz Alonso (Head of Client Services) and Laura Rodriguez (Head of Institutional Relations), plus very special guests Maria Teresa Santos, Berta Ares (Head Program & Innovation Office, Financial Information, SIX), and our new Chief Compliance Officer Dionne Moody. 

Together, we discuss our different career paths and experiences, offer advice to women beginning their careers in finance, talk about changing culture, and discuss strategies for leading in organisations that were traditionally considered male domains -  or with colleagues who aren't quite sure how to engage with women in senior positions. 

Join us for an uplifting hour of positivity, constructive advice and a celebration of the work culture at Regis-TR and SIX.

In this month's show we discuss the new Regis-TR  MED onboarding platform, discuss the state of the market in preparation for the EMIR Refit deadline on April 29th, and go in-depth on financial information services, risk weightings and data management for today's complex B2B financial instruments with Darren Marsh,  Senior Product Manager for Risk and Regulatory reporting at SIX Financial Information. 

Join the Regis-TR team for this first show of 2024: Laura Rodrigquez (Head of Institutional Relations) breaks down the ESMA 2024 work plan and what it means for market participants and TRs. Also UK CEO John  Kernan, Head of Business Development Nicholas Bruce and Head of Client Services Barbara Ruiz Alonso give expert insights into what market participants need to do now to prepare for 2024. With EMIR Refit on the horizon, followed by DORA and MICA developments, plus technical standards, peer reviews and data quality reports, it's going to be a busy year - don't miss our expert insights into what lies ahead in 2024.

As the curtain falls on 2023, we're thrilled to bring back Head of Client Services and regular co-host for seasons 1-6, Barbara Ruiz Alonso. She's joined by regular host Andrew Keith Walker, Laura Rodriguez, Nicholas Bruce, and John Kernan for the final show of 2023 and the first of our new, 10th Season.

In the new show format, we go in-depth with EMIR Refit's toughest challenges, look at the growing diversity and complexity of global derivatives and money markets, and also make time to find out what the team are doing for Christmas - as well as our predictions for 2024 and it's many new reporting challenges for EMIR, DORA, MICA, CFTC and more. Plus Andrew faces the AI challenge - can ChatGPT replace him? Don't miss it!

Join us for part 2 of our special event show with live interviews from the Annual Client Conference held in London on October 26th. With news, insights and opinions from Mari-Carmen Mochón (CCO, Regis-TR SA), Tim Hartley (Kaizen), John Graham (FIA), David Famery (Broadridge). Colin Birchall (Point 9), Kevin Demeyer (Deloitte Luxembourg), Max Makhoul (Quorsus/Capgemeni) and David Retana (MD, Regis-TR UK). Join these very special guests live from the venue for some lively chats about 2024 and the outlook for market participants in a post-refit world.  

This show was recorded live from London, featuring the opinions and insights of a wide range of industry experts from the world of RegTech, including Thomas Steimann (CEO, Regis-Tr SA), Irene Mermigidis (MD, Regis-TR SA), Andrew Pinnington-Mannan (Capgemini),  Danny Corrigan (London Reporting House), Emma Kalliomaki (MD, Anna DSB), Sabine Offerman (KFW Bankinggruppe), Carolyn Kostelny (Leargas Consulting) and John Kernan (CEO, Regis-TR UK). If you couldn't make the live event, be sure to catch this lively chat show from our Annual Client Event, 2023. 

In this show, we catch up with one of our first guests - Danny Corrigan, CEO of the London Reporting House - to discuss the role of data analysis, Regtech and Fintech in the world of repo.  With repo volumes growing quickly and now over three times their volume in 2022, Danny - formerly CEO of CME Nex Abide (trade repository) is joined by John Kernan, CEO of Regis-TR UK to discuss the current 'Repo Renaissance'. With over 1700 market participants actively engaged and more joining as central banks taper QE, join us for a lively chat about the impact of SFTR on repo markets and techniques for using data to enable better trading decisions for market participants.       

In this special extended edition of the RoundUp, we go in-depth on Futures and ETFs, asking the FIA Director of Regulation John Graham to take us through the unique challenges for improving data quality and meeting the new Refit data requirements for the futures industry. We also examine the potential unknowns of reconciling trade position data where previously this has proven extremely complex when it comes to ETFs. We also look at the challenges of Brexit and divergence, and there's the usual AI challenge and lively banter about sports, music and life in The City of London.

In this special feature-length show we go in-depth with Urs Reich (Head of Public Affairs & Markets, SIX) and Laura Rodriguez (Head of Institutional Relations, Regis-TR) to discuss the challenges of managing relationships with government, market authorities, trade organisations and the many stakeholders that affect public affairs and markets at SIX.  We also discuss the big challenges facing market participants in 2024, and ask how companies should be preparing for the growth of AI, digital securities and potential disruptions from geopolitical events and climate change.     

In this show, we answer the most frequently asked questions that market participants need to know about EMIR Refit, our reporting dashboard and UAT testing environment  - plua the changes they'll need to make to their own data capture and workflow to meet their new reporting obligations.

Join co-hosts Andrew Keith Walker and Nick Bruce, with special guests Alvaro Gascon and Victor Rodriguez Garcia from our product management team in Madrid, who have compiled the most asked questions from our Regis-TR webinars and client events, with in-depth technical insights into the new features of our reporting system and how to get the most out of it. 

This week we meet Massimo Salerno, Director of Treasury, Risk and Regulatory Services at Cecabank, and discuss their unique position within the Iberian region as both a market participant and a service provider to over 40 regulated financial entities. As a partner of Regis-TR and the Six Group, we also discuss the synergies and opportunities our partnership has provided with co-host Nick Bruce and regular guest Chris Mason.  We also discuss the EMIR Refit readiness of companies faced with capturing new lifecycle event data, and we put Massimo to the test against an AI version and see who has the best advice for market participants.

In this show we go in-depth with EMIR expert - and old friend of the show - Tim Hartley, to talk about market readiness for EMIR's April 2024 go-live, the need for accurate high quality data reporting and discuss the complexities of the post-Brexit landscape. We're talking about dual reporting obligations, UPIs and some of the more complex areas like the status of UK AIFs under UK EMIR, and the new parties in-scope of the regulation. Plus, we put Tim to the test against an AI version we created using ChatGPT - can the human beat the machine? Tune in to find out...

In this week's show we catch-up with Fabian Klar and Fraser Reid from Regnology to discuss their view on building solutions for EMIR Refit - and preparing market participants for ESMA's new data quality requirements in the 2022 DQR. With regular hosts Nick Bruce and Andrew Keith Walker we discuss the ever closer alignment needed on UPIs, EU and UK EMIR, and common data elements shared between MIFIR and SFTR... plus how to keep in shape and lose the lockdown weight now conference season is upon us.

In this feature length episode we go in depth on the topic of CSDR, where it connects with EMIR Refit, and the implications for CSDs and ICSDs with Jesús Benito. Jesús is Head Domestic Custody & TR operations, SIX. In this show Jesús explains the complexities, challenge and opportunities for the CSD business from the unique perspective of someone working across an EU CSD and a third country ICSD and CSD in Switzerland, plus of course, insights into the bigger issues facing market infrastructure in the EU and beyond. 

This week we get an exclusive preview of the new 2023 EMIR Refit Readiness report from Novatus Advisory. Francis Stroudley, Director and Transaction Reporting Lead, Nick Bruce (Head of Business Development, Regis-TR) and house Andrew Keith Walker unpack some of the headline stats that have emerged from the Novatus industry study - with some surprising results about the general readiness of market participants to hit the April 2024 Refit deadline... don't miss it.

Our 2023 shows kick off with a detailed discussion of the newly published EMIR Refit guidelines, discussing the practical implementation of the EMIR Refit guidelines, transitional period, data quality standards and reporting obligations. We're joined by Silvia Morales (Head of Product Management, Regis-TR) and the rest of the virtual studio crew to go in-depth with the new documentation and consider what this means for market participants and TRs as they approach the 2024 deadline.

In this special show, we look back at the major events of 2022 for Regis-TR and the SIX Group, as well as the great  events we attended from SIBOS to our own Post-Trade Summit. We also look at how the working life of a TR has changed coming out of Lockdown and getting back to new ways of working and travelling to connect with clients, plus the usual catch-up with our virtual studio crew and a especial message from our former producer Laura Gibson. Don't miss it - and Happy Holidays!

In this week's special show we go in-depth with legal expert Andrea Ostini Della Vedova -   Head of Data Protection and Data Protection Officer for the SIX Group. In this chat with regular host Andrew Keith Walker, they explore different global approaches to AI regulation, the different levels of risk associated with AI tech, the likely impact on the Regtech and TR business and - of course - offer market participants advice on how to deal with the upcoming EU AI regulation. Andrea's option is AI will be bigger and more important for compliance than GDPR, so it's time to get planning. Don't miss it!

We are back for season 8, with a new weekly format and a host of new guests to take use though to 2023. 

In our first ever in-person live studio show, we're at our Devonshire Square studio with Laura Bayley CEO Six X-Clear, Thomas Steimann CEO Regis-TR SA and our regular studio guest John Kernan, CEO Regis-TR UK and host Andrew Keith Walker. Together they discuss the likely impact of EMIR Refit on post-trade services and market infrastructure in 2023/24 as the deadline approaches. 

We also discuss the complex clearing rules and thresholds in EMIR Refit, plus the new asset types that are in-scope, and the potential issues facing NFC+, NFC- and SFC (small financial counterparts) when it comes to being Refit-ready for 2024. 

In this week's very special episode we talk about the behind the scenes work of Bernard Gudowski, a director in the SIX M&A team and Head of Post Merger Integration & Separation. We explore the tight timelines and high efficiency with which Regis-TR was migrated from the Deutsche Börse group and over to SIX - and talk about the role of regulators, legacy systems and internal teams in making it such a success.

Plus we celebrate our 76th episode, with over 6,666 hours of listens from tens of thousands of downloads since we launched! A huge thanks to everyone who has supported us to become the no.1 Regtech podcast in the EU. We'll be back for season 8 in  a few weeks...

In this show we take a mid-year review of where the TR industry and market participants are in their EMIR Refit preparations, plus look at the rest of the year and consider how new regulatory regimes like DORA will add more tasks into the planning process. Plus we update on internal projects at Regis-TR UK and SA, and announce our new partners within the Regis-TR regtech ecosystem.

In this show our special guest is the Head of Programmes and Content at GBBC Digital Finance, who leads us on a whirlwind tour of digital asset regulation, and the major issues affecting retail and wholesale digital currencies, cryptocurrencies, decentralised finance and smart contracts. We also explore the complex issues these new technologies raise for regulators in the EU and around the world, and the huge implications for Trade Repositories and the Regtech / Fintech industries.

This week our special guest is Javier Hernani, CEO of BME and Head of Securities Services at the SIX Group. In this in-depth show, Javier talks about the journey for BME, REGIS-TR and SIX through the disruption of SFTR and EMIR REFIT, plus adapting to the pandemic years. He also looks forwards to greater integration of CSD and CCP services between SIX and BME, plus the emergence of digital assets and the impacts they will have on market infrastructure providers across the EU and the world. 

This week we focus on the role of Relationship Managers, with Chris Mason (REGIS-TR UK) and Maria Denise Cane (REGIS-TR S.A.), who discuss the challenges of supporting market participants through an unprecedented era of change from SFTR and Brexit to the COVID-19 pandemic. Join them with hosts Andrew Keith Walker,  Nick Bruce and Laura Rodriguez as we explore the essential client service offering of Europe's largest trade repository.

This week our special guest is Ron Finberg (Director, Regulatory Reporting @ S&P), in conversation with Nick Bruce and John  Kernan about the readiness of market participants for EMIR REFIT, potential Brexit Divergence, and the future of digital compliance. We also discuss S&P's UTI Connect tool for EMIR, consider the long term impact of other new regulations like DORA and talk about the need for greater digital resilience and digital maturity in the regulatory reporting space.

In this very special Season 7 premier, we are joined by an old friend of the RoundUp, Kevin Demeyer - Dirctor at Deloitte and former co-Chair of the ALFI working group on SFTR - an acknowledged expert of regulatory reporting regimes and data quality, and prominent member of the Luxembourg RegTech community. 

We set-up Season 7 of the show with Kevin, and perform a mini health check on the state of Regtech, the TR community and Market Participants as they face an era of unprecedented disruption from EMIR Refit, inflation, market volatility and a complex risk outlook for the EU and UK. 

In this very special feature length episode we look back at the last 2 years of the REGIS-TR RoundUp and consider the big stories that have dominated the TR news - SFTR, Brexit, MiFID II, EMIR REFIT and ESG - plus of course the response to the Covid-19 pandemic.

Join our special guest Seb Malik (Head of Financial Law at Market FinReg, author of MiFID II a survival guide) as he gives us his expert insight into what went well, what went as expected... and what didn't. Plus we consider the future for the sector, and celebrate REGIS-TR's move to the SIX Group and being the first UK TR to get an FCA license. 

We're celebrating our 2nd podcast birthday and taking a few weeks off before we start season 7 - come and celebrate with us!

This week our Head of Business Development Nick Bruce, and CEO of REGIS-TR UK John  Kernan recorded a set of live interviews at the 2022 Informa Connect Trade & Transaction Reporting Summit in London.

They get the latest views on the current market outlook for derivatives reporting in the face of EMIR Refit, UMR Phase 6, and the current market instabilities facing the EU, with expert insights and opinions from some friends and partners across the industry. Featuring:

Tim Hartley, Director of EMIR Reporting at Kaizen
Andreas Roussos, CEO at Point 9
Paul Rennison, Director at deltaconX
John Cosgrave, Regulatory Transaction Reporting Manager at AIB
Chris Mason, Relationship Manager at REGIS-TR

To celebrate International Women's Day 2022,  Barbara Ruiz Alonso and Laura Rodriguez host a lively round-table discussion with the founders of Women in Securities Finance.

WISF is a global industry organisation  was set up as a community to foster connections and promote the advancement of women in the securities finance industry - founded by Elaina Kim Benfield (Assistant General Council @ Vanguard), Jill Rathgeber (Director in the Product and Strategy Group @ BNY Mellon), and Arianne Colette (Chief Operating Officer @ Morgan Stanley).

In this show our Head of IT, Rocio Peña, Head of Product Management Silvia Morales and Head of Project Management Angel Del Rio, discuss the plan for Regis-TR and their clients in 2022. 

We discuss the move from the Deutsche Börse to the SIX Group, the preparations for EMIR Refit, and also the ESMA 2022 Roadmap and the implications it has for systems and flexible project management as the huge scale of EMIR and UMR changes cause disruption for market participants.

This week Mari-Carmen Mochon - our Incident & Business Continuity Manager - discusses the issues that market participants will face when the new Digital Operations Resilience Act passes into EU Law. We also consider the bigger issues of divergence between UK and EU standards for cyber security, plus the potential disruption from geo-political issues around the borders of the EU, as well as the risks of DDOS attacks on digital infrastructure. 

Join us for an in-depth chat with Executive Director of Crypto UK - the trade body that is informing government policy and lobbying for more effective regulation of crypto assets in the UK. 

In this show we explore the scope of crypto regulation initiatives, define the assets that qualify for regulation, and talk about the impact for market participants who want to increase their exposure to cryptocurrencies, tokens, stable coins, ETFs and NFTs. Plus we consider the huge business opportunity for Fintech and Regtech in the light of large scale  blockchain and DLT adoption.

Welcome to Season 6 of the RoundUp! In our new, longer format bi-weekly shows we are going in-depth with senior industry leaders, experts and market participants to cover off the big stories and major events facing Fintech firms, Regtech innovators and the Trade Repository ecosystem.

This week, Tim Hartley (Director of EMIR Reporting at Kaizen) joins us to look at the challenges ahead in 2022 to meet the scale and complexity of changes coming in EMIR REFIT.

In this special Christmas show we have a flying visit with the RoundUp team to hear how they will be spending Christmas before moving onto the main feature, a discussion that was held at the REGIS-TR S.A. client event in November with ISLA's David Shone (Dir. Market Infrastructure & Technology) and Adrian Dale (Head of Regulation and Market Practice). 

REGIS-TR UK CEO, and RoundUp regular John Kernan goes in-depth with the CDM, machine-executable reporting and ISO20022 with our experts, considering the future of regtech and the shape of things to come in 2022.

In this last interview show of Season 5, we catch-up with Jesus Benito, Vice Chairman of REGIS-TR and CEO of Iberclear, to talk about the future of the TR Industry, the CSD industry and market infrastructure moving into 2022. We're looking at the impact of EMIR, CSDR, UMR and new technologies in the Regtech space. 

Plus we're celebrating our own good news as The REGIS-TR RoundUp becomes the top Apple Business News podcast in Luxembourg.

This week we are joined by Donal Gallagher, President of Quaternion Expert Services (Acadia) who discusses the role of technology in all aspects of risk management in derivatives from collateral management to regulatory reporting. We discuss the need for new market participants under UMR to increase their connectivity and optimise their operations within networks of counterparties, and use interoperable data standards like the ISLA CDM and Acadia's ORE XML (open-source risk engine) to increase the efficiency of their operations. 

This week we have an in-depth discussion with industry expert, consultant and podcaster Roy Zimmerhansl of Pierpoint Financial Consulting  (and formerly HSBC's Global Head of Securities Lending). 

With Nick Bruce (Head of Business Development) and Laura Rodriguez (Head of Institutional Relations) Roy discusses the issues that are shaping the green securities  industry and ESG securities, covering topics from green collateral management through to green triparty securities lending and new buy-side market participants, plus the impact ESG will have on the securities lending and TR industries in the future.

This week we're talking about the big issues that were raised at our EMIR Refit Q&A webinar on Wednesday 3rd November. Our guests are Ron Finberg (Director of Regulatory Reporting products at Cappitech by IHS Markit) and Silvia Pelcova, one of our relationship managers. They're reporting back on the mood of the market participants and their concerns over timings, reporting changes to the taxonomies of fields and new fields, plus how to deal with the complexities of back reporting trades that might become reportable under Refit. And of course... UK/EU divergence with our UK CEO John Kernan.