 Hello guy All right, let's hope that more people join Yeah, yeah, I also got a regrets from many people about the meeting So I'm not really sure how far we're gonna take this one the money Think I'm going to just share the Antitrust policy and I'll use this time to just Say that apology me meetings Operate under the antitrust policy and antitrust policy Implies that we are not Engaged in any anti-competitive behavior and if you do not wish to Adhere to this policy Please leave the meeting So that's the first statement and also since this seems to be a very thin Attendance I get the feeling that we might either end early or Try to see You know stimulate more utterance in the future And in order to stimulate more utterance in the future We will have You know presentation from Molly Molly Gray principal architect Microsoft as or blockchain Azure platform and other Initiatives, but he's also the chair of the working group in token taxonomy initiative, which is Which is a huge job Enterprise with lots of different members From both the technology side and others been put together by By Ron Who's a Who is the chair of the EAA So I had contacted him for a presentation on token taxonomy because I Think we are talking a lot about cash on ledger And there have been several developments unfortunately Morely who's supposed to be on talking about this is not going to be there today Anyway, so you can see the Antitrust policy here Now there's one more Thing we have to talk about which is the court of conduct the court of conduct says be nice to Others that's basically it So we have six participants, which is very good and Let us begin the meeting by Okay, for the for the people who who joined late We just read the antitrust policy and the Hyperledger Court of Conduct and now we go to the introductions and I think we should Get everybody to introduce themselves even the people who have attended before so that people have a Sense of who's on on the meeting and what they're What they bring to the table in terms of their abilities and Their concerns so The first person I see on my list here is Gary I Know Do it so that the others on the call get a sense You're breaking up there an intro intro, yes, please sure so go down the list As I see it and call people off up and they can either Introduce themselves if they don't want to that is okay, too I'll introduce myself. So yeah, I'm Gary Miller. I'm with intane. We are a company this bill architecture for running the information rails and data for asset-backed securities transactions so pools of car loans mortgage loans Container leases what have you and We've built on on Hyperledger fabric When you say asset-backed securities, do you also include Or give this or no, yeah, so Yeah, I want to be clear That's why I brought up a few examples because a lot of people think asset-backed security or securitization means Tokenizing and we're not tokenizers. So this could be anytime where you have a pool of assets or the cash flows from those assets Pay bondholders different tranches of bondholders different maturities, etc So we build the rails in the middle. So right now when I got in the business and securitization in 1990, you know early 90s We were using Excel spreadsheets and it still goes on on Excel spreadsheets Send from the servicer to the trustee etc. Etc. And it's ripe with error Time-consuming not transparent. So what we've done is using shared ledger all parties in your transaction I have the same source data and then with smart contracts. We code the the payment waterfall or investor report or trigger and default calculations things like that. So it's just It kind of automates it makes a great transparent and creates a zero reconciliation situation among all the parties in the transaction So, yeah, it could be mortgages auto loans at any time you have, you know granular pool of many little assets that are the cash flows from those assets pay bondholders Or lenders Yeah, so the cash flows have to be backed by real collateral which can which needs to be valued frequently, I guess in order to Valuation as much as if the person made their car payment that Payment needs to go into a trust and be given up among all these different tranches of Securities with multiple investors in those trunks by the way, Gary You're coming in faint. I don't know whether it's just me or other people Maybe it's me, you know, I don't know. I'm sorry Don't know what to do here, but Yeah, we can we can get a Gary bell. Oh, okay So that's me then Whatever system I'm importing does not seem to be Okay, go ahead. You were saying about the collateral Yeah, I was saying it's not so much about valuing the collateral in a mark-to-market sense It's just Accounting for the cash flows that come in you might have 10,000 20,000 loans in a securitization and and All those 20,000 loans they all have different Terms maybe interest rates and some made their payments some pay the late charge some They're check bounced and all that gets get all that gets summed up each month and then that's deposited into you know collection account to be divvied of up among all the Bond holders and it's very complicated math the models and the order of priority of payments And that may change if delinquencies set a certain number on the pool And you know, it's just very complicated math and everyone's still using kind of Excel models or or in tax and It's just time consuming. So we ought we just automate it all. So we've done proof of concepts. We're in a partnership with the trustee bank Well, we're negotiating how we did a proof of concept for them and they loved it where You know, they'll white label our system and onboard Their clients and and you know start running all the reporting using our blockchain Yeah, I mean Actually, I worked I created a mortgage back security system Then we later absorbed parts of our credit You know credit back securities Into the system and Quite familiar with the index I'm quite familiar with building out some kind of an infrastructure that unites all of this stuff And I was just wondering about one thing, which is you said that you was On Excel spreadsheets, you're still I mean, I know that there are Excel calls that you can make In tax there are calls that you can make to other Systems and so on but in the end, you know in terms of blockchain. Are you doing anything currently? I miss that part Yes, so well, we have about three or four clients But in the what I call the flow ABS market we are entering into a partnership with the trustee bank But to your point right now There's often a loan data agent who works with the servicer to prepare a service report They have about a week to do that that goes to the trustee then they have to calculate You know who gets what payments and run their models and investors getting their investor report on the 20th of the month for the prior month What we do automates all that so, you know the first day of the month the second day of the month It's just it's just available, you know Because every you know by midnight of the end of the month There's no new information. It's just three weeks spent compiling and comparing and reconciling and calculating And that servicer report on the proof of concept we did on a very sophisticated marketplace lender That servicer report was an Excel spreadsheet, you know That someone put together off the servicer data and then the trustee pulls that pulls up their Excel model and inputs number books by hand into it and Then gets results and then they prepare the investor report and pull that up and then type in the numbers and so, you know our idea is to create an end-to-end that automated data solution and by being on blockchain you get the benefits the blockchain benefits transparency Immutability no one's no centralized control over the data. Everyone's kind of drinking from the same well Yeah, so you're just starting out on this particular Initiative or Well, we've we've been in business about a year and a half. We did a proof of concept in India Most of the team is in India We did it for a pool of motorcycle loans there to kind of build out, you know, the million lines of code that went into this And and then we started about six months ago in earnest I guess marketing here in the US and attending the securitization trade shows the conference in Vegas and Miami and Are starting to get our first deals We're also using it for an oil well tokenization platform that someone's putting together so Where they're actually tokenizing oil leases The limited partnership interests in these oil leases and we're running the value the data underneath it So here's an oil. Well, here's the production data. Here's The sales that came in it's kind of like someone paying a car loan. It's just it's a little financial asset sitting over here That has all this monthly data and reconciliation coming in so The way we look at it is if you've got a bunch of Assets on one side and then you have a bunch of investors on the other side We do everything we run all the information between those two you take all the asset data. So So in the case of the oil well tokenizer You know that token is just a token Well, they'll be able to click in to see the underlying data supporting that asset what the cash flows were Etc. Etc. Etc. So it's work. Think of it as if you're one of my Pepsi stock You log in a Charles Schwab But if you want to look at financials you click through the site and you end up maybe in the Edgar database Getting data. So we're kind of like that The underlying information to support value in an automated and transparent fashion It it slots in beautifully with our mission in the capital markets Special interest group. So that that's good The second thing I want to say is if you ever feel like presenting one of those initiatives, especially the more That's a mature one would be the motorcycle lending project and And obviously anything that is public on this particular Channel that would be Yeah, useful to our members and our community and the second thing is I You know, I think you should address some of the Elephants in the room. One of them is the is the issue of oracles You know, because all of this is Subject to data that is coming From outside the blockchain or maybe it is not. I don't know how your Yeah, well the the in the case of a trustee they have a Authoritative regulated reason to be in a transaction And they're the one who they are liable responsible by law for providing these And for contract for providing the information So this is an automation tool for them that they still pull the trigger on producing the report and they can put in inputs Let's say there's an expense on a transaction that is extraneous. That's not modeled, you know They're do we have inputs for them to quote publish The report but they could do that at at, you know, 9 a.m. The first day of the month instead of waiting till the 20th because all I know So but I'd be happy to present we For the trustee they spend about four to five hours per month per transaction on just the monthly report and we you know, it takes about four minutes to just Upload the service report published a blockchain and then the report's just there export to PDF. They can be just Four hours to four minutes. So there we showed it to a bunch of trustees and it's kind of jaw-dropping. So they're the response of Sounds fascinating. Now next is money who's Obviously been on this call before also So please Gary, you know, we'll contact we'll connect later to set up a time And I think you guys all of you would be Would benefit from attending Next call Which will feature molly gray The principal architect of azure also the chair of the token tax taxonomy instant initiative Working group technical working group He's a highly technical guy So maybe, you know, we'll need to moderate a little bit What he says here, but at the same time We might Find some fascinating Information about tokenization From him and what's going on in the marketplace Other than Just hypo ledger, but you know, maybe we can take lessons from that Anyway, money, please I'm a manipulator props up. We are Engaged in this block block On two fronts one is on road We are working with the CDM working group Defining there is this model And that part of the work is already I mean, I'll publish some of the work In the notes in the project separately, we're working on A life cycle of digital asset using again the CDM and corda So Thank you, money Next one is a phone number that I have here two one two seven two three five six zero one Hi, this is Milano from city I Um, so I work at city on the blockchain team for markets and security services And I'm responsible for understanding the blockchain technology and how we can apply it within our business Um, and then I also maintain all the relationships with external parties like other banks and Startups that are emerging to see how we can potentially use them within our business um, and then I also evaluate startups to see if we would Make a strategic investment in them so you're in the security services which implies custody and other other uh post-grade processing like corporate actions and stuff like that or uh, I mean and and also you seem to be in the innovation department also the investment decision department, which means that you're Evaluating you you said companies for uh suitability For your own investments Yeah, that's correct That's a lot of things Yeah And I would love to talk to her this is ariak jumping in so just Sorry, yeah, definitely don't hijack the No, no, no, this is the purpose of this meeting to talk to you This is the purpose of this meeting. Okay, bring uh, uh like-minded folks together on the subject of uh blockchain and also on the subject of blockchain and capital markets in particular and capital market spans such a wide swath including including of course Individual investments, but I mean they are not, you know, they are private equity sort of deals, I guess unless City is going to tokenize that and sell it into the marketplace, which would be a very interesting thing Anyway, yeah Um offer Is the next person on my list His name is offer a I don't know Whether i'm pronouncing it correctly, whether it's Yes, uh, how are you guys doing? All right Can you hear me well? Yes Okay, um I'm from the new york security token exchange Um, our primary focus is security tokens, uh, which I'm not sure that uh, probably everybody knows If somebody doesn't know about it, I'd be happy to explain In In a nutshell, um Basically what we're doing is we take the entire financial market financial markets and instead of paper stocks we um, basically um Doing something called security token, which is basically a token that uh behind each token has an asset Whether it's a stock a bond uh commodities and so on so we are Basically, uh, what we believe is that this entire market Is going to change uh to a digital form um, and basically, um End the age of paper in terms of security So you're specifically focused on the tokenization of existing securities Um, we do both we do two things first we Uh, basically we can handle any type of security Um, and that's one, uh, we have two focuses one is the primary market for issuance of new uh securities Whether it's a startup whether it's a fund, uh, or any any asset-backed securities And the second thing is a primary market Uh, secondary market, uh to trade all of those security tokens um So basically we cover the entire financial, uh ecosystem So let me ask you something. Um How Mature are you and do you have a product? Or do you have a poc? Do you have a uh mvp? Something that is fit To be shown around or is it still in the? Uh You know ideation phase Okay, uh, we we have a working product. It's not launched yet Uh, and we're expecting to launch it in the next two quarters Okay, um interesting Go ahead The the most important thing in this market basically, um, you know, uh, something like two years ago Uh, if you remember the icy Ico craze that everybody were issuing Coins and so on We believe we believe basically we first seen the market the all of the Ico, um Shutdown, uh, because it's uh wasn't legal so, um A few companies basically we started it like two years ago And we came basically this is the time where the sec Said, uh, they evaluated what we're doing and said, okay. We want to do it because basically the irs wanted the taxes from the trading So what happened is the the sec literally approved icos, which is now spos Um, but the the requirement is that it's going to be regulated Um So so basically today's that the situation is that it's uh the sec Is uh proving it and we just uh, you know, think the market evolved I mean, everybody here in the financial market probably knows Um, like Ari mentioned that it's a very tedious work very All the systems are legacy It's um built part of uh upon part And uh, if you might remember, uh, what grisp and uh said in the 2013 collapse That there is a huge issue of settlement. Uh, and basically nobody knows where the south side Or That that was the main problem of the collapse. So basically our aim is to solve this and make it um Transparent to all the users That's uh, that's our focus Yeah, yeah beneficial ownership. Um is a big problem. Um And I believe that a lot of people are working on this and there is of course the whole tension between utility tokens, uh, security tokens being one of them and the No, security token. I mean, I'm sorry Uh utility tokens security tokens, then you have the so-called store of value which seems like You know, it's not it's not Uh linked to anything in the real world So we have This is a main misconception. It's the total opposite of utility token utility token when when I founded, uh, we started the company Um utility token is is fictional. No, no, no, I mean I I I misspoke. I didn't mean utility tokens. What I was talking about was the security token versus You know store of value that is like a bitcoin, which is not linked to any collateral, right? You are exactly So what we're doing is the opposite Yes, every utility token that we handle the issue or trade has to have an asset behind it We're not accepting any anything which is not um going according to the ssc regulation, uh, which is um Um Anything which was not asked back with will totally against it All right. So are you are you building on existing platforms? What and if so, what are they and how? Um, the yeah at the moment we're looking at several options in terms of in terms of a hyper ledger the moment We're pretty much maximizing what's available and uh, we're looking You know, we're we're interested in scalability to to to understand whether we can use uh this platform You're talking about hyper ledger fabric. I take it. Yeah. Yeah So, you know, there is a uh scalability performance working group of which you know, which uh has ideas or people presenting on the scalability of fabric So the uh, you know, lots of ideas on that Anyway, um fascinating because all of the three people or you know, even money was talking about Digital assets. So everybody's working on this problem. Now we Can't To prasanna or him a Hi there. I'm prasanna here uh, my background has been that I've been working on uh financial research equity research and worked a lot extensive in uh financial reporting xbrl taxonomy for financial reporting Uh working with the now we also have a solution for the investor relations of listed companies issuers to reach out to buy side sell side and we've built some private uh Protected and encrypted communication channel tools for these companies uh more recently I have uh worked on a blockchain based identity profile management platform and I want to Kind of explore whether this can be used for any kind of You know managing e gms or you know private encrypted Ballots or back office work, which is you know, not related to trading per se but has a lot of other Which is again the work is very tedious and uh those kind of things which I thought could be Managed well on a blockchain based trusted platform, but still maintains privacy So that's my interest in this group And what is your company called? virtual research Virtual research, okay virtual virtual research virtual, okay Uh, I am not familiar with them Maybe they're big because there are so many companies in this space Anyway, uh very interesting also now I think uh what we have here is the um couple of things one is you know literally, uh, Finney Watson was supposed to be The point person on cash on ledger Is not uh, it's not available today So I thought I would just go through the f at f guidelines We just got published Uh, not not really guidelines really this is a uh minutes of a meeting That i'm going to just Go through because this it seems to have some Relevance to all of the things that we have talked about right So it's it's saying, um It's it's not found so i'm going to have to uh I probably put in the wrong Um, yeah, it's it's it's Um, I'm going to see whether I can mess with the link So that I can actually get to it's concatenating two things So it for people who are not familiar with f at f financial action task force uh, it is basically a Organization that is supposed to be advisory in character For an international audience and all of the regulators of all the major countries belong to it And although their recommendations Do not appear to have any teeth They are very very very influential They can Put your country on a prescribed list They can do all kinds of You know depending on how much your national regulation follows the f at f guidelines But you know you you are Put under a risk category which means that When that risk category is taken you are If you don't if you are not In a particular range in that risk category Then the people from that country cannot Uh trade as easily as people who are not in that list so This is very important because it it constrains the list of investors but the first thing that They talked about for the strategic initiatives is the money laundering risk from stable coins and other emerging assets all first said for example that Security tokens, okay, which are linked to securities now stable coins as we know are linked to currencies in some way so for uh for a scalable Trading platform or a post settlement platform. We need both. We need The assets to be digitized we also need The payment to be digitized so that we have a dvp type situation and everybody is That is delivery versus payment in an atomic manner that initiative is Gathering pace because of things like libra even though the governments are not are not giving any regulatory approval to libra they are Forced to look at this And to create National stable coins, which will be basically a central bank digital currency United States said that it's not going to do it, but I think they're going they're being forced into that There are several other initiatives But here these stable coins that they are referring to possibly are private ones like JPM coin libra you know None of which are publicly available uh, so this in this particular initiative the strategic initiative All they are just saying is the f atf will closely monitor the developments and continue to engage with the private sector to clarify the f atf's Require requirements right so Whatever they say will have a great effect on the landscape whatever Comes up with but strangely enough The second part of this is about digital identity and as you know The whenever they talk about AML CFT Uh rules and so on digital identities Paramount, right? I mean without this without a concept a bit. This is why there is no concept of Uh, beneficial ownership of company uh AML CFT staff and all that so these foundational foundational infrastructure has to be replaced before table coins become widely used and normally it goes by Creating a ramp from legacy systems into the systems of the future And this is also one of our concerns Anyway enough of that I'm going back to the minute the notes and I'm going to talk about the projects that we are that we are involved in that means the projects that That we have undertaken one is a taxonomy I don't want to talk about it too much because That means I would be Dominating that compensation Second is money play may talk about the standards work that That we are doing Money, do you want to say anything more about it about that or? Yeah, just to follow up on our last week introductory Interesting to use the CDM and how it compares to all the standards are fixed in a PMO I have added the There's a presentation I'll go through it again So for those who have not seen How we in the previous meeting is just the more digital data standard That's being developed by is there that covers everything from digital securities assets to derivatives and life cycle processing So we we've been part of the industry and working group Have been instrumental in defining the standard and making sure that that will become easy for all data Kind of data representation and also life cycle representation of hypermarketing In blockchain So we actually are actually implementing this PDM itself is being used within the working group and we provide on the platform For the working group of members to actually test the CDM using our dlc implementation and our trading platform separately we are implementing CDM throughout the entire life cycle of digital securities uh, trade life cycle between bison and sell side which you know that start Digital out of view to an allocation the settlement and also actually custody we are actually introducing um, multi-party computation using custody and again all of these contracts managed So that's the gist of it One of the areas of the of the data standards We do want to expand on the iso 2022 just So will there be I noticed that you have those rails to convert from cdm to other existing standards for example fbml iso 20 or 22 and other existing standards because you are definitely interested in creating a Scale for cdm adoption And I have highlighted there no industry adoption yet as of third quarter of 2019 Do you have an idea of when you're feeling of when these when that this particular standard would gain wider adoption These standards are still a little bit more fluid, but uh, you know We had a much more stable version for the derivatives, but then once you started including securities Um, you know, we had to go back and make sure that All aspects of securities are also properly done. It's being expanded into a collateral So this is a much more comprehensive Work scheme than you know, what we originally started out with And and there's there's still some more work being done The final details of the cdm itself However, however, that is, you know, we are going through two very hacks Organized by Barclays a lot this year that's been tremendous interest in various banks And how this could be adopted and some of the banks have already started looking into how they could use with the cdm internally To to at least harmonize their own data between multiple very popular So cdm not, you know, as data standard by itself could be used Both internally and externally Although the real value comes in when you connect the cdm to a dlc The adoption itself, as I said that we are planning to come up with a product on the digital securities end of this year early first quarter 2020 That will address this, you know, to be much more comprehensive The most important thing to notice is that is, you know, our advice is that is if you truly want You know, some sort of a data interoperability cdm is the only standard today available so anyone is implementing Any kind of dlc solution we always urge them to, you know, look into much more carefully Because that's the standard that's kind of move around from dlc to dlc And eventually they'll become much more commonplace So, you know, so people who are actually adopting are in Early support development. You know, we urge them to consider cdm Yeah, um, so Since I attended both Derive hacks I have a window into The activities surrounding cdm and this year The First of all That is now which is the international swaps and derivatives association is collaborating with Rosetta or Rosetta is actually the technical arm or technical part of this which provides java libraries for They're doing all kinds of things That company with what money said just now about BLT's Is what was what is going to make it very powerful Uh, there were some hypolygia based Dlt's that were In derivative hack last year, but this year. I didn't see any in new york Maybe i'm wrong But the space has been taken over mostly by corda Da and then algorithm so I was planning a presentation on These aspects money had Presented on cdm in general and also what advantages it would give you Mine would be the other side of the coin which is How do we adopt it meaning Of course, you can always buy the product that Swaps up is selling and Go to that but You know if you are a big bank Then how does it hook into the systems that you have Those questions are largely unanswered because in the derivative hack so I will go through the The use cases that they presented and I noticed that most of the contentious issues like the Hook into oracles Which is very important for many many people here Arm is missing and you know, we will We'll Dwell a little more on those topics in the next Presentation dealing with this now If anybody has questions for money or for me, I would be glad to take take it I guess not Because I don't see So if that is the case, you know, we are not going to go deeper into this Into the various other projects right now because most of the Team leaders on these projects are not on this call Hopefully you will have a better participation in later later calls and please Let us know through asynchronous channels like the email list like the wiki pages How you can participate what your questions are What your thoughts are on all these topics so That's that's all I have for today Unless any anybody else has anything more to offer So I think we are going to close the call a little earlier today and We will post the minutes of the meeting and I'm sorry. I didn't get the name from the city bank I have the name written down here and she's also on the on the still on the call. So maybe she can Milena, I thought it was her. Yes. I'm here You can keep some more Sorry, I didn't get that Um, if you can share your contact because that'll be great. So Oh, okay. Perfect. Um, it's my email is m i l e n a Dot ko h l h o f e r at city dot m ko h ko h l h o f e r cohoffer I can reply to the Email from the pin as well. Yeah, that'll be great. Okay. Sure. Yeah, or you can put it in the I already put it in the wiki Minutes of them. Okay, then then we have it my contact is there. Yeah. I joined the first meeting Oh, okay. I I'm sorry. I didn't recognize your uh, no worries Your name. Yeah. Yeah. Uh, so you know Obviously the financial services guys are uh eager to To associate with uh real, uh, you know people who are in the big banks Um Like you Yeah, I try to make it whenever I can just sometimes the first one's day of the month I have a clash with another meeting But um, I'm always reading the meeting notes. Um And we're doing when I can That's good to know. Especially if you put comments, it would be useful. You know why because Really speaking, we don't know Who this these meeting minutes are reaching And yeah, actually Reading the stuff You feel like you're shooting arrows into the void And it's not hitting the target. It's going somewhere You feel like you're blind, you know, you know what I mean I hear you So if it's useful at all to you and especially I urge you to attend the next uh, uh meeting with On the 20th Yeah, so that is the what's meeting is that I don't think it's on the calendar yet. Is it it's in two weeks Yeah, yeah, it's always on the calendar It should be I thought this so this is what every two weeks has been here. I thought it was every month All that every oh no, it's every two weeks. Oh, okay, perfect. Yeah So I will be on the call Yeah, yeah, I mean, you know and also um, we need to ask Let's say we need to ask Morally some tough questions because yes, because uh, Microsoft is Is active in this field But I don't know how effective the token taxonomy initiative is because It's highly focused on ethereum because of its antecedents um, and I don't know whether the Solutions that they are proposing or even, you know, they're just proposing a taxonomy So right further to that We want, you know, if you look at the future meetings here One thing that we want to do is we want to do an ontological approach which means a taxonomy is A hierarchical relationship. That means if something is in something else Then you draw a line from that You know, if you say bonds And then you are corporate bonds. So there's a one unique dimensional, uh, you know image from Bond to the uh to the corporate one But uh real life is a little more complex than that. So that's why we're We are exploring the ontological approach which means it is not just a line that goes from one to another based on an is a relationship but also based on other relationships so you can basically The If you draw a line that goes from corporate bonds to, uh, you know, some other kind of bond Then we can label that Uh line Well in in graph theory that would be here That would be an edge. So we will uh label the edge and there are a lot of There's a lot of activity happening in this field because And this will bring us closer To a depiction of the real world in a programmatic terms Which, you know, obviously there's a big gap between Between the real world and the representation of that world in a digital form So there's quite a bit of work going on in this area and I would like to See whether we would you know, whether that would apply to our field So the And I don't know if you're aware but on Monday they released The document with the specifications and the website and there's a lot of information online. So I suggest that Everyone reads that before marily presents so that we can have good questions. Like you said You're talking about the working group of the w3c working group Which released this document or which what are you referring to? Um It was released by the ea I know Okay. Yeah, we have the draft So they released the framework version 1.0 and the specs and then you can see Um, what example specs are out there? already And then there's also like a token design there that they talked about so a lot of information on the website um That they released on monday So I think it would just be good for everyone to read that before the meeting in two weeks so this was a A classification hierarchy example, which we took From the taxonomy paper From TTI token taxonomy issue So it was during the draft phase now, you're saying that there is a more comprehensive and I think what I'm going to do is I'm going to put this up in a separate page with or in the same page And I will try to search for it on the I'll send you the email they sent so you can have it Oh, beautiful. I think I might also get it, but I don't I'm not sure Yeah, thank you. Yeah, well beyond that. I mean, you know, maybe that's one of the future meetings. I can talk more about a multi-party computation more Your topic that's emerging financial capital markets and how we are applying it to custom digital custody a much more safer way than what's So that would be like Some kind of a NFM signatures or some other Yeah, so you just specialized implementation of m2c Um, so we are actually, you know, I want to solve that the custody problem for the institution market Today's market practice is not sufficient for and then we actually went and discussed this with the with both regulators scc and fpc Last month and you know, that's something that that we are working with them as well Well, beautiful. I'm sure offer would be interested in that too Or probably he has his own mpc solution. I don't know Uh, I know we're actually a partner of microsoft and You know, this entire market is um, there's several standards. Um, you know, but the the main issue that Ethereum at the moment is, um You know, it's very trustworthy because it's public, but um, they're not capable of reaching the the throughput that's Needed that's a major obstacle Yeah, yeah, I mean, we are familiar with some of those, uh, including the l2 Stacks that are out there level two, which obviously take the surety into in sort of computational model But I think money is talking about it As applies to corda because he that is the main platform he's working on Well, it's just not I mean the the mpc is nothing to do with corda. It's a completely independent new new emerging standards Our process I would say Uh, one of the interesting application of mpc is custody So there are a lot more google is actually open source. They're supposed to be in this position about a sort of month back or so And corda is independently working on I assume that's on top of what google is actually open source did Um, but that's a lot of interesting application, you know, much much more powerful than you don't know Yeah, yeah, I mean, uh mpc has been around for a long time Whether it gets integrated into the capital markets infrastructure for custody or something else That is uh, that is the real, um, you know question, right? I mean Various forms of mpc like you said, so if there's a google, um open source thing Could we have access to that as well or? Yeah Okay, because You know, obviously what a meeting once every two weeks is not We're not going to learn much Unless we have asynchronous communication During the week during the intervening period To talk about these interesting topics because the news is coming fast and furious and not anybody can Follow everything that is around anyway. I think we have managed to Take up all the time to 11 o'clock or so and uh, so we have to bring this meeting to a close Thanks for everyone who held in there And I hope you guys Got something out of it But thank you. Thank you Thank you very much and uh, I must uh, um, I'm gonna I haven't we haven't put our name in the list on the group. So uh, we'll edit and we'd be happy to anyone who has uh, some sort of a solution or Add-on or something or partnership and so on. We're We're very active To you have a full ecosystem So we'd be happy to cooperate with anyone beautiful, um Put up your name on the list with some contacts if you whatever you want to share, you know, nobody's Forcing you to so that's that on on the Minutes of the meeting are you on the mailing list? Uh, I think I am yeah, you are because I know that uh, your name came up on the mailing list Thank you great and uh Until november 20th then