 Hello. Good morning. Good morning. Good morning. We've been. How are you? We'll wait a couple of minutes. Hi everyone, this is a curtee here. Hello curtee. How are you? Not so bad we've been. How are you? All right. All right So we wait couple of minutes and then we go straight into the presentation by Juhi and Satish. We're glad that they're here. I don't see Junji's audio. Maybe he's on both with the video. Hi, apologies. I was having problems with my audio. It's Junji speaking. Yeah, thank you. So I can mute you for now, I guess, or should I leave it open? Yeah, I mean let's start because I think the first thing to notice that we are recording, right? If you don't mind. Let me share the screen. Junji, I think let me do the first couple of Hold on. Hold on. Before we start I have two things to say. One is we have to abide by the Linux Foundation's antitrust policy and one of the requirements for attending this meeting is that you abide by the antitrust policy. You can find the antitrust policy in Linux Foundation material. The second is the fact that we have to obey the port of conduct, which means that we are not going to be we're going to be nice to each other even when we disagree with each other. Or even when we agree with each other. So these are the only two requirements and without much waiting around, let's have Satish and Junji make the presentation, which is basically about Capital Markets Infrastructure, the current state and what is a possible future state. I will go on mute right now. You can start sharing, Satish. Thank you. Okay. Let me know if you see my screen. Is that visible? Yes. Yes. Awesome. Thank you Junji in particular for a lot of inputs into it. I know there is a lot here, guys. This attempt is no way to be 100% on, but I still try to put through a lot of material. This will be shared. I do have to change some of them because one, I don't want to be plagiarizing or taking some other sort of activities or work. Some of these images here belong to somebody. I need to do credits. Once I've done that, I will share these out. So that's kind of pending my end. That's why it's not publicly available yet. After the meeting, I'll close that. In terms of the agenda, as you have already seen from the email that came out yesterday, so that's kind of a holistic view of what capital markets is. And then we will zoom into what equities are. What are the types of life cycle around equities, even be the trade or post trade, all those aspects. And then we will see how the current settlement process works. What are the challenges? Then we will understand what are the key problems to solve. My approach always is to come up with what I call the PPT model. PPT technically to me stands for problems, the processes and the technology of the toolkits. So we are trying to apply hyper ledger or DLT as the technology. So what are the problems we should focus around? What are the processes we should focus around? That's the broad agenda. If there's no any further questions, I can just quickly skim through them if it's okay. So in terms of the first slide, this is pretty much my attempt to put it all in one page. There is a lot of material around. We can read it through. You guys can sort of feel free to give a good skim around it. It will give you a broad outline what a sale side and a buy side is, which is the two aspects. You know what I call the issuance aspects, the aspect that creates and promotes the trading aspect is the sale side. And the other side, which buys it is the buy side technically. There are some examples over here, which we can go through. I won't go through complete of all these things. But in summary, any sales trading, any investment bank, any capital market has these aspects. Even if you go to say Goldman Sachs or anywhere around the world, this is what you will see. Investment banks issue, investment banks create instruments and they go to either a primary market or a secondary market for trading. There can be other venues. It's necessarily, it's not necessary that we should have an exchange. It is not necessary that everything is traded in a primary and secondary market. There are off venues as well, but still the processes are the same. It follows the same KYC or what we call check your customer compliance. Make sure you are working with somebody you have to work with. Make sure there is no dirty money washed into the system like political money or anything. That's what we call the AML process KYC due diligence prospects. Then you have the similar aspects of counterparty risks and settlement risks. You have similar aspects across the board. No matter whether it is traded in a regulated exchange or what we call regulated markets or OTF or organized training facilities where it is like completely different to a regulated market. The low tech, high tech, electronic execution, everything falls under the bottom part that you see. I mean, in short, what I have tried to highlight here is the orange sections, wherever you see kind of this orangeish colored fonts. In my view, that's where blockchains kind of are the, I would say for a lack of better word, the immediate use cases of black chains. There can be more, there can be more, but there are some immediate use cases in my view. So those are these ones. If it's okay, can I skip to the next one? Any questions around this? Do you mind if I ask a question? Yeah, yeah, go on. So are we covering the over the counter trades also? Like, which, you know, the pink sheets kind of thing, but did that happen? I mean, I won't go into the product as such, but the flow, yes. OTC is also part of it. Okay, thank you. Yeah, we will walk through that. We'll definitely walk through that. Junji, you want to add anything around? Yeah, I think it's important to emphasize that we're going to focus today on equities. But a few weeks back, I think it's Natalia, right? Or Natalia presented the bones issuance process. So this presentation is not meant to be comprehensive as we're not going to go deep into many different products, but just to give this overview here. I think this picture depicts all the possibilities in capital markets. You see, for instance, a loan syndication, right? It's a well-known use case where you have multiple parties and there's a lot of inefficiency. You also have the private equity whenever you don't have a company that is not listed on the exchange. There's also some illiquid assets and how blockchain can help in that aspect as well. So I think this view gives us an idea, not just simply thinking about the life cycle of a trade, but also all the other processes that happen. For instance, there's the sales team and research team. There's a lot of pre-trade work that is done. Of course, there's the risk component onboarding. That all these things, they can think of how blockchain can help or bring efficiency or liquidity, reduce risks, et cetera. Yeah, thank you so much. Yeah. So this is kind of the one-on-one guide to capital markets. Just touch base on the OTC aspects, the pink sheets. They are pretty much covered in the voice brokering and the inter-dealer brokering space. In terms of other heavily electronic instruments, they are created through flow trading, agency trading, the electronic trading parts. I think most of us are familiar with this sort of structure. I don't think I need to go clear, but just feel free to shout if you need anything to be explained from this. If you're not aware, feel free to ask me or we can go through. Jinji did a touch about these aspects in investment banking. It's not only about trading. It's about these research and advisory aspects, which is where some of these private equity placements, leveraged buyouts, all the M&A advisory aspects come under. There is then this huge element of loan basically. It talked about the loan syndications. He talked about all those aspects, the private market placements. So there is a lot of it in this space, which in my view are ripe for a proper DLD use cases, blockchain use cases. Do you want to cover the buy side broker dealer aspects and the execution aspects? Can I share my screen because then I can control and I have... Sorry, your voice. Jinji apologies for the voice. We're not hearing you clearly. I'm sorry. Can you hear me well now? Yeah, yeah, now better. Okay, great. Yeah, so if you don't mind, I can share related to the flow. Would you like to go through the different types of equities or the asset class first or should I go to the flow or to the lifecycle? Let's go through the equities and asset classes. Maybe that would be a better way. Yeah, so this is probably one slide that covers all of it. If you want to go through that first, Jinji. Yeah, so I'm not an expert on all of these products. I have more of a background supporting the trading desk for equities. But as you can see here, there are different types of equity instruments. Right. When we talk about stocks, it's common preferred and each of them has different attributes such as the priority of liquidation. They have the right to vote or not. And of course, that are other derivatives that you have related to equities. You have options and you have the exchange traded funds and have futures. So futures of indices, for instance, so that are a lot of different components, but also derivatives related to equities. So, but the overview that we're going to give related to the flow would be similar. Of course, there are certain specificities for each of these instruments. I'd say that overall they will follow similar flow. But we're not going to go into deep details of each of the instruments, but just give an overview of each steps from the pre-trade, trade and post-trading components. But Satish, feel free to add related to other derivatives. Yeah, I mean, guys, one of the things that we made sure that this slide sits there, so you understand what is there, what are the different type of variations and security or instrument can be. There is no means that we wanted to go through everything because it's beyond the scope of this call. But if you have anything or if you need any specific detail about anything, feel free to reach out to me anytime. I'll be happy to go through them in detail with you. Yeah, let's probably have this thought that there is many types of instruments there and let's focus on to the trade life cycle and the aspects where we think blockchain can do a better job. Yeah. Thank you. Can you make me the presenter so I can guide from here? Yes. Thank you. I have a few additional words to share because I thought maybe it would be a better way to visualize. Let me know when I can share my screen. Whippin, is that you can only do? I'm not able to. Yeah, Whippin might need to make me the presenter then. You can share, I think. You can take over. Let me see. You cannot. You need to stop sharing, maybe Satish. Stop sharing. Okay, I can see whether I can do anything. But I think just Junji sharing, do you see the green share screen at the bottom of your... Right now if you can take control now. Yeah, Junji shares. Brilliant. You got the control. Actually, I had images to show, but Satish, can you stop your presentation? Then I'll start. I apologize, but I added other images that I think would be helpful. Okay. You can stop. Yeah, when I try to share, it says that someone else is already sharing and cannot do that. Okay, let me stop it. Just one minute. Done. Thank you. Yeah, I think I'll be able to share. Let me know when you can see it. I can see your screen now. Yeah, so thank you and I apologize for that, Satish. But what I wanted to go over is the lifecycle of a trade, right? And as Satish highlighted, there's a lot of different components related to risk, AML compliance. That is not necessarily related to the order placement or order management and execution. And then there's also other components related to sales, for instance. So as we just shared briefly, there's the research team that provides the insights, whether a position should be kept or just recommendations to hold or sell specific stocks or about specific industry. And the sales team, they would interact with the buy sign normally hedge funds and other institutional investors. And then this flow that you see on this other image starts. But I'd like to share another one that I think will be more helpful. This one is, I hope the resolution is okay. So when you think about the investor, it could be either a retail investor or an institutional investor. Of course, the institutional investor, they have additional steps and it's a little more complex. But normally the flow, the order placement is similar. So by buy side, we mean those who are seeking liquidity. So it could be hedge funds as a managers. And normally they need an intermediary in order to place disorders to the different execution venues. So when you think about blockchain and we think about the disintermediating all the intermediaries. When you think about capital markets, the intermediaries, they are there for a reason. So we might not necessarily be able to disintermediate, but maybe to bring more efficiency into the processes. And there are some processes related to trading due to the high volume that not necessarily will be the best case for to implement blockchain. But as we will see, there's a lot of steps related to post-trading here. As you can see, there's T plus zero, T plus one, T plus two. That's the timeframe that normally takes for a trade to settle that we could have blockchain adding a lot of efficiency. So we're going to cover that a little further in the presentation. So once the orders placed the broker dealer, they would based on the clients constraints. The broker dealer would choose the best way to execute the order. And there are several ways that the broker dealer may be able to do that. I'm going to cover on the next slide. But let's say that the order was sent to the exchange and then it is executed. So once this whole order is executed, there's a lot of steps related to the post-trading that needs to be done by both buy side and broker dealer. So when you think about a hedge fund or as a manager, even though they send the order, they need to specify further for which fund this order was placed. So after the order is executed, they need to allocate that trade into the several funds. And there's a reconciliation process that you see here with the vendor that could be a middleware platform in which the buy side, they will send the allocations to. And also the broker dealer, they send the information related to the trade that was executed. So this step is pretty much to make sure that the buy side or the investor sees the same thing that the broker dealer sees. But not just the amount that was traded, the price that it was executed or the average price, but also the commission that was agreed beforehand to pay the broker dealer for the services that the broker dealer provided. For instance, it could be basis point, it could be a percentage on the total volume. And all this information is reconciled. So there's a matching process of this, all this information that was sent most likely to a middleware, for instance, CTM, OMGEO is one for equities for instance. And after this reconciliation process happens that could happen and finish and people as one, then all this information is sent alongside with the settlement instruction to be cleared and to be settled. So what I like to go a little bit further and how this process here happens related to the order management. But if you have any questions, feel free to ask and stop me at any point. Jim Mason, in T plus zero in that column, you have order management there. And your example was you're using an asset manager, not a retail investor. For an asset manager, there's a missing governance block in there. So what it is is for order placement, before you get to order management, that arrow, there's actually a block in between the two, if you're an asset manager. And what it does is that governance block will determine whether or not the order that you're placing violates your portfolio rules. So all the portfolios have in a sense legal constraints, and then also institutional constraints. And so that there's a block in there between order placement order management that you don't show. Yeah. Yeah, thank you very much Jim. Yeah, it's something that we didn't put on the presentation. And thank you Jim for sharing. I think it's something also worthwhile to be explored. Because not only from a buy side perspective that are the safeguards right to make sure that all the orders are according to the specification of the fund but also on the broker dealer side that are safeguards related to the credit limit or the limit that each client can trade on a specific day on a specific timeframe. So, there are a lot of components here that is not highlighted, but there is a lot of controls happening in each of these steps. So, I'm going to go to the next slide and feel free to ask any other questions or to add any other comments. So here it's another view from the buy side or institutional investors, and also in terms of execution venues, right. So the broker, the brokerage firm, they would receive this order and that are different ways that they can execute the order and equities market is a very standardized one, very automated one, and normally everything happens using fix protocol. There's a lot of documentation out there, and the types of the order and the different constraints that the institution investor can send. There's a lot of variation. And one of the things that I haven't commented is related to how these orders are sent to the execution thing. So, the orders could be high touch in the sense that the order is sent to the broker dealer and there will be a trader managing the order and choosing the best way to execute, not to cause any volatility to the market. And at the same time, execute very close to the constraints that the client sent. For instance, the client wants to the order to be executed at a specific price. And or the client wants the order to be executed right when the order is sent or the order should be canceled. And the trader and the brokerage firm has a few alternatives that the broker can send to the exchange, or the broker can send to dark pools, which are liquidity pools organized by broker dealer firms in which all the orders they are not visible to the rest of the market. So that are advantages and disadvantages of each of these venues. So the broker farm or the brokerage farm, they, they know how to best execute the strategy that the client requested. And just to see a very simple example of an order flow, there's an order, new order submitted by the institution and the broker as, as the order is being executed, the broker sends execution reports. So the order of one medium can be partially executed throughout the day, for instance, I'm not going to get into the details of the different variations or exceptions, but just a simple flow. And here is a different one, but just showing how the concept of the smart order route. So this components, they automatically send the order to the best venue, based on the costs that they incurred if you send to an order to venue a, then you be when you see so it considers everything and whereas where there is most liquidity. And this router, you could be either automatic or the trader could send to this March order route router. For instance, some broker broker dealers, they can give access directly to the asset manager so that all the orders that client sends to the brokerage firm will be automatically routed to the best venue based on the client specification. I'm not going to get into the details, but there's a lot of two DMA, DSA, it's related to high frequency trading. And you can look it up, if you have one to learn more about it. And as I mentioned that are different execution venues, right, that the that the order can be sent to. And this is just an overview of at least the US market on how decentralized it is in a way. So you have exchanges that were exchanged in the US and 65%. This is as of 2018, forgive me if I couldn't find a most updated one. But it just gives a nice view of how some of these orders are executed in dark pools and other off exchange venues. Some other markets, they are very centralized like Brazilian market, everything on equities is done pretty much at the only the single exchange that we have in Brazil. Um, so any any questions so far. One thing in this flow that you have across all the actors that are involved in trading, the broker dealers provide a set of services that the exchanges don't. And I don't see any slides that basically exchanges will execute what I call simple trades, and the broker dealers can actually not only execute simple trades which you're showing but also something called synthetic trades, right. So there's a whole class of services they provide that doesn't show up in these slides. And just buying all the stock or selling IBM stock, this these slides are perfect, in my opinion, they show perfectly exactly what happens. Yeah, thank you. Yeah, and if you think this day is right where the the margins are are some of broker dealers they are offering zero fees right to place the order and there's a lot of pressure in terms of what value actually the broker dealer provides for the customer. So, as the order management flows through a more automated way, and you have all this different strategies that don't rely on a trader sitting at his desk and giving or choosing the best strategy. You see a lot of automation happening and cost reduction happening. But we need to think also not, not just on the trading on the execution part right, but there's a lot of opportunities as well on the post trading. So, I believe that's where I see a lot of the benefits for blocks, and we're going to tackle some of these examples. So, another example, but it just down into front office, middle office, and the different activities that they play in terms of order management trade execution and middle office validation confirmation, etc. Yeah, and related to the the settlement and the clearing, I believe Satish, I'm going to hand out more information, but I'll hand it over to him to edge a little more on the clearing side and on the settlement side. Thank you, thank you. I believe it was Jim, who was asking about the complex strategies and instruments. Jim, it was you, right? That synthetic trades, as opposed to. I do, I do wanted to put together the synthetic order types, which is the electronic features and option types, and the strategy types. I do agree with you there is this agency broker so if you have seen some of the early slides, we were trying to put together some elements of this. This is pretty much where the money is in question. Most of them are going electronic banks are coming out of property trading it's only for the hedge funds. But then there is this other structure or a structuring aspects of it, which is some element I work with inter dealer brokers. So they do a lot of structuring they put together the switches and the swabs and the butterflies and the fancy things. There are elements of that. There are elements of even electronic executions of that. So what we call the venues, which is not regulated exchanges, but of venues operated. So the process though, ignore the side of how this is being structured, how it is being bespoke. If you ignore that side in terms of even if it is voice brokered or electronically matched. That aspect is pretty much the same somebody writes like order if it is properly electronic, even the structured instrument can be electronic. If somebody does a voice set of booking straight right booking without orders, it still comes out into trade execution trade capture and the enrichment confirmations. And then once the confirms that it gets blocked on to the exchange for clearing, or it could be completely off exchange clearing. So we follow through the credit margin variation margining to make sure counterparty risks and other aspects are covered. It does have the breaks as you have talked about we touched about briefly. Apologies, it's not all put into the slides, but maybe after the meeting I'll try to put some elements of it. It's kind of our element thing to just keep it a little bit more simpler. What about the aspects of this right, that's the execution part this this is the, the booking part, right, because it's too much data, too much variations, quite a lot of changes happen, like in my world, people just touch the same trade like 13 to 14 times on average, after the trade has been done. So the aspects are quite with there, but I don't think the current world processes and practices are so mature that we can have like one set of low touch in that world. There is, there is low touch in other worlds, but most of my world I work with is high touch. Putting those things aside, the main thing I want to kind of zoom into is this current clearing process. This is how it is executed, whether it is dark blue or smart order or just licensed, you know, or it is voice brokered and manually blocked, whichever way it is. The processes are pretty much the same in equities market, you have the issuance that's one one elements of it. Then you have all those aspects of investors price discovery. Once the trade has happened, then the central clearing parties aspects come in, right, they do the innovation netting the direct clearance, all these aspects. And there is a lot of bank interactions, the red blocks here kind of tell you like how the lead office consortium of all these activities work and how clearing members and non clearing members custodians, everybody work. This is just a high level view of what happens today. So this is going back to what Junji was saying on a trade date tea, the trade is getting booked today on a date of tea, and then when the, the whole clearing aspects work and end of day settlements and everything works. That's kind of a brief view in terms of how the lifecycle works. Any questions on this. I think you should keep going. Yeah. So having seen that right. So from there, just let's zoom into quickly straight into what are the challenges in terms of the challenges of the capital market. In my view, Junji will add more about that as well. I do think that is this operational efficiency. This is this aspects of having the data lineage, what I call the whole data is being linked through. So those are the main, main aspects of it, even a consistent model what we call the CDM which is done others have been doing for a long time. It's not just a consistent model. It's more the processes, the holy grail and the source of the truth is buried in the complex processes. That's where that's where blockchain will be a lot more useful. That's where the technology efficiencies that we have today will be a lot more useful. Junji, you want to add anything more on those lines. Junji. I mean audible guys I'm a lost or something. No, you're not. I can hear you. Yeah, I just like to add that I'm missing to an hour view that picks a lot of the inefficiencies of the markets, not just equity but all markets in general, the lack of transparency, how with regards to market structure, creating a little more standard in especially the derivatives of market. And, but I think, especially with consumer protection, right. So, if it to brought a huge debate on one thing that is very common and in the markets, which is the bundling of research and execution of trade. So the research piece, the commission paid by the research provided by by the broker dealers or investment firms to the buy side is normally paid, paid as a commission on the execution of trade. So, but if it to ask that all the participants provide more detail on that so now there was a process of debundling all the different fees. So it would give more transparency, not just for the asset manager, but also for the customers who are putting their money on the various funds. So I think it's the transparency and all this lineage as the fish was sharing of some of the things that are core to blockchain. And we believe that also, it could bring a lot of transparency having this immutable larger friends. One more. You're making a point that blockchain can certainly improve transparency for parties that are using, I'll quote this infrastructure for trading which makes sense. The one thing. But blockchain isn't the only solution for transparency to improve transparency I'll say so separate from blockchain. There's additional services that some of these broker dealers are starting to evolve toward, which is really smart trade management. Based on risk, much like they do internally for asset managers, they're starting to slowly quote expose that more to the retail market, which is a different level of risk management services related to trading. Absolutely, I mean, again, you could actually solve these things today it's all solved and I agree with your, you know, comment on the smart trade management. Absolutely there spot on. But one thing I do think there is there is a use case is if let's take the best execution, for example, in method that has been a huge emphasis on how did you discover that price and have you have you quoted the price as if I'm a trader I have to prove to the market that I might find the best price I could. And there is a lot of these auditability aspects of this. The smart trade management still doesn't cover those. And those need to be written in a mutable sort of legit, you know, mutable legit technology would be a lot more useful to have this tamper proof audit record to prove to the regulators that we have provided the best execution. So aspects of that is where it sort of makes a compelling argument for a use case like that makes sense. Yep. What about I have a follow on question. In terms of transparency, you mentioned dark pools, where by the very definition, you know, a lot of the stuff is clocked. So what, what are the effects of, you know, like, there have been lots of moves to throw more light on the dark pools. Yeah, it's, it's a debate question. Yes, I mean, there are different types of dark pools. The most smart other routers are the one that I'm very familiar with is called European money, you know, emma European multi market executions, where it's only liquidity seeking algorithms. So they, they, they don't suffer the same problem as the illiquid dark pool supper. These ones are algorithms that is very well written or tested, and like putting the method at on, if it is an algo, if it does go through some regulatory norms to make sure those are perfect. Right. Even if you assume some imperfections, but there is ways to make it perfect. Those ones are well sort of trained well monitored, they would execute, they would seek the liquidity at the price points without causing huge damage to the market. That's where they are mostly there. But there are some illiquid pools where you go there for, for example, for anonymity, for example, for various aspects. There are certain such, such dark pools in my view, regulators will clamp down on them. Does that answer your question? Yeah, I mean, I'm saying that it's not a debate point because these are moves by the regulators to protect the investors from egregious harm. And the most important point there is will blockchain make a difference? I mean, possibly, right? Either directly proving the, that the best price was used. Yeah, so that the auditability aspect can be recorded into, let's say, a very consortium based blockchain. I'm not using the private or the public blockchain, a regulatory based blockchain, where it's all recorded and regulators can audit at any point in time. Right? That solves the problem of RTS6 or TTS7 or any of these, the regulatory reporting aspects. So that becomes an inheritance. It's there. We know it cannot be tampered. We know it's recorded. I mean, such level of this data checkpoints can be introduced to make sure that the algo or the dark pool or the iceberg or any of those algorithms have done it the best way possible. Yeah, sorry to, sorry to redirect the trust. I think we should just keep on going because we only have another 17 minutes. Yes, absolutely. Let me keep cracking. So I think, I think it clearly leads to this slide. It's kind of one of my slide kind of the product slide if you would see it in my website itself. So that's pretty much what I kind of sum up. And as you can see, all these discussions have already summed into this, right? Those operational simplifications, how to make it faster, reduce manual effort and still creating this whole transparency without this complex reconciliation and somehow solve the customer struggle. That's key, right? Enabling real time monitoring of this, making sure everything is done properly and making sure the regulators and all these assisted reporting are done on the fly, fraud minimizing, right? How do we really stop market abuse? Somebody doing the framing in the market, somebody doing layering in the market, manipulating and putting advantages positions and taking advantage of others. So that's something that those auditability aspects can be done, counterparty risk reductions, which is one more big area, credit margining, variation margining, you know, all those checks and balances, all these credit risk aspects, clearing and settlement time will be improved and liquidity. When you bring all these things together, you actually can bring all these ecosystems together, these dark pools, other venues and all of the ecosystems together, right? And then you can create a combing the liquidity pool. The liquidity seeking algorithms can work better. So that in my view is probably the problems of capital market. Make sense? Yeah, you're on this slide, you're saying here's areas that blockchain can add value to, if you will? Yeah, yeah, yeah. I mean, again, not the only panacea, but we can attempt a better way with that technology. So I agree with transparency, clearly transparency in a, you know, counterparty situation, which trading is. Blockchain can certainly add to that. I don't see it adding anything new functionally. I do see it adding, as you say, you know, improvement transparency and that's, you know, maybe the major thing there. Yeah, yeah. I mean, that's pretty much the discovery, the rule management and auditability on those executions and the processes is where I think a database, I mean, let's not even use the word blockchain, right? Distribute a tamper proof auditable database, which is very difficult to hack through. I think that if you get a process like that better down across all the investment banking, if regulator prescribed, this is what the process should be. Then you have a, you have a, you have a solution across the board, a standard across the board with me. And you're right, the post trade makes sense because you have the execution freedom to do that where you don't at the time of execution, right? Okay, that's pretty much, that's pretty much, I mean, there are some pre trades as well, the KYC aspect, one of my big research area, even though I'm still not successful with that. I do think that all these pep, you know, the politically exposed person check and all those aspects, functionalist check, interpolate checks. The lot of this that can be simplified, that could be a smart ID across the board and it could make this onboarding process a lot more simpler. There is a case for that there which we can explore. And then the trade aspect, some element of this and but most element of this is having this auditability, the supervisory authority and making sure, you know, regulatory reporting is just seamless. It's no reporting that that's connected to a very big database and regulators can pull strats out of it anytime. They can audit it anytime. I don't want to be reporting every day, right, every day morning method reporting, ME reporting CFTC Volcker. I mean, it just an exponential. I don't even call that a linear list every year I get 10 regulators yesterday I had four more calls added into my calendar to go through regulatory, you know, changes that is coming through. So those can be reduced. And there can be this whole aspects, I will cover some of these shortly, the custodian and security aspects without, without spending much time on it. Andrew, you want to add anything on the couple of slides then we can jump on to the other slides. I mean, I'm conscious of the time. Yeah, I think it'll be interesting to go over the next slide to some examples to give a little more detail. Yes, let's go through. Can you just quickly run through this. Yeah, this is what if we think about not just implementing the same process on the blockchain but just how can we use blockchain to make the sediment process happen into zero right this is pretty much what is showing up here. Not necessarily moving everything but all the sediment, if it happens automatically, it could definitely reduce all the risks and all the margins required and all this post trading processes. And I think on one of those slides also there's more information on how, and there are a few initiatives that we highlighted on different exchanges like the Australian exchange or the Swiss exchange. We're also doing works in that sense. There's also a study from the TCC and their regard on how reducing the the settlement time right by having the delivery versus payment happening at the spot how we would bring efficiency and reduce risk to the process. So here is just an illustration, a ludic illustration on how that would happen automatically through the use of smart contracts. This is quite a simplified one. The more complex one is coming next, let me quickly jump onto this. This is European unions, you know European central banks, world banks sort of final picture. There have been a lot of studies on this and this is what they think, along with other institutions, they think would be really a good use case around. When trade execution happens, when the trade record is created, once it is confirmed that we know that's now the final, you know, books of record information, we can then use various, I mean, these are the points that are very much highlighted. This is the central TCP clearance, right, and the custodian transfers of the stock ownership, the transfers of these ownership and the registering of those transfers. All these can be simplified and can be made quite instantaneous. We build, let's assume like the next slide will show it in more detail, when we build a central ecosystem, maybe I'll just quickly skim through. So if we attempt to do something like this, this is what everybody is suggesting as a best capital markets use case. The pain is post trade execution, this huge amount of optimization now, I'll goes and everything can do it faster. The manual portion is reducing the sort of activities even the inter dealer brokers were doing is reducing. Once the execution happens, once a broker sort of does the execution, let's assume this scenario is an execution broker executing on behalf of the client. If the execution happened, then you have to bring in the clearing firms to clear through, and then the ownership to be transferred to their custodians. That can be simplified using a, it's a hybrid blockchain I call there will be elements of public and private. We have to build a hybrid blockchain, but that hybrid blockchain the permissions of these, you know the ecosystem members acting sort of like a mini minus, they can do this quite efficiently. Any questions around this. On your diagram, I believe, are all required to be known parties with membership, right permission and membership, there's no sense public access here directly. So in fact, any trade you place, the public doesn't have a right to see that trade, the net effect of that eventually the public can see the net effect of cumulative trades, but there's nothing individual, it's all membership, like a permission. That's why I carefully use the word hybrid because there's some elements of it would be in the public domain like for example, DTCC always put into the swaps report outputs right. So there are some elements of it. You have to decimate the prices to the API. If it depoting will force you to decimate some of those there's some information that needs to be transmitted to public aspects. But in effect, it will be only for those rest of it is private have to be private hence it's more hybrid blockchain. But then there has to be this interoperability between the consortium is the members because each one will have their localized private chain, yet their ledgers have to be shared. So that's going to be. Yeah, but the shared labor ledgers are not a public blockchain. In any sense, they're just shared ledgers right. They won't be. They definitely won't be. I think by hybrid he means that then need not be the same DLT platform. That is one of the things each of those consortium may be running different ones. And I don't know how that's going to work but you know, it will have to. But anyway, let's let's keep talking forward because I think, yeah, I think this is a very intense slide and you know, maybe we have six minutes left. Okay, so just quickly jumping on to the next aspects of the other other place where I think there is a there is some use case or some potential benefit is this what I call a ML pin crime and the market surveillance and regulatory compliance aspects. This is just a view of just one reporting system, how a reporting system or a related reporting system operates. There are some elements of it in terms of, you know, aspects data day one day two day three day four day five. In terms of making this whole regulatory system work. This can be simplified. When we use when we use sort of blockchain technology, we can be the smart contract of these things will automatically or chain code of these things will automatically simplify things. In terms of what I believe, you know, customer onboarding due diligence, all these aspects, there will be some elements of not AI based or next generation algorithms, it won't be just attributed to DLT or blockchain or any other protocol. It will be attributed to a much more process that that's where it's going to be key. So that's pretty much what we think is one case. It's just of time. Let me skim it through quickly. So that's how we think blockchain can simplify a ML KFC compliance aspects by creating the profile and everything. The good part of this is once when you create a customer once the customer is now moving on the JP Morgan Goldman Sachs and everywhere else, they will be still discoverable. And any anything around that customer, the KYC, the further AML check will be automatically done in a central place. So there'll be a huge benefit for that onboarding aspects and transactions and checking the transaction. So that's another huge aspect of it, right. Transaction filtering, making sure data money is not coming in. So all those aspects will be simplified regulators can. You know, at the minute regulators are on high alert on around these things. So they can ease the pressure on the banks. The other part of it, which I want to quickly skim through before we jump into questions is this issuance aspect. And in my view issuance, I mean, it's even not going through. I said here industry 5.0 what we call now is transforming everything. A huge digital transformation across the board. But you look at the IPO process today, it is still cumbersome. It is still paper based. It takes about 30 plus weeks, not even days to for a company to go IPO. I mean, this is a company that's been traded. We know well about this company for a while. This private company goes through this whole process to become public and the road show itself. You know, that whole thing needs forget about even blockchain needs a better digital technology there. I mean, blockchain definitely can improve and then the securities can be easily issued. The digital organization can happen. All those aspects can be simplified. So these are the parties feel free to when I send the slides feel free to go through them. So it just explains the transaction cost around it. The other pressure that come around for the IPO. There is a big use case here to think through differently. This problem. That's pretty much my kind of high level view. I know there is more details required. But when we move into sort of some implementation aspect, I know I can I can go through further details. But this is just a very high level. What I wanted to cover. You want to add anything around this. No, I think that our other use cases related to also for instance, Vanguard is working on the for the market data for index indices. So it's a very interesting use case on how they can disrupt pretty much this market data. The way that it's done today and start using blockchain not only to distribute data but also for disputes. And we didn't tackle much but there are a lot of illiquid assets and that are some initiatives. And to not only help companies to tokenize but also create a secondary market for illiquid assets using of course blockchain technologies. So, I think we would just tap into a few examples but that are a lot more. I just search a little bit on the internet but yeah, I think the idea here is just to start a conversation and maybe the next calls we might be able to deep down deep diving one of them or a few of them. Just on that quick note, the one that Junji just touched upon the securities in order to market data aspects of it and the conflict resolutions aspect of it. The first part of finance before finance got into hyper ledgers we used to do this as a DLT technology in finance. We also have a securities special interest group and one of the area that we are working on in that group with the gentleman from Nomura leading it is exactly this. What Junji just talked about. There's a lot of aspects of this we are bringing in where we are also looking at innovative way of AI resolutions for these as well. If you guys are interested in, please jump on to finance and securities group. They are close. They are close calls, right? I mean, or is it open source right now? Anyway, I think we are almost at time here. So another interesting aspect to explore would be the settlement. You know, we didn't even talk about the other leg, which is the payment leg. Yes, those four settlement, we need that and that is where the cross blockchain stuff is going to be very important. And we are going to be proposing some something here in capital markets group for cross chain settlement instructions in the presence of hybrid chains where we think that it is not by creating yet another chain between them that we are going to get there, but by messaging. Anyway, it's been a very interesting and comprehensive presentation covering a lot of ground covering, you know, aspects of every aspect of the end to end flow. So thank you guys. Thank you, Junji, for proposing this and thank you, Satish, for taking it and running with it. And we should be able to get the both the recording and these slides onto our meeting minutes and possibly even share this as a video with the community as a primer for capital markets. Thank you. Any last words on any last words before we close this presentation. Thank you. Wonderful. Thank you. Thank you guys. Right on time. Thanks everyone. Thanks, Junji.