 Yeah, they've been I think you have to set up a separate call to do a little training on this and not do it during call. So it'll take this is taking up time. Yeah, I mean, you know, I've already Connected Natalia some other point and then go over it. Yeah, all that is done now. Now we are recording. We are done with that. Particular thing. So Natalia, I think the key is can you do share screen also or you're not able to do that. Yes, I can share the screen that I can see. Okay, please share the screen and show the What do you call it? The antitrust policy, which should be in the link there in your meeting agenda. Yeah, click on that link. Can you see my screen? Yes. Okay, so are you seeing now the antitrust policy? Yeah. Yeah. Okay. So, so here I mean, in the link you can see the policy that is promulgated to all the members participating on the Linux Foundation. So this is available for you to, you know, to read and understand. And here are all the details regarding to this policy. Beautiful. Now the other one is the And then the code of conduct on the hyperledger. Yes, please. Basically says that we welcome everyone, right? Yes. So, so here everyone is welcome to participate and engage in any of the groups that are available. And if people have other ideas, they can suggest other other groups to work on. And basically you have to treat everyone with respect for socialism, no bullying or disrespect. Everything else is allowed in free exchange of ideas. So, yes. So, if you want, if you want, you can stop the sharing and then let's introduce ourselves and get on with the with this call. So, so the purpose of the introductions is that everyone that is on the line knows who's who's on the other end of the line and to get to know what are the topics of interest and experience of the participants. I can I can start myself. I'm sorry to interrupt. If you can, you can stop the share. Yeah. Okay. Thank you. So, so I will start myself with introduction. I'm a debt capital markets specialist, basically working on the origination and syndication of bond issuances and commercial paper and other type of of debt origination such as project finance. I'm interested in the in the I provided you to get to know how blockchain can help on the issuance and settlement processes. I'm also here stating what while assisting on the vice chair role. And but we discussed this. So this is a role that it's open for anyone else is interested to take. But you are the current. Yes. Yes. Yes. Yes. Claim it own it. Yeah, it's just that I'm still learning. We are all learning. If you can go down the list, calling on people because they don't know when they. Sure. So there's also maybe Kelly. Yeah, I'm here. I was taking notes. So my name is Kelly Cooper and I actually work in higher ed in California. And I've been a volunteer with hyper ledger for about two years. Thank you. I'm Kirti. Not sure I pronounced that right. Yeah, that's fine. Hi, everyone. My name is Kirti. I have a background in management consulting. I specialize in capital market operations. Now I'm more interested in blockchain solution architecture. My areas of interest are asset digitization. So how to kind of build the entire product from scratch and scale it effectively and solve problems within the capital market operations space, especially. And I'm currently working at least trying to find my way around a couple of papers. I'm deeply interested in regulations, data, as well as use cases. So I'm working with the rest of the team to try and define this in the best possible way. Thank you. Excellent. Saptarishi. Hi, this is Saptarishi Chaudhary. I work for Paramount software solutions. We have been engaged with the hyper ledger project from April last year, but we actually started, you know, participating in all the meetings in a more proactive way from April of this year. And I'm looking forward to explore the capital markets, especially for the Asian market, the growth of and the scope of blockchain to be applied in capital markets in Asia. Thank you. Karen. Hi, I'm Karen Atoni. I'm a director of ecosystem at hyper ledger and I'm the hyper ledger point of contact for the special interest group. Thank you. Mani. Hello, I'm Mani for life. I'm Saptar. We are working on a couple of areas in the capital markets regarding blockchain digital technology. One is on the side of things where we work with a group of industry participants to formulate. Hey, Mani, could you speak up a little louder? We're not really catching it. Sorry. Are you able to hear me better now? Yes, much, much better. Thank you, Mani. Okay, no problem. So again, I'm Mani for life on Saptar. We are working on a couple of areas. One is with each international swap association on the area of common domain model. That's for defining how the entire lifecycle of derivatives and digitizing them so that this could be a standard way of representing them on any digital technology. That's on the industry side. Also, we are working on digital assets where we are more interested in post trade life cycle. We are working with another vendor to actually solve the problem of digital custody on the institutional side. So while we are working towards a solution on that. Separately, I'm also working on contributing a bit on the standardization of various protocols that are used, data standards that are used to currently in capital markets. You could see that as one of the items that are discussed today. Thank you, Mani. Isaac. Hi, everybody. Isaac Humphill with ChainYard. We're based in Raleigh, North Carolina area. Our company has been an active member of Hyperledger since its inception. We worked alongside IBM specifically focusing on fabric. We've done work with a variety of different platforms as well. I guess the last month was a big month for us. We launched our first commercial product trustee supplier, which is a cross industry platform for supplier onboarding and life cycle management. And I joined this group. This is the first meeting I could attend because of the time. Just to see what's going on in this space through Hyperledger. So I'm just kind of keeping an eye on it for us. We do focus on manufacturing, transportation and logistics. But we've done cross industry work over the last four years, including some work in the finance and banking insurance industry. So just again, just joining to participate and see how what's going on and see how we can help. Thank you. Excellent. Isaac and congratulations on this milestone. And Bipin, I believe in you for the end. Hi, I'm Bipin Baratun. I have been working with Hyperledger for a while. Ever since we started back in 2015 or so. Or was it early 2016? I don't remember. But anyway, I'm also the chair of the identity working group and the chair of this group. But, you know, we welcome participation from everyone. And Natalia is running this meeting as we know. I am also the founder of a company called DLT.NYC. We do enterprise blockchain consulting. Mainly in the digital identity area, but also in capital markets because I have a lot of experience in capital markets, building infrastructure, putting solutions into play. In Hyperledger. So the, you know, couple of points here. One is Kelly was mentioning that there was a call for papers, which we'll talk about later. And also this trade finance secretization paper, which I'm writing an article that I'm writing. The other thing I want to say is since Stan is not going to be here because he sent me a private note. Maybe the use case project can be addressed by Kivti because he has already put in a taxonomy there and he can discuss his taxonomy. That is my suggestion. So, without waiting further, I guess we should get on with the rest of the meeting. Okay, shall we start first with that if there's any update or comments to the draft on the launch block that you started? Yes. So I had put it out and I had also sent out an email about it to everyone. It is basically going to be put in place during Cyballs and during this month because it's according to Karen, it's a fintech month or rather according to Hyperledger, I guess. Karen told me that it's a fintech month. And so the blog is there for everyone to review and for Hyperledger staff to edit. Karen, if you have any other comments, this would be the occasion to bring it up. Do you want me to show the blog? I mean, what we need is essentially it to be sort of a draft to be finalized by the community and then it needs to go to our PR team for editing. So we're not going to, it'll, the final version will be edited off the Wiki site. So we'll need a final version. I'll check back. Let's see on the deadline that I got for that and I'll let you know in a second. Okay, so. Go ahead, Natalia. Is it going to be static? I mean, is it going to be updated here on the Hyperledger space? So, you know, the way that it is doing it is having it be a community effort to draft the blog. That's one way. There are different ways that different states do it. Sometimes it's just the chair that drafts it. So if you have any input that you would like to make to the blog, do it on the Wiki. And again, I'm going to get you that deadline and then at the deadline, we will actually have to edit it off the Wiki and it'll be finalized and published on the Hyperledger website and promoted in social media when it's launched. Yeah, I wrote most of it, meaning I would say 98% of it. Natalia did edit it yesterday, corrected some things and also made some other suggestions, which I, which she has incorporated. So if anyone else has any input, that would be great. So let's move on to the next topic, right, Natalia, or you want to say anything more about it or anyone else for that matter, say anything about the blog. Yeah, that was my only question. So if there are no further questions, we should move to the next topic, which is the Global Forum Presentation. Okay, the Global Forum Presentation. So there is a deadline for giving a presentation for suggesting a presentation and you have to be, you have to look at the CFP. The call for papers, I suppose, as it's called, I will send out an email with the link to that. If anyone wants to make a presentation at the Global Forum, please update the, you know, give them this. So just a proposal, sorry, that follows that CFP. I can also try to find it and paste it up here. And according to Kelly's excellent suggestion, I might try to turn that secretization article into a presentation because the article is going to be pretty short, about 800 words. I have the rough outline of the article already. And it has got an approval from the, I think it's straight finance global that is going to host the article. So that's, that's as far as the Global Forum goes. So Isaac or anyone else, guys, if you have ideas, please don't hesitate. I'm sure Janyard already probably has some, some articles or some presentations at the CF, right? Yeah, and we have a variety of artifacts and articles and all, but none are really capital markets focused, but happy to share, you know, other things if there's interest. Yeah, I mean, what I mean is for the Hyperlegia Global Forum in, I think it's in Phoenix. Yeah, yeah, yeah, we've submitted for actually for four presentations in one product demo. So I don't know what we'll get picked for, but we're hoping to get selected for one or two things. Great. So anyone else in this group, money from Swab's, Kirti, or Saptarasi, if you guys, or Kelly, of course, and Natalia, anyone else has suggestions for this? If we create our proposals? Money? Not really, I mean, let me think about it. Yeah, the date is coming up soon. So anyway, now is the time to do the, I guess, Natalia, what is the next thing? Yeah, so maybe we should, we should speak about the status of the different projects that are currently open on these SIG. Basically, I'm not sure if there's been any updates, so maybe it's worth that we discuss a bit the status of each of them. So the first one is the taxonomy that the proposer is VIPIN. So I'm not sure here if there has been any any updates. I actually edited this map to include the financials universe. Apart from that, I think it's pretty comprehensive. My question now is what do we do with this graph? Should we link or add more information on each of these names? I think at the beginning someone suggested to include links to Wikipedia or other websites where we could see the explanation of the taxonomy. But I'm not sure if this is something that you still want to do or we have any new ideas. Yeah, I mean, it was my suggestion to have links and pop up tags so that the document is alive rather than just being dead, meaning being static. So another way is to provide a short glossary of most of these things because if you go to Wikipedia, that's a rabbit hole. Each one of those bond types can be articles of a page or more. So maybe create a glossary of this, which I will do, and then link it to this. And the other idea was to link this to use cases and to regulations and other items so that it becomes a comprehensive sort of network for people who want to learn more about each particular company. So that kind of bond or each particular kind of product. For example, the derivatives product could link to the standards that money is talking about with ISDA and all that work. You know, the point is we provide a taste of what it is before people can go and do the research on their own. And in that case, we provide some links to those as well so that it becomes a true reflection of a web in the sense that we have our own little internet of things. And then that then links to the broader subject matter universe, which is often the case when you do research that you think deeper and deeper into a specific topic. So that is the idea there. So the next, I mean, I'm done with my, I have seen your FIG extension. Natalia, can you say anything more about it? Yeah, so basically in the class... Sorry, should I bring up the share screen on that? Yeah, or I can share it. Okay, please. Can you see it? Yeah. So, so basically we have this box, the main box, which is capital markets, and we are talking about bonds, equities, derivatives and repos. So inside the bond world, we have the split of sovereign, municipal and corporate collateralized bonds. But inside, which is corporate, we were missing financials. Normally in the bond world, financials are separated from corporate because banks have a regulated industry and they have particular products and a different capital structure when compared to a corporate. So I added the different bond types in the FIG sector, which go from the more subordinated, which is the 81 to the most senior nodes, which is the cover bond. And when I am speaking about subordinated and senior, I'm referring to the degree of subordination and, I mean, the ability for the bond holder to get repaid in case things go wrong. So that's basically the full stack of the bank capital structure. So is there a, are there explanations on, on each of these, like, which we could add to the glossary, like 81, T2? I could, I could provide those, explain those, those, the wording for that. Yeah. Yeah. And the protection that you just talked about, ranging from the most, most senior to the one that is subordinated, that structure is very common in capital markets when you do securitization. And maybe we have a section on that particular aspect of things, because I will be writing about it. The trade finance securitization, basically, the lower, lower items in the stack are going to be have higher risk and hence consequently higher yield. And the safer structures on top will have, safer instruments on top will have, are going to have lower yield. So the correlation of yield to the risk of the bond is a very important concept. The problem is the pricing of these bonds cannot or may not take into account the risk, which is what happened in the last crisis with respect to subprime mortgages, because even though the yield was high, the risk was not properly calculated. So the price and the yield of the bonds were not correlated with the high, high risk of those bonds. And this is a common theme and maybe you work in the field, Natalia, maybe you can go one level slightly deeper into this right now for about three or four minutes. Yeah, sure. I mean, the biggest space in any case is very, very specialized and people like to, since there is regulation involved when you compare it to a corporate, there's a lot of buzzwords that everyone keeps saying and it's difficult to understand. So, so basically the regulation in the banking industry is constantly evolving precisely because regulators see the need of more transparency, but also at the same time to make the system safer. So they require banks to hold more capital so that in case of, you know, when problems start arising, banks are more capitalized and they are stronger to survive. Basically without the help of governments, which is the main issue here because in the past crisis in 2008, what happened is some banks had to be rescued with public money. So this is what we are trying to avoid since then. The specific of each of the instruments, again, I think it's very specific. I think it's worth maybe if you are interested to go to the glossary once it's ready. But basically these instruments, just for you to know, are designed so they cannot be bought by individuals. So normally the minimum denomination or the minimum amount you can buy of each of these bonds is depending on the bond 100K or 200K. So this is one of the measures to avoid normal people to buy these instruments because they carry a risk. I could continue speaking about this, but I think it's too specific. So I'm not sure it's worthwhile. Yeah, I mean, yes, about the financials, but what we want to draw out here is the principles that principle holds across all instruments in a certain sense, because, for example, stocks are not protected in the case of a default or a bankruptcy. Different levels of protection exist. Sometimes the, so bonds are more protected than stocks. So there is no floor on the price of stocks. There is no floor. There is, you know, you are basically, you're basically on the back of the line. Yes, so here one important aspect of the subordinated bonds is that the main difference between one of the main difference between stocks and bonds apart from the ownership is that as a bond holder, you expect to get repaid your principle at the end of the period. And some of these bonds, the chance of not getting repaid because the nominal can be bailed in, it's significant. Yes, so how does this relate in our sense to our, to the DLT? So in the end, you know, how can we relate all of this structure, the ways in this product is set up to the actual solutions that we are building, right? And there are multiple avenues through which this kind of risk calculations are done. And that's our, you know, some of our main concerns here. So we are not just looking at these bonds out of context. We are not just saying, oh, these are the different kinds of bonds. And we are not, you know, we're not going to dwell on just that. Well, I think, I think apart from that, you're right. But also one of the things that DLT can help with with these bonds is on the distribution aspects of the bonds in the syndication process. Because with blockchain, it's got, I think the use of these technologies can enable more transparency with regards to the allocation processes and knowing the holders and avoid maybe some people to get these bonds in the first place. So there's, there's more control around who is holding each of the bonds. Yes. So the benefits are many, including that metadata, which went to fairness and also of course, the whole idea around who's holding the bond becomes important. When, when defaults happen or some, or even in the beginning when benefiting the most distributions. So it's a, it's a vast universe out there about, you know, the benefits of blockchain. But it can also cause, it can also be an obstacle in the sense that some people do not want this information to be public and more transparent. So maybe it also points to Kelly's obstacle, you know, the adoption of blockchain technology. Yeah, and I think that's true across a lot of different segments, not just the capital markets, part of the uphill battle. Yeah, sure. But capital markets are a very important segment and financials, you know, and highly regulated, sometimes in the wrong way. So there is also that. Yeah, you're right that, you know, it affects the prices of everything, right? I mean, insurance, healthcare, whatever. Well, all these things are constructed in an unfair way sometimes because they look at the wrong, wrong things at the risk profile. Anyway. Okay, sorry. Go ahead. No, you go ahead. No, I was just going to suggest to move to the, to the next, the next project about standards. Can you, can you share the screen on the standards? Yeah, I'm on it. Yeah. Yeah, thank you. So, Whippin and I had earlier figures that are kind of a rough draft outline of what we want to accomplish the standards. So I took that outline and, and, you know, try to address the most prevalent standards that are the fixed, fixed ML that's, you know, the most used in the industry. And then on the derivative side, FEML, you just look at the score further down, you would see FEML and then followed by is that common domain model, which is an emerging new standard that covers multiple asset classes. So I try to cover as much as possible given outline as indicated given pointers from here to the more the specific industry standard bodies or the other websites that have more details. But this is just a start to give a collection of information about the various standards that are predominantly being used. The one thing I'm not looking to is the ISO 20022. I don't have much of experience on that. So that's an area we would like to cover. If there's interest on other standards, more than happy to look into, or if you want to expand further on it also we can definitely look into it. I think the ISO 20022 is quite important here because, for example, if you, if you go to the ASX project chess replacement by Daimau idea. Right. You'll see that a lot of the they point to ISO 20022. But that is a data interchange standard. But then finally, they also point back to certain other standards like for example, legal entity identifier. And G L E I F, you know, the global legal identity at the legal entity identity foundation, quite a mouthful there. But basically that. I mean, I don't know whether Isaac is your. That's your project or product, which is the know your supplier product. Does it have any integration with L E I somebody's got a you should go and mute if you have you're not speaking, please. And I apologize when you say L E I can you explain that legal entity identifier, which is a standard promulgated by the global G L E I F. Basically, that is a standard that has been suggested for legal entities. And it contains, you know, lots of information. And that is slowly becoming a global standard because it provides for nested structures for agreement with the local regulations and for discovering beneficial ownership. So integration to that would be very key in creating a product like know your supplier because one of the sources of information about the supplier would be a something like L E I. I'd have I don't work on that every day but I'd have to say no week that's not a standard that's adopted. We have for the launch we've depended heavily on Dunham Bradstreet for verification of a lot of the entities. And that's something they do today so we're doing that through APIs and there's some other other third party verifiers who are part of the ecosystem for providing financial ratings. We're talking to somebody about providing cyber security rating eco goddess is providing, if you will, sustainability ratings and all just things that are important to big corporations when they're onboarding suppliers. But that's not one of them. I've taken a note here to look at that. Oh, thank you. Yeah, I'm actually going to write a rust based system, a library to interface with that standard, which is available as a HTTPS, like, you know, rest API. And contributed to possibly to grid or one of its so so so projects, because I believe that that is very important. There exists already exists from Python code, you know, libraries to do this, but the key thing is, it is. It is a global standard so it's not just confined to a specific country. And I'm sure that even, you know, the legal regulations in the United States are also covered by this standard. So, I mean, I can, you know, we can talk about this often, you know, we could talk about this later but let's go on with the rest of the stuff, unless you have something more to say on this topic. The only other thing I was going to say was, yeah, when the identifier itself for the supply for the entities this, both the buyers and suppliers are using a W3C standard for the digital identity that's been proposed and to that to that body. I don't know if it's been accepted or not, but there's was a right upon it, but it did specification. Yeah, the did that is very important. But in the end, the kind of it's more on a schema side, meaning what is available right. Yeah, I understand that and I'll talk to those guys and see what what they're doing on that side. I'm very interested in what you guys are doing because of my other involvement with identity working group. The key is that many of the risks identified in the capital markets. Evolve around KYC AML, which in the end, you know, in the end points to all this book, and things are related more than we realize. In fact, when I'm researching the paper, I see that a lot of the risk is connected to KYC AML. Yeah, and trade finance is an area we've definitely done a lot of research and discussions on because it's it is such an integral part of the supply chain in terms of helping companies extend their reach and capitalize their basically the product development and all product creation. So it's a good good overlap with where we do focus. I can I I'm looking at the agenda the the paper that you had proposed that's not listed as a project. Not yet. Okay. Because we just started on this week. Okay, I got it. Thank you. But that is actually an article to be put into trade finance. We've been I had just one quick query, the submission that we need to make for September 27. Is it a full proposal or just a concept we need to share right now and maybe we can work out later and get it done completed because the event is in March after six months. Yeah, the CFP process lays it out. So I'm going to send a link. I added a link into the agenda and you're correct. It's only the proposal. It's not a completed it ready to go project or paper. Yeah, all you need is the abstract. You don't need the presentation till one week before the actual presentation. Okay, thank you. Because I see that you have mentioned here trade finance securitization and last week. Just a steering committee report from the government of India released 150 page document in which they have strongly emphasized on trade finance and other applications of blockchain so I was just going through that maybe I can share with the group. Because I think there are some coherence to what we're trying to achieve from overall initiate itself. Because we will continue working on this. This is my, you know, somebody's, I think I just created this 37 minutes ago. So, this, this was the proposal that I've given to for the paper, but this can go, you know, further in our group, because there are all kinds of dimensions to this. Anyway, let's, you know, maybe we should move on to the next topic. So the next project is about use cases. Stan created this first draft of the use cases. I wrote in red a question that I had when I was looking at the split of capital markets. Maybe my suggestion is, does it make sense to separate between primary and secondary markets? Because some of the products, I mean, the post trade would be part of the primary market, but then all the other activities on the secondary market are actually huge. So, so for instance, when, when you see this, the graph, the map inside capital markets, I've written here, bond origination issuance, which would be the primary market when, when you create the security. And then all the other topics, which I see the trading and the post trade, all these is the secondary market. However, I have a question and I'm not sure that the OTC products, the over the counter products would go on the primary market on the secondary market. I'm just saying this in sake of clarity because there are a lot of boxes. And, and, and maybe it's easier to separate the different strings. I'm not sure if you have a view about this. Could be, since you created this, could you comment? Well, first and foremost, what I've done in form of adding value is taking what Stan created and I've just converted that into the mind map. But to answer Natalia's question, I completely agree that they should be a proper primary market and secondary market division. But in order for us to do that, I'm not sure how we'll be able to clearly demarcate that. So I'll need a bit of help over here. So if we can do this in a proper way, then I could go ahead and like define the taxonomy in a more accurate way and then take it forward from there on. What I'm going to do is I'm going to think about it. Okay. And maybe contact you. offline with. Yeah. And then, and then we can, we can take it from there. Yeah, sounds good. Sounds good. I'll whip in. This is a question for you. So I'm happy to kind of contribute and take this forward. I'm just trying to kind of put work my way through this. So for the first few weeks I've been silently observing as to what's been happening in the forum now that I vaguely understand how we structuring projects and everything. It's going to be my best to kind of fit in as much as I can. I think one of the challenges is that this this way of working is really new for me. I've never done this before. So it's going to take a bit of time for me to get used to it and start being able to contribute actively within these sessions. Yeah, I mean, on a two week schedule call. I cannot get much done. So it is between the calls that work can be done in a very sort of hard hop manner, if I may say, without a schedule because everybody's free at different times. Everybody's around the world. The other thing I just heard from Natalia, which I agree with is that there are too many boxes, even in the first taxonomy. So maybe the thing to do is create, you know, levels or hierarchies of these structures. So that we can have a primary connections only in the first, in the first mind map, and then each one of those sections will have their own little, a little mind map so that you don't get overwhelmed by the detail. Okay, okay. I mean, that's my feeling of the now, but what is what is everybody's, what is everybody think of this. The one thing that I would like to comment on is that is, you know, the taxonomy is more towards, I guess, more of a product classification here. It's not necessarily a market structure, whether it is a primary market or secondary market. If you want to address that we might obviously address it separately. And because it all depends on, you know, how you look at the primary market or secondary or tertiary market, it all depends from market to market, how you feed it in bonds or derivatives is much different. I think we should not mix those two things together here. The focus here is about outlining products and classification of products that we should take to and then have a separate area to discuss more on primary versus secondary market. That's my thought on this. I agree, Manny. So should be, I mean, Kelly's finished taking notes, we should thank her for that. And I guess we are almost coming to the end of the thing. We have come to the end. Natalia, if you have any closing comments. Basically, you know, there are still things, I mean, we have different work streams open. I see we're seeing, I mean, progress. There's different people, also myself, that we are newbies to this hyperledger and the way of working and the way of editing the documents. And even in my case, like, sometimes I'm not sure how to do the things on the graphs, but this is a learning process, I guess. So I'm happy to see I'm not the only one and we are all welcome to participate and contribute in the best way we can. So I would encourage everyone to continue working and on the different projects. Basically, everyone is learning. We are questioning the very basis of things and working groups and what the work product should be. The whole of hyperledger, you know, meaning, I mean, not only code, but everything else is important as well. So that's the key takeaway and how do we collaborate, you know, collaborate, effectively produce something that people want to read or visit and provide value to the others. That's the key. Anyway, I guess we are at time. Yeah, we are at time. I see there was also a new, a new topic about tokenization and digital currency. We have surpassed time. So I think maybe we can, we can leave this topic for our next meeting if you all agree. Yeah, maybe we should start discussing it in random order because always the first few topics get discussed and the ones in the end do not get the time they deserve. Yeah, I agree. In any case, I will put it on the first item for next agenda. Thank you. I'll post audio and other links, video links. Okay. Cool. Thanks, everyone. How do you see it going forward with that paper then the trade funds. Yeah. Yeah. What's going to happen is that I have to produce it in the next couple of days. So it will be a very brief paper 800 words or so. But we continue to work on this and I will propose that as a talk for the HDF. Right. And then we can also include your input into it here on the on the weekend. And I would like to talk to you about your global, you know, your supplier product. If you want to want me to Yeah, happy to talk about that. I just, I just would like, you know, to see what you're going to write about and potentially contribute. There's any opportunity. Yeah, do you, did you see the link that. I do have the link to the draft notes. Yeah. And also the link to the To the post to the proposed paper. I mean, I'm getting, I'm getting all the outline, the outline. The piece is, you know, very simple. In fact, it will go into details on what Natalia was talking about also the structures. You know, For example, the structure of the, of this bonds. What has, what has been done in trade finance so far is the creation of this PV Vehicle and and isolate this particular entity. Securitize the trade finance through that entity. For two things one is because it's low duration they created some kind of a revolving facility. And two is messy, you know, like structured so that there's a messaging trans and, you know, like a high risk transfer whatever. And those are then sold separately to different institutions. I'm very familiar with the way in which these things are done because I worked a lot with credit markets, including mortgages during the crisis. And after the crisis. So, you know, what we need our tools, basically, in order to do the securitization. Yeah, I think, and I'll drop, we'll take this online as a, I think what I've seen is just getting the banks to support these new platforms has been the biggest problem on their success. Like there's lots of ideas out there to put these new ways of doing business together but getting the banks to participate and make them successful has been the challenge. All right, I'll talk to you offline on that. All right, thank you. Thanks a lot. I'm going to end the meeting. Thanks everyone. Bye.