Q: How many times have you been to Global ABS?

Well, I was, we're trying to work that out, and I think this is my 16th so I'm hoping that I'll get a prize when I get to 20. 

Q: Why is it so important for you to attend?

Well, everyone globally is here. It's one of the few places that everyone gathers, and you can really meet easily, network, find the latest trends and hear from some serious keynote speakers at the same time.

Q: What are the key considerations banks should keep in mind as they navigate the regulatory landscape of Basel Endgame?

Well, I think, I think there are a couple, really, and it does vary region by region, but effectively, all banks are going to have some more capital charges to deal with, so be a little less profitable. So have to think about how they optimize. And I think secondly, the major thing is how you deal, particularly as an advanced bank, with the output floor, and that requires an entirely different way of thinking and managing your balance sheet, because it's no longer a single asset some gain. Rather, you have to look at the entirety of the portfolio, the portfolio of you at the top of the house. So that requires different disciplines and more centralized control. 

Q: How do the implications differ for UK, European, US, and other countries?

Let's start with us, because that's probably the easiest or the most difficult. We don't know. So we know what the Powell proposed. We know that everyone hated it largely, I think because the US banks didn't have Basel three implemented, they used C car instead, so it's a big step change for them. And we know that something is going to be watered down. Whether it's watered down, just watered down, or to zero. We don't know yet. Depends a little bit on the November election. I think the direction of travel in other jurisdictions is clear. Canada has implemented, for example, Basel three. So we know what that is. Totally the UK is 90% of the way there, with some clarifications, weighted, weighted for And Europe is also 90% of the way there. The only question, I think, around European implementation of Basel three, really, is if they react to a US non implementation. So President Macron last week suggested that Europe might delay implementation if the US did not on on a fairness basis. Personally, I think that's a bit unlikely, but you can't rule it out totally.

Q: What are the 3 biggest opportunities or trends you see in the market?

Yeah, so the growth of SRT is one for sure, if I, if I remember, it was not even on global ABS is panel for many years. About two years ago, we had a panel and we had a room full, and now half the conference seems to be SRT. So that would that would be one. I think two will be the fact that Europe is really thinking about Capital Markets Union seriously for the first time. And I think that will help ABS issuance across the region, and help funding some of the challenges that Europe has in particular at the moment. And I think the third is that securitization has really come out properly now, especially with the US and the change of the Fed's change of reg Q at the end of last year, in terms of both synthetic and cash being accepted by most regulators throughout the world.