to 50. Matt Olsen. Noah Cindergaard. Refractor. And Oliver Ortega. Extractor. One per box rookie. Ortega. There's Mackenzie Gore. Rookie Gold to 50. Mackenzie Gore. Padres. Refractor Jeter. Take a Jeter. I called it full Noah, but I think I am going to do them for you. I called it full before you called. Well, you put your order in, but I think I'll be doing it for you. Rookie Connor Wong. There's Jake Kronerworth to 100. Fuchsia Atomic. Righty box one. Come on, Josh. Box two. Let's see if we can get you another red. Let's see if we can get you another red. Righty box two. Factor A.J. Alexi. Tried this way. Jeremy Pena, Rookie. No problem, Noah. Gold to 50. Gary Sanchez. Homie Gonzalez. True Orange O's. That'd be sick, Josh. That would be sick. William Contreras. Refractor. Chris Bryant. Fuchsia Atomic to 100. Refractor. Bill Buckner. Bill Buckner. Cubs. Kyle. What's up, Forrest? Come on, Buck. X-Fractor. Jock Peterson. As far as Brad would say, Yoke Peterson. Yeah, Yoke. Man with pearls. There's Babe Ruth Blue to 199. Red Sox Ruth. Sweet super. Yeah. Pretty sick. Pretty sick. Everybody say hi, Forrest. Hit, Forrest. Yeah. Yeah, that was a good two-boxer. John Gray Refractor. Oh, there's Julio. There he is. Julio Rookie. We found him, Josh. We found him. This one is T.J. Fridal Rookie Auto Reds. T.J. Fridal. We did find a Julio. We did find a Julio. Rookie Joe Perez. There's a Rookie Mark Colas Vary for the Reds. Reds to 100. Putting Ruth on Boston. Nate Lowe. Refractor. Come on. Come on. Let's see another Red for you. Yeah. Maybe try refreshing, Timmy. Phil Rizzuto to 250. Yellow Ray Wave. There's a Whitey Ford Refractor. Yankees. Jock on the Mini Diamond to 150. The Pearl Man. And Bass. Alrighty there, Mr. Josh. That will do it for your two-boxes, Topps Chrome Platinum Anniversary. Thank you so much, sir. We'll get these right out to you. Alrighty, guys. Got 20 or so boxes left to go. Give me a minute here. We'll get that one uploading and we'll keep on moving here. Alrighty. Got Vince up next. Prism Collegiate. See here. Get these put away. Hey, no problem, Josh. No problem. What's going on, Yogi? Good luck, Vince. Oh, he read a tag. Alrighty. Good luck. Alrighty, guys. Got Kyle here relating sports cards. We got one box of 2023 Prism Collegiate, and this one is going to be for Vince and G. Good luck, Vince. And let's see what we got. Silver Aiden O'Connell. Raiders new rookie. We've got rookie Grant Morgan. Grant Morgan there. Arkansas. Silver Otto. Tyson Badgent. Purple rookie to 75. And nice one there. Luke Schoonmaker. Rookie on the Snake Skin. Snake Skin not numbered in these Prism Collegiate. It's a nice one, though. Trophy Hunting Jackson Smith. Will Leviss. Brilliant. Silver Gronk. And this one is to 199. Red Otto. Anthony Russo. For Michigan State. Got Herbert Purple, number 275. And Red Wave. Clyde. Silver Garrett Wilson. And Mack Jones. Mack Jones there on the Silver Otto out of Bama. Patriots QB. Mack Jones, only 2023. Veteran Otto there. Got Darnell Washington, the big man for Steelers to 199. Red Wave, Michael Wilson. Yeah, guys. Sunday Funday tonight. Check it out. Sunday Funday Mixer. Always a good time with Forrest. Got Mateo Durant. Rookie for Duke on the Auto. Silver Tanner Morgan. And this one is the Marco Hallows. Draftpix Otto out of Bama. Got Blue Wave, Mahomi. Nice one there, 249. And Red CD Lam. The 299. All righty, that'll do it for you, Vincent. One box of Prism Collegiate. Thank you, sir. We'll get that right out to you. All righty, guys. Got Chris up next with a mosaic and a pristine. All right, let me get that one uploading for Vince, guys. Okay, going for Chris now. All righty. Good luck, Vince. Let's get that one put away. Now we got Mr. Chris. Mr. Endo. Good luck, Chris. Let's see what we got here. A little 2 box mixer coming. Good luck. Endo got mosaic and a pristine. Mosaic and a pristine for you. Hey, let's go, Chris. Let's go. I think in your orders, Sean, I think in your orders on Fanatics Live, you can see what teams you received in Rain of Team Breaks. If you go into your Fanatics Live and you can see orders, I think you can see which teams you received, I believe. I haven't actually tried, but I believe that is the way to do it, Sean. You can see in the app on your orders. All righty, good luck here, Endo. What's going on, guys? Got Kyle here with Layton Sports Cards, and we are ripping 2 boxes for Chris M. I've got a 2022-2023 mosaic basketball and a 2023 pristine baseball. But, Chris, start with the mosaic, mow bleep, mosaic, munk, red, scary, terry, and we got a white. It is Tyrese Halliburne on the white montage to 25. Sick looking card there. Silver Adams, Scott, Jeremy Sohan, red, red mosaic, breakaway Keegan Murray, and a swagger, Jaden Ivey. Yeah, I appreciate that, Puka. Appreciate that. Yeah, there is, I know there was a way, for somewhere within the orders. Galen Duren, we've got Shaden Sharpe, nice one here on our collage mosaic rookie auto. Nice hit there, Chris. We'll take a Shaden Sharpe rookie auto Blazers. Silver Michael Porter. Got blue Jeff Green to 199. Yolkich and breakaway Trey. Yeah, not bad there, Chris. Great hit on the auto. Great hit on the auto. Rookie Matheryn, Mosaic Herter and red and bead, and a montage Paolo. Jalen Williams, PJ Washington to 99. Stairmasters of Kyrie. Nope, just a silver there. Alandes Williams, Alandes Williams Nets. Thought we had another auto. Had pink to 149 Jop, Stairmasters and Matheryn on the montage rookie. Mosaic Kawhi, red Claxton. Eason introductions. Oh my, Chris. Rui, got red Malik Beasley. I was told them sub in. And Stairmasters. They're storm chasers, KD. You can't sub in if there's nobody here. That's true. Are these? Yeah, those are just based from 2020. No ship? No ship. The Keegan Murray rookie base. Blake Wesley, rookie of Kennedy Chandler and blue Michael Porter. And Mosaic Stairmasters. Everybody say, Hey, Donny. Oh, Yogi already did. Yogi beat me to it. I can't see chat, so I don't know who's. Mosaic Malik Beasley got red John Collins introductions of Chet. I'll do it for the Mosaic there for you, Chris. And we got a pristine, pristine. Chris says, Hey, good luck. Mr. Chris. Sooner or later, I'll have chat open. See something else here for you, Chris. Factor Schwerber and orange. Nice one there, rookie. Oscar Gonzalez, the Guardians on the orange rookie. Not bad there. Number 25. Nice one for you, Chris. Taking orange rookie. Sammy Sosa, going, going, gone. Refractor Loo Bob, Maglio Ordonez, I'm judge, going, going, gone. Don't come home. Jimenez and blue is Hideki to 99 or 75. Sorry, Hideki. Montsue. How you doing today, Donny? Uh, good question. That's fair. Paul Goldschmidt, going, going, gone. Got a dent in that one, Chris. We'll send a box with that gold. He got a big old dent in there. Ripped it apart. You forget about that? I mean, that's what you have to do with pristine. Part of a box. It's just how it works. Most of a box. You have all three. There's a LK line and Otto is going to be to 99 around the diamond, Jonathan India. Not bad there on the Relic Auto. Reds, Ali Grushman rookie, JJ Bleday, Fresh Faces. A couple more packs for you, Chris. Then we got our Mags. Traeros to 99. We got Byron Buxton, Frankie Lindore, Osnap, Fractor McCovey and Ruiz and Otani, going, going, gone. Brought it. Now for our Mags here, Chris. We had to 50. Tay Oscar, Tay Oscar Hernandez, Mariners. Gold to 50. We've got CJ Crone, Refractor. Rockies. Got Otto. This is Max Castillo. Max Castillo, rookie Otto for the Royals. Not numbered. We got a pink, Tyler O'Neill, numbered to 15. Nice little numbered O'Neill. Like those pinks. Number to 15. We got Aaron Judge on the Refractor. And nice. Gold to 50. We got Kyle Tucker on the Auto. Nice Auto there, Astros. There you go, Chris. Nice Kyle Tucker at the back. All righty there, sir. That will do it for your two boxes. One mosaic basketball and one tops pristine baseball. Thank you, sir. We'll get that right out to you. There you go. Let me get that one uploaded for you, Chris. All righty, guys. Got a chat up next. Got a mosaic, Trinity and a Star Wars galaxy. There you go, Donny. Sweet. Galaxy coming. Yeah, guys. Still got like 20 boxes to go. So we're not going to be finishing here by three. That's for sure. We'll keep on ripping. We got fours coming in at five. We got fours coming in at five. Get some more going. Some group breaks. Ending with a Sunday-Funday mixer tonight. Definitely check that one out, guys. You get chats, note written here. That one, Chad. I like it. I do like it. I like it. Let's get the boxes. Going on, guys. Got Kyle here with late sports cards. We're up in three boxes for Chad's seat. I got mosaic basketball. I've got 2022 Leaf Trinity football and I've got Star Wars galaxy. Good luck, Chad. Let's see what we got here, man. Let's see what we got. Let's start with the Platinum. Yeah, I opened the Platinum. That one's for Peter. Sorry about that. Yeah, well, give me a second here. We start that. I'll go grab a galaxy. I grabbed the wrong one. Oh, no. Give me a minute. Hey, Kuka. What's up? What's going on, man? How you guys doing? Oh, no, Timmy. I'm not. I don't got bars like that off the top of my head, thinker. We're the most part. Alrighty, let's do it, Chad. What's going on, guys? Got Kyle here with late sports cards. I got three boxes for Chad's seat. I got a box of mosaic basketball, Leaf Trinity, and Star Wars galaxy. Alrighty, good luck, Chad. Let's see what we got. No, I just had them stacked up. I just grabbed all three. I just had them stacked up. I grabbed the wrong box. Some Trinity football. I do have a game to get to. We'll get there. To 25, I got Jayden Reed on the rookie. Jayden Reed, green, clear. To 99, I got Nikobi Dean, Rookie Otto Byrds. You go, Donnie. Yeah, let's go. The Byrds. We've got Isaiah Spillard to 99, RPA rookie running back for the Chargers. We've got Cory Kiner. That one is RPA to 49. Looks like out of LSU. And to 99, we've got a Garrett Wilson rookie. Nice one there, the Jets rookie receiver. Garrett Wilson. Right, let's do a mosaic now. We'll end with Star Wars. Yeah, that was sweet, the little Charger patch there. Nice Garrett Wilson too, man. I think he's going to have a heck of a year. He's going to have a heck of a year. Mr. Rogers. Hopefully I got him before doing what else good. Yeah, yeah. Yeah, I didn't, he went higher than I thought he was going to go. I also reached for a quite a bit of a player, so. That'll happen, that'll happen. I definitely reached on a few. Bones there. And Red, Karis Levert. Yeah, G. Willey. Oh yeah. Matt was saying you was eyeballing Hertz. I'm glad I got him when I did. Balling Hertz, huh? Jake was stealing a couple people from me. Redgie Jackson got a Red Luke Canard. He was stealing a couple people from me. He had to pick right before me. Oh. The couple times I was going to grab someone and Jake grabbed him and I was like, dang, me and Jake must be on the same ideas here. Yeah, Matt said I stole like four guys from him. Yeah, that always happened.  It does seem to always happen. There's Ben Mather and Rookie. Silver Shredder. Blue is Yolkitch. Rookie to 199. Introduction, Sohan. Shaden Sharp Rookie. Silver, Simone Fonticino. Montecillo. Blue to 199 Clay. Breakaway Tyrese. Jalen Williams. Breakthrough. Breakaway. Mosaic Moody. And Red Jalen Durand Rookie. Mosaic, we got a stained glass. Stained glass for you here, Chad. Got to 99. Keldon Johnson. And stained glass is Rookie J-Dub. There we go. Nice one there, Chad. Jalen Williams on the Rookie stained glass. And Mosaic of Devon Booker. Mosaic Halliburton. We got Red Jew Holiday. Don Mitchell and Notre Riot of Steph. Very nice. Very nice. He's a beast, man. J-Dub, a real good rookie. We'll take that. And Otto is going to be a Noel. Devon Vassal on the Collage Mosaic. It's a good sign for the Noel tonight. Collage Mosaic Rookie Otto, or a second-year Otto. Got Levert, number to 149. And Razzle Dazzle is going to be Trey Young. Notre Riot and Luca. Silver, Davion Mitchell. Russ Red. Last pack here, Chad. Hey, no problem, my man. No problem. Silver of FVV and a Red Quickly. Stairmasters to Mar. Alrighty, alrighty, Chad. That'll do it for the Mosaic. Now we got Galaxy. The last one here, Star Wars Galaxy. Sketch. Sketch. See the one I hit earlier? Yeah. Pretty nice, though. Kylo, got a little close up of his face. Pretty cool. Super. We're even pretty hot on the Star Wars. Let's keep it going. Let's keep it going, Chad. Come on, Sketch. Yes, yes. Come on. Refractor of the Sarlacc Pit. Got it reimagined. That's a pretty cool one, the Stormtrooper. Refractor Yoda. Refractor Han Solo. And one is Han Solo Draws. There's AT-AT. And Kira. Women of Star Wars. So Otto, Ben Solo, and Yoda. Otto, that's an Otto. That's a Refractor. Refractor, Refractor. Like, oh, we won a Yoda. Otto won. There's a, what's that one called? The Remnants of Kenobi. I like that one. And Refractor of Return of the Jedi Poster. Refractor X-Wings. Soka. Soka? Yeah, that's pretty sweet. This one's nice, too. The Darth Vader. That is the Dark Side. And a Green to 99. It's going to be reimagined of the Stormtroopers. That's a cool one there, the trio. Refractor of Boba Fett and a poster. Refractor, this one is, What A Piece of Junk. What a name.  You're moving with the Falcon. Wave. It is a wave to 99. This one is Sandtroopers. Pretty cool one there. It's horizontal to 99. Got Refractor Boba. The Bounty Hunter set. There's a Django Fett to 150. There is Han. Captain Captured. Aqua. Aqua to 199. The Dyad in the Force.  Ray and Kylo to 199. And a Darth Vader. Yeah, that's a great set, man. Great set. There's, this one's called Vader's Shuttle Refractor. There is Boba Fett and a reimagined Vader.  Got Refractor on the Dune Sea Palace. And last one here, Chad. Come on. We've got Refractor Emperor Palpatine. Palpatine there, the Masters of Evil. Like that. Evil. Alrighty there, guys. That'll do it for you, Chad. Three boxes there for you. Appreciate you, sir. We'll get those right out to you. There's Mosaic, Trinity, and Galaxy. Am I taking Donny to the game? No, I don't think so. Yeah, I gotta stay here and help you kind of appreciate the game. Like someone like Brice, Brice did with. Alright, guys. Next up, I got a Platinum for Peter. Peter H. And then I got Pete with a Cosmic and a Jumbo. And we got Noah. Noah's got seven boxes of Stadium Club. Five boxes of Select and two boxes of Select H2. Get, uh, next one here. So I'm Platinum. Or five boxes of Select H2. Two boxes of Hobby. Set that wrong there. Alrighty, good luck here. Let me write a tag up for Peter. Alrighty, good luck, Peter. Let's do it. What's going on, guys? Got Kyle here relating sports cards. We're ripping one box of 2022 Top Scrone Platinum Anniversary. This one is going to be for Peter H. Good luck here, Mr. Peter. Let's see what we got. Top's Platinum Anniversary. See if we can get you that J-Rod. Come on, come on. These boxes, they've been all turned in the same direction. I'm surprised. I'm surprised the cards are all turned in the same direction. It's not been the case with most of the Platinum. Good luck, Peter. See what we got. Refractor Byron Buxton. There's a Blue. Kike Hernandez to 299. Blue Lava. Kike. It's Ricky Henderson. Refractor. And Gold. Tyler O'Neill. Gold pattern, 23 of 50. Cardinals. Refractor Zach Pop. Refractor Rookie. You've got X-Fractor. Max Kepler Twins. There's a Fuchsia Atomic. Been in Tendi to 100. Royal's been in Tendi. So I forgot you're here, Donnie. That's our last order for you. It's okay, Kyle. Refractor Josiah Gray. You were here. I forgot that you were doing things. I was stacking them like I was doing earlier. I just came to watch over your shoulder. I had 200 more. No. Red Atomic for the Twins. Hideki Matsui. Refractor Yankees. Joe Maurer. Number to 199. Aqua Lava. Alrighty, last little stack. Steve Carlton. Refractor. Looks like an auto coming up. Only one turned around. It is to 99. Gonna be Gavin Sheets on the Rookie Auto for the White Sox. Blue Auto there. Gavin Sheets. And Orange. It is True Orange Rookie at 25. Elio Ramos. Nice one there for the Giants on the True Orange. 14 at 25. We'll take an Orange Rookie. Not bad at all. A True Orange. And Lars Newt Bar base on the back. Alrighty there, Peter. That'll do it for the one box of Sox Chrome Platinum. Appreciate you. Get that right out to you. Exactly, Chris. Exactly. Telling Kyle how to manage efficiency consultant. There we go. Something like that for sure.  I'm telling them how to be efficient. Alrighty guys, keep on moving here. Another tag written up. This one's going to be for Pete. Alrighty, good luck, Pete. Let's see what we got. Those orders completed. Let's do it. What's going on guys? Got Kyle here with Leighton Sports Cards. And we are ripping two boxes for Mr. Pete. Peter and we got one box 2023 Sox Chrome Jumbo. And I got one box of Sox Chrome Cosmic. Good luck, Pete. Let's see what we got. Let's start with the Jumbo. Let's see some fire for you here, sir. Let's see what we got. A sheet of rookie. There's a negative. Nick Prado. Rookie Royals. Got David VR. Prism rookie. And Refractor Goldy. Aqua is Abyssal Garcia to $199. Titans Adley on the rookie Titan. And Mookie Refractor. Mookie. Him and Cooney running a pretty tight race for the MVP for a little bit. It's going to come down to it, I think. Cooney has had a crazy year, though, man. It's going to be hard to beat. George Springer. Otto is going to be our first Otto rookie Otto Linden Sosa White Sox. Matt Chapman. And got Prism Andres Jimenez. And Refractor Corbin Carroll. Nice one there. Go Titans Beshet and Riley. Riley Refractor for the Tigers. Yeah, he is, Chris. Oh yeah, he is, man. Coonya is a beast. There's a Vulpie and a Corbin. A little combo. Tigers. Right at the green insert. Got Mike Trout Prism and Cody Beat. Future stars Bobby Whit. Eggy Rosario. Rookie Padres. Michael Harris Rookie. That's our rookie Otto Adley Ruchman. There we go, Pete. We'll mag that for you to $4.99. Boom. There we go, Mr. Pete. Nice Adley. Dying to mag that up for you and a Vulpie Refractor right behind it. Nice pack there. Keep it going here, Pete. Hey, there you are. Let's go. Congrats, my man. Congrats. So Josh Young Rookie Base. Say Michael Harris Technicolor. A Prism Rookie of Nolan Jones and Refractor Yaz. Add the Clutchman. Poppy Technicolor. Scherzer and Javi Baez. Ooh, nice one here as well. Oscar Gonzalez Rookie Otto to $150. Not bad there on the blue auto. Really nice box for you here, Mr. Pete. Nolan Gorman Rookie Throwback. A Prism Yelly and Refractor Groscians. And now we got Cosmic. Let's see what else we got, Pete. Let's see what else we got. Mom, how's the fire tops growing? Got a Mancini Refractor. Yeah, let's see a Pluto. Let's do it. There's a Bobby Witt Starry Knight. There's a Star Clusters, Blue Jays, Fernando Tattis E.T. and Fernando Bates. There's a Star Clusters, Harper Judge and Mookie. There's a Yordan launched into orbit. It is Gold Rookie, Brian Bayo for the Red Sox. Nice one there, Pete. Another nice Rookie. Very nice and Michael Harris right behind it. Here we go, Pete. Schwabomb E.T. Got Padres Clusters. There's a launched into orbit of Soto. There's some nice color there. I've seen many Gold Rookies. Let's take a Bayo. There's Corbin Rookie Base. Clusters for the Braves. Lane Gaming had a Sketch Bounty Hunter Galaxy Card. Ooh, Costless Rookie and Prado to $199. Aqua Wave. Sounds nice. Rookie Gunner E.T. Scope de Grom. Garrett Mitchell Refractor. Clusters, Braves. Yeah, not bad, Pete. Not bad. How about Gold again? Do a second one then. Gold works. We'll do Auto. Matthew Liberator. Two of 50 Gold Auto Cardinals. Starting pitcher. Nice one there, Pete. Got a Gold Auto as well. Got a nice two boxes for you, my man. Really nice. And one more pack. Volpe Rookie. E.T. of Shohei. And Oswald Paraza on the back. Alrighty there, Mr. Pete. That'll do it for your two boxes. One Cosmic and one Tops Chrome Jumbo. We'll get it right out to you. Alrighty, guys. Let me get that one uploaded. We'll get going on the last one here. What's up, Larry? What's going on, sir? How we doing? How we doing? Chatting Adley. Just a second ago, Larry. Your boy. Let me get a tag written up here. 14 boxes coming here, guys. 14. Trying to survive the heat. And it sounds about like here, man. That's good to be on that. Alrighty, guys. This will be for Noah F. Let's see what we got. Noah, good luck, sir. 14 boxes coming. Seven of the Sadium Club Sockers. Got five H2 Select and two Select Hobby. Let's see what we got. FSU, LSU. It's in Orlando here in a few hours. I'm heading over there right after we get out of here. Alrighty. Good luck. Good luck, Noah. Going on, guys. Got Kyle here relating sports cards and we are ripping 14 boxes for Noah F. Got seven of the 2022-23 Sadium Club Chrome Soccer. Got two Select 2022 and I've got five Select H2. Good luck here, Noah. Let's see what we got. 14 boxes coming. Let's see that Messy Ronaldo duel out of a Stadium Club here. Good luck, good luck. Let's see what we got. Start pre-hamin' now. Yeah. Soon enough. I still got to get down there. 35 minutes down there. Alrighty. Latoura Martinez on the insert. Baki Yoko. FSU all day. All day. Donals. Lewandowski on the championship contributions. Yeah, I went to Florida State. I'm a FSU all day, Steven. What's up, Mitchell? How are we doing? Just in time for some soccer, sir. Got Erling Holland, Gulf Force. I understand a refractor or not a refractor. Is this one a refractor? Yeah, Patrick Valmark. Refractor Einhoven. It's a number hard to see. Hit the right wrong. Everything looks like a refractor in this set sometimes. Rookie Garnaccio scored today for Man U before they fell apart. Boy, did they fall apart today too, man. Is that Erling Holland's championship contributions? A legend of Europe. Kaka. Refractor Rookie of Indoor. Yeah, that's right, Mitchell. That's right. You grab any spots? I know they got a Merlin full case with Forrest later. Mr. Green to 99. Harry Kane. Harry Kane, Rookie. Or not Rookie, just Green. It's a 99. The new Byron player here, Harry Kane. Gulf Force, Rashford. Carone in that picture. It's going to be Alvaro Rodriguez. First thought of there. Rookie for Ray Al. Not bad there for you, Noah. First won a rookie auto. Else we can get. Had a nice dual auto earlier. Benzema and Vinny. That was a fun one. Gold. Nice one here. It's Rookie Niccolò Fagioli for Uventes. Members only. Nice one there to 50. Very nice there for Uventes. Some nice collars so far. Let's keep that going. Let's keep that going. Charles de Ketlier. Purple Lightning is going to be Stefan Basetich. Won per box on those for the Liverpool rookie. Refractor Nico. Rookie Uventes. Here's a Ronaldo. Ronaldo Nazario Refractor. Oh, yeah, worked during the Bundesliga. I gotcha, I gotcha. There's a Glimpses of Gold Matisse Suley. Carbonee Rookie. There's a Green Strike of Alfonso Davies. Number 225. Canadian for Byron. So wave of Samuel Elling Jr. Rookie. Uventes. Championship Contributions. There's a Davies Championship Contributions. There's a Antonio or Tiago Silva. Tiago Silva. Refractor and Tiago Silva. Base. Base pack. There's a Glimpses of Gold. Fabio Carvalho and it's Gold to 50. Nice one there. Rookie for Liverpool. Gold. Glimpses of Gold. It's an appropriate one there. Nice hit. Noah and a Rookie Nacho. Oh, it looks a little different than the ones I've seen. The Gold. Glimpses of Gold. Otto is going to be Zikbaal. There's a Dane Iqbal there on the Manchester U auto. Refractor Otto, not numbered. Zikbaal. That'll be signed there, right? Must be how it's pronounced. They got Ansu Fati. See some fire for you here. Good luck, Noah. Got a Glimpses of Gold. Matisse Tell. There's a Barela. Wave. The Gold Force. Gold Force. Elections of Europe. Kaka and Refractor Josh Kimic. Valmark Rookie. Nice one there. We got a Green Rookie on the Lightning Strike. To 125, it's going to be O. Rookie for Celtic. Like that picture. Must have been like right when they got him. That looks like an introductory press conference kind of picture. There's an Air Lane. Gold Force. He is a Gold Force. Broke the Premier League record last year. There's a Lightning Strike Gabe. Martinelli there, not numbered. Arsenal. A really nice comeback today against the Manu. Refractor is Gonzalo Ramos. Benefica. A nice one there. It's Kareem Bentzema. On the Player of the Year trophy to 150. Bentzema on the championship. Contributions. There's a Nacho in there. No, they're making coffee. It's Hungman Song. Refractor. It sounds like a Power Joe. Got a Glimpses of Gold. Moretti. Oh, let's see some big color. Let's see a nice auto here. There is Rookie Mahalo Moudrech on the Purple Lightning Strike. One per box on that. One nice one to get. Moudrech Rookie for Chelsea. Refractor Fabio Moretti. Juventus. There's a wave of Marcus Rashford Gold Force to 199. D. Marcus Edwards on the Gold Force. Could be my new. Oh, this one's going to be Warren Zaire Emery for PSG. Rookie Auto is not numbered base. Refractor Benzema. There's a negative of Ansu Fati. Or Solona. I'm going to say Bukayo Saka. Glimpses of Gold Susage. Another Nacho. Alhondro Nacho. There's a wave, Stefan Basetich. This one there, Liverpool on the Rookie. Come on, let's see a big auto. Let's say Odegard on the Championship Contributions. Glimpses of Europe. Or Legends of Europe. Sorry, Figo. And Refractor Nacho. Nice one there. Alhondro Nacho. And this one's a wave on the Lightning Strike. Pablo Torre. Nice, the 35. Nice little numbered Rookie for Barcelona. Very nice one there. Number to 35 on the wave. Lightning Strike wave.  I hadn't seen one of those parallels yet. Nice one there. Noah. Here we go. Kiesa. Karim Benzema, Gold Force. It's home to Yasu. We already know it. That's three down. Got 11 to go. Rookie Santiago Jimenez, Gold Force. Zafira Hashi, Championship Contributions. Celtic. Kiesa Refractor. Frederico. And guys, no personal tonight. Just got Mr. Force tonight coming in at five. Some group breaks.  Sunday Funday football mixer. It's a high end one. Definitely check it out, guys. Dembele, Gold Force. Can you actually link that? Sunday Funday at some point. Garnacho Rookie. I'm going to have Donnie take a link. You guys can take a look at it. It's going to be a fun mixer with Force tonight, man. It's going to be a fun mixer with Force tonight. It's a purple old Giovanni Rainier. The American number to 150. BVB. Bodegaard. Gold Force. And Gold. There's our Auto. Rookie Auto Warrant Zaire Emery. Not bad there. PSG on the Rookie. Number to 50. Nice gold Rookie Auto there. Zaire Emery for PSG. Sounds way too much like a drill, actually. And Carfallo Rookie. Liverpool. Thought you know it's heavy duty. Oh yeah. Me messing around with those beans. I want to be a bean in this place. Ground up. Glystin is a greatness. Antonio Silva. Nuts. They are not still open. No. Championship contributions to $1.99. We are full for today. No more personals. Later tonight either. So next time they would rip would be tomorrow after group breaks. We are full on them for today. Zavi Simmons. Championship contributions. Got fours with just group breaks later. Not any personals. Legends of Europe. Del Piero. Amber Fractor. Rico Lewis Rookie. Gavi. Nice one there on the blue lightning strike. Or green. Number to 225. It's a young player for Barça. Libro Isane. King Ireland. There's a purple lightning strike. Luca Modric. Nice. Luca there. Not number. These are one per box. Purple strike. Luca. I like that picture. It's a cool one. Celebrating the trophy. Bocca Yoko Rookie. Einhoven. And Ronaldo. That's going to be gold wave. Number to 50. Nice one there. For Einhoven on the Ronaldo Nazario. Very nice gold. Very solid. Alrighty there Noah. There's four down. Let's keep it going here sir. A couple golds so far. Gold Otto. Gold Ronaldo. Sure was the other Ronaldo but we'll take that Ronaldo. He's good as well. Not quite as relevant anymore but man he was good. Ronaldo Nazario. And Otto. It's going to be Antony on the, what is this? The behind the lens Otto set. Haven't seen one of these yet. Nice one for Manu. Antony there behind the lens Otto. Base Otto. Not number. That's a cool set. Hadn't seen one of those yet. Behind the lens. Refractor Aileen Jr. Rookie for Juventus. Base Pack. There's a night vision Georgina. King Ireland. Reem Benzema on the goal force. Pedri Contributions. Legends of Europe. Figo. Varela on the Refractor. Rica Lewis. Yeah I'm not going to be doing that one Sam. Chris I'm not going to be doing Sam's stick on that one. Green Lightning Strike. Nice one there. Jamie Gittens. Number to 125. Nice one there for BVB. Young English Rookie. Rookie Marcus Edwards. Goal force. There's another Nacho. Alfonso Davies. Championship Contributions. There's King Erlang on the Refractor. King Holland. Glimpses of Gold Musiala. Blue Georena. Aqua Wave to 275. Second Georena color. Cristiano. Nice. Purple Wave is Marcus Rashford. To 150. The goal force. I like this insert. I like it with some color too. Haven't seen one of those yet. There we go. Kiesa. To Kirahashi there. Or Fiorahashi sorry. On the Pink. Pink Lightning. Fractor 11 Dosski. And Nacho Rookie. Another Nacho. Glimpses of Gold Georena. Friday Box 6. 9 to go. There's a purple on the strike. It's going to be Bakayoko. Einhoven Rookie won per box on those. Bakayoko. Rafael Leiao Refractor. I think that might be a variation. Leiao. I don't know if I've seen that one. Glimpses of Gold Geo. Gonzalo Ramos. There's a Green Lightning Strike Kuleshevski. Tottenham number 225. Otto is going to be Pedro Guncalves for sporting. Pedro there. Refractor Otto Nautnumber. It's a Mosala goal force. Refractor is going to be Koku. Bionord Rookie Refractor. On the base there's Alland. It's in the base pack there. Alfonso Davies on the championship. CM Punk was cut from the IEW. Then he like choked somebody out. Didn't make Serena tell me that last week. Yes that's probably why. I would have to imagine. There's a nice one there. Fazi on the Green Wave. Aqua Wave to 275. We're looking Fazi there. Karim Adiyemi on the Gold Contributions. Oh Messi. Nice one there. Pink Wave Messi to 150. It'll do Messi in the suit. Something like an iced coffee or something. Not bad there. We'll take a Messi number to 150. Say Alessandro Del Piero. Legends of Europe. And Refractor Hugo Ekotike. PSG. Glimpses of Gold Kimavinga. Yeah that's a sweet one man. It's a good one. We'll take a Messi. Got Green on the Lightning Strike. Azabi Simmons or Simons to 225. Einhoven. He's got a Yerba mate. Alrighty number seven. Number seven. Good luck here. Noah. Yeah guys no more personals. After this one today we'll have Forrest coming in at five. He's got group breaks tonight. Got group breaks tonight. Ending the night with a big Sunday fund a mixer too. Definitely check that one out. He's got soccer, baseball, basketball, and football tonight. Actually they'll probably live right after you because actually at four. Oh they're at four? Yeah. Nice. They'll live like right after a person. Even better. Carvalho Pink. Rookie there for Liverpool. Guys you have non-stop LSD. Refractor Ramos. Might not even turn off the stream. Might not to be honest. Might not. King Ehrling. Yeah right. A 14 hour live stream. Yeah he's popular in the US right now too man with him on Miami. Got Hugo Ekotike. Prism or Wave. Oh it's going to be another Rookie Auto of Alvaro Rodriguez. Second one there out of Real Madrid Rookie. Yeah it's a big one man. High end, high end mixer tonight. It's going to be fun. Garnaccio Rookie. Always enjoy the Sunday fund days. Gold Force. Benzema. Benzema Refractor. Glimpses of Gold Rookie Suley. Guys don't go anywhere. Of course we'll be here. I didn't know we were starting at four. We'll be here in just a few minutes. There's a Braco Six. Daniela Pereira. Fiannaord. Another Nacho Rookie. Been a lot of Nacho Rookies in this one. Benjamin Sesco. Contributions. Refractor Hungman Soom. With a soccer. Good luck here Noah. We got some select football coming for you too. There's Kaka on the Aqua Wave. That one is the 275 AC Milan Kaka there. Neymar Jr. Gold Force. Contributions. The back face myatus. One of them would have been a Refractor. Luis Figo on the Legends of Europe. And Refractor Nacho. Nice one there. A second Nacho Refractor. A few more packs for you Noah. Then we got some select base pack. There's Glimpses of Gold on the Pink Wave to 150. Ansu Fati. Alrighty. Change gears here Noah. Got some select football for you now. Got five H2s and two select hobbies. Good luck my friend. Let's see what we got. See some nice discos. Give it a little XRC action for you in the hobby. Yeah right? It's been a while. It's been a while. I haven't ripped much. Much select hobby. There's a Jalen Warren on the Disco. Sean Watson. Cam Juergens. Silver is all pro Marlowe Humphrey. And Blue Disco is in Joku to 25. That's who I meant to pick a tight end. I auto-dropped it Friday by accident last night. I mean that's not bad. Yeah not bad. I picked up Laporte in the last round too in case he's good for the Lions. I was looking at firewood. Christian Harris. Silver. Yeah yeah. Aaron Rodgers there to 49. Rodgers. Well I was like it was like a last minute decision. I had like four seconds left and I was like all right it was I think DHOP was the top of the like all players thing. I was like I'll probably just like auto-draft him if I don't get there in time. But it auto-drafted because I didn't have a tight end and it auto-drafted firewood instead. Duran Harmon. Red that one is to 49. Rookie Duran Harmon. Definitely not a rookie but rookie card there. Box two. Yeah I figured it would just auto-draft best available. Auto-drafted like player I didn't have best available. So I wasn't expecting. I got to that pick with like 10 seconds left. I was like oh no I turned the like that one that round went faster than the rest. I got back to the phone the wrong time. John Taylor. John Taylor Disco. I was gonna say they auto-drafted me Gino at some point. Oh really? Yeah. I don't hate that though. Silver Harris Rookie and red Josh Allen. I was waiting to get some quarterbacks for a while. The 49 Josh Allen people were taking them pretty early but I was like there's just there's just enough like yeah it's enough just workable guys really. I really don't get the top top guys. Who wears green? Green to five. Silver Jake Ferguson. And green to five is gonna be rookie for the Raiders Dylan Parle. That one is two out of five on the green Disco. I didn't know Hurt when Hurt did go so I kind of went after him early. Red Q on Tauno.  I remember that. Yeah I pretty much was grabbing two quarterbacks and I was like pretty much got I got Tua and if he gets hurt I'll grab whatever I guess. Right. Like just pick something up. Don't have to worry about that because he's in practice exactly. Exactly. Never gonna hurt again. Round you guys. Box three of Hybrid got two select hobbies as well. Gold. That's gold. It is going to be Khalil Shakir. Gold Disco to 10. Not bad there. No on the rookie Disco one to 10. Take some gold. Green and gold in the first two. No the first three I guess. First three boxes. There's a Disco of Minka. Fields in Wondale. Silver Hendrickson. And red is Derek Stingley to 49. What's your team name Donnie? I haven't figured one out yet. No okay. I saw like Everdeas was either like the team name they gave them like Dylan's dandy team or some people had made some. Jalen Hurst. I just did the bots. Jerome Ford, Blue Disco. It's a 25. It's low numbered rookie. Yeah that's what I meant. Like this is the bot thing but that's Khalil. So one person's name was Pay Up. It sounds like we need Pay Up. I'll have to do that. That's pretty funny. I'm sorry Smith Jackson. Ooh. Cameron Dicker there. Dicker the kicker. Red Disco to 49. I am for real. What up John? That's pretty good though. What up Jonathan? How are we doing today? Disco, Brian Burns. Mooma in Ritterbase. Silver Tremac Duffy. And Blue Disco. Cortland Sutton to 25. Drake Jackson. There's a G Willy. Garrett Wilson rookie. Silver Rookie Cole Strange. Bed Bath and Bijan. I like that. Kenneth Walker. Red Disco to 49. Nice one there. Sweet level. I like that. Bed Bath and Bijan. Yeah Sam took that for a new stick. Oh god. Box five. Box five here is like the H2. No creativity from Sam anymore. He's just thinking whatever he hears. That's fair. Yeah those draft grades they really want you to take this the best available player I think. If you mess up with their ADP they give you a bad grade for sure. Sam Howell Rookie. Michael Pittman on the Disco. Another gold. Another gold. Silver Jack Jones and gold is Brian Robinson Jr. Nice one there on the sweet level gold. When it's 8 to 10 Jersey number. Nice. Nice Brian Robb there on the sweet level gold Disco. A couple more packs and we got two select hobbies. Silver Christian Watson. Yeah he's been dropping in fantasies just because people don't know to pick him. It's a 49 if he's going to be starting over Gibson or not. Like those two kind of like are at the same like same position really in like draft boards. There's blue Brian Cook Rook to 25. Chiefs. Now we got two select hobby for you. Good luck. No. Last two here. You guys we got four starting in about eight minutes. So yeah I think we'll just keep on moving here. I don't think we're going to have much time in between. They'll probably stop it, switch thumbnail and start the five counting. There's a blue power Derek Henry on the field level. Number to 49 tractor seat tilt. Silver Kenny Pickett. That's a nice first pack for you. Nice head Noah. Silver Kenny. Kenny two blubs. Silver Drake London sweet level silver. Alvin Cook. Silver J-mo. Hey appreciate that Semi. I'm sure I will. I'm sure I will. There's a Alvin Kamara tri-color on the sweet level to 49. 149 and this one is going to be tie-dye on the Dicut Auto Eli Mitchell. Where are the Niners there? Dicut the 25. Free air. Everyone watch the game look the cow. Exactly. Got snapshots, Silver Patrick Mahomes, Silver Rookie, Tindall, Dauvin. Are you really relating towards Christian? No I uh I'm gonna go home so I gotta grab some stuff. The 25 we got Rookie Devin Lloyd. Devin Lloyd Jax. I'll uh change out of my Brian Fantana shirt. Taylor Britt Silver Rookie. Tri-color Breeze. Nice one there. Two 149. Silver Davis Mills. Did you get a Primetime FSU Jersey? Prime? Yeah. I gotta coach Prime Jersey or a shirt. There you go. Do that. Ooh it's a five. We got Green Rookie Auto Chris Olave. Boom. Nice hit there on the Dicut. Three out of five. That is a little guy. We'll mag this one for you. Nice hit Noah. Very nice man. Green Power Olave. He is a beast man out of Ohio State. Very nice one there. It's hard to not be a beast when you're a wider player. True. Got a Blue Drake London. Nice one there as well. Number to the 99. Sweet level. Silver Trevor Penning. Blue Power Cameron Dicker. Two 199. Silver Collier Shakir. Snapshots AJ Brown. Trey Hendrickson. Silver Kean Allen. Kean Allen was dropping pretty far too. I was kind of surprised but they do a lot of weapons in LA. Last one here. Good luck Noah. Box number 14 for you sir. Yeah nice way to a nice way to a second last box man that Olave. We will take that man. I wish I could have dropped the Olave in our draft last night. I like him man. Had him last year. Got him pretty early or not early. I'm pretty late. He was a very solid pick last year. Kyle Pitts had a few injuries but when he played he was very solid. Tie-Dye. It is Hollywood on the tie-dye field level. Number to 25 Marquise Brown. Little Hollywood. Silver Devontae Wyatt. Blue Jonathan Taylor on the sweet level. To 99. Silver Nicobi Dean for the birds. Sensations of Olave. And Derek Stingley number to 49. It's going to be purple on the RPA. Texans Derek Stingley. Jalen Warren. Tri-Color Chad Mooma to 199. Silver Sam Howell. Nice one there as well. Got a Silver Sam and a Silver Kenny. Blue is Pat Mahontz. Blue Power to 149. Silver Cam Juergens rookie. Got Silver Rogers. Sweet level. A few more packs for you. Good luck here. Noah. Silver field level Dolchich. And to 99 we got Select Jersey. It's going to be Desmond Rader on the jumbo jersey. Nice one there. Noah. And a Silver Louisine. Packs left. Silver selections of Fields and Dawson Knox. Dawson Knox was not getting the love man. I think the people are expecting Kincaid to take it. Derek Carr. Tri-Color and this one's thick. It's because it's green on the RPA. Jalani Woods. Nice one there for the Colts. The big tight end for the Colts man. They could use him more. It's a sick one here. Three of five. Nice hit. Noah. That's a nice color man. Couple goals. Couple greens. We'll take it for sure. Last pack. Exactly man. Exactly. Big target. And Silver on the back is Tua. Alrighty there guys. That will do it for our personal tonight. Appreciate everybody. Thank you Noah for grabbing those 14 boxes there. Yeah some really nice boxes there. Couple greens. Couple goals. Thank you sir. We'll get these right out to you. Alrighty guys. And that'll do it for me today. We've got fours coming in. Probably about two minutes. So I'm going to turn off the stream. We'll be right back guys. We'll be right back. Appreciate y'all.


Good morning, everybody. Delighted to have such a great crowd here this morning. My name is Barry Andrews. I'm the Director General of the Institute of International European Affairs. We are delighted to welcome Marina Ross here today. This is the second of the three supervisory authorities to come to the IAEA. We had Adam Farkas in the IAEA in May. I was selling Marina a much smaller crowd, which is pleased to hear. And we will also have Gabriel Bernardino of the IOPPA in February in the Institute. So this is part of the work that we're doing on the future of Europe generally, but also, of course, what we're doing on Brexit. So we have quite a full schedule, and we look forward to seeing you at many Institute events in the future. So it just falls to me to thank the Central Bank for providing us with this space, this wonderful space for this morning's discussion. And so I'll hand over to Dervil Roland, who will make some introductory remarks. Thank you. Good morning, everybody. You're all very welcome. I'll try and keep it brief. I was at an Oroctus Committee hearing yesterday, so I think I have used most of what I had yesterday. So not so much back recharged this morning. I just want to welcome all of you and the IAEA here this morning, and especially I want to welcome Marina to Dublin. And I'm very much looking forward to hearing what she has to share with us this morning. And we recognize here in the Central Bank that the IAEA make a very significant contribution to the debate on and the evaluation of the European project, its successes, its challenges, and the future direction. And of course, here in the Central Bank of Ireland, Europe is in our DNA. It's how we participate. It's part of our regulatory influence. It's very important to us to be really embedded in the European project. And as we look forward to our own agenda to 2019 and beyond, some of our key priorities are to bear in mind the background of the fundamental regulatory overhaul that has occurred in the last decade. And I know if any of you were watching the media and television in recent times, there's been a huge focus on 10 years since the bailout and since the crisis and the devastating impact it had on all of us in this jurisdiction. We won't forget that in Ireland, I think in particular in a hurry. So we have very much welcomed the European reforms to make our financial system more stable. So our key focus for 2019 and beyond is to continue the effort to focus on resilience in the financial system, and so that it can better withstand external shocks and any future crisis were in better shape. And you often hear the phrase, you repair the roof while the sun is shining. And that certainly is a key strategic aim for us to be significant participants in that objective. And of course with Brexit looming and much debate about how that will land, that too is a key focus for us to mitigate any potential risks to our economy, our financial system, and of course our consumers. And particularly an objective close to my heart is that we want to ensure that we build on the sustained regulatory improvements that have been made over the last decade. And in particular our focus on financial conduct regulation and to ensure all of the firms that we regulate have a fully articulated, fully embedded conduct risk framework that truly delivers for investors and consumers and that our markets are fair, efficient, transparent and effective. And so I think that it's fair to say that we perceive we will be busy in the future with lots more work to do to safeguard stability and protect consumers. But all of that has got to be delivered in a way that we will participate effectively in the European conversations and internationally so that we can participate in discussions, decision-making and influence those because our relationships in Europe are mission-critical to us here in the Central Bank. And we are part of a lot of those very significant European institutions. Of course the European Central Bank, the single supervisory mechanism, the European Systemic Risk Board and of course the ECES. We have the EBA, EOPA and ESMA. And I'm privileged to sit on the Board of Supervisors in ESMA and so I'm very delighted that Verena is here today. I've only had that position for a year and in my time I have been impressed at awestruck times if I tell you the truth about the sheer breadth and depth of the agenda that faces ESMA at the supervisory board. The breadth that ESMA covers is astonishing. It ranges from securitisation, investor protection through to some of the big significant jobs that are going through at the moment. You have MIFID, EMIR and of course the funds industry which is very significant here and the focus on usage. All of that is dealt with in a very busy agenda and a very wide breadth. And I know that Verena's skill and diligence and driving the enhanced focus on a European landscape is very important to the effectiveness of ESMA and particularly her focus on supervisory convergence and their objectives that are shared by the Central Bank. Our funds industry is of international significance and growing and the international banking and investment firm sector are both growing in scale and complexity in this jurisdiction in large parts of Brexit and beyond. There's similar trends in the insurance industry both in our domestic market and with an international focus and therefore we have a responsibility to consider the broader impacts of that on the wider financial system at a European level as well as local to be in lockstep with our European peers and from my perspective I feel that that's really important then that we are active and engaged citizens in Europe and they're hinged for me in two fundamental reasons. The first is that we contribute effectively to the development of a high quality and purposeful legislation and the development of that because we bring that home to enact it here in Ireland and we get the benefit of that. So it's very important that we make sure that the frameworks that we have suit us and are of the quality that we need so that we are resilient and sustainable system and the second one is that you must be an influential voice in that in which you participate. So if we are going to implement this we want to be in lockstep with others having the best practice in regulation of financial conduct markets right across Europe. So in that context I reference our alignment and strong support to the European convergence agenda in ESMA and it's all about right across Europe achieving effectiveness and that's really important that we have common rules but also that we have common supervisory standards in pursuit of the aims and objectives of the regulatory framework. So we have that level playing field for all. So we welcome Verena today and this is a pivotal moment in fact for ESMA it faces very significant challenges that are being ably dealt with in the face of Brexit and all the work and uncertainty that that brings with it and of course the ESAs themselves face a challenge with the European proposals at the moment about the agenda for change and the changing nature of their roles in the future and I very much look forward to hearing from Verena perhaps on her observations on some of that and many other things but particularly with the view to our shared goals of safeguarding stability of the financial system enhancing the protection of consumers and promoting the stability and ordinariness of the financial markets. Thank you. Thank you for that and thanks for hosting us today. Thank you Verena for coming over. We look forward to your talk. Let me just introduce Verena briefly at German National and economists by background. Verena has worked for the Bank of England and the Financial Services Authority in the UK. You've been executive director at Ismay almost since the beginning just a couple of months so you're well settled in there. Ismay as you know one of those three institutions that we mentioned set up in the immediate aftermath or in the close aftermath of the financial crisis to plug many of the problems and deficits that were that existed in terms of financial regulation after the financial crisis. Verena is going to speak for about 20 minutes that's on the record and then we have a Q&A session which is off the record under Chatham House rule. We've plenty of time for that. We'll wrap up on the dots of 8.15. So without further ado, can I give you the floor? Thank you. Yes, thank you very much. And I think I will stay here actually if that's okay with everyone. It's slightly less formal than standing behind the lectern. And but first of all, I want to thank very much Barry and Dervil and Dan for the introductory remarks. I'm very, very pleased to be here and want to thank the Institute of International Economic European Affairs for the invitation. Great pleasure to be here and it's nice to hear as well that I'm one of the three. I mean, after all, we work very closely together with our sisters and brothers in the EBA and EOPA and particularly on the topic I want to talk a bit about today, Brexit. Clearly, this is something which is not just the securities markets topic but it's actually a topic that cuts across all the sectors and being here in the Central Bank of Ireland as a single regulator, I think that's even more important to emphasize. Thank you to Dervil also for making the kind of broader explanation of what the work of ESMA is about. I decided for today to, of course, base my remarks around Brexit and the asset management industry on our overall mandate, ensuring financial stability, orderly markets and investor protection. That's also the key drivers for how we look at this topic of Brexit. But in terms of the talk today, I want to focus on two areas in particular, supervisory, convergence, and possible cliff edge effects and how we kind of look at that and deal with that. And both of them I want to look at particularly in the focus of the asset management industry, knowing how important that is here in Ireland. In terms of supervisory, convergence, with the decision that the UK is going to leave the EU and as stated by the UK government as well, leaving the single market has led to a situation where quite a few entities are thinking about shifting their business from the UK into the EU 27. And that has really been the reason for us to start last year with trying to reiterate what the core requirements in all of Europe are about minimum requirements around authorization, supervision, what do entities have to have when they actually establish themselves in the European Union. And we did that through one general opinion and three specific opinions focusing on investment firms, asset management and secondary markets. A key area tackled in those opinions was outsourcing and delegation to third countries. What our opinions are seeking to address is the risk of letterbox entities. This is the need to have real substance in the country where you're authorized. The EU regulations of investment funds explicitly require there to be enough substance in the entity established in the home member state. For the asset management industry, our opinion clarified that this means in practice and what this means in practice and what factors have to be taken into account when assessing whether there is sufficient substance. Guidance is based on existing legislation and particularly on the AFMD which actually has some quite detailed requirements around what you need to have in place to be able to then delegate and outsource your business. We consider as well the need to step up from just putting that down on paper in a way and agreeing it around the board as the substance of how we want to authorize and supervise by making it live even more. And with that, we established the so-called supervisory coordination network which is there as a forum for reporting and discussing amongst the national supervisors the concrete authorization and supervision cases related to market participants that are shifting their business from the UK into the EU 27. And the aim of the forum is to promote consistency of decision-making by competent authorities and the SCN therefore brings together senior experts from a broad range of competent authorities who table actual cases that they are currently facing involving UK companies looking to move to the EU 27. And all this information is provided on an anonymous basis so it's very much, it's sharing the kind of actual experience and the challenges that we are each facing but trying to take it away from, you know, trying to make it as open a discussion as possible and keeping the detailed supervisory information anonymous. And the Central Bank of Ireland is playing a big part in that. Michael is here in the audience as the member of that group. And I think from my experience of sharing that group what we can really see is that while it retains the full responsibility for the authorization decision and for the discussions with the firm at the national level it is allowing people to ask questions to provide input and I think it gives the national supervisor a greater platform to then talk to the individual firm and say actually looking at this we think you need to strengthen this part of your application or we believe you need to adjust here or there. And so in the end it remains the national decision whether to authorize a firm or not but it takes into account the common view of what the type of challenges are that we are facing when we see this type of movement of entities from one jurisdiction to another. We've already discussed a number of different cases since the network was set up in 2017 and we are clearly seeing now that there is a pickup in the interest not just from the big firms but also from some of the smaller and medium sized firms that maybe didn't really focus on their Brexit planning to the same extent. But we are well prepared to tackle that I think with the experience that we've had so far in talking about our individual supervisory challenges. Let me move on from supervisory convergence and this is just a very narrow kind of focus of supervisory convergence. Dervil was talking about other areas where we talk about supervisory convergence but this is the supervisory convergence challenge that we face in the Brexit context of actually making sure as EU 27 there is no regulatory arbitrage. Of course there will always be consideration of firms do I go to Ireland, do I go to Amsterdam, do I go to Frankfurt, do I go to Paris? But that competition and that consideration of where do I go should not be based on the fact that there's regulatory arbitrage behind it. There might be tax consideration, there might be efficiency consideration, there might be local language considerations but it should not be on the basis of the regulatory regime moving down to the lowest common denominator. Let me move on to cliff edge effects in our work there. We have undertaken work on the impact of cliff edge effects across the different sectors in our remit in the context of Brexit, including amongst others, not surprisingly the asset management industry. Under worst case scenario where there's no transitional agreement in place, the current EU regulatory framework for the asset management industry would stop applying to UK funds as of the end of March next year and the regulation that would be affected by that are effectively the alternative asset management and investment funds management directives and the usage directives but also MIFI2 which is obviously relevant for asset managers to some degree. The usage directive provides for a comprehensive risk management framework for investment funds that can be sold to retail and institutional investors across Europe. Amongst many other aspects, the rules cover notably the areas of risk management including portfolio concentration, liquidity, leverage, derivatives and other portfolio management techniques and the usage label has been a hugely successful part of the European framework with today more than nine trillion in assets across Europe. Compared with usage regulatory requirements for alternative investment funds focus relatively less on risks but put more owners on the fund manager's obligations. These funds are generally sold to professional investors more than retail investors and by industry estimates nowadays amount to about five trillion in net assets across Europe. So altogether we have a huge industry in Europe of usage and alternative investment funds and with the split with the UK becoming a third country basically in the absence of any transitional agreement if we end up in a hard Brexit scenario all UK usage and alternative investment funds will have to become non-EU alternative investment funds and all UK usage management companies will become non-EU alternative investment fund management companies. Similarly the EU brands for certain specific types of funds such as venture capital and long-term investment funds will no longer be available to UK funds and therefore also any UK funds having been incorporated under any of these structures will have to become non-EU aids. Therefore any UK fund will be subject to the AFMD third country provisions and usage are EU products and there is no detailed provision under the usage directive relating to funds coming from third countries. The only regime that is currently available therefore is the third country regime of the AFMD which governs the management and marketing under the AFMD private placement regime which is ultimately subject to the discretion of each member state. The impact of Brexit on the 15 trillion industry could be very significant with wide implications across the whole of the European financial system monitoring and understanding and where possible addressing in particular potential cliff edge effects currently remains an important priority for us. In that context I would like to emphasise that contingency planning by everyone for a no-deal scenario remains absolutely key. A transitional period agreeing between the UK and the EU negotiations would give some more breathing space for implementation but given the political heat surrounding that and given it as link to the overall withdrawal agreement and any future agreement it remains clearly very uncertain until a very late point in time and that's really where the kind of risk around cliff edge effects comes in. In that respect it's also worth recalling that we issued a statement in July this year which again emphasised to firms that they need to step up their preparedness preparations for the worst case scenario of not having a transitional agreement in place in March because we believe that that means firms need to consider sufficiently in advance what the kind of time horizon is that they need to actually prepare for example with an authorisation and that they need to put authorisation applications in early enough to make sure that they can get through the process in the individual national countries in good time. Looking specifically at asset management ESMA has identified several key risk sources under this worst case scenario or no-deal scenario. The first one is around passporting as I already said basically UK usits and aves would lose the passporting rights and would be prevented from exercising activities in the EU under the current passporting regime. The other second point that I want to mention and which I will say a bit more about in a second is the whole issue of outsourcing. Investment and risk management activities delegated to UK entities would not be possible to be maintained anymore unless there is a corporation agreement agreed between the national competent authorities in the EU 27 and the FCA. Finally, there's also the issue of investor protection because it will all depend on what the UK retains in terms of its domestic regime for investor protection whether EU investors for example of USITS funds would still have the same protection if they are actually investing into a UK fund. Let me briefly say a few words on corporation agreements because that's one of the hot topics that we are asked about all the time when it comes to Brexit and particularly Brexit impact for asset management given the potential significant impact on the current business models of the asset management industry. ESMA has started internal consideration within the EU 27 setting as to what type of standard corporation agreement or MOU would be required between the EU 27 national competent authorities and the FCA. MOUs on delegation of management activities such third countries already exists under AFMD and USITS directive which are with a large number of third countries and considering the discussions with the FCA commencing the discussions with the FCA on such an MOU will however depend on the wider negotiations that are currently going on between the EU and the UK. We remain confident that such a standard MOU that would be necessary to continue the outsourcing models that are currently there could be agreed in time but we are conscious that in any case it will be important to make clear to the market sometime before the end of March on whether such corporation agreements will be in place and thus whether the current models can continue as they currently are. These issues would create issues such as the question of delegation and corporation agreements that are needed to continue that could create significant legal uncertainty that might result in some fund outflows or even potentially an impact on the broader market. Using non-supervisory data we actually have started estimating some of the cross-border investments into usards between the EU 27 and the UK and we believe that roughly amounts to around 500 billion euros at the end of 2017 or approximately 6% of the total net assets of the usards industry. So it's quite a significant part of the usards industry that is effectively affected by the cross-border split between the UK and the EU. This estimate is based on the currency of share classes sold to investors and assumes that the currency of share classes is a proxy for the source of the investment so that EU 27 largely invest in euro share classes and UK investors in pounds. That's obviously not a perfect kind of alignment but we thought at least it gives some indication of the impact. While ESMA's work focuses naturally on the mitigation of the impact of Brexit on investors funds need also to be conscious of the risk linked to any Brexit related market movements through their portfolio holdings. According to ECB data the exposure of euro area financial corporations under other than banks, insurance companies and pension funds to UK assets amounted to, sorry. I can't read Mike as this type was too small to 840 billion in Q1 2018 including two thirds in the form of debt securities. So again these are significant assets and significant exposures across the EU 27 and the UK. What we've observed looking at market impact in the context of Brexit is that markets have proved remarkably resilient to Brexit related news with movements mainly observable in currency markets so far. However the sensitivity of investors seems to have increased lately with Brexit related political developments weighing on equity prices in particular and also some outflows being observed from equity funds. This comes against the backdrop of several years of increased risk taking by EU funds in a low interest rate environment. So it's not just related to the Brexit event as such but it's more related to the overall market environment that we are facing. And what we've seen generally is lower credit quality particularly of the bond holdings in the fund industry. Moreover inflows into emerging market bond funds have outpaced by far flows into other funds since 2009 which may further reinforce investor sensitivity to negative developments under stressed conditions. Taken together these elements suggest that asset managers should remain prepared for possible sharp market corrections whatever the background to that is. Obviously Brexit and particularly the possibility of a hard Brexit is one possible situation that might in the next few months create that type of market uncertainty and adjustment of asset valuations. However I would like to caution that Brexit means the only situation that might lead us into a market correction. We live after all in uncertain times and we know that whatever the course of the change in the market sentiment might be its impact is likely to be significant particularly so with regard to the price of risky assets who by their nature are obviously the most volatile. So in conclusion we will continue our Brexit related work to ensure that we have good supervisory convergence amongst the EU 27 in how we deal with the challenges that we are facing. We will also keep monitoring Brexit related risks and work collectively with the national competent authorities and our EU partner institutions on possible mitigating actions. In the uncertain environment that Brexit presents fund managers themselves need to be however also proactive in mitigating risks to ensure that investors are sufficiently protected and remain sufficiently protected. So with that I will end my remarks and I look forward to any questions and discussions. Thank you very much for that.


Today I've been asked to assist in placing our Christmas tree here for the holiday season and I could not be more excited. This is a vibrant, dynamic downtown. Johnny Campbell and the Sundance folks work extremely hard with downtown Fort Worth Inc and all of our partners, all the retailers in the area. Everybody is part of this and it's kind of symbolic because right around the corner is the parade of lights. It's something that thousands and thousands of people will be downtown enjoying every year. And as we speak right here on this site, about 40 feet from here, ESPN is going to be here not too long from now for Super Bowl and Fort Worth is rockin'. It's going to be a rockin' holiday season and we are very excited.