Copyright, database right, and everything else, even what you didn't want to know, all me the task not to keep you too long from enjoying your coffee. So I hope I can do it rather quickly, and I hope that this will work, but apparently not. So I shall reuse them out. You've had the conclusions throughout the four presentations before me. So you basically know what we recommend. We recommend changing the law. We recommend using the Creative Commons version four of the licenses. So this has been made clear beyond doubt. So the task is actually rather easy for me is to wrap up everything and put a bit everything into context. So that's what I'd like to do. Now, the first slide, you know, it's been repeated legal status of the scientific output is not entirely clear. So I won't delve into the detail. It's been clearly indicated. What hasn't been said is that this legal uncertainty has gathered a lot of discussion at the European level. So you may be happy after the gloomy presentations before us saying that, you know, the corporate framework is not fit for its purpose. It's a barrier to proper scientific communication. It prevents scientists from sharing resources, etc. Well, apparently the message has gone through somewhere at the European Commission and they're now setting up. Well, initiatives to first discuss the matter and hopefully in the not too distant future to modify the Copyright Act, or at least the Copyright Directive, hopefully in a way that is useful for scientific research. Now, the first initiative of the European Union in this sense was calling for a stakeholder dialogue that they called licenses for Europe. And this has gathered a lot of controversy and a lot of discussion. Why? Because, well, they have a work in four working groups on four different issues of corporate law in Europe. And one of them was a special working group on text and data mining. And they gathered there about 30 stakeholders to discuss possible possibilities to allow for text and data mining. Now, the problem there was, and that was last year, the problem there was that the standpoint adopted by the European Commission that was catering for the discussion was to only discuss licensing solutions. So the European Commission insisted that it didn't want to envisage any copyright legislation reform. It only wanted to centre on licensing solutions. Well, this actually led to a third of the participants in the stakeholder dialogues to leave the table to withdraw from the discussion, because they said it is not what they wish. They do not wish to be limited in the possibilities offered to them in examining what solutions should be brought forward to be able to text and data mine. And they also wanted to examine the possibility of introducing a new copyright exception and limitation to allow text and data mining. So they left the table somewhere in April. So that was about a third of the participants. And the participants were representing basically users and scientists. So the ones that did remain at the table were basically representatives of publishing industry and universities, but not many. So they are coming up right now with a document. It's, of course, non-binding because it's a stakeholder dialogue. It will be a set of recommendations by a working group that is not fully representative because a third of the people left. But the good news is that I heard that the European Commission is now considering setting text and data mining up on its agenda. And they will be creating a high-level expert group on text and data mining to examine how copyright law could be modified in the mid-term, I guess, because nothing is really quick at the European Commission, to think of solutions to allow text and data mining. Now, this is the initiative of the European Commission. We have, of course, the UK. The whole discussion on text and data mining flared up incredibly also in the UK. So if it was a small matter or a medium matter at the European level, it became a big matter in the UK. I've attended at least two meetings of experts regarding text and data mining. And this is a text from the Intellectual Property Office. It's the specialized government agency dealing with intellectual property at the UK. And they are going ahead with the plan of introducing a limitation in their copyright act to allow, as you see, data analysis for non-commercial research. Now, they are like the brave hearts of the European Union, because knowing the European framework on copyright law, you may know that it is not easy, or at least it's highly contested that a member state may adopt a new copyright limitation that is not provided for in the framework of the copyright directive of 2001. So text and data mining is not an exception that is listed in the current framework of the directive. So they still believe that in the interest of their scientific community in England and the UK, they need to go ahead with this exception. So they're braving, actually, the current setting of the law. And they are planning to go ahead with adopting a new copyright exception. The only comment that I might formulate here is that they want to limit the text and data mining for non-commercial research. Well, it's a choice. Of course, we have to reach a compromise, and it might be the only compromise to be reached. But this would limit potential public-private partnerships, might limit to some extent the possibilities of text and data mining for activities that might not be purely non-commercial. So this is something to consider. So that's the good news that in the midterm, or perhaps the long term, the law hopefully will be modified because I think everybody realizes that text and data mining is the way to go in science, not only for beta sciences, but also social sciences, are discovering new avenues of interpreting texts, of gathering data in all fields of science. And this is really the way to go, and you don't want to be limited by either commercial publishers or other parties who don't grant you access or only under very restrictive license terms. So I think that with proper lobby and proper push in the right direction, eventually we'll get to a satisfactory solution. Now, the open-air guidelines has been mentioned also throughout the presentations. This is also a core message of our study. It is crucial for data collectors and depositors to ensure first that all necessary corporate permissions have been cleared prior to deposits of a data set into a repository and clearing that corporate also, of course, means clearing the database right. So you need to know that you are indeed allowed to put that data set in your collection, or you need to be aware of how far you can use the data set in your own research. So this is what we mean with rights clearance. You need to be aware of the permissions of all the data sets and information that you're using. And, well, this brings together the question of ownership of the materials. So it's a cold picture. This might be as complex, and I'm sorry, that's not a good news, might be as complex as for museums who want to go through mass digitization of their collection, they need to obtain permission or at least to find a way to mass digitize without getting too much of a headache. Well, scientists need to at least have an idea of how far they can go using somebody else's data sets. So, and this is where license terms are very important. This is a slide that I made a few months ago, but February. I'm sure the proportion has not changed much. What this shows in very tiny character is that the recorded full text data reuse policies worldwide, so the pie chart you see tells you that for almost 85% of all the data sets out there put in repositories, the legal status is either unknown, unstated, or undefined. This is the core of my message. The data sets that are out there, we don't know what we can do with it. So this has to change, and this has to change in the rights management systems of libraries, of other institutions who take those data sets into their repository, and they need to make sure that they know what they can do with it. It might be all rights restricted, or it might be opened up under open content licenses, but at least we need to know they have to be properly labeled to tell the scientists and to tell the users what they can and cannot do with the data sets that they find in those repositories. Can you data mine? Can you not data mine? What can you do for more than 85% of all the repositories out there, you don't know. One good news. Yeah, so it's a message of good news and bad news. And you talked about Narcissus, and Narcissus is Dutch, and Narcissus is closely linked to the data archiving and network services. It's also Dutch, and the dance, as you see, is a repository in collaboration with Narcissus, but dance is really for, it's a repository for data sets. So it's closely linked to Narcissus, but it's purely for data sets. And when you look in dance for specific data sets, you come into the easy website, and I'm not sure I know exactly what easy stands for. Excuse me? Easy archiving. So the EASY is not an acronym. Easy archiving, thank you. Well, so this is a shot that I made for a previous presentation on the 20th of August, 2013. And I'll read you what it says, because I do realize that it's too small. But in August, the dance website, which is sponsored by the Royal Academy of Science and the Dutch Research Council, at the time, their licensing policy was as follows. The EASY website and all material therein are property of dance and or other parties and are protected by rights between brackets, database rights, copyrights and neighboring rights. This implies that material may only be reproduced or used with permission from dance and according to conditions determined by dance. Moreover, this website and databases may not be copied in whole or in part without permission by dance. Well, I don't know if it was my doing or everybody else's doing or what doing, but just for the sake of things, yesterday I checked the website of dance. And surprise, surprise, this is wonderful news. When a data file is deposited in EASY, a license is granted, dance enters into the license agreement with the holder of the rights to the data set. This can either be a person or an organization. Okay, what follows is a big change. The license is non-exclusive. This means that the owner of the data is at liberty to deposit and or make available these data in other places as well. Also, copyright is not waived when data are deposited. It continues to rest with the researcher. Also good news for the researcher. The license entitles dance to include the data set in the archive and to make it available under the conditions stipulated by the project leader when it is deposited. These conditions relate to who will have access to deposited data. According to the principles of the open access movement, research data should be made available as freely as possible. In some cases, however, it may be necessary to limit access. For this reason, dance offers the possibility to categorize data under the heading restricted access. In addition, there is the possibility of placing an embargo on data. The good news is, you will see, it's a change from restricted access. You may only copy this under permission of dance. Depending on the rights of the input giver, we need to figure out how to give you access, but we follow principles of open access. Ideally, in the future, dance will be able to move towards, perhaps adopting a Creative Commons version 4 model. But this, I thought, was a very good progression in the thinking of dance in trying to give researchers access under free conditions of the data sets kept by dance. The guidelines, you've heard them, use of proper access licenses. Because if you free your data sets and the databases that contain them, then you also make sure that these data sets will live in the future. And that's very important for curation and for further science, building on previous data sets. You want to have a living tree, a living mechanism where people can use and curate and care for all the data sets out there. So open access would facilitate this. Now, it has also been pointed out to take care of compatibility issues between licenses. So the most free licenses are CC by license. Shara-like might create, and this is what I say here in the last bullet point, that the Shara-like may have an impact on the reuse by commercial or otherwise parties who have proprietary business models. And they might feel that they cannot use the data sets in the way that will cater for their own business models. So it's a question of, you know, what do we want to allow users to do with the data sets that are produced by scientific research? Do we want just only scientific research on a commercial basis to take place? Or do we want to allow the whole wide world to do something worthwhile with the data sets? It's a question that each institution or government will have to decide. As we saw in the UK, they decided to only allow non-commercial research purposes. It's a choice. It may put limitation on other players in the market. But anyway, any move towards open access is certainly to be welcomed. One last point also that I made in the previous slide. The last bullet point, in Horizon 2020, I think we've heard, not today, but a discussion last night, but I think it's coming anyway, that the Horizon 2020 grants will require data management plans. So if you apply for a grant or if you apply for a Horizon 2020 project and you expect to be generating data, you will have to put into evidence that you can manage or that you have a data management plan. This, of course, can take different aspects, can mean different things. But one of the things that it may mean to have a data management plan, in my opinion, from a legal perspective, is that you should include a proper licensing strategy, or at least a proper workflow to be able to know what you take in, whose rights are attached to the information or data that you're using, and how you will yourself license and make your own data sets available to third parties and the public. So this is basically my very quick conclusion that I hope I didn't keep you too long from the coffee. So thank you very much. Thank you to all the panel.


So welcome everyone. So my name is Leo Labais. I'm the CEO and founder of technology company Ragnosis. We've been working as ISDA's technology partner and more recently ISLA and ICMA on first developing the common domain model and what we want to show today is a very direct production implementation of the CDM which is actually an industry implementation of the CFTC rewrite So we'll get right into it So why does it matter and what is the role that open source software and Phinos for that matter played in making that happen? So first of all the CFTC rewrite in figures in a nutshell it's big and it's costly. So here are a few fun facts It consists of 175 fields of which a number of reusable thankfully It's spread over 230 pages scattered across three documents Good order of magnitude for a large tier one institution for implementation is in the order of 10 million dollar And it went live as luck would have it Monday this week What I'm about to show is directly Demonstrating what happened for the CFTC rewrite, but it's not confined to that the SEC is changing to it's changing Aligned Canada is also changing more or less in the same way with 13 extra regime-specific fields Amy refit is gonna go live in April 20 24 There are even more fields to report more than 200 Thankfully about a half are actually overlapping with the CFTC and there is an array or a barrage Shall we say of further changes that are coming across the G20 in the next few years? Now, what is DRR digital regulatory reporting? So it's effectively a groundbreaking industry-led REC tech program that lets financial institutions slash billions of dollars of reporting costs and risk By working together in open source So what that means is that DRR firms are digitizing which means effectively coding the reporting logic and they are sharing that code with others hence, you know the circle around It has a few logos on there in in reality There are more than 30 financial institutions that have been participating to the program Including a number of global banks as well as trade repositories which are on the receiving end of those reports now where Open source is important all of this has been open source at heart and from the get-go The DRR ecosystem leverages to Phinos projects The first one is the CDM as I mentioned and the second one the clues in the name. It's Rosetta So about the first one the common domain model provides a standardized representation of Trades and events through the transaction lifecycle. You've probably heard that over and over at Nozea since this morning So those transaction data are effectively inputs into the reporting process now Rosetta is a language Also known as a DSL domain specific language that effectively allows business and regulatory experts to translate Reporting rules into executable code both those projects the CDM and Rosetta Apply software engineering technique called domain modeling and they apply that approach to the regulatory reporting domain interestingly So both the CDM Rosetta In the process of being contributed to Phinos as you've heard earlier The output of DRR is also open source although not under Phinos at this point in time And upstream from there The CDM and Rosetta are actually themselves based on a modeling framework Which is held by another open source foundation called the Eclipse Foundation. We use EMF and X-Text as per you the The acronyms, but effectively it is open source at heart Okay, so first Two sections in that presentation. We're gonna talk first about how DRR got built And then we're gonna talk about how DRR can get consumed by users. So first building DRR So this is a collaborative industry efforts that is being run by industry experts So how rules are coded So we're gonna step a little bit into the anatomy of a reporting rule in DRR Effectively a reporting rule binds two components together The first component is the functional logic of the rule which is machine executable So non-ambiguous can be executed by machine and then an equally importantly a Specific reference to a document or set of documents that support that logic So this can be regulatory texts, but it can also be guidance technical specifications. You name it And effectively the Rosetta DSL is a purpose-built syntax That allows regulatory experts business analyst to read and write that functional logic So you see an example on the right-hand side of those two components on the left the regulatory reference and on the right the functional logic bound together So how do we go about building an entire report like the CFTC rewrite three components what weather when? So what is what to report? Those are all the reportable fields. So those are captured by field rules whether to report is Eligibility rules should I report or not that trade for that specific region and finally when to report also called timing rules So this is what you see at the top on the right. What when when? What whether when? The field rules are bound together Into an overall report data type So that's what you see on the right at the bottom in this case. It's the CFTC report data type And that data type contains all the fields as attributes and it also contains its own validation logic Is this field optional mandatory? How many do I need to have are there specific conditions linking presence of attributes versus other? What is the type of fields and so on? DRR follows a test driven approach and that is fundamental So what that means is that every bit of logic that is implemented in DRR is run live on test packs So test packs are actually synthetic data sets. In fact, they are Anonymized data sets that are provided by the digitizer. So the contributors around the project and those Test data are used to test the reporting logic in real time. So each test sample comprises two components First is the inputs So those are the trade events. This is where the CDM comes in the trade events are represented as CDM data And second is the output, which is the expected report as per the regulation And this is driven by the data type that we just saw earlier. So it's being Projected into that that data type in this case the CFTC rewrite report data type Now what Rosetta does is it abstracts all of the machinery that is required for real-time execution Away from the user so that the business analysts and the regulatory experts can focus on Implementing the logic providing the test pack making sure that everything fits together Okay Finally on Constructing DRR, how does this get distributed? Again open source at heart and open source in its output So that the output First part of the output which is open source is all the model components So rules, data types, report definitions, also the test packs extremely important What is also open source is all the generated source code So by default code generated into into Java, but effectively that code is directly usable to build compliance systems And directly usable by either end users can be the financial institutions the reporting firms but also by Vendors in the regulatory reporting space Not open source, but freely available and very important is that reporting code that we just saw earlier is also packaged as Hosted API those hosted API are provided for testing purposes to the industry freely available But it's just if someone wants to get going test an API send the data get a report back They can do so within a matter of minutes, but it's not for production system because it doesn't have the right latency And and other and a throttling that would be required for production purposes for for obvious reasons Okay, so that's about how DRR got built Okay, so a lot of you probably in the room are also consumers of that You know, how can I make use of that great asset that has been built in open source? So Fortunately for you we have an example of a live production Implementation use case and this actually went live on the 5 of December. So Monday this week And it went live smoothly, which may be a first for regulatory project Okay, so the reporting pipeline so this is how firms consume DRR So basically you need to get to the end-to-end in four steps translate and reach report and validate and Effectively what at each steps what Rosetta allows you to do is to abstract the business logic away from from the application layer So we're going to step into each of those steps in a second So first translate whoops, sorry So Let me dwell on that slide just for a little bit. So translate is how you map your internal data models to CDM Generally like the industry is not natively CDM. They all use external Existing data messaging formats. Those can be mapped to CDM It uses a built-in feature in the in the CDM and in the Rosetta DSL Then second you need to enrich those data. So those data need to be enriched with either public or private data sources and The APIs by which you do the enrichment is actually specified in DRR It's which means it's standardized and you can do that again using the Rosetta DSL The third part is high reports So the functional expression of the reporting rules in the regulatory text is what allows you to report and Effectively it's using the Rosetta DSL ability to express logic and all of that gets translated into executable code and Finally validation. So it's the same validation logic Which is often contained in the technical specification can be encoded in the model and you know using the Rosetta DSL's ability to express logic So what the next slide shows how all this can be put together On an actual implementation So this is a live Implementation that is actually and here I need to make an important disclaimer disclaimer using Rosetta services So some of the components and I'm gonna say which ones they are some of the components on that slide Are not open source. They are provided on a commercial basis But as I said like Everything that gets distributed or either free available is as per What I mentioned on the on the previous slide in how they are gets distributed So from left to right the first step is that the client staff uses the Rosetta service to build source code For each of the required data pipeline So data pipeline think of it as you know how you get data from you know end to end So the CFTC rewrite is one data pipeline, you know I'm getting CDM data as an input and I'm reporting to the regulator as an output In this case, we have in fact three that data pipelines translate and reach and reports are all data pipeline So all of those get coded as a source code as a model In a client Private repository, so that's the second step all that source code is now hosted in a private repository at the clients and The pink box that you see all around that is effectively for the ability to do that and to develop their own private Extension of the model. This is where it requires some services that are provided on a commercial basis On the third step on the right hand side, you have how those data pipelines get deployed So many deployment options available one popular one that we see is that data pipelines are packaged and deployed as container We use artifactory as a software artifact Registry and effectively the client can pull that software and embed it On-premises within, you know a microservices architecture for instance So that software gets embedded directly within their compliance implementation So Rosetta or the CDM does not provide the compliance implementation The client builds that but they can directly embed all of the logic as part of that compliance implementation They don't have to re-implement it and this can be deployed while in that particular example on-prem But some clients Hopefully in future will be keener to migrate that even on a hosted basis in the cloud And that's it and that's you know a way by which a firm went live With the CFTC rewrite earlier this week So we're gonna talk a little bit about each of the steps. So translate and reach and report So how do you translate from firms internal models to CDM first? So this is as I said a built-in feature in the Rosetta DSL that allows to map to external models very important The CDM is distributed with a set of synonyms and test packs that allow you to ingest from public model sources So an example is the financial product markup language or FPML Which is widely used by most firms generally in their confirmation systems They generally use variations of FPML, but essentially it's based of FPML And effective firms can extend these public synonyms sources and the test pack to map to their own So that's the first step The second step is enrichment. So how do we enrich CDM data with static reference data? So why do we need to do that? Typically front-office transactions, which is affected the data at source They usually need to be enriched with static data before reporting. This can be legal entity reference data. This can be So those would be publicly available But those can be privately held for instance in many reporting regime you need to report Personal information about the traders who did the trade passport number, etc. So those would typically sit in HR systems So what DR leaves the choice of data source that implementers want to use? However the API which is the inputs and outputs can be standardized and specified in the model And this is exactly what we do. So three steps to do that First we define a special annotation that marks external APIs in the model. It's called external API very original Then we define that external API by its input and output So the example that is shown on screen is a glyph call. So that's a call to the Legal entity database, which is public which is called glyph So you would pass in a string as an input which is effectively LEI and you would get back Information from that database about the name of the entity the country and other sorts of useful information And finally you can use that API as a function in the model to enrich the data So in this example that is shown on screen. It's it's ellipsized for obvious reasons But basically I pass in transaction input, which is not enriched It's coming from front-of-the-system and I've logic that calls the enrichment API Connected to glyph and enriches that data with with LEI data and it gets through the rest of the process So we went through translate and rich and finally report So that's whoops well actually that's was the step we saw earlier. So that's where people can either deploy it on-prem or Hosted and if they deploy on-prem they just pull from the R software registry And which brings me to the conclusion so hopefully we will have time for questions So what's next for for DRR and how Finos can help? Well in a nutshell, you know, it's all about collaboration so the image on the right-hand side is effectively my lame attempt at representing a quote that I like which is the difference between Stepping stones and stumbling blocks is the way you use them So what happens in the next couple of years is that a wave of regulatory changes are a foot across the G20 Next is a mere refit compliance date April 20 24 Many in the room will be all too acutely aware of that and also anticipated in 2024 Six or seven other regimes across the globe those could be stumbling blocks and usually they have been stumbling blocks for the industry Now what I'm the pitch that I'm giving to you today is to say no no This is actually a stepping stone This is a massive opportunity for the industry to change the game once and for all on regulatory reporting by doing this And how to do that it's through open source collaboration This has all been about how the industry comes together Collaborates in open source to solve that problem once and for all and it's been proven on a production use case This has involved firms but what's interesting is that and we are seeing very very positive vibes at the moment on that is Increasingly it will involve regulators. I would hesitate to go so far saying hey, you know in a couple of years time The regulators will directly provide Regulations as code, but that being said there are some regulators that have been toying with the idea in particular the European regulators and Also some some in Asia that would obviously bring substantial benefits on both sides Regulators as having a self interest in making that happen because it is the way for them to ensure Absolute data accuracy and quality and comparability on the reporting regimes that they supervise And that's it leave you with that thought and I'll take any question Oh, sorry, I forgot to say if you want to see a live demo of that in action table number five and So my colleague Nigel is also at the table with me Those are QR codes if you want to scan them if you want to connect us on LinkedIn questions So I'm just going to repeat the question. So the question is can this be used for? Internal risk management purposes if a firm wants to embed rules for instance within like limits in trading for instance So the short answer is yes. Absolutely. Yes So this particular example is using all of the functionalities that you've seen to build something that is common across The industry and the benefits are obvious because it means everybody can collaborate but the same technique can absolutely be used to Implement and enforce rules almost like at source in systems and those may be private to a particular organization So yes, absolutely Obviously doesn't it doesn't necessarily have the same, you know the extra kick of that industry collaboration That makes everything even more efficient But yes, definitely having that transparency over, you know, this is a rule It's been enforced natively and by the way because the rules are bound to specific text and references I can actually link that to my internal policy as a firm. So that's that would be a very powerful application in deal I need to ask about enrichment. So I think there are a lot of challenges about Enrichment right? Can you hear me? Can you hear me? Yeah, better. Now you can hear me. I Wanted to ask about enrichment so on the challenges around enrichment and What happens when if it's either external or internal you cannot enrich The sources in in a separate repository how you how is handling to recognize when the data is available to fix the reporting. Yeah, so the question is about enrichment and essentially how does it work? Especially if we are enriching with private API. So the way to end we have that exact use case with With with with some clients. So the API was defined in the model So the inputs and outputs. So I like to take the example of you know, the HR systems if we are to enrich data with Private information about traders name and you know passport number and and all this kind of thing So you can absolutely standardize that that call, you know You need to pass in to pass me in an employee number and I'm going to return you You know this set of information and then we define an address for the API And then the system will automatically recognize You know the address of that API and make that that that call and that sort of call to the API gets embedded in the Software that is being pulled by in the container So that that's exactly and we do some calls not just to glyph a public public Database, but we do some calls to internal APIs. We have an example of a firm was also using that They have their own eligibility engine And Basically, we are making calls to as an API to an eligibility engine Again, which is modelled in you know exactly in the same way as As what I showed on on glyph for instance, how does it handle exceptions? I Don't know The honest answer I'm sure I'm sure we've done something but I don't I'm not sure what it is Nigel, do you know how we're how we're doing it? Why in said okay? Good. We are right validation conditions, but ultimately we're delivering a model and and a lot of software But yeah, if there's technical integration issues, then that's part of the Testing and build to make sure that those calls are gonna work and don't fail That's implementation Hi Thank you for this presentation Um, I think I have two questions. The first question is you mentioned that there are some firms that went live with dr Can you talk about how many firms and how long it took for the implementation and just a general experience? And then my second question is As you you may know CFTC phase two is coming up on The unique product identifier and also ISO 20 oh 22 You guys planning to use dr for that. Thank you Thank you. Yeah, two very good questions so So what's interesting is that because it's an open source project We don't necessarily know the exact number of firms who are using it and how and that's the beauty of open source And we don't need to know what I can tell you is that we definitely have We have you know at least we know of at least one firms From went live with the directly with the code provided by dr as their primary implementation We know of at least one other firm was used the the code for Benchmarking effectively they have an internal implementation and they benchmarked that against what was provided by dr We know of at least another firm was used with even a bit more Light touch approach and they use the test packs as a way to benchmark their implementation So they didn't use the code. They just use the test packs. These are the inputs This is the output. Can I if I run that through my primary implementation? Do I get the same? And because all of this gets distributed in open source, then you know open season So we know of at least those three the CFTC was the first New trade reporting regime that went live, but all of the G20 Is going to change across the next two to two five years So the dynamics at the industry level as I said there were more than 30 financial institutions Around the table and having contributed to building that only some of them Kind of went live with it first time around but hey, you know, it's the first time So, you know early adopters take a leap of faith others, you know are looking to see what happens based on the success of that first rollout What we expect is that with any refit and the flurry of other APAC regimes that are coming next year That we're going to see, you know, my lower bound estimate is probably You know half a dozen Firms who are going to use that as their primary implementation in the code. That's my flaw There could be more Sorry, you had a second question and I forgot what it was Oh, no, I saw 20 22. Yeah, okay, so as you know I saw 20 22 so Reporting to the CFTC was initially programmed to be ISO 20 22 compliant ISO 20 22 the technical specification was Not there, you know early enough For that to happen. So the CFTC effectively Provided a relief to the industry and said even if we go live December of this year ISO 20 22 will not be until December of next year, I think So an indirect answer to your question. Yes, and that's also going to apply to To a mere refit. Most of the next ones are going to be ISO 20 22 So dr will also include that, you know last mile which is translation Into ISO 20 22 and that's actually that was one one of the biggest driver for why we at some point we decided to Change the way we were Looking at the output of the report and nights of data type With like attributes types Cardinality constraints validation We effectively have it as a model component because we can then take that and map it to the ISO 20 22 model So that was one of the drivers for doing that. I don't have my glasses. I don't see what's at the back. Are we finished? Stop. Yes, we are Okay, thank you very much


I'm James Montemagno and I'm a developer evangelist at Xamarin. At Xamarin, we're a company that's focusing on creating beautiful cross-platform native mobile applications all in C-sharp, inside a visual studio across iOS, Android, and all of the Windows platforms. The entire goal of Novarum is these things around what are called lateral flow tests. Tests that can detect certain substances and fluid. There's a plethora of different tests available for HIV, AIDS, different substances in water, Ebola, for instance. These test results get very complex. Their goal was to simplify this production. They had the technology, the imaging processing technology, and they needed to scale out across all the different devices. We could leverage everything that's amazing inside of these mobile devices, the camera, the technology, and scan in the results and give a simple yay or nay. So what that meant is not only are they creating great native applications to deliver to these nurses and doctors in the field, but now as new customers come on and new clients come on, they can actually start creating these applications faster by leveraging all of this code. This is real life-saving technology that we have built into our pockets that we're carrying around every day. It's amazing.


hey guys what is up welcome to my channel for today's video or do another one that makes me sweat makes me nervous makes me anxious for today's video i am going to be doing the if i could only keep one eyeshadow palette from each brand video so basically i went through the brands that are both the most popular and the brands that i have the most palettes from and i pick one okay so if you want to see what ones i picked then just keep watching so this was a video that went around about nine or so months ago sometime last summer and i believe the whole concept of if i could only keep one from one brand was started from kelly gooch who by the way i love her channel she is so cute i have been binging her videos this whole quarantine so that's kind of why i decided to do this video because i saw that one and i was like i want to do that i don't know why i'm putting myself through this but anyways so i went through my makeup drawers i picked out the brands that i felt like you guys would be most interested in and that i just had a large amount of palettes in to actually challenge myself and i picked out the palette that i would keep if i could only have one from each brand now that being said this is just today you know tomorrow if i were to do this challenge i probably might have picked a different one so don't comment well what about this one what about this one that stresses me out and it makes me second guess my decisions i kind of went with my gut on most of these because there were some i was toggling between and i was just like no no no this one was the first one on my mind i have to take it so please don't make me second guess my decisions you know palette videos like these that ask me to pick or rank or must my favorite blah blah those are like asking me to pick my children so it makes me on edge anyways so of course it's makeup it's not that serious let's get into it no particular order i'm just picking from the pile that we have in front of me so we're gonna start off with hooda beauty i actually have collected quite a lot of the palettes from hooda beauty and for me it was pretty simple i knew first and foremost that i wanted to choose a big palette i do love the mini obsessions whereas the nine pans i mean some i love more than others but i wanted one of her big palettes because i love her big palettes i think she curates some of the best palettes and ultimately i decided with the desert desk palette and i picked up mercury retrograde at first and i was like no if i could only pick one i probably wouldn't use that palette a lot though it is gorgeous and it's one of my favorites it probably is my favorite it's not the one that i would use the most and then i picked up new nude and i was like no too pink and then i picked up desert dusk and i was like this is the one if i could only have one palette from hooda beauty i would choose a desert desk it's a little bit of a warmer palette which i'm not a big warm gal but i do actually really like the tones in this palette i actually could create the look that i'm wearing right now with this palette i used tom ford african violet for this look but you could totally recreate this look using this palette just play with the oranges put a pop of purple in your crease but anyways i love this palette because i love the different textures the lid toppers formulas that we have on here i love the purple tones in here the warm tones you really get a great variety and overall i just love the curation of this palette so of all her palettes if i could only keep one it doesn't necessarily mean it's my favorite but if i could keep one to represent the brand that i love and that i'm going to use all the time i would have to go with desert dusk i think it is gorgeous so the next brand that i'm going to talk about is vizy art and for a second my mind went straight to the palette that i picked out but then i started having wandering thoughts like i love dark edit liaison you know is like one of my favorite palettes ever i'm obsessed with the paris edit but i was like no no no tried and true if i could only keep one palette from vizy art it has to be the grande pro volume one i think for me a vizy art where they stand out is their matte formula and i mean how could i live without this giant palette of matt as you can see i use it i love it it has every matte shade that you need and you have the great vizy art formula where it's pigmented but it's buildable and it's blendable and it's just everything you need in a matte palette it's not overwhelming it doesn't deposit too much pigmentation where you put it on your eye and you're like oh gosh what do i do with this no it's just an easy usable palette it works great it has every color that you need and when i think of vizy art not only is this my most used palette but it is the representation of vizy art that i have in my mind and they have a lot of other palettes that yes they're prettier and i would want to have more than this but if it comes down to it and i could only keep one it would have to be this one all right so next we're going to go on to anastasia by really hills and i mean i'm not going to play coy with you it was either going to be sultry or soft glam those are my two favorite palettes at the current moment those are the two palettes that i've been talking about recently when i've been talking about palettes and i've been tenoring and tottering sultry soft glam sultry soft glam today at this current moment i'm gonna go with soft glam i just feel like this is such a classic for abh i want to keep what is a true representation of the brand if i could only keep one and i really feel like soft glam does that right now i'm more into cool tones i like sultry a little better right now but tried and true when it comes down to it in the long run i want to keep soft glam in my possession i love soft glam it has every color you need it has some different tones in here i love the shimmers in here a lot but there's a great range of mats i think the ratio is very fair i love a little bit more mats and shimmers and i mean i don't need to speak about this palette too much because you guys know it's a great palette you can see it has every color that you need you know it works great i just recently used this in a tutorial as well it's a really beautiful palette is well used and well loved in my collection and if i had to get rid of all my abh palettes except one i think i would have to keep this one i think so the next brand that we have is charlotte towberry and at first i was like no i want to keep one of her quads and then i was like well that doesn't really make sense because i do love her big palettes and in some cases i find that the quality in her big palettes are actually better and the value is there i feel like her quads can kind of be hit or miss as well but her palettes for the most part have struck gold in my opinion as far as the formulation goes so i was looking through her palettes and ultimately i decided with the starry eyes to hypnotize palette now when i reviewed this i really liked it i said that the quality was wonderful i said it wasn't original of course because she definitely recycles colors in her brand even with the new quads that came out they were recycled from limited edition palettes in my opinion they were very similar if not exactly the same but i like this because you have a variety of those recycled colors even the big starry eyes palette before this one i can't even remember what it was called but i felt like it was all within kind of the same tone and then the newest pillow talk the long pillow talk that came out i love it but it's all pink you know you get a more brown-based look you get a more rose look you get a more green look you get a smoky eye look so if i could only keep one palette it would be this one from charlotte towberry because you get the best of everything in here you get a great formula in each of these colors and then i can play with different tones in her formulation because she does have a beautiful unique formulation on the eyes and i really feel like there is a unique look to charlotte towberry eyeshadows so that way i can get this but i can get different looks so that is why i chose this palette let's move on to natasha denona i was on the floor i had the palettes open and i had to go with my gut feeling for this one because i wasn't too sure i was playing around a little bit at first i was like i want to keep one of the big 28 pan palettes because those are her original formula they are a great kick butt formula consistent beautiful shiny blendable everything that you need and you get 28 beautiful shades but my heart wasn't there i was fighting for those but i just had to say natasha denona gold palette you know it's a palette that i find myself wanting to reach for because it has all of the neutral tones that i love and then you also can play around with some green tones some gold tones i love this palette this one for me was definitely following my gut this is what my heart was telling me to pick because i just love this palette it does something to me it holds a special place in my heart which sounds very dramatic because it's an eyeshadow palette like this whole spiel sounds very dramatic but i love eyeshadow palettes okay this is the one that i have to choose i just love the dimension that you can get with this palette i love the neutral looks that you can get with it of the pops and different kind of looks you can get with it quality in this one is kick butt in every single shade so natasha denona gold is the one i would keep and then i was like uh but it's metropolis it has so many different colors no no i had to stop myself this deep down is like my favorite palette from natasha denona so i had to keep that one oh my gosh thank goodness this is not a real life scenario i don't know what i would do i also have quite a lot of color pop palettes i talk about color pop a lot on my channel i love color pop i think they have awesome palettes they're one of the few affordable brands where i'm like their shadows are good this one was hard because i have a lot of color pop palettes and i like a lot of color pop palettes for different reasons but i think i'm choosing this one because it's spring so i want springy tones in my collection so i have to talk about the sweet talk palette and you know i also was staring at bare necessities the jaded palette the lilac palette there was a lot that i was thinking about but ultimately this one was the first color pop palette that i truly loved i felt like you got a lot of different formulas in here i loved the tones in here and it it's a very pink based peachy based palette which is not my favorite every day wearable kind of colors but for the most part this is a true representation of color pop for me it's one of my favorites not going as far to say oh this is my favorite color pop palette it might be i haven't thought about what my favorite color pop palette is but it's one of my favorites and also the packaging as well is what speaks to me you know packaging is a reason that sometimes i do buy makeup i know it sounds silly but it's part of the experience of applying makeup for me is enjoying the packaging that it comes in as well i love the packaging of it i just feel like it's so detailed this collection from color pop last year that had came out it was my favorite collection from color pop because i just thought everything was so well thought out and i just love this palette so this is the one that i would keep now again ask me tomorrow i probably pick a different one but today this is what i'm feeling so of course i have to talk about pat mcgrath and this one is not going to be a surprise to you the second i thought of what palettes i would pick i knew i was going to pick this one from pat mcgrath didn't teeter didn't daughter just picked this one out this of course is the bronze seduction palette this is still my favorite palette in the line though midnight sun has been climbing up i have to admit it has but i really do love this palette i feel like it's a true representation of pat mcgrath you have her four blitz astro shades that i'm in love with you can plum it up you have some brown and chocolate some bronze some topes just a lot of variety in this palette so i feel like i'm very comfortable with this palette i can go with a lot of different tones i can play it up i can play it down for me this really speaks to my pat mcgrath's soul if i want to create a pat mcgrath look this is what i can go for and still feel confident in the type of look that i can get whether it be just to go to work or to sit at home or a rave i don't know whether i want a super shiny glittery look or a neutral everyday wearable look i can grab for this palette and it has a great variation in tones and colors so had to pick this one up probably not a surprise for you if you have followed my pat mcgrath journey all right so the last brand that i have to talk about is Too Faced and i don't have a ton of Too Faced palettes nor do i really purchase too much or everything from the brand anymore but i have accumulated a collection of their older traditional more popular palette and i do feel strongly about the palette that i chose because i love it so much so i wanted to talk about Too Faced and this is the Too Faced chocolate gold palette they've come out with a lot of good palettes i'm not gonna lie they've also come out with a lot of not good palettes but this one it's a good palette now this is a majority shimmer palette i would more so call these metallics are foiled so maybe that'll tell you why i love this but you do have the mask that you kind of need and then you can pop whatever metallic shade you want on top i find the formula in here to be really beautiful the shimmers are very foiled and most importantly it smells delicious so Too Faced in my opinion they hit it out of the ballpark with this eyeshadow palette they have a lot of other palettes that i liked but when i think of Too Faced and the one palette that i truly love it has to be this one and i just i love it i love shiny things so i had to pick this one out oh my gosh wait did i just completely forget tom ford i'm gonna pick one out right now on camera as we speak now i do have a rankings video coming for tom ford i haven't started ranking them i don't know what my number one is so i'm gonna talk about the first palette that comes to my mind which is they dream hold on let me grab it this does not mean this will be number one in my tom ford video but at the current moment it's the one that's on my mind the most because i just love it i love purples and so this is daydream i have some tom ford experts here so can you please tell me this is sold out everywhere are they discontinuing it are they gonna restock it i need to know because i love this quad all purple quad you have a lot of different tones and every time i wear this i just freaking love my eyes he has a lot of other great quads in his line but every time i wear this my heart sings purple eyes do something to me and i just love the quality of these purples here because none of them are matte i find them very easy to work with because a lot of times it's the matte purples where you run into trouble this everything just applies so seamless so effortless your eyelids just look like the purple gods puked on you but it still looks amazing and these are the type of purple tones that i love not too like brown purple or black purple or berry purple these are like lavender based purples which i love so this may or may not be number one i'm not sure yet i went with my gut feeling on this one so i have to talk about that all right those are the eye shadows that i would pick if i could only pick one from each brand i hope you guys enjoyed it i love doing these palette challenges or even just makeup challenges in general so if there are any fun ones that you guys know of please comment down below i'm looking to do them because i have time to be creative with my videos and film whatever the heck i want so that is all i have for today's video thank you guys so much for watching i hope you enjoyed it if you aren't subscribed to my channel yet i hope you guys take the time to do so i have been posting every day my goal is to post every day except for sundays so six days a week make sure you subscribe to get notified of my videos every morning so have a good day stay safe stay healthy continue to wash your hands and stay in our house i guess have a good one


Four days ago, our Navy family suffered an horrific attack at the Washington Navy Yard. We mourn the loss of these patriots, even as the Navy Yard resumes partial operations today. I had a chance to meet with some of those NAFC employees today, along with some of the first responders and the FBI and NCIS agents still on the scene. I heard heartbreaking stories of that day. These are of great sacrifice and great bravery, and a few people even shared their favorite memories of those we've lost. Our thoughts and our prayers remain with those struggling with the loss of their loved one. They too are part of the Navy family, and we will, as families do, care for them in this time of great need. The last two days, I've announced a number of measures and resources available to those impacted by Monday's tragedy. Today I would like to announce an additional measure. It's my intention that those affected by Monday's tragedy will have legal assistance available to them in order to navigate some of the very complicated and often difficult choices they may need to make. These legal services will be available to the gunshot victims of the shooting at the Washington Navy Yard to their immediate family or surviving spouses and children. Our legal representatives will ensure that they are able to take advantage of resources to help with some of their most immediate and pressing concerns, for example, funeral cost. These services will be available for the next 30 days, but they may be extended if we need to. Further details are going to follow, but I want to take this opportunity to assure those grieving a lost family member that we will do everything we can to help ease their minds during these difficult days. As I've said, we in the Navy and Marine Corps, uniformed and civilian, are one team and one family, and we will take care of our family.


Well, next up is a brand that houses the most iconic FMCG brands in Indian households today. Taking the center stage next is Kapil Pillai, regional marketing director, South Asia, Hygiene Rekid joining us. While Pillai shares the stories from Rekid's brand portfolio such as Harpic and Vanish are navigating through the changing consumer behavior. He speaks on the topic finding constancy in variability and with this I'd now like to humbly invite on the stage and screen Kapil to join us. Thank you for your valuable time. Over to you. Thank you, Bhavna. Good afternoon, everybody. Today, we just talk about one topic which I think is there in everyone's mind. And there's so much variability. How do I find some amount of constancy to build my marketing platform? And in doing so, how do you build a sustained connect with consumers? So before we start, just a quick quiz. So three years ago, you find your consumers and you know, you can interchangeably say customers as well, less likely to switch to competition and promote or any pricing actions. Do you find them clearer about what your brand proposition is? Are they less likely to confuse your message with that of your competitors? Are they more likely to respond positively to increased ad spends? And do they have a higher likelihood to repeat purchase? Chances are, of course, there will be people who get a yes answer to everything. But chances are that for most brands, established brands, the chances are that the answers are mostly no. And that's the crux of what we want to talk about today. The fact remains that there's an increasing clutter. There are a whole lot of brands which say pretty much what you're saying, because well, imitation is the best form of flattery. And how do you ensure that your message cuts through stronger and more distinctly than your competition? So if you look, there's a lower trust in brands and in institutions versus a year ago. And you look at it, on the average, global companies have a negative endorsement on trust. Well, it's slightly better than government, but it's not wonderful at all. The other thing that's there is that consumers tend to reward companies who put on good behavior in their mind or who mirror the behavior that they have. Consumers tend to punish companies who do not mirror the behaviors that they have. So this behavior of the organization versus brand choice is something that's been going up steady. And now it's at a level where we cannot ignore it anymore. When you look at a brand journey, it has to move beyond a transactional relationship. The very definition of a brand is that there is some value that's been created. Simple definition of marketing is the value creation at both ends for the consumer in terms of enhanced propositions and in terms of the person selling, which is the entity in terms of higher realization for their product. That's essentially marketing. And therefore that value buildup has to move from product functional superiority to actually moving to a solution to creating stronger experience and then higher meaning. And these are the axis for value buildup for the consumer. And you want to do this. You consumers tell us that they prefer purpose led brands and are more loyal to them. An Accenture Group survey told us that 63% of people are buying and this is a global survey, are buying goods and services from companies that reflect their personal beliefs and values. 62% want companies to take a stand on social, cultural and environmental issues, which is close to their hearts. And this is just not simply saying that you are attuned with the consumers or the customers. Authenticity matters. Now, if they feel that you're just tagging on to a purpose which just from the eye point of view of creating distinctness, that doesn't work. And the people do believe that their actions can influence the company's stand. So this activism among consumers is what is actually driving the landscape today. And when you think of the consumer who looks at brands, they are four times more likely to buy a brand which is not a strong purpose. They're more likely to protect and not walk away in times of misstep or for public criticism. There are four more like far more likely to champion them. Now, this makes it sound that you know that purpose is a great thing to have for any brand, right? Because the data says that okay, consumers believe that this is what they would identify with, this is what they would pay more for, this is the belief and faith in the brand. But what exactly is purpose? And this is really fairly, you know, this has been fairly talked about. So is it simply just doing CSR? Is it doing social good campaigns? Is it just simply driving sustainability? Is this what brand purpose is about? Actually, no, those are action outcomes. So when you actually want to talk about brand purpose, it has to, it cannot be just something that, you know, the flavor of the year or flavor of the month. And this is what we're going to tag on to and this seems to be connected with the brand in some way. And let's kind of tag on to that. It's not that simple. Okay, it has to start with what you truly believe in, right? So whether it's belief in the organization that the organization has or whether the brand has, that has to be the first part of it. The second is what your brand is good at, right? And there's no point getting into a purpose like conversation if your brand does not deliver on those promises. And this is, I think the third is a really important time, what would really make a difference? Because again, what you believe in and what you're good at, if it does not make a difference to the consumers that you are addressing or the nation that you are selling in, then there's limited relevance that purpose has. And that's what purpose is. So that purpose leads to these outcomes, some of these outcomes, and there are many more as well. But there are also business outcomes. And I think the first is that there is much stronger brand cuts. So when you have a purpose lead brand, when you talk to the consumers, there's a much clearer consumer articulation for what you stand for. And essentially, that indirectly means that you could conceive of these kinds of communication and get the same results or spend the same amount of communication and get better results. There's also more loyalty because the understanding is there because you are seen as your brand, a brand with purpose, you're seen as a distinct brand away from the others. So that loyalty also comes in for those who identify with it. And most important is a higher willingness to pay, which allows you to charge a premium and therefore bring a creative to your open life. So when we look at purpose and from a record's perspective, the first we start with purpose at the core. There's no point in actually looking at a brand without understanding, without identifying first the organization purpose. Why do we exist? That's the first question that you should seek to answer with purpose. Then would come the vision and the fight, which is what is it that we aim to achieve and how do we plan to achieve the vision? Only after that comes the values, which is what we stand for and what governs our behavior. And at the very end is what we have traditionally followed as marketing. How are our products different from others? From a record's perspective, our purpose is really here to protect, heal and nurture in the pursuit of a cleaner, healthier world. And when you define this as your purpose, your vision also kind of falls into place. A vision is a world where people are healthier and they live better. And our fight is also very, very clear from a, because this is what we do on a daily basis to ensure that we are living our purpose, which is making the high, making access to the highest quality, hygiene, wellness and nourishment, not a privilege but a right. And when you put it this way, you realize that there are so many parameters to this, which is a firstly access, secondly, quality, and thirdly, making sure that it's not something that you have, that only a few people can afford. So there's no point having access if only a few people, it's a privilege for people to access it, right? And that is what defines our records. When you define your products with this lens, you find that consumers identify much more strongly with it. This purpose and this fight also defines our values, putting consumers first, seeking out new opportunities, striving for excellence, and building the shared success, right? Taking an example, now, how does this come out? And I think I want to take an example of Vanish to explain this. For those of you who don't know, Vanish is a brand which operates in the laundry space. It's an detergent booster in its core form, and it ensures that the power of the detergent is unlocked and you get a fantastic portion. Now, for a product like this, it's not core to laundry, it is a booster, how do you unlock purpose? So we said, what is the problem? And you know, this has to be in a way which is relevant to us. Mass clothing today is impacting the planet in many different ways, right? There is, as a result of production of clothes, there is massive greenhouse emissions. There is water pollution, not just from the production of clothes, but also from the repeater washing of new clothes and so on and so forth. The water, apparel industry consumes 93 billion cubic meters of water every year. I mean, you think about the, when you think about how many names will be solved if this was repurposed, it becomes really clear. 350,000 tons of clothing are sent to the landfill every year in just the United Kingdom. When you look at other countries and add it up, that's a massive amount, right? So what was the problem? In a world where clothes are facing unnecessarily short lines, most of the frequency of laundry is gone on. People are washing much more often, more than six times a week. And not only that, they're washing at higher temperatures because clothes get dirty, they don't get washed properly. That washing at increased temperatures helps mitigate that, but it also reduces the life of the clothes, leaves them all leaching and creates an impact on the quality in not just the texture of the fabric, but also the fading of the clothes and so forth. Now, the other thing is that people believe as a result of this, that clothes quality has declined and therefore, there's also this thing of spending less money on clothes. When you look at the reasons to discard a garment, there are two popular reasons that the material has worn out and could remove stains. The reducing clutter to wardrobe and no longer wearing are secondary issues. So that helped us define our purpose. We are on a mission to help clothes live many lives. Two parts to this, the first part is that you wear your clothes more often and then find, the second part is, find reuse of clothes that you choose what to use. This is why, and you know, the most important thing of our purpose is it has to link up to your product. We have amazing products with superior sites that extends the life of clothes. So vanish through all these products can double the life of your clothes. Me, Daisy, the teenager who loves hand-me-downs, jacket from our older sister, those jeans from our auntie, and that play suit, it was our cousins, then it was our sisters and now us. A scoop of vantage powder in every wash of the one-stop solution that gets rid of stains, odours, and keeps colours bright. Even clothes looking great, making those hand-me-downs easy to love. I was in long gone with that. So, we started the purpose journey. When you start a purpose journey, you typically will start it in one country and then when you find the resonance, then you can see how it's relevant for other countries. So we started it in the UK. And the first part was explaining what the problem is. And this is how we did it from a communication. Vanish has always been there to make little problems vanish. But now, they're taking on a big one. Too many of our clothes are worn just 10 times before it's run away. But by taking care of the clothes, we love the look, look at the stains, and protect the colours. We can always last and we wear more. See, Vanish is still helping problems just 10 times. Just bigger. Not all months. And then we went to London Fashion Week. And at a place where people are talking about clothes, and new clothes, and latest, this is what we did. To be asked to do anything for London Fashion Week is hugely exciting and a bit of honour. Fashion is known for setting trends and sustainability is something that fashion needs to get behind. I think people have no idea that this amount of clothing gets thrown away.  It's only a great thing that we can wear again and again. It can still have a second life. The design process, it really does make you appreciate your clothes.  I definitely wouldn't think this just came out a pile of what people think is rubbish. New thing, new working, new styling. It's so important to get attention. It can look just as good. OK, 300,000 tons of clothing goes around the world. I think, you know, you can see what, how Vanish approached it. There are two parts to it. One part is setting up the problem. The second is creating a context for the clothes that we choose to discard and how that can become sustainable fashion as well. But I think that worked really well for us in the last year. What Vanish has done in this year has gone one step further in partnering with the British Fashion Council to explore how to make the fashion industry more circular in the future. To explore how to make the fashion industry more circular and more socially equitable. As a result, you know, the clear target outcomes have been aligned on the first, reduce volume of new physical clothing, maximize utilization to product locality, which is the entire pre-use. And a lot of material gets wasted in finding out ways of producing that research. How does this link back to Vanish? No matter what you send out to the market, it will stay longer and live longer because of Vanish. So that's how Vanish built up a purpose message in the UK. And now we are taking it all over the world. On her pick, the mission is far larger and far more problematic. In fact, it remains that one in three people don't have access to a salient-free toilet environment. That's almost 3 billion people. And that's where our mission is.  And this is completely in sync with the UN SDG-6, which is clean water and sanitation. So how did we go about this? For us, India was a key market because India is a place where sanitation has been a back step. So we have spent over the last many years. We have been talking about sanitation. We had school outreach programs. We had communication. We helped redefine what a clean toilet means and made the entire act simpler, more democratic, introduced the concept of dignity of labor and bathroom where anyone can clean a bathroom without feeling minimized. But that was just one part of it. In 2014, after the Swachh Bharat campaign was launched, we were really part of that along with TETOL. And we helped drive the concept of an ODF-free India, open defecation-free India. So we partnered with the government of India to create the awareness for sanitation and defecation in toilets. In 2019, we launched Mission Planning. The first year in line with SDG, the focus was almost 90% on water and 10% on sanitation. The point being that water is required for sanitation. However, the pandemic allowed us to pivot a little bit more. And we started talking about a hygiene as the key enabler and how water is a key enabler for hygiene in the first line of defense. This year, we are focusing towards a more omnibus approach, which is water conservation, sanitation, and indigenous and tech-based way to catch, hold, and store water for better health. Now, how has this come across? How has this come across? What we did? So there are many angles to what we did from a purpose. The first was we launched a World Toilet College in Aurangabad. In two years, we trained 7,000 sanitation workers. In this year, in 2021, we launched an additional five World Toilet Colleges. And as a consequence of this, in 2022 by 2022, we'll have trained 2,000,000 sanitation workers. And when you realize this, a trained sanitation worker will ensure that the very critical aspect of ensuring that the toilets that have been set up through the Swift-Switch pilot mission are clearly maintained and are sustainable is going to be enabled by this. One of the biggest issues with our ODA program has been that toilets fell into disuse because there were not enough sanitation workers to drive that, or people didn't know how to clean those toilets and refresh them. So that's one of the big things that we've done. We've talked about in this year, we've got to focus back on the sanitation. And we are now supporting the government on SPM-2. And we are focusing on the use and the managed part of the BUNP. Government helps to drive the building of sanitation enablement, which is toilets. We help to manage the use and the management of this. Last mile, which is treatment, is something we are also looking at partnering with others. We've also renewed partnership with Fiki and ISC, India Sanitation Coalition, to ensure that this message goes further. We are focusing on indigenous technologies and using water conservation to support the resignation of World Heritage Sites. So it's not just about sanitation, but water conservation, the way water can be repurposed. We are looking at ensuring that this comes together in a compelling way. Over the next one year, you will also see new communication, driving home, why sanitation is important, and how HARPIC can help partner in this. So coming to the end, if you look at purpose, it has to be run right. It's like the fifth P. You cannot just do purpose if your product, your pricing, are not correct. It's not a one-stop fix for a product problem or a brand problem, which is not really clear. The most important thing is to not expect it to work like a promotion. So you say, oh, I started purpose in the next year. I will start getting a high willingness to pay. The first part of purpose is A, it has to be coherent and consistent. It has to be authentic. Brand purpose doesn't refresh regularly. They evolve. So build the entire brand around the purpose. If your brand exists already and you want to identify a purpose, make sure that the purpose can be at the core of that. Context is everything. There's no point in defining purpose in a way which is not relevant to your consumers. Open defecation is a problem in India and therefore something that needs to be addressed from the Indian context. In Europe or in the United States, this would not be such a problem. And the purpose in terms of sanitation would focus on other things like public toilet use and cleanliness over there. So that context is really important. The value has to be tangible. It has to be solving real problems for real people. If it's something which is arcane in a different country and a different set of consumers who they don't identify with, there's really not. It's not really going to help driving a purpose agenda. When you choose a purpose, you have to be choiceful between distinctiveness and polarization. Now, the quest for distinctiveness often leads to making choices which cause rejection with a certain set of consumers. Now, this polarization needs to be choiceful. If you're not ever going to be selling to those consumers, you don't hope to be selling to them, you could potentially take it. But doing polarization for the sake of distinctiveness is not a great idea. With that, I'll wind out. Thank you very much. Thank you so much.