09 Jan AxiomSL extends trade and transactions reporting solutions to the energy and commodities trading sector
9 January 2017 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, is proud to announce it is currently rolling out its global trade and transaction reporting solution to one of the major oil and gas producers with global trading and hedging activities. The firm has strengthened its existing trade and transaction solution ahead of the release of the MiFID II module in early 2018. This development will give AxiomSL’s existing and prospective clients the confidence to meet ongoing and future reporting obligations.
AxiomSL has worked closely with energy-sector participants in order to tailor its trade and transaction global offering to better help non-financial firms meet their individual requirements. The global solution allows firms to report to multiple receiving parties simultaneously, across a variety of trade reporting regimes. The solution monitors all supported regimes and receiving parties on a continuing basis, to ensure that clients are always well-prepared for regulatory changes in advance of release dates and to facilitate testing processes and smooth transitions.
AxiomSL’s platform, Controller View, supports European Market Infrastructure Regulation (EMIR), the Dodd-Frank Act, Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), many other trade and transaction regulations – and in early 2018, MiFID II. The platform supports all emerging and currently registered Trade Repositories (TRs), Swaps Data Repositories (SDRs), Approved Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs). Due to the versatility and global compatibility of AxiomSL’s trade and transaction solution, market participants can be confident that any and all reporting requirements and variations will be met.
The firm has developed particular modules for energy market participants and non-financial firms to ensure they meet the reporting requirements of non-financial entities. Most recently, AxiomSL has added support for NFC +- threshold calculations. In the same strain, it is developing an ancillary exemption module for MiFID II reporting to continue to support non-financial institutions in meeting regulatory requirements.
Ed Royan, Chief Operating Officer for AxiomSL EMEA said, “Energy and other commodity companies may be struggling with manual regulatory reporting requirements as it will take some time to adapt and automate their systems. The convergence of financial and non-financial sector regulatory obligations is exposing commodity firms to reporting requirements beyond what they have been obliged to report in the past. In particular MiFID II will require near real time reporting, something which even financial firms are grappling to incorporate into their data management and reporting systems.”
Alex Tsigutkin, Chief Executive Officer, AxiomSL added, “Energy and commodity firms’ responses to evolving regulatory reporting requirements will extend beyond simply minor operational changes, to a broader rationalization of the organization and, in some cases, will require a review of a firms’ overall strategy. Given many technical aspects of MiFID II are still being hammered out, commodity as well as financial firms should not delay shaping a response which looks not only at minimizing the impact of change, but also at identifying potential business opportunities. While MiFID II does not come into force until January 2018, it is essential to prepare to manage the change now.”
AxiomSL provides a global offering, with offices across all major financial centers, including London, Frankfurt, New York, Beijing, Singapore, Brazil and most recently Dubai. This ongoing expansion is allowing AxiomSL the scope to offer regulatory reporting solutions to energy and commodity trading institutions across the world.
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial industry, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, SFTR, central bank disclosures, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL was awarded The Asian Banker’s 2016 “Best Compliance Risk Technology Implementation of the Year” as well as “Best Implementation at a Sell-side Firm” in the 2016 Sell-side Technology Awards. It was voted Best Reporting System Provider in the 2015 Waters Rankings and was highlighted as a ‘category leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report. The company’s work has also been recognized through a number of other accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards and in the Customer Satisfaction section of the Chartis RiskTech100 rankings.
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