06 Oct ICBC (London) plc chooses to extend AxiomSL deployment to support Trade & Transaction Reporting
London, 06/10/2017 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announces today that Industrial and Commercial Bank of China (ICBC) (London) plc has selected AxiomSL’s strategic platform for its Markets in Financial Instruments Directive II (MiFID II) transaction reporting solution.
This is the third time ICBC (London) plc has expanded its use of AxiomSL’s platform, which can be used to comply with multiple regulatory calculation and reporting requirements globally. The bank began using the platform in 2013 to run its Basel capital calculations and for reporting to the Prudential Regulation Authority (PRA) and Bank of England (BOE). In 2014, it expanded its deployment of the platform to comply with the transaction reporting requirements of the European Market Infrastructure Regulation (EMIR).
ICBC (London) plc will roll out AxiomSL’s solution across trade and transaction reporting regimes, including MiFID II and the updated EMIR Regulatory Technical Standards (RTS). The ability to use the same platform for multiple regulatory reporting requirements ensures consistency between the data that is submitted to different regulators and results in greater efficiency.
Firms such as ICBC (London) plc are seeking a more strategic and holistic approach to trade and transaction reporting as further regulations come into force, such as EMIR phase II which will be implemented in November this year.
“We are pleased that ICBC (London) plc has decided to expand its use of our platform to comply with trade and transaction reporting obligations ,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “The daunting data and reporting challenges that MIFID II and EMIR RTS pose means that firms need to start thinking strategically about their compliance. We are proud to offer a single platform that can be used to comply with these reporting requirements, and also the wider G-20 OTC derivatives reporting regimes.”
About Industrial and Commercial Bank of China Limited:
Industrial and Commercial Bank of China Limited (“ICBC”), formerly known as Industrial and Commercial Bank of China, was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both SSE and SEHK. At the close of 2015 through its continuous endeavor and stable development, ICBC has topped the world ranking as the largest listed bank in terms of market capitalization; customer deposits and profitability; possessing an excellent customer base; a diversified business structure; strong innovation capabilities and market competitiveness. As at 31 December 2016 the group provided comprehensive financial products and services to 5.8 million corporate banking customers and 530 million personal banking customers by virtue of the distribution network consisting of 16,788 domestic institutions, 412 overseas institutions and over 1,507 correspondent banks worldwide. Through its E-banking network facilities, ICBC has developed its internationalised trans-market operating structure; offering not only the first choice banking brand for Chinese customers but also as the most trusted financial brand globally. ICBC has maintained long-term investment grade credit ratings of “A1” by Moody’s; “A” by Standard & Poor’s; while the outlook on all ratings is stable. ICBC is also continually committed to supporting economic and social development; protecting environment and resources. ICBC always hold a great belief of its future as a global leading brand offering the best profitability, performance, prestige and at the same time reliability. www.icbc-ltd.com/
AxiomSL is the leading global provider of regulatory reporting and risk management solutions for financial services firms, 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 seamlessly integrates clients’ source data from disparate systems and geographical locations without forcing data conversion. It enriches and validates the data, and runs it through risk and regulatory calculations to produce both internal and external reports. The platform supports disclosures in multiple formats, including XBRL. The unparalleled transparency offered by the high-performance platform gives users the ability to drill down on their data to any level of granularity.
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, 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 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. www.axiomsl.com.
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