ICBC to use AxiomSL platform for derivatives reporting

ICBC to use AxiomSL platform for derivatives reporting

TheTradeNews.com Feb 19, 2014
Press Release

Reporting and risk management software provider AxiomSL has been selected by the UK arm of Chinese bank ICBC to assist with its European derivatives trade reporting requirements. Under the European market infrastructure regulation, firms must report all their derivatives transactions to a registered trade repository. Axiom’s platform will give ICBC data transformation, calculation and reporting process transparency to satisfy the trade reporting regime, which was introduced last week.

“Global banks such as ICBC London must adapt to a wide range of new regulations and data quality processes to tackle the effects of inaccurate reporting and reduce spending on reconciliation process,” said David Attenborough, head of EMEA sales, AxiomSL.

Press Contact

AxiomSL
David Attenborough
Tel: +44 (207) 749-9700+44 (207) 749-9700; Email: dattenborough@axiomsl.com

ICBC
Lisa Belloni
Tel: +44 (207) 397-8863+44 (207) 397-8863; Email: lisa.belloni@icbclondon.com

About ICBC (London) Plc.

ICBC (London) Plc. 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 2011 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. The group provides comprehensive financial products and services to 4.11 million corporate banking customers and 282 million personal banking customers by virtue of the distribution network consisting of 16,648 domestic institutions, 239 overseas institutions and over 1,669 correspondent banks worldwide. Through its E-banking network facilities, ICBC has developed its internationalized 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; “A” by Fitch 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).

About AxiomSL

AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, FINREP/COREP, Dodd-Frank, CCAR, AIFMD, EMIR, FATCA and Solvency II, as well as liquidity, market and credit risk management requirements.

Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.

AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission. www.axiomsl.com