Market participants meet in London for annual AxiomSL conference
Clients, partners and friends of AxiomSL came out in force for the company’s Europe, Middle East and Africa (EMEA) User Summit on 11 September, where they shared their thoughts on the many changes taking place in the financial services industry.
The event, which took place at the British Bankers’ Association (BBA) in London, was attended by representatives from a wide range of AxiomSL’s customers, including, but not limited to, Nationwide, ABN AMRO, Barclays, Deutsche Bank, Industrial and Commercial Bank of China (ICBC), J.P. Morgan and Morgan Stanley.
The occasion provided an opportunity for clients to discuss their experiences of working with AxiomSL. One client described the successful implementation at her organization of AxiomSL’s solutions for Common Reporting (COREP), Financial Reporting (FINREP), Net Stable Funding Ratio (NSFR), Liquidity Coverage Ratio (LCR) and Firm Data Submission Framework (FDSF) calculations and reporting.
Delegates also heard from representatives of another bank that has implemented AxiomSL’s solutions for LCR and NSFR calculations and reporting. The bank in question already had a centralized daily liquidity reporting and monitoring process for internal and Prudential Regulation Authority (PRA) requirements, but chose to work with AxiomSL because the evolving requirements of Basel III/Capital Requirements Directive IV (CRD IV) liquidity risk reporting highlighted the need for a more automated, flexible and controlled platform.
The User Summit was also an opportunity for AxiomSL to highlight its key achievements over the past 12 months and to explain its plans for the year to come. Ed Royan, AxiomSL’s Chief Operating Office EMEA, told the assembled crowd that AxiomSL’s EMEA team has grown by 50% over the year and the company has opened new offices in Amsterdam and Spain. The past year has also seen the creation of a new Policy and Product Strategy team, headed by Tony Sarkis, which is responsible for policy interpretation, monitoring regulatory changes and maintaining a product roadmap.
On the product front, Royan highlighted the launch of version 9 of the AxiomSL platform, which includes enhanced XBRL functionality and gives clients the ability to use the European Banking Authority’s (EBA) common taxonomy for reporting across multiple locations.
Royan told delegates the year to come will be another busy one for AxiomSL, with plans to implement version 2.3 of the EBA’s taxonomy, expand jurisdictional coverage for shareholding disclosures, introduce a web dashboard for Basel III and much more. Royan said there will also be client implementations in Germany, the Netherlands, Italy, Belgium, Norway and Spain.
After a comprehensive overview of how the industry and AxiomSL are developing, delegates enjoyed a Champagne reception at a nearby bar where the conversation – and drinks – flowed late into the night.