ICBC London extends AxiomSL deployment to support trade and transaction reporting
06 October 2017 | 3163 views | 0
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.”