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AxiomSL Adds A Solution for Smart Cube Compliance to its Regulatory Reporting Platform

AxiomSL has stepped into the market with a solution for Austrian Smart Cube reporting, which comes into play next year. The solution is built on the same platform as AxiomSL’s other regulatory reporting products, providing data consistency across reports and the reduced complexity and costs of a single platform approach.

Smart Cube reporting, which is based on Basic Cubes, will be implemented in Austria by the Oesterreichische Nationalbank (OeNB) from 30 June 2015 and is intended to standardise and improve the quality of data received by the OeNB from the 800-plus domestic banks and subsidiaries of foreign banks that are regulated in Austria. While the introduction of Smart Cube reporting requires banks to make significant changes, standardisation of data that is used for different reporting purposes is also intended to reduce the reporting burden carried by banks. Initial Smart Cube reporting requirements cover financial instruments such as securities, loans and deposits, while more complex instruments, such as derivatives, will be in the scope of the regulation from 2016.

The AxiomSL solution includes the data mapping, transformation, drilldown and reporting functionality needed to produce and submit Smart Cube reports and is based on the company’s existing regulatory reporting platform. It offers dashboards designed to allow users to monitor Smart Cube reporting processes and drill down to Basic Cubes and master data, as well as updates in line with any changes made to reporting requirements by the OeNB.

Ralf Menegatti, product owner, AxiomSL, says: “For us, this is a home game. The description of the requirements is straightforward, we already have a platform that provides data accuracy and quality, and our clients have a measurable requirement that can be broken down to a level where it is relatively easy to manage.”

With a client base predominantly in the US, UK and Asia-Pacific, AxiomSL is well placed to support subsidiaries of foreign banks that must meet the OeNB reporting requirements. It is also beginning to talk to Austrian and German banks about compliance.

Menegatti says Smart Cube reporting should provide a win-win situation for regulators and market participants in Austria, and suggests it could gain interest among other European regulators, but he warns: “With the OeNB’s Smart Cube reporting requirements just six months away, banks need to start thinking now about how they will address this major overhaul of regulatory reporting. Many other reporting requirements are also due to be implemented in coming months as part of regulations such as MiFID II and Fatca, which means market participants need to think holistically.”

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