The firm has strengthened its existing trade and transaction solution ahead of the release of the MiFID II module in early 2018. This development will give AxiomSL’s existing and prospective clients the confidence to meet ongoing and future reporting obligations.AxiomSL has worked closely with energy-sector participants in order to tailor its trade and transaction global offering to better help non-financial firms meet their individual requirements. The global solution allows firms to report to multiple receiving parties simultaneously, across a variety of trade reporting regimes. The solution monitors all supported regimes and receiving parties on a continuing basis, to ensure that clients are always well-prepared for regulatory changes in advance of release dates and to facilitate testing processes and smooth transitions.
AxiomSL’s platform, Controller View, supports European Market Infrastructure Regulation (EMIR), the Dodd-Frank Act, Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), many other trade and transaction regulations – and in early 2018, MiFID II. The platform supports all emerging and currently registered Trade Repositories (TRs), Swaps Data Repositories (SDRs), Approved Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs). Due to the versatility and global compatibility of AxiomSL’s trade and transaction solution, market participants can be confident that any and all reporting requirements and variations will be met.
The firm has developed particular modules for energy market participants and non-financial firms to ensure they meet the reporting requirements of non-financial entities. Most recently, AxiomSL has added support for NFC +- threshold calculations. In the same strain, it is developing an ancillary exemption module for MiFID II reporting to continue to support non-financial institutions in meeting regulatory requirements.
Ed Royan, Chief Operating Officer for AxiomSL EMEA said, “Energy and other commodity companies may be struggling with manual regulatory reporting requirements as it will take some time to adapt and automate their systems. The convergence of financial and non-financial sector regulatory obligations is exposing commodity firms to reporting requirements beyond what they have been obliged to report in the past. In particular MiFID II will require near real time reporting, something which even financial firms are grappling to incorporate into their data management and reporting systems.”
Alex Tsigutkin, Chief Executive Officer, AxiomSL added, “Energy and commodity firms’ responses to evolving regulatory reporting requirements will extend beyond simply minor operational changes, to a broader rationalization of the organization and, in some cases, will require a review of a firms’ overall strategy. Given many technical aspects of MiFID II are still being hammered out, commodity as well as financial firms should not delay shaping a response which looks not only at minimizing the impact of change, but also at identifying potential business opportunities. While MiFID II does not come into force until January 2018, it is essential to prepare to manage the change now.”