AxiomSL, a provider of regulatory reporting, data, and risk management solutions, has extended its trade and transaction reporting solution to the commodities space, helping strengthen its trading and hedging capabilities, per an AxiomSL statement.
The group presently boasts a diverse suite of trade and transaction solutions for the financial services space. Ahead of the passage of MiFID II next year, AxiomSL is augmenting its focus to include the commodities and energy trading sector, which will build on its existing markets focus.
The extension is important for both existing and new clients who are eyeing the upcoming legislation as well as any respective reporting obligations. The development follows after a lengthy collaboration with energy-sector participants, helping formulate an acutely focused transaction solution for non-financial firms.
Controller View Platform
In particular, AxiomSL’s Controller View will aim to help firms report to multiple receiving parties simultaneously, across a variety of trade reporting regimes. Moreover, AxiomSL’s solution is compatible with all regimes and receiving parties.
The platform, Controller supports European Market Infrastructure Regulation (EMIR), the Dodd-Frank Act, Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), and other regulatory frameworks.
As such, it will also focus on emerging and currently registered Trade Repositories (TRs), Swaps Data Repositories (SDRs), Approved Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs).
“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,” he added.According to Ed Royan, Chief Operating Officer for AxiomSL EMEA, in a recent statement on the extension: “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.”
“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,” explained Alex Tsigutkin, CEO of AxiomSL, in an accompanying statement.