Regtech AxiomSL announced its new generation regime agnostic offering for SFTR (Securities Financing Transactions Regulation) is live for complying with global reporting requirements. In addition, financial institutions can manage their SFTR and multi-regime reporting obligations on cloud. Clients that are ready to meet the SFTR rules this April (deadline was extended to July 2020) will use this extra time to refine their operational processes.
AxiomSL new generation regime agnostic SFTR solution enables counterparties to manage all regulatory data collection/validation/enrichment/submission to relevant trade repositories (TRs) and/or regulatory bodies on a single platform, and it integrates with other systems.
Fraser Reid, senior solutions architect at AxiomSL, said in a statement: “During these uncertain times, readiness to adapt to regulatory changes is critical. Our new generation regime agnostic trades and transactions reporting offering enables our clients to be ahead of the curve and unique in the marketplace, when implementing a truly scalable approach to SFTR and other trade and transaction reporting. We are in effect providing technology to financial firms that enables them to be prepared for evolving requirements across many jurisdictions and multiple regulatory mandates in a timely, transparent, cost-efficient manner which is critical to addressing their concerns for being compliant”.
This new generation multi-regime reporting solution uses non-evasive trade data collection to automatically determine regime eligibility, ensuring there are no regulatory over/under reporting issues. One of the key aspects of the solution and highly demanded by clients is the exceptions management capability, enabling a fully auditable and traceable resolution of any data quality issues, by providing an alert mechanism for all reportable events. Reconciliation (pairing and matching) issues raised post report submission by trade repositories are also flagged as exceptions; helping users to more effectively manage their resolution.