Commerzbank selects AxiomSL for regulatory reporting
Commerzbank is implementing UK-based AxiomSL’s platform to automate regulatory reporting requirements.
The bank, Germany’s second largest, plans to deliver the SEC 15c3-1 (Securities and Exchange Commission’s uniform net capital rule) as well as other regulatory mandates such as the Financial and Operational Combined Uniform Single (Focus), Treasury International Capital (TIC), Off Balance Sheet reporting (OBS) and additional US broker dealer-based reports. To do this, it chose AxiomSL because of its “ability to address complex data infrastructure”.
AxiomSL says US broker-dealers are looking for ways to keep up with the “stricter regimen” for compliance regulations that include “myriad” rules such as SEC Rule 17a-5 that requires testing and auditor sign off of computations performed to comply with the Uniform Net Capital Rule (15c3-1) and the Customer Protection Rule (15c3-3) among many others.
The platform interfaces with Commerzbank’s existing data sources, without any data conversion, says the vendor, and automates workflow “for millions of rows of data” for transactions to be processed into intra-day, daily, monthly, quarterly and annual reports.
Rockin’ all over the world
AxiomSL has been busy this year.
BMCE Bank International, a UK-based subsidiary of Morocco’s BMCE Group, went live on its regulatory reporting platform. AxiomSL’s XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK).