NEW YORK and LONDON and SINGAPORE, Aug. 11, 2020 /PRNewswire/ — AxiomSL, the industry’s leading provider of regulatory reporting and risk management solutions, today announces its Fundamental Review of the Trading Book (FRTB-SA) and Counterparty Credit Risk (SA-CCR) certification – as one of the first to provide clients with calculations in line with the International Swaps and Derivatives Association’s (ISDA) ‘golden source’ calculations. This will help our clients to better manage Basel IV requirements, as well as future US regulatory mandates.
The golden source calculations are designed to ensure the credibility of firms’ standardised calculations for FRTB, SA-CCR and CVA (Credit Valuation Adjustment). ISDA is working with all stakeholders to promote the global harmonisation of these calculations required by regulatory authorities. The initial benchmarking program commenced in 2018 and runs through to July 2021. AxiomSL is among the first vendors to comply with the rigorous calculations as per the ISDA benchmarks.
Panayiotis Dionysopoulos, Head of Capital, ISDA, says: «ISDA is spearheading an initiative involving over 40 member banks to drive the accurate and consistent implementation of the new Standardised Approach capital models across the industry. We are delighted that solution providers are now joining this initiative and welcome AxiomSL as an early adopter».
The initiative will help promote transparency and alignment between regulators and market participants ensuring regulatory goals can be met more efficiently. AxiomSL’s calculations will match ISDA’s golden source calculations, thereby providing out-of-the-box collaborative industry credibility and also the required robustness for regulatory scrutiny. For the most complex standardised calculations (FRTB, SA-CCR, CVA) in the new Basel IV world, banks are now able to comply with confidence using the AxiomSL data integrity and control platform.
Edward Royan, Head of Global Products, AxiomSL, states: «ISDA has a 30+ year of track record as a trade association that has demonstrated its leadership role globally. It is an honor to collaborate with such a respected organisation and being the leading vendor to deliver these complex calculations attested to ISDA’s unit test benchmark. The AxiomSL solutions will provide the instant credibility that enables our clients and financial institutions to achieve greater standardisation of data and processes, enhancing consistency and increasing efficiency in complying with new standardised calculation regulations».
AxiomSL is a global leader in risk analytics, data-management, and regulatory-reporting solutions. Leveraging more than 25 years’ experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics. The platform can be deployed on premise or on the cloud. Its client base spans regional and global financial institutions with more than $43 trillion in total assets and investment managers with more than $11 trillion in assets under management. Its coverage encompasses more than 110 regulators across 55 jurisdictions. AxiomSL is in the top 20 of the Chartis RiskTech100® 2020 ranking.
Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has over 925 member institutions from 75 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s website: www.isda.org. Follow us on Twitter, LinkedIn, Facebook and YouTube.
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