AxiomSL Collaborates with JWG and Industry Leaders on Global Digital Regulatory Reporting Initiatives
Initial Work Focused on Digitizing EU and International Reporting Rules
AxiomSL, the industry’s leading provider of regulatory reporting and risk management solutions, has joined JWG, the trusted financial services regulatory intelligence company, as a member of two working groups and JWG’s globally acclaimed RegTech conference. AxiomSL is working with JWG’s new reporting task force and the Global Derivatives Digital Regulatory Reporting Programme to collaborate with other software developers, trade associations, regulators and financial institutions on digital standards for regulatory reporting.
Founded initially as a Joint Working Group (JWG) for MiFID I, JWG has, for the last 15 years, brought together industry leading vendors, regulators and financial institutions to work together to find practical solutions to complex regulatory challenges. Through the Digital Regulatory Reporting Programme (DRR), JWG has enabled reporting best practices to be digitized and produce machine-readable test scenarios and machine executable rules for EU and US derivatives reporting requirements under EMIR Refit and its international equivalents. AxiomSL is working with this cross-functional team to help streamline these derivatives reporting requirements along with the industry participants.
As a leader in risk and regulatory reporting automation, AxiomSL will bring its real-world expertise in data integration, development of standardized data dictionaries and rules-based reporting logic to this industry collaboration. Drawing on insights gathered over the course of decades spent creating digital regulatory reporting solutions for the world’s largest banks, asset managers and broker dealers, AxiomSL will deliver valuable, practical insights to the collaborative, while also helping to pioneer the next generation of digital regulatory reporting solutions.
JWG has played such a critical role in bringing the industry together to adopt practical standards to improve regulatory reporting; we are honored to be a part of this important pioneering initiative. We look forward to sharing our own learnings accumulated over the last several years working with the top financial institutions in the world, and we welcome the opportunity to incorporate the collective learnings of this group into our own product development and innovation strategy. Together, our efforts will foster automation, improve efficiency and drive greater accuracy in regulatory reporting.
- Gaurav Chandra, Operations, Trade & Transaction Reporting Product Manager, AxiomSL.
By working with JWG, AxiomSL will be collaborating directly with regulators, financial institutions and other software companies to create an open-source software that will reduce interpretation nuances and digitize complex financial regulatory rulebooks. This work will serve as the foundation for fully automated regulatory reporting and the development of commercial solutions to support institutional compliance workflows.
About JWG
Since its formation as a Joint Working Group for MiFID I in 2006, JWG has been all about community-driven market intelligence in Financial Services. As a leading market intelligence company, our analysts have been conducting extensive research with regulators, regulated and new technology companies. It has covered all the nuts and bolts of regulatory reform since the crisis and understand what it means at the coal face. In 2020 JWG delivered over 24 physical meetings online, attended by over 800 delegates from regulatory agencies, the regulated and the technology companies that serve them.
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