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 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”.