1st APAC User Group Meeting In Hong Kong and Singapore

Location: Singapore Date: Jun 14, 2012

Andrew Hershon, Manager at Morgan Stanley, Hong Kong and David Bromley, Director at Deutsche Bank, Singapore agreed to host our first User Group meetings on their respective premises. We were very pleased to gather more than 50 users representing all of our clients in APAC. These leading banks have endorsed AxiomSL’s regulatory reporting platform to meet higher Directive requirements while levering these regulatory measures as innovative policies for growth opportunities.

Words from: Andrew Hershon, Morgan Stanley and David Bromley, Deutsche Bank

Following the meeting Andrew Hershon commented “AxiomSL’s user conference is both enlightening and useful from an information sharing perspective. There is mutual benefit to all the users if we coordinate and share our experiences to ensure a smooth rollout in each of the jurisdictions we are expanding into with AxiomSL. Getting together with AxiomSL and our peer user group to understand the challenges, and what solutions AxiomSL is offering, provides that exact opportunity.”

From Singapore, David Bromley indicated after the meeting: “From my perspective, it was very interesting to have representation from a number of market participants and their respective Finance, Technology and Operations teams, engaging in open discussion regarding the Regulatory Reporting challenges we all face across the region. Inparticular, as this is our first year of implementation, it was useful to hear the various ways in which different organisations are using the AxiomSL solution.

Being the first "user group" meeting, it was also encouraging to see the willingness to share information in this area and talk openly about how we can leverage our experiences to develop solutions with AxiomSL that meet our requirement in the future.”

Dodd-Frank requirements for a Swap Data
Craig Jose, Programme Director, Deutsche Bank

The Swap data repositories (“SDRs”) are new entities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) to provide a central facility for swap data reporting and record keeping.

To enhance transparency, promote standardization, and reduce systemic risk, Dodd-Frank Act requires all swaps, whether cleared or uncleared, to be reported to swap data repositories.

As Dodd-Frank is continually evolving and companies must be ready to handle the changes fluidly, AxiomSL is planning to fully support this new upcoming operational requirement through the release of our newly Business Process Management (BPM) module.

AxiomSL’s Business Process Management (BPM) module
Olivier Kamoun, Managing Director, AxiomSL APAC

Following an overview of the latest projects, Olivier Kamoun demonstrated the new Business Process Management (BPM) module, which allows for processes to be defined and automatically delivers a transparent link between AxiomSL’s system processes (workflows, etc.) and clients’ data sources originating from different business units and multiple systems.

BPM provides numerous benefits to model full regulatory process, among them it delivers a method for complete automation of regulatory reporting processes and it integrates all internal processes to create a customized dashboard and process flow.

Agile model versus Waterfall
Ray Rajogopalan from Credit Suisse

Credit Suisse had previously implemented AxiomSL’s solutions using the Waterfall model. After analyzing the implementation project results, it was agreed to switch to an Agile model for the Australian implementation as it delivers adaptive planning and is highly compatible with AxiomSL’s rapid and flexible response to changes. They will use this model as they continue their regional rollout as it generates significant savings and greater efficiency.

Basel 2 & 3 requirements
Leon Lim, Associate Director, Advisory Serv., Ernst & Young

Leon Lim presented a detailed overview of Basel 2 and the new Basel 3 requirements. The conclusion was a pertinent impact analysis as it relates to Merchant Banks in Singapore who will be required to comply for the first time with new regulations from January 2013. Ernst and Young (EY) and AxiomSL will collaborate on the delivery of Basel 123 regulatory reporting for Merchant Banks in Singapore, EY will validate specific calculations, which were configured on AxiomSL’s Basel 123™platform.

“Heat map” for the region
John Heaps, Vice President, AxiomSL

Based upon the results of the questionnaire sent to all users and followed by a dynamic discussion around the future of these forums, it was unanimously agreed to conduct these events on a quarterly basis as users can leverage knowledge from the community and explore innovative solutions. A dedicated portal will be created to share information.