AxiomSL Launches Software for Austria’s Smart Cube Reporting
AxiomSL has launched a solution to help banks to comply with the new Smart Cube reporting requirements that will be implemented in Austria by the Oesterreichische Nationalbank (OeNB) from 30 June 2015.
The reporting and risk management software specialist said that the OeNB has developed the Smart Cube system to standardize and improve the quality of the data it receives from domestic banks and subsidiaries of foreign banks. The Smart Cubes cover various topics, including assets and liabilities, collateral and exposures.
Ultimately, the Smart Cube system is intended to reduce the burden on banks by standardising the data they must report for different purposes. However, migrating to the new system will require banks to make significant changes.
AxiomSL will host a breakfast briefing in Vienna on 14 January to explore the implications of the changes.
AxiomSL’s Smart Cube reporting solution includes:
“With the OeNB’s Smart Cube reporting requirements just six months away, banks need to start thinking now about how they will address this major overhaul of regulatory reporting in Austria,” said Ralf Menegatti, product owner, AxiomSL.
“Many other reporting requirements are also due to be implemented in the coming months, as part of regulations such as MiFID II and FATCA. The multitude of requirements on the horizon means market participants must think holistically.”
The Smart Cube reporting requirements, to be phased in from 30 June 2015, will start with finacial instruments such as loans, deposits and securities. This will be followed by more complex instruments, such as derivatives as per the following schedule:
Wertpapier-Cube V1: 30 June 2015
Kredit-Cube V1: 30 September 2015
Einlagen & Sachkonten-Cube: 31 January 2016
EZB-PKW-Cube: 31 January 2016