IBS Journal April 2015
WHO? Julius Baer WHAT? Controller View from AxiomSL
AxiomSL, a specialist regulatory report- ing and data management vendor, has picked up a deal with global pri- vate banking group, Julius Baer, to support its Basel III calculations and reporting, as well as its group-level and Swiss entity statistical reporting. The new software will be rolled out over the course of this year, with the first go-lives happening in Q3/Q4. The selection coincides with a major mod- ernisation programme signed off by Julius Baer in February, which will see the bank ripping and replacing its core banking system in Hong Kong and Sin- gapore (to begin with) – ERI’s Olympic – with Temenos’ T24. Ed Royan, COO EMEA at AxiomSL,
says that the vendor has worked with the bank on two separate projects pre- viously, at its APAC locations in Hong Kong and Singapore. Hence, when it came to look at its regulatory reporting in Switzerland, AxiomSL already had a foothold. There was, nevertheless, an in-depth selection process undertak- en by Julius Baer, says Royan. ‘There was a rigorous RFP process, and also a
rigorous proof of concept, covering all aspects of the required reporting.’ One of the attractions of the Axi- omSL solution, known as Controller View, to Julius Baer is that it works on one technical platform, says Royan, so there is no need for individual customi- sation on a country-by-country basis. ‘We have one platform that supports multiple regulatory requirements glob- ally, so once you invest in that technol- ogy, rolling out to different countries becomes easier,’ he says. The soft- ware is Java-based and works with any JDBC-compliant database. The new software will support
Julius Baer’s statistical reporting to the Swiss National Bank, specifically con- cerning economic data, and the way in which the bank is managed and the risks associated with it. On the capi- tal side, Controller View will deal with market risk and the credit risk associ- ated with the bank. And finally, on the liquidity side, the software will pro- vide reports on Julius Baer’s liquidity position in accordance with Basel III requirements. Royan adds that further
talks regarding adding capability for transactional reporting (such as for EMIR) and cross-border tax reporting (FATCA) are also in progress. The project will be broken up into
several stages, says Royan. First, there will be a discovery phase with Julius Baer where AxiomSL establishes its data strategy, current operating mod- el, and the operating model it wants to move to. ‘We then go through a design phase where we design the system to make sure we are able to meet that data strategy. Once that is done, we move into our build and test phases,’ says Royan. There will also be integration with
the data sources at the bank, states Royan. He explains that the vendor is used to integrating with as many as 100 systems within its tier one clients, so there is a standard practice for this. ‘Basically Julius Baer will install Axi- omSL on its infrastructure, and then we will have to integrate with the bank’s data warehouses and different systems depending on where the information is coming from.’
WHO? Panmure Gordon WHAT? Inferno from Torstone Technology
Torstone Technology, a relative new- comer to the securities processing software scene (launched in 2011), has gained a new customer. Panmure Gor- don, a UK-based institutional stockbro- ker and investment bank, is implement- ing Torstone’s Inferno back office plat- form to cover its UK equities trading, supporting the post-trade flow, from trade capture through to settlement, accounting and reconciliation. Brian Collings, CEO of Torstone, says
that Panmure came across the vendor at a conference last year and the con- versation came out of that resulting in a five-year contract. At the time, Pan- mure’s contract with its core settlement and accounting software provider was
coming to an end (the end-date was two years away, so the time was optimal to find a replacement, Collings notes, ‘as nobody wants to leave it too late’). Panmure’s legacy solution is Gloss from Broadridge, which it has been using for many years, with the latest contract extension inked in 2010. There were also a number of addi-
tional systems built in-house over time around the core, mainly on the report- ing side, plus there was a third party reconciliation solution, and Panmure was keen to bring these functionali- ties onto one platform. Inferno fit the bill, with a further advantage of having ‘modern technology’, Collings says. The system is real-time, event-driven, built
on service oriented architecture (SOA) principles and enables straight-through processing (STP). The implementation started at the
beginning of this year, and although the go-live plans cannot be disclosed, Collings comments that a standard implementation project such as that at Panmure usually takes around six months. Inferno is being connected to a
Swift interface for clearing and settle- ment, Panmure’s general ledger and the front office system. It is installed on a ‘hotsourcing’ basis, i.e. the opera- tions and back office control remains in-house whilst the technology is out- sourced.
© IBS Intelligence 2015
www.ibsintelligence.com
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