Nasdaq Partners with AuRep to Enhance Regulatory Reporting in Austrian Financial Services with Cloud Technology

Nasdaq partners with AuRep to enhance cloud-based regulatory reporting for Austrian financial services, enabling compliance with EU standards.

Quiver AI Summary

Nasdaq has partnered with Austrian Reporting Services (AuRep) to provide regulatory reporting technology for Austria's financial services industry. This collaboration involves transitioning around 90% of Austrian credit institutions to Nasdaq's AxiomSL cloud-based platform, modernizing their regulatory reporting infrastructure. The move comes in response to increasing regulatory demands, including the EU's Integrated Reporting Framework (IReF), which will require more granular data submissions. AuRep aims to streamline compliance processes and enhance reporting efficiency through this partnership, using the secure and scalable capabilities of Nasdaq's AxiomSL solutions. This agreement highlights Nasdaq's commitment to supporting the financial sector with advanced technology solutions to navigate complex regulatory environments.

Potential Positives

Nasdaq has secured a significant technology partnership with AuRep, enhancing its presence in the Austrian financial services industry.
The transition of around 90% of Austrian credit institutions to Nasdaq AxiomSL demonstrates strong market confidence in Nasdaq’s regulatory reporting solutions.
This partnership positions Nasdaq to play a crucial role in helping banks comply with the EU’s Integrated Reporting Framework (IReF), addressing increasing regulatory complexities.
Nasdaq’s AxiomSL platform is recognized for its comprehensive capabilities, supporting compliance with 110 regulators across 55 jurisdictions, underscoring its global relevance and scalability.

Potential Negatives

Nasdaq's reliance on the AuRep partnership raises concerns over the company's dependency on a single client for a significant portion of its regulatory reporting solutions in Austria.
The press release highlights that many banks will struggle to comply with impending regulations unless they modernize their data architecture, suggesting that there could be widespread issues in the industry that might affect Nasdaq's client base.
There is a cautionary note regarding forward-looking statements, which indicates that Nasdaq cannot guarantee future performance, potentially leading to investor skepticism about the company's projected successes with the AxiomSL platform.

FAQ

What is the partnership between Nasdaq and AuRep about?

Nasdaq has partnered with AuRep to provide cloud-based regulatory reporting technology for the Austrian financial services industry.

How will the Nasdaq AxiomSL platform benefit Austrian banks?

The AxiomSL platform will facilitate compliance with evolving regulations and streamline reporting processes for Austrian banks.

What is the Integrated Reporting Framework (IReF)?

IReF is an EU initiative that aims to harmonize statistical reporting across euro area banks, increasing data submission requirements.

Why are cloud-based solutions important for regulatory compliance?

Cloud-based solutions offer scalability, flexibility, and security, which are essential for adapting to changing regulatory environments.

What percentage of Austrian credit institutions will use Nasdaq's solution?

Approximately 90% of Austrian credit institutions are expected to move their regulatory reporting to Nasdaq's cloud-based platform.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

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Full Release

Nasdaq secures technology partnership with AuRep, a unique collaborative joint venture of banks and financial service providers in Austria

Cloud-based platform will support early compliance with the EU’s Integrated Reporting Framework (IReF)

NEW YORK and VIENNA, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry. Founded in 2013, AuRep is a unique collaboration amongst major banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure onto a single, shared platform.

The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL. It reflects the growing demand for regulatory technology solutions that simplify banks’ underlying architecture to more flexibly meet future requirements.

“AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” said Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq. “European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security. We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep's rigorous selection process has confirmed the same.”

Staying ahead of regulatory change was critical for AuRep. By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy regulatory updates and scale up capacity to deliver to the Austrian banking community. Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be seamlessly integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance. IReF seeks to harmonize statistical reporting across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.

Kenneth Born, CEO at Aurep, said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform. It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”

Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, offering an audit-proof, stable, and reliable framework for its members. It is the single point of contact for all reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.

Nasdaq AxiomSL is a comprehensive data management tool and regulatory reporting platform. It is designed to simplify regulatory reporting processes for banks and other financial services companies, recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape. The platform allows clients to centralize and scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.

Nasdaq’s technology is used by 97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn , on X @Nasdaq , or at www.nasdaq.com .

Media Contacts

Andrew Hughes; +44 (0)7443 100896; [email protected]

Camille Stafford; +1 (234) 934 9513; [email protected]

Cautionary Note Regarding Forward-Looking Statements:

Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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