Austria's Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

Core Insights - Nasdaq has entered a technology partnership with Austrian Reporting Services (AuRep) to enhance regulatory reporting for the Austrian financial services industry [1][2] - The collaboration aims to transition approximately 90% of Austrian credit institutions to a cloud-based regulatory reporting infrastructure using Nasdaq AxiomSL [2][3] - The partnership is designed to address increasing regulatory complexities and demands for compliance in the European banking sector [3][4] Company Overview - AuRep is a collaborative initiative among major banks and financial service providers in Austria, established to streamline regulatory reporting onto a unified platform [1][4] - Nasdaq AxiomSL is a comprehensive data management and regulatory reporting platform that supports compliance with 110 regulators across 55 jurisdictions [5][6] - Nasdaq's technology is utilized by 97% of globally significant banks and over 3,500 clients in the financial services industry [6] Regulatory Context - The partnership will facilitate compliance with the EU's Integrated Reporting Framework (IReF), which aims to standardize statistical reporting across euro area banks [3][4] - IReF is expected to increase the volume, granularity, and frequency of data submissions, necessitating modernization of data architecture for compliance [3][4] - The transition to Nasdaq AxiomSL will enable rapid deployment of regulatory updates and scalability for the Austrian banking community [3][4]