AxiomSL Launches Material Nonpublic Information Cloud Solution

The solution—called MNPI Vault—lets companies keep material nonpublic information (MNPI) such as balance sheets, takeover bids, and credit information, without the need for an on-premises server to store it.

Harry Chopra, chief client officer of AxiomSL, says it was important to have a cloud solution for MNPI especially for global financial services firms that are subject to multiple regulatory regimes.

“It’s no different than doing something on premises but they can achieve the cost-effectiveness and efficiency of the cloud. When that information leaves the walls of the company there’s a concern over its security so we sought to solve that issue,” Chopra says. “Much of the work before was done on premises and it was not as efficient as they wanted.”

He says one of the biggest challenges global firms had was meeting different regulations that require MNPI covering the entire company without compromising security and privacy. Having that information stored in each jurisdiction on a server is expensive, but a cloud solution offers both security and access.

Clients can access the data through a private cloud hosted through Amazon Web Services. While an AxiomSL team constantly monitors the uptime of the platform, only the financial firms themselves have specific access to MNPI data as well as data tracing modules. This allows companies to move even their most sensitive information to the cloud.

AxiomSL worked with regulators like the Monetary Authority of Singapore (MAS) to develop the solution.

“We’ve been working on this for two years, partnering with a regulator and some banks and other firms, so think of it as like a consortium approach,” Chopra says. “We found that the MAS is a very forward-thinking regulator that looked at the regulations to see if the solution can work with it.”