Droit Financial Technologies (“Droit”) continues to perform in the competitive RegTech industry, with five of the world’s leading financial institutions committing to using Droit’ ADEPT platform.
With the deadline for MiFID II approaching, Droit has onboarded BNP Paribas, Crédit Agricole CIB, Goldman Sachs, Lloyds and UBS, to its list of clients, proving to the industry how far it has come since the US-based financial technology firm was launched in 2012.
Droit currently provides enterprise infrastructure to 11 global financial institutions to facilitate compliant and optimal trading of derivatives and securities across all asset classes, all G20 aligned regulatory regimes, global CCPs and execution platforms.
Cyril Cottu, Global Co-head of Electronic Market-Making and Commerce at BNP Paribas Global Markets, said: “We take an agile approach to technology, working with leading external providers as well as developing digital solutions in-house, as part of our strategy to stay at the cutting-edge of digital global markets. Working with companies like Droit enables us to stay at the forefront of technological development, rapidly respond to changes in the industry and ultimately deliver the best outcomes to our clients.”
Generating the full global cross-regulatory implications and obligations of a trade in real-time, Droit’s ADEPT platform enables institutions to implement a comprehensive approach to regulatory pre-trade decision making and accurate execution of pre- and post-trade obligations. ADEPT has built-in traceability to fully digitized regulatory text, as well as complete, human-readable, auditability of every decision on every inquiry.
ADEPT supports eligibility and scope of obligation determination for the following MiFID II/MiFIR mandates: Pre-trade Transparency, Suitability and Appropriateness, Costs and Charges, Firm Quote Obligation, Best Execution, Post-trade Transparency, Transaction Reporting, Commodity Position Reporting, Venue Execution, and Order Record Keeping.
“The complete digitalisation of capital markets pre- and post-trade processes is a considerable challenge for investment banks, as it requires a deep understanding of the regulatory texts and mastering the use of data, products and cutting-edge technologies. Droit and its ADEPT platform were a logical choice to accelerate the Information System transformation that Crédit Agricole CIB is undergoing to be MiFID II compliant. Our ultimate goal is to deliver an improved experience to our clients,” said Samy Beji, Global Head of Structuring and Deputy Sponsor MiFID II programme for Crédit Agricole CIB.
“Transactional compliance requires the knowledge, maintenance and automation of extremely complex global rule systems,” said Satya Pemmaraju, Founding Partner and CEO of Droit. “Knowing who you can trade with, what you can trade and where you can trade is considerably more involved than even five years ago. These real-time, point-of-inquiry demands provide further challenges for a strategic infrastructure. Collaboration with our sophisticated client base has produced a mission-critical platform proven to meet these challenges for MiFID II, as well as other global regulations.”
Droit Financial Technologies (“Droit”) automates global regulations and market micro-structure within real-time trading systems, creating intelligence platforms merging finance and computational law. In December 2016, Droit announced a $16 million Series A investment from Goldman Sachs, Wells Fargo, DRW Trading and Pivot Investment Partners. Droit is part of the “In-Residence” program at J.P. Morgan.
The firm was founded in 2012 by a team of veteran derivative traders, quants, ecommerce specialists and technologists with front-line experience and expertise with products, markets, regulations and systems.
Droit has offices in New York City and London.