Six Major Global Banks Signs Droit’s MiFID II Compliance Platform - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Six Major Global Banks Signs Droit’s MiFID II Compliance Platform

March 30, 2018

Droit Financial TechnologiesIn a major push towards complying with latest MiFID II regulatory guidelines, six major global banks have announced that they have adopted the first fully-digitized MiFID II trade compliance engine for the financial markets. The groundbreaking regulatory compliance system from Droit Financial Technologies has launched in January ahead of MiFID II deadline. 

Goldman SachsThe system helps financial institutes to comply with the complex and long regulatory reporting procedures described in the thousands of pages of MiFID II regulations. Goldman Sachs Asset Management has been the first buy-side client to go live with the reporting system. Other six global banks which has joined the list include BNP Paribas, CACIB, Goldman Sachs (both its broker/dealer and GSAM entities), and UBS.

The Droit’s compliance system provides the current and complete digitized machine-readable MiFID II rule text and machine executable implementation. This enables complete verification of every trading decision and also keeps a audit trail.

BNP ParibasTransactional and regulatory compliance requires knowledge, maintenance and automation of complex global rule systems. The Droit’s Adept platform brings out full global cross-regulatory implications and obligations of a trade in real-time along with per-enquiry audit capabilities.  

Jo Hannaford, MD, Technology Division, Goldman Sachs said:

“Droit’s ADEPT product is a central part of our eligibility architecture for MiFID II for both our broker/dealer and GSAM businesses, across a range of obligations. Droit’s innovative approach to the digitization of regulation and eligibility and the evolution of their ADEPT product fits well with our overall strategy,”

Cyril Cottu, Global Head of eCommerce and Digital, BNP Paribas Global Markets commented:

Jo Hannaford, MD, Technology Division, Goldman Sachs
Jo Hannaford, MD, Technology Division, Goldman Sachs

“Droit has successfully implemented an innovative and exciting platform which helps us strategically respond to industry and regulatory changes, like MiFID II, in the interest of better serving our clients. It is a core part of our digital strategy to work with leading providers like Droit to complement our in-house expertise to stay at the cutting edge of digital global markets.”  

Simon Herbert, MiFID II Programme Lead at UBS Investment Bank said on Droit’s capabilities:

“The speed and ease with which we can implement new regulatory rule sets coupled with the flexibility of the core product integration mean Droit is well placed to be the strategic regulatory eligibility platform for the Investment bank.”

Satya Pemmaraju, CEO of Droit commented:

“Digitization is much more than an exercise in tagging data; it’s the complete analytic structuring of one of the financial markets’ largest ever pieces of legislation. Droit provides the full stack, starting with digitising the actual legal texts into an open, standard, machine-readable format through to standard executable implementations within real-time systems. As regulations live and breathe, so our clients’ implementations and legal sources evolve in synchronicity.”

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