By Flora McFarlane.
BNP Paribas, Crédit Agricole CIB, Goldman Sachs, Lloyds and UBS are using Droit Financial Technologies for MiFID II trade compliance infrastructure.
Jo Hannaford, managing director of the Technology Division at Goldman Sachs highlighted Droit as a “central part of our eligibility architecture” in preparation for MiFID II.
Crédit Agricole’s Samy Beji positioned Droit as a “logical choice” in response to the considerable challenge of the complete digitalisation of capital markets pre-and post-trade processes in order to “accelerate the information system transformation” necessary as part of MiFID II compliance.
A recent report indicated that 90% of buy-side firms are at risk of non-compliance after the January 2018 implementation of MiFID II. Sell-side firms are also under pressure to search for a solution to implementation of the new European regulations.
Droit currently facilitates trading of derivatives and securities across all asset classes, all G20 aligned regulatory regimes, global CCPs and execution platforms for 11 global financial institutions.
Its ADEPT platform supports eligibility and scope of obligation determination with MiFID II mandates, including pre- and post-trade transparency, best execution, firm quote obligation and transaction reporting. Droit can generate global cross-regulatory implications and obligations of a trade in real-time for its clients.
Institutions have chosen ADEPT, which founding partner and CEO of Droit, Satya Pemmaraiu, says utilises “knowledge, maintenance and automation of extremely complex global rule systems for transactional compliance”, to implement a comprehensive approach to regulatory pre-trade decision making and execution of both pre-and post-trade obligations.
Strategising developments of in-house digital solutions alongside external providers is part of the impetus behind BNP Paribas’ decision to work with Droit, aiming to “stay at the forefront of technological development and rapidly respond to changes in the industry”, according to Cyril Cottu, the bank’s global co-head of Electronic Market-Making and Commerce.
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