New York-based Droit Financial Technologies has announced that BNP Paribas, Crédit Agricole CIB, Goldman Sachs, Lloyds and UBS have selected its ADEPT platform for compliance with upcoming MiFID II post-trade reporting obligations.
The new participants are big players in fixed income and over-the-counter derivatives. Onboarding the new set of investment banks gives the electronic platform operator a boost in what is expected to be a very competitive area.
The implementation of post-trade transparency rules under MiFID II will require real-time public reporting of detailed information for the majority of trades, across a range of asset classes. While transactions conducted on-venue will be reported by the venue itself, any trades executed over-the-counter (OTC) must be reported via an approved publication arrangement, or APA service.
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Founded in 2012 by a group of former derivative traders, Droit currently provides enterprise infrastructure to 11 global financial institutions. The company secured $16 million in funding last year to accelerate marketing of its software, which automates compliance to help companies meet the new reporting requirements being imposed under the revised MiFID II coming into force in the EU in 2018.
Samy Beji, Global Head of Structuring at Crédit Agricole CIB, commented: “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.”
“Droit is a central part of our eligibility architecture as we prepare for MiFID II, and we continue to enjoy a strong and collaborative working relationship with the Company,” added Jo Hannaford, Managing Director of Technology Division at Goldman Sachs.