Banks adopt Droit fully-digitized MiFID II trade compliance solution

Wednesday 28 March 2018 13:41 CET | News

Six global banks have adopted the first fully-digitized MiFID II trade compliance engine for the financial markets.

The service from Droit Financial Technologies (Droit) was launched in January 2018, ahead of the MiFID II deadline, and instantly expands the ability of financial institutions to comply with the thousands of pages of MiFID II regulations. Goldman Sachs Asset Management has also gone live as the first buy-side client.

The new platform, whose clients include BNP Paribas, CACIB, Goldman Sachs (including both its broker/dealer and GSAM entities), and UBS, is an extension of Droits ADEPT (the Operating System for Regulation). It provides the current and complete digitized machine-readable MiFID II rule text and machine-executable implementation, enabling complete verification and auditability of every trading decision, including traceability to the letter of the law.

The corpus of digitized machine-readable legislation is represented using the open Akoma Ntoso XML standard that is now used by numerous regulatory and legislative bodies. The machine-executable implementation is called from with trading and operational systems.

MiFID II is the latest in the range of global regulations implemented in ADEPT which has been in live production since March 2014, and which now encompasses derivatives and securities across all asset classes, all G20 aligned regulatory regimes, global CCPs and execution platforms. ADEPT supports eligibility and scope of obligation determination for 14 critical MiFID II/MiFIR mandates.

Akoma Ntoso (linked hearts in Akan language of West Africa) defines a set of simple, technology-neutral electronic representations of parliamentary, legislative and judiciary documents for e-services in a worldwide context and provides an enabling framework for the effective exchange of machine readable parliamentary, legislative and judiciary documents such as legislation, debate record, minutes, judgements, etc.

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Keywords: MiFID II, trade compliance, Droit Financial Technologies, banks
Categories: Payments & Commerce | Payments General
Countries: World
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