Regulatory reporting product of the year: Droit

Droit’s Transaction Reporting product, built using its patented Adept platform, provides financial institutions with powerful tools for critical trade and transaction reporting flow. Its efficient infrastructure enables clients to make quick and accurate decisions to facilitate real-time compliance with global transaction reporting obligations.

The platform can evaluate thousands of trading decisions per second based on fully digitised and automated global regulations, market microstructure and internal policies to eliminate complexity, fragmentation and operational inefficiencies.

Droit’s Adept platform is composed of three elements: a decision engine, a logic viewer and an annotator. Together, the technology supports consensus-driven, regulatory decision-making, obviating the need for front‑office personnel to individually digest and interpret the law.

The platform’s application programming interface (API) can simultaneously assess eligibility for reporting obligations across 24 global transaction transparency and reporting regimes. Where a trade is in-scope for one or more regimes, the platform returns the precise details of the obligations, such as reporting party, timeframe, approved reporting venues, substituted compliance availability and beyond. This unique ability to codify complex regulatory requirements into intelligent, actionable decisions enables users to respond efficiently to their reporting obligations in a completely traceable and auditable manner.

Firms using Adept have complete transparency capabilities, with the added benefit of tracing the decision process on reporting obligations in a visual workflow diagram illustrating the evaluated rules and the corresponding decision.

Droit’s Transaction Reporting product helps firms’ reporting architecture become more robust to build reports as informed by the in-scope obligations, ensuring clients have the right fields and values populated and ready to be sent externally. Clients using Droit can drastically reduce the volume of exceptions observed over time and focus remediation efforts at the source.

Droit continuously monitors regulatory and policy changes, updating its platform to reflect an evolving regulatory space, including providing daily and weekly updates for clients. Droit has also recently developed support for legacy formats to help address challenges large financial institutions face with legacy systems and processes, such as the financial products markup language interface for the Depository Trust & Clearing Corporation. Droit also enriched its API output with additional metadata designed to help mitigate errors and gain insight to improve data quality for reporting. 

Looking forward, Droit is creating an intuitive user interface to allow business users to harness the power of the Adept API more directly to create test scenarios, investigate errors and analyse trends.

Additionally, Droit is developing integrations with third-party platforms and client tools to further facilitate error identification and thematic analysis across portfolios of trades. It is also developing a self-service rule validation model, implementing internal tooling to improve engineering efficiency, and developing the capability to deploy infrastructure to private or public clouds. 
 

Judges said:

• “Real-time transaction reporting – good to see some tech being created in this space.”
• “Worthy winner.”

Brock Arnason, founder and chief executive at Droit, says:

“This year, we will see several changing trade and transaction reporting requirements. Our TransactionReporting product, built on the patented Adept platform, enables the world’s largest financial institutions to keep up to date and confidently make compliant decisions for report eligibility and generation. We are honoured to be recognised by Risk.net for helping financial institutions face complexity and feel secure they have taken the right actions with transparent decision-making traceable to the regulatory source text.”

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