DTCC today announced that it is partnering with Droit to enable market participants to leverage Droit’s reporting eligibility capabilities within DTCC’s Pre-Reporting Transformation Services for supported G20 regimes as well as the forthcoming SFTR.
DTCC Expands One-Stop Trade Reporting with New Eligibility Capabilities Provided by Droit
April 8, 2019
ISDA AGM, Hong Kong, China, April 8, 2019 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it is partnering with Droit, the leader in real-time transactional compliance, to enable market participants to leverage Droit’s reporting eligibility capabilities within DTCC’s Pre-Reporting Transformation Services for supported G20 regimes as well as the forthcoming Securities Financing Transactions Regulation (SFTR).
The joint offering will encompass Droit’s capabilities, which help reduce firms’ operational burden and mitigate regulatory risk by allowing firms to apply reporting eligibility logic before submitting transactions to the relevant registered trade repository. Market participants can now utilise DTCC’s Pre-Reporting Transformation Services for all key components of a regulatory reporting stack, using Droit to determine the full global cross-regulatory reporting implications and obligations associated with a transaction in real-time as well as receive complete auditability and traceability through to fully digitised regulatory text.
“Since 2014, Droit’s ADEPT platform has been invaluable to our clients in proving, to themselves and external parties, that reporting decision-making for each transaction is accurate and complete with respect to the laws in force at that time,” said Satya Pemmaraju, CEO, Droit. “This new link between DTCC’s Pre-Reporting Transformation Services and ADEPT provides a compelling proposition for an industry seeking efficient, accurate, transparent, scalable and cost-effective reporting infrastructure.”
DTCC’s Pre-Reporting Transformation Services, powered by Xceptor, can help clients normalise, enrich and validate trade data – typically spread across a myriad of disparate sources, in varying formats – before it can then be submitted to the registered trade repository. The addition of Droit’s ADEPT platform will provide clients with the option of including pre-installed reporting decision-making as part of DTCC’s one-stop solution for both SFTR and derivatives reporting regimes.
“Regulatory compliance is a key issue for market participants across the post-trade space. DTCC will continue to work with our clients to help them understand how new and existing regulations can affect their day-to-day processes, and where we can provide value-add solutions,” said Val Wotton, Managing Director, Product Development & Strategy, Derivatives & Collateral Management, DTCC. “Our partnership with Droit is a further example of how we’re bringing together best-in-class technologies and delivering them as a DTCC hosted solution for our clients.”
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to financial markets. In 2017, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC’s Global Trade Repository service maintains approximately 40 million open OTC positions per week and processes over one billion messages per month through its group of licensed trade repositories.
Xceptor is a leader in data-centric intelligent automation software. As an AI-enabled automation solution, Xceptor deploys the best automation technology for the process at hand. We automate the complex. Simply. We intelligently connect the right data, in the right format, at the right time. We capture and transform data; overhaul and optimize processes. With over 55 clients in more than 20 countries, Xceptor is at the heart of the revolution that is intelligent automation.
Droit operationalises global regulations and market micro-structure within real-time trading systems and post-trade infrastructure, creating intelligence platforms merging finance and computational law. Droit’s ADEPT platform, in live production since 2014, evaluates millions of transactions a day for complex, global financial institutions, ensuring real-time, point-of-inquiry compliance with global regulations and internal policies. In December 2016, Droit announced a $16 million Series A investment from Goldman Sachs, Wells Fargo, DRW Trading and Pivot Investment Partners. Droit has offices in New York City and London. For more information, please visit www.droit.tech.