Consortium of Five Global Banks Launches Droit-Supported Position Reporting Utility.

BANKING AND CREDIT NEWS-September 25, 2023-Consortium of Five Global Banks Launches Droit-Supported Position Reporting Utility


UK-based Endoxa, a consortium of five financial institutions including Barclays, BNP Paribas, Goldman Sachs and HSBC, will collaborate to develop a Position Reporting Utility and are pleased to select Droit as the technology provider, the consortium said.

Global position reporting rules require market participants to report securities holdings to regulatory bodies; a process that is complex, time consuming and creates duplicative effort across the industry.

The aim of the newly-established Position Reporting Utility, the first of its kind, is to improve the quality of these disclosures and mitigate interpretation and implementation errors through machine readable rule logic established through a consensus model.

Endoxa will evaluate and review complex shareholder disclosure obligations across key regulatory jurisdictions.

Consensus views on interpretative aspects of the disclosure rules provided by the consortium will be combined with legal interpretation provided by Allen & Overy, alongside the standardized legal analysis contained in Rulefinder Shareholding Disclosure from aosphere LLP, to develop codified decision logic in Droit's Position Reporting product.

The resulting models will assist users in fulfilling their reporting obligations effectively and in a consistent manner while also offering regulatory transparency and helping remove reporting uncertainty.

Droit was selected as the technology provider due to the unique capabilities of its patented Adept platform, as well as the firm's longstanding reputation for driving conversation and consensus around...

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