On September 25, 2023, Endoxa, a consortium of five leading financial institutions including Barclays, BNP Paribas, Goldman Sachs, and HSBC, announced that they will collaborate to develop a position reporting utility and have selected Droit as its technology provider. 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.

Wilson Sonsini Goodrich & Rosati represented Droit in connection with the formation of the consortium. The Wilson Sonsini team includes Barath Chari, Shivang Patel, and Caitlyn Bingaman.

For more information, please see the press release.