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New York based trading compliance startup Droit has raised $16m in funding from backers including Goldman Sachs, Wells Fargo and DRW Holdings. Droit's software helps ensure that trades are compliant with rules across different geographies and legal jurisdictions.
The investment comes as banks are looking for new ways to use technology and data to comply with regulations enacted since the financial crisis. Droit was founded in 2012 by former derivative traders, quantitative analysts and technologists at UBS Group AG, Barclays PLC and Morgan Stanley Droit said venture capital firm Pivot Investment Partners also participated in the funding round, which will support the opening of an office in Singapore and an expansion of sales and marketing.
http://www.reuters.com/article/us-droit-funding-idUSKBN12W4GP
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