Caffrey, an AI platform for financial regulation, today extended its research coverage to regulators in the U.K., Hong Kong, Singapore, Canada and the Cayman Islands. The platform is one of 10 startups named a 2026 FIA Innovator ahead of FIA Expo in Chicago, Nov. 2–4.
Caffrey now covers the U.K.’s Financial Conduct Authority, Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority, the Monetary Authority of Singapore, the Cayman Islands Monetary Authority and the rulebooks of Canada’s TSX and Montréal Exchange, bringing Caffrey’s coverage to more than 30 regulators, self-regulatory organizations and exchanges worldwide, across securities, commodities and derivatives. A firm can now research the same question across the U.S. and those markets in one place.
FIA, the leading global trade organization for the futures, options and centrally cleared derivatives markets, chose the 10 startups for their innovation and relevance to the futures, options and swaps markets, through an independent committee drawn from firms including Barclays, Citi, CME Ventures, Optiver, Virtu Financial and Wells Fargo. Founded in January 2026, Caffrey is already used on all three sides of the regulatory table: by financial regulators, by banks and broker-dealers, and by Am Law 100 law firms.
Caffrey is AI-native. Where traditional research tools return a list of documents for a lawyer to read, Caffrey’s AI reads them: it works through the rules, interpretations and enforcement actions that bear on a question, sorts out how they fit together and, in minutes, answers the question or writes a full research memo, with every conclusion linked to its source and the supporting passage highlighted. In financial regulation, the answer can turn on an exception, a later interpretation or an enforcement action that changes how a rule applies.
Caffrey also helps firms manage their policies and procedures, comparing them with applicable requirements drawn from more than 80,000 individual regulatory duties and proposing updates, with every source cited, as the rules change. The company is extending the same foundation to help institutions prepare for regulatory exams, respond to regulatory inquiries and conduct their own internal investigations.
Caffrey’s AI draws on a library of hundreds of thousands of rules, guidance documents and enforcement actions, updated daily. That library began more than two decades ago at Davis Polk, where Vijay Dewan, then a Columbia computer science graduate working as Steven Lofchie’s paralegal, pulled the first documents from regulators’ websites by hand and linked each one to the rule it interpreted. Lofchie, Caffrey’s co-founder and Chief Legal Architect and a partner at Norton Rose Fulbright, has been ranked by Chambers USA every year since 2007 and is the author of Lofchie’s Guide to Broker-Dealer Regulation. He has built on the library ever since, linking each rule to the interpretations, guidance and enforcement actions that apply it.
Lofchie co-founded Caffrey with Dewan and Ty Greenberg. Dewan, the CEO, practiced at Sidley Austin, served in-house at Deutsche Bank and prosecuted financial crimes as an Assistant U.S. Attorney, the same three seats Caffrey’s customers sit in. Greenberg, the Chief Revenue Officer, began his career as a legal analyst, earned his MBA at Stanford and was most recently a managing director at Fortress Investment Group, where he led the development of the infrastructure for an AI-powered private credit deal underwriting platform.
“Lawyers are paid for their judgment, not for retrieval,” said Dewan. “In regulation, the answer has to stand up to scrutiny. Caffrey does the research and shows its work, so the people on every side of a regulatory question can start from the same facts.”
“Read a rule on its own and you will often get the answer wrong,” said Lofchie. “So much of the law depends on the guidance, interpretations and enforcement actions. I have spent more than 20 years connecting the rules to the related regulatory actions so you can genuinely understand the requirements of the law.”
Caffrey is backed by Outset Capital, Grayhair Venture Partners, Teamworthy Ventures, Fortress Chairman Pete Briger and Dropbox co-founder Arash Ferdowsi, and advised by J. Christopher Giancarlo, former chairman of the CFTC, and Jonathan Frankle, chief AI scientist at Databricks.
“At Outset we back builders, and it’s rare to find a team that is the market it serves,” said Ali Rohde, managing partner at Outset Capital. “Caffrey’s founders have spent decades inside financial regulation. That depth is what lets them move this fast.”
Members of the media can arrange a demonstration or an interview with Caffrey’s founders through the contact below.
About Caffrey
Caffrey is an AI platform for financial regulation used by regulators, financial institutions and the law firms that advise them. Founded in January 2026 and headquartered in New York, it serves broker-dealers, banks, investment advisers, funds, exchanges and digital-asset firms. Learn more at caffrey.ai.
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