BOCA RATON, Fla., March 15, 2016 Duco Technologies, a global fintech provider of award-winning
data control services, and CME Group, the world’s leading and most diverse derivatives marketplace, today announced a pioneering agreement to dramatically transform its member firms fee control processes. The agreement, announced at the 41st Annual International Futures Industry Conference in Boca Raton, Florida, represents the first exchange offering of its kind.
Beginning later this year, CME Group will offer Ducos innovative reconciliation service to its member firms, enabling them to vastly simplify processes around fee structures without needing to invest in infrastructure or IT resources. Duco Cube will ensure that the firms back-office systems are aligned with CME Groups exchange fee pricing components, eliminating manual work, driving efficiency and ensuring accuracy between parties.
Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., said: Were very excited to collaborate with CME Group on this critical offering that will significantly improve efficiency for the nearly 350 clearing and non-clearing firms it serves. Intelligent, low-touch solutions that can deliver immediate results without lengthy implementation projects are vital to driving the transformational change the industry is undergoing. CME Group, which has been at the forefront of innovation, is embracing this approach with Duco, delivering a powerful tool into the hands of its customers.
CME Group Chief Commercial Officer Bryan Durkin said: At CME Group, we are committed to finding the best and most innovative solutions to our clients needs. Teaming up with Duco to utilize its intuitive, easy to use technology helps us simplify and streamline the current fee processes for our member firms.
Patrick Thornton-Smith, Chief Marketing Officer at Duco, added: We already have a number of FCM customers using Duco Cube for a wide range of reconciliation and workflow tasks. This partnership will go a long way to help CME Group member firms further improve a crucial element of the trade cycle, paving the way for other data control opportunities. This agreement illustrates the importance of a close working collaboration between fintech and global infrastructure providers.