CME Group has announced plans to make Duco Technologies’ automated reconciliation service – Duco Cube — available to member firms later this year. CME Group and Duco made the announcement at the 41st Annual International Futures Industry Conference in Boca Raton, Fla.
“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,” said CME Group Chief Commercial Officer Bryan Durkin.
Duco Cube will automate the alignment of firm back-office systems with CME Group exchange fee pricing components. The capability, the companies say, will vastly simplify processes without the requirement of investing in expensive IT infrastructure and personnel.
“We’re 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,” said Duco CEO Christian Nentwich. “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.”
This agreement has the potential to transform fee control processes at CME Group member firms, according to the companies.
“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,” said Patrick Thornton-Smith, Duco’s CMO.
Contributing writer: John Davis