As the financial markets come to include numerous assets traded from global destinations, a new emphasis on reconciliation services to track settlement of trades between counterparties has been created. Riding this growth has been UK based Duco.
With their main product, Duco Cube, which provides on demand reconciliation services that can be analyzed on a web based front end, the firm has gained strong demand for their solution. According to Duco, over the last 12 months, their Duco Cube offering has reconciled more than one billion transactions. As such, to meet demand, Duco has announced that they are launching a new subsidiary in the US: Duco Technology.
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Explaining the US expansion, Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., said in the firm’s public statement: “Over the last 18 months that we have deployed our web-based, on-demand reconciliation service, Duco Cube, we have seen an acceleration of North American based customers with a global footprint. Our new office will enable us to continue to offer U.S. and Canadian clients a premium level of support and to establish a direct sales presence in this critical market.”
Heading the New York office is David Zelinger, a former Duco Cube customer who becomes the Managing Director of Duco Technology. Previous to Duco, Zelinger had been working at Markit. Taking the new position, Zelinger explained: “As a former client of Duco, I was incredibly impressed by the power of the platform”.
Most recently, Zelinger served as Director, Global Head of Operations for Markit’s Credit Centre, where he led the launch of a high-volume credit management platform. Prior to joining Markit, he was a Vice President at Deutsche Bank, managing the Interest Rate Swaps middle office and then assuming the role of Head of Market Initiatives for North America. During this time, he was chair of ISDA’s Global Rates Architecture and Novations Working Groups.