Firms Continuing to Tap Duco for MiFID II Reconciliation Ahead of January

One of the biggest regulatory changes in recent years is poised to take effect this January in Europe - MiFID II. With its start date looming over financial venues for over a year, many groups have opted to redouble their focus on their own compliance efforts.

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This atmosphere has created an uptick in demand for compliance solutions from one of fastest growing companies in the normalization and reconciliation space, Duco. To date, Duco has been inking numerous partnerships with financial venues, including three firms which will utilize Duco Cube, the company’s flagship reconciliation solution used for MiFID II reporting reconciliation.

The three firms include Redburn, one of Europe’s largest independent equities brokers, and two other global banks. These groups build on a large client list that includes some of the industry’s largest players, including NEX Group and others.

Ranith de Silva, Operations Manager at Redburn, commented: “MiFID II transaction data needs to undergo a number of enrichment processes between front office capture and the final report, which need to be replicated in the reconciliation process, covering large complex data sets. The quick deployment, flexibility and usability of Duco's self-service application enables us to efficiently build towards this reconciliation process with very little technical support.”

Duco Cube has emerged as one of the options of choice for firms looking to shore up their MiFID II Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term. Regular reconciliation is a key new requirement under the new regime, which Duco Cube can reconcile via daily consistency checks on transaction reporting data.

This is accomplished by updates sent to firms’ ARMs (approved reporting mechanisms) and/or the relevant regulatory authority. Companies will also be relying on Duco Cube to provide additional auditability and security surrounding a variety of internal processes.

“We have been advising on MiFID II reconciliation requirements across both buy side and sell side, and we are pleased to see continued momentum around our MiFID II offering. We are expanding our partnership programme in this space, and the recent agreement with NEX Regulatory Reporting means our technology will be used to provide end-to-end MiFID II compliance across a large and diverse client base,” added Jeffrey Gangl, Chief Revenue Officer of Duco.

Indeed, the list of venues tapping Duco for its solutions looks to only grow ahead of January 3, 2018. A number of recent studies have pointed to the industry’s stunning lack of preparedness in regard to new MiFID II regulations. With time running short, Duco is likely to garner a further round of accords in the latter stages of the year.

“Strategically building a robust data architecture based on the next generation of data applications is the way forward. As a result, we expect to see further adoption of Duco Cube up until the MiFID II January deadline and beyond, as firms evolve their processes around the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term,” explained Christian Nentwich, CEO of Duco.