The massive update to the European financial regulatory framework, whose 1st of January start date is looming over the industry, is prompting continued action and a number of changes on the part of financial firms. Companies are refocusing their efforts in compliance in the run up to the application of the MiFID II regulatory framework.
NEX Group has just announced that its latest effort involve a partnership with one of the fastest growing companies in the normalization and reconciliation space, Duco. The firm yesterday reported that its revenues doubled in 2016 with client growth across Europe and the US reaching 50 percent.
Duco’s success has been largely due to the company’s reconciliation platform, Duco Cube. The solution has become the focal point for the deal with NEX Group and the implementation within NEX Regulatory Reporting.
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NEX Group aims to push the integration with Duco Cube pre-MiFID II implementation, as it is a product that seamlessly integrates multiple aspects of MiFID II requirements and boosts the capabilities of NEX Regulatory Reporting.
For their advanced needs, customers will also be able to get full access to a dedicated Duco Cube.
Commenting on the partnership, the CEO of NEX Regulatory Reporting, Collin Coleman, said: “By working with Duco, we will be able to scale fast and provide our rapidly growing client base with strong independent verification based on best-of-breed technology – all up and running long before the January 2018 deadline for MiFID II.”
“Duco Cube is particularly suited to the high volume, high complexity requirements imposed by MiFID II. This collaboration is a good example of the modern API economy and the rapid time to market provided by combinations of Software as a Service offerings,” elaborates the CEO of Duco, Christian Nentwich.