Firms Selecting Duco Cube Include Tier 1 Global Bank, Inter-Dealer Broker, Clearing Firm, Proprietary Trading Firms and Physical Bullion Platform
Duco, a London-based financial technology (fintech) provider of hosted reconciliation services, today announced that the firm has signed seven new clients on four continents in the last 12 weeks. The latest firms to adopt the award-winning Duco Cube on-demand reconciliation system include a “Tier 1” global bank, a major inter-dealer broker, a Chicago-based futures clearing firm, two proprietary trading firms in Europe and the U.S., and a Singapore-based physical bullion platform.
The firms are deploying Duco Cube to address cost and control challenges across asset classes ranging from listed derivatives to over-the-counter products to commodities. The reconciliations will cover a variety of business functions, including operations, finance and information technology (IT).
Duco Chief Executive Officer Christian Nentwich, Ph.D., said: “The pace of change toward low-touch and highly scalable solutions for the control of data is breathtaking as firms continue to seek process innovation to address cost pressure, regulatory deadlines and market conditions. We’re thrilled to welcome these new clients to the Duco family, bringing us to 22 high quality customers around the world, including a wide range of banks, brokerage firms and hedge funds. We’re also gratified to see a high rate of expansion in current client business. More than 30 percent of our total revenue in the financial year just closed was from existing clients returning to increase usage of Duco Cube to areas beyond those originally envisioned when they signed with us. Our order book is growing with a number of Tier 1 banks, smaller institutions and other service providers undertaking a trial of Duco Cube.”
