BOCA RATON, Fla., March 15, 2016 /PRNewswire/ -- Duco Technologies, a global fintech provider of award-winning data control services, and CME Group, the world's leading and most diverse derivatives marketplace, today announced a pioneering agreement to dramatically transform its member firms' fee control processes. The agreement, announced at the 41st Annual International Futures Industry Conference in Boca Raton, Florida, represents the first exchange offering of its kind.
Beginning later this year, CME Group will offer Duco's innovative reconciliation service to its member firms, enabling them to vastly simplify processes around fee structures – without needing to invest in infrastructure or IT resources. Duco Cube will ensure that the firms' back-office systems are aligned with CME Group's exchange fee pricing components, eliminating manual work, driving efficiency and ensuring accuracy between parties.
Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., said: "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. 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."
CME Group Chief Commercial Officer Bryan Durkin said: "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."
Patrick Thornton-Smith, Chief Marketing Officer at Duco, added: "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."
Duco is a technology company focused on simplifying complexity by employing advances in computer science research. Its award-winning hosted reconciliation service, Duco Cube, enables firms to control complex data using light-touch, self-service technology. For the past two years, Duco has won the FOW International Award for "Best New Product – Reconciliation" and was one of only seven firms chosen to participate in the prestigious 2015 FinTech Innovation Lab in London. During 2015, FIA and Finance Magnates presented Innovation Awards to Duco. Financial News named Duco CEO Christian Nentwich to its "40 Under 40 Rising Stars of Trading and Technology" as well as its "40 leaders in fintech" list of individuals who "display influence or innovation in the emerging financial technology ecosystem." Headquartered in London, with offices in New York and Luxembourg, Duco serves clients throughout Europe, the United States, Africa, Asia and Australia.
For more information, please visit du.co
About CME Group
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform, its trading facilities in New York and Chicago, and through its London-based CME Europe derivatives exchange. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
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SOURCE Duco; CME Group