LONDON, Dec. 9, 2015 /PRNewswire/ -- Duco, a London-based fintech provider of hosted reconciliation services, announced that the firm, for the second year running, has won the FOW International Award for "Best New Technology Product – Trade Reconciliation" for its Duco Cube platform. FOW, the leading news and data service for the global futures and options industry, bestowed the award last night at its International Awards Dinner that closed the FOW Derivatives World London conference.
William Mitting, FOW Magazine Publisher, said: "There is a new wave of disruptive technology firms coming into the financial markets, radically increasing efficiencies across the trading cycle. Duco is among the leaders in this respect, using advanced computer science based approaches to overhaul post-trade reconciliation, matching and workflow, and the judging panel unanimously chose the firm as their winner."
Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., said: "We're honoured to win this FOW award for the second consecutive year. Duco has made terrific progress in the past year, not only in continuing to update the service but in growing our business globally, and we're poised for significant expansion next year. Most importantly, our clients are impressed with the efficiencies and ease of use of Duco Cube, particularly as the challenges of reconciling massive amounts of data are more profound than ever, while the heightened regulatory environment leaves no room for error. As an example, the importance of data collation, transformation, reconciliation and audited control, under the MiFID II directive, will become a critical point of focus for the marketplace."
In selecting Duco Cube as the winner, one judge noted: "While the concept of reconciliations in itself isn't new, Duco Cube delivers a very wide coverage, along with high customizability and agility of software change." Another said: "Duco is a potential market disrupter in a very well-established market. Great innovation, creative thinking and particular emphasis on partnering with clients."
Patrick Thornton-Smith, Duco Chief Marketing Officer, said: "The listed derivative and cleared swap industry continues to be challenged by cost pressures, competition and regulation. Our growing number of brokerage and clearing clients are using Duco Cube to improve controls, eliminate spread-sheets, retire ancient and expensive legacy systems and, in some cases transform inefficient, dated off-shore business models. We are proud to win this award and thank our clients for their support."
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. Duco won the 2014 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