Duco, the global provider of self-service data normalization and reconciliation services, today announced that a further three firms will be using Duco Cube, the company’s flagship reconciliation solution, for MiFID II reporting reconciliation. The firms include Redburn, Europe’s largest independent equities broker, and two global banks.
Ranith de Silva, Operations Manager at Redburn, said: “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.”
Regular reconciliation is a mandatory requirement under MiFID II. The firms will be using Duco Cube to provide daily consistency checks on transaction reporting data sent to their ARMs (approved reporting mechanisms) and/or the regulator. They will also be using Duco Cube to provide enhanced auditability and security around a variety of internal processes.
Jeffrey Gangl, Chief Revenue Officer of Duco, said: “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.”
Christian Nentwich, CEO of Duco, added: “The MiFID II deadline is imminent, but in terms of regulation impacting financial institutions’ data processes and systems, it is only the beginning. GDPR is coming in 2018 with SFTR in 2019. Firms cannot afford to spend time and money on tactical fixes. 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.”