International derivatives marketplace CME Group Inc (NASDAQ:CME) has teamed up with provider of data control services Duco Technologies, in a partnership set to transform its member firms’ fee control processes.
From later this year, CME Group will provide its member firms with Duco’s innovative reconciliation service, thus allowing 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, fuelling efficiency and ensuring accuracy between parties.
Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., says,
“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 says,
“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, adds,
“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.”
For the full press release on the partnership, click here.