Nex Taps Duco for MiFID II Tech

LONDON, 7 June 2017 – NEX Regulatory Reporting, a NEX Group business which provides regulatory reporting services across worldwide regulatory regimes, and Duco, the global provider of self-service data normalisation and reconciliation services, today announce that NEX Regulatory Reporting is to use Duco’s technology to provide MiFID II reconciliation to their clients.

Reconciliation is a mandatory activity under MiFID II. The joint offering will use Duco’s reconciliation platform, Duco Cube, as a “black box” through its API. As a result, NEX Regulatory Reporting clients will receive a seamless reporting, validation and reconciliation experience for MiFID II through the new NEX Regulatory Reporting integrated user interface. Clients will also be able to get full access to a dedicated Duco Cube instance for more complex requirements, such as MiFID-related internal controls or clean-up activities.

Collin Coleman, CEO of NEX Regulatory Reporting, said: “What sets us apart in the market is our understanding of both regulation and technology and our strong focus on the end-to-end experience. By working with Duco, we will be able to scale fast and provide our rapidly growing client base with strong independent verification based on best-of-breed technology – all up and running long before the January 2018 deadline for MiFID II.”

Christian Nentwich, CEO of Duco, said, “Duco Cube is particularly suited to the high volume, high complexity requirements imposed by MiFID II. Many of our clients rely on Duco Cube for regulatory reporting reconciliations under EMIR and MiFID today, and we are pleased to bring this technology to a wider audience in partnership with NEX Regulatory Reporting. This collaboration is a good example of the modern API economy and the rapid time to market provided by combinations of Software as a Service offerings.”

NEX Regulatory Reporting, a NEX Group business, operates within NEX Optimisation, which helps clients simplify complexity and optimise resources. Powered by Abide Financial, NEX Regulatory Reporting platform lowers costs, eliminates operational risk and provides regulatory reporting effectiveness. Through the business’s multi-regime reporting hub, regulatory obligations are translated into future proof compliant solutions while its specialist advisory teams interpret the impact of evolving markets regulation relating to trade and transaction reporting. In addition to local European regulatory environments (EMIR, MiFID/II, SFTR, REMIT), NEX Regulatory Reporting provides specialised reporting services for entities subject to international regulatory regimes such as Dodd Frank, ASIC (Australia) and MAS (Singapore). For more information, go to www.nexregulatoryreporting.com

NEX Group plc offers customers better ways to execute trades and manage risk. Our products and services underpin the entire trade lifecycle pre-, during and post-execution. Our electronic trading platforms are industry standards. Customers use our lifecycle management and information services to optimise portfolios, control risk and reduce costs. We partner with emerging technology companies to bring greater efficiency, transparency and scale to the world’s capital markets. NEX is headquartered in London with offices worldwide. For more information, go to www.nex.com

Duco’s mission is to make managing data easy. As the market leader in self-service reconciliation, Duco empowers users to deal with complex data in a fraction of the time required by traditional systems. New clients are live in 24 hours, with reconciliations in production in 7 days and return on investment in 30 days. Customers include international banks, brokers, exchanges, hedge funds, asset managers, fund administrators, payments companies and corporates. Headquartered in London, with offices in New York and Luxembourg, Duco serves clients throughout Europe, the United States, Africa, Asia, the Middle East and Australia. For more information, visit https://du.co