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Duco, provider of the hosted, on-demand reconciliation service Duco Cube, today announced that it has won the global mandate to provide reconciliation services to ICAP, the leading markets operator and provider of post trade risk mitigation and information services.
The service has been live since March. ICAP is using Duco Cube to strengthen certain risk controls across the business, including, amongst others, audit checks in finance, trade and position reconciliations in brokerage operations, end of day exchange reconciliations as well as a variety of static data quality controls.
“ICAP adopting Duco Cube globally is a significant vote of confidence in our technology and business model. The sheer variety of controls ICAP are looking to strengthen very much plays towards the strengths of Duco Cube: on-‐demand, asset class agnostic and quick to roll out without technical assistance,” said Christian Nentwich, CEO, Duco.
“Duco Cube enables ICAP to further strengthen its controls and improve efficiency in mandatory regulatory functions, auditing and duty of care without the significant increase in technology spending that this would usually entail,” said Ken Pigaga, Group Chief Operating Office of ICAP.
