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Duco, a London-based fintech provider of hosted reconciliation services, announced that FIA has selected the firm as one of the first eight awardees to its new Innovators Pavilion, a showcase for startup companies providing forward-thinking solutions for the listed derivative and cleared swaps industry.
Innovators Pavilion is a new feature at the annual FIA Futures and Options Expo in Chicago this November. Duco and other Innovators were selected on the basis of applications reviewed by a committee of industry experts assembled by FIA. Awardees must be firms that have been in business for no more than five years and that can make a positive impact on the industry with an innovative product or service.
Duco Chief Marketing Officer Patrick Thornton-Smith, who will make a presentation during Expo, said: “We are delighted to earn this innovation recognition and would like to thank the FIA and our many banks, brokerage and clearing firms customers around the world. We fully recognise the pressure these firms are facing due to cost and capital demands in a heightened regulatory environment, at the same time that they’re seeing squeezed margins and erratic volumes. Our service offering in the reconciliation and data management aspects of the derivatives markets provides a proven, practical solution.
“Our business model looks to bring down, by an order of magnitude, the total cost of ownership against legacy reconciliation systems, and to transform into hours – not weeks – the delivery of accurate, reliable and auditable regulatory evidence reporting. It’s that simple.
“There are many old, legacy systems and hundreds of manual spread sheet ‘work-around’ processes performing tasks that expose a high degree of risk, instability and potentially inaccurate regulatory or audit adherence at a huge cost. The industry needs as much technology innovation as it can get in these critical areas of cost control and regulatory adherence.”
Rob Creamer, FIA board member and chairman of FIA Principal Traders Group, who is chairing the Innovators Pavilion selection committee, said: “This is a great way for our industry to promote innovation and forge connections between entrepreneurial startups, venture capitalists and the companies that can benefit from their services.”
