Derivatives marketplace CME Group and financial technology company Duco Technologies recently announced a collaboration to augment CME Group's fee control processes.
The agreement was announced at the recent 41st Annual International Futures Industry Conference in Boca Raton, Florida, and represents the first exchange offering of its kind.
CME Group's members will now use Duco Cube, Duco's reconciliation service, with the goal of making the processes surrounding fee structures more simple.
"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," Duco CEO and Co-Founder Christian Nentwich said. "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."
The new technology has the potential to increase efficiency and accuracy among the member firms.
"At CME Group, we are committed to finding the best and most innovative solutions to our clients' needs," CME Group Chief Commercial Officer Bryan Durkin said. "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."