Duco has launched pre-configured processes within its EMIR assurance solution, providing core data controls between trade capture, trade reporting store and trade repository in line with EMIR ISO XML formatting.
The solution includes operational dashboards for enhanced oversight and exception management operations, intelligent root cause analysis suggestions and a workflow engine to route and remediate exceptions. As a software-as-a-service solution, it can be deployed within a few days and requires no build.
The product has been developed in anticipation of the EMIR Refit, set to go live in Q1 2024, which will require firms to report more data in new fields and different ways. As data quality requirements become stricter, they must demonstrate their use of appropriate control frameworks, Duco says.
James Maxfield, chief product officer at Duco, says: “Preparation for the Refit is heating up. We are seeing firms struggling with their legacy providers. For example, some systems can’t manage the number of columns and fields, which means firms have to break up their reconciliation processes.
“Others generate so many breaks on their internal control reconciliations — sometimes in the millions a week — that firms can only reconcile weekly, which won’t be adequate with ESMA’s increased expectations around data integrity.
“The data quality is continuing to degrade. Duco’s solution is market leading in its ability to embed data quality checks into matching rules and completeness checks to trust your data, and in insulating customers from future regulatory change.”
