Getting back in control after a cyber-attack on derivatives infrastructure


A Duco customer was able to respond fast to a critical infrastructure event in the derivatives space caused by a cyber-attack. Our agile platform enabled them to rapidly spin up controls. This meant they could reconcile positions between their internal systems and clearing houses and exchanges.

The cyber-attack in question took down a leading service for back-office processing, impacting the automatic matching of both sides of ETD trades, as well as transactions clearing. This left firms including some of the world’s largest banks, brokers and hedge funds, having to manually reconcile trades via spreadsheet.

The Duco customer, however, was able to harness the innate agility of our platform to rapidly build new automated, transparent positions reconciliations. Duco’s no-code platform provides business users with the tools to build processes themselves without technical support.

Other features of the platform, such as our data agnosticism and the Duco Alpha machine learning engine, further streamline the process of building, testing and refining reconciliations.

The customer, a global bank, built 14 trade reconciliations in just 42 hours, taking just three hours on average per reconciliation:

  • Pre-work: 30 minutes
  • Build: 60 minutes 
  • Test: 60 minutes
  • Production tweaks: 30 minutes

A single person built the reconciliations with input from SMEs. There was no need for IT support or input from Duco.

Other customers were also able to react fast. For example, a global clearing broker was able to independently set up seven reconciliations to track their derivatives positions in under three days.

Where others were forced to turn to spreadsheets, Duco customers were able to build exactly the same robust, transparent automations they always do, giving them added visibility and security at a time of significant market disruption.