An FCM operating globally needed to automate the back office in order to continue scaling. They trade on multiple markets, including CME, ICE and LME, and run a successful FX business. Their rapid growth meant they could no longer grow the back office to meet their needs through additional headcount.
Senior leaders at the firm were impressed by our native SaaS model, which offered them a more cost-effective and agile alternative to an internal build.
The client’s back office staff were able to set up the first twenty reconciliation controls and lock down the entire London business on their own in their first full week with the platform. Over the next twelve months, they rolled out Duco to their other locations, adding another fifty controls worldwide.
In a short test period, the firm’s staff were able to automate some of their most complex reconciliations on the Duco platform, such as controls against the LME. This convinced them that Duco was the right choice to help them achieve their main goals, many of which were impossible with their preexisting processes:
- Automate trade and position controls against all their exchanges and clearing houses
- Easily involve London and Chicago staff in setup, analysis and resolution of breaks
- Get a simple view of issues that would enable them to book corrections in either the general ledger or their back office systems
- Ensure that their trade reporting systems were reporting correctly
As of today, the client no longer uses spreadsheets for any of these reconciliation tasks, eliminating operational risk. Since working with Duco, the client has been able to expand the business significantly, purchasing competitors, entering new market segments and driving volume into the firm.