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China Merchants Securities and three FCM Banks sign for Duco

London-based technology provider of hosted reconciliation services Duco has announced that the firm has, in the past five weeks, signed four financial institutions as new customers.

China Merchants Securities (UK) Limited is the latest to select the award-winning Duco Cube for a range of reconciliation and matching needs, signing last Friday.

The others are two North American-based global banks and a major Japanese financial institution, along with their listed and over-the-counter futures commission merchant (FCM) business areas.

Duco Chief Marketing Officer Patrick Thornton-Smith said: "We are delighted to work with these three established banks and with CMS as it seeks to expand its footprint on the London Metal Exchange. The range of business cases across these new clients is wide, covering regulatory, accounting, finance, operations and banking reconciliation. Futures brokerages, especially those like CMS that are just setting up, are opting for Duco to enable them to keep costs and risk down as their business grows."

He continued: "It has been a very good year for us, and we are grateful to our clients for placing their confidence in us for their critical business functions in our first full year in business. We now have 16 clients across the globe and expect a rapid increase next year."

Last week Duco won the 2014 FOW International Award for "Best New Product – Reconciliation" for its flagship Duco Cube, launched in April 2013.