Duco releases EMIR Refit solution
21 February 2023 UK
Image: Sergey_Nivens/stock.adobe.com
Duco, a cloud-based data automation company, is to roll-out a no-code solution to help firms meet data quality requirements of upcoming EMIR Refit rules.
The European Market Infrastructure Regulation (EMIR) Refit will make changes to the data and reconciliation requirements for firms reporting derivatives trades to trade repositories.
To meet these requirements, Duco warns that firms will need to remap their existing data processes, adapt to new data types and ensure that they can detect reporting errors.
The Duco platform will offer a no-code functionality to remap existing processes or build new ones without technical knowledge, the firm says.
The 鈥渟elf-service鈥� cloud solution aims to present firms with a range of data integrity capabilities, from controlling upstream intersystem data to ensuring downstream data integrity.
Duco looks to support financial institutions to reconcile sent and received data with trade repositories and regulators post reporting, to achieve accurate reporting and avoid errors and fines.
Phase I of the EMIR Refit rules is expected to go into effect on 29 April 2024, while Phase II is to follow two years after.
James Maxfield, head of product and solutions at Duco, says: 鈥淭he EMIR Refit is just the latest in a long list of regulatory changes for firms. As the scrutiny over data quality increases, it is vital that firms have technology that enables them to put robust controls in place to ensure the accuracy and completeness of their data, yet retain the agility necessary to respond fast to inevitable changes.
鈥淒uco customers are already able to cover a wide variety of transaction reporting use cases and our significant investment in our transaction and trade reporting solutions will only strengthen the ability to ensure accurate, complete reporting data.鈥�
The European Market Infrastructure Regulation (EMIR) Refit will make changes to the data and reconciliation requirements for firms reporting derivatives trades to trade repositories.
To meet these requirements, Duco warns that firms will need to remap their existing data processes, adapt to new data types and ensure that they can detect reporting errors.
The Duco platform will offer a no-code functionality to remap existing processes or build new ones without technical knowledge, the firm says.
The 鈥渟elf-service鈥� cloud solution aims to present firms with a range of data integrity capabilities, from controlling upstream intersystem data to ensuring downstream data integrity.
Duco looks to support financial institutions to reconcile sent and received data with trade repositories and regulators post reporting, to achieve accurate reporting and avoid errors and fines.
Phase I of the EMIR Refit rules is expected to go into effect on 29 April 2024, while Phase II is to follow two years after.
James Maxfield, head of product and solutions at Duco, says: 鈥淭he EMIR Refit is just the latest in a long list of regulatory changes for firms. As the scrutiny over data quality increases, it is vital that firms have technology that enables them to put robust controls in place to ensure the accuracy and completeness of their data, yet retain the agility necessary to respond fast to inevitable changes.
鈥淒uco customers are already able to cover a wide variety of transaction reporting use cases and our significant investment in our transaction and trade reporting solutions will only strengthen the ability to ensure accurate, complete reporting data.鈥�
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