Duco rolls out a new transaction reporting eligibility validator to ensure compliance with EMIR standards

Duco, a company known for delivering a new, transformative approach to data management and control, recently introduced a new transaction reporting eligibility validator. The new validator was designed to help financial services companies make sure that their reporting will meet the standards set out by the European Market Infrastructure Regulation (EMIR).

The company also shared its intention to extend support to other regulatory frameworks moving forward.

How will the TR eligibility validator help companies?

Duco is a prominent SaaS firm that is currently best known for its AI-driven data automation solutions. With its TR eligibility validator, the company will directly enable a detailed comparison of firms’ internal eligibility rules against the European Securities and Markets Authority (ESMA) requirements.

More than that, it will be able to identify any discrepancies in reporting, thanks to its advanced reconciliation and exception management capabilities.

Commenting on Duco’s new TR eligibility validator, James Maxfield, the firm’s Chief Product Officer, stated that EMIR refit preparations are in full swing, which is why Duco decided to support many buy and sell side firms in getting ready with post-reporting assurance.

“Eligibility checks are a key pain point for customers, so we decided to enhance our existing solution. Customers need to show regulators they are putting robust controls in place,” he added.

Maxfield further explained that Duco’s new validator will allow customers to run independent checks whenever they want. The tool is also extremely fast and capable of providing results within mere minutes. Not only that, but it can provide a clear audit trail. All insights will be made available on a field-by-field level, allowing clients to see specific issuers, and discuss and show ESMA that they are going deep in their scans for discrepancies.

Meanwhile, the Head of Derivatives and Regulatory Consulting at Quorus, Andrew Pinnington-Mannan, stated: “We’re delighted to join forces with Duco in bringing this solution to market. Eligibility rules are complex to interpret, let alone implement, and many customers need help with both.“

He added that the companies need to be able to show the regulators that they have credible, independent validation of their rules. In addition, they must demonstrate that their controls are effective, no matter what changes to processes or datasets may occur. They can achieve this by embracing modern data technology backed by extensive expertise in regulatory reporting, which is what Duco now has to offer.

Duco also made headlines in 2023, when it launched pre-configured processes as an integral component of its EMIR assurance toolkit. The idea is to fortify crucial data controls spanning trade reporting store, trade capture, and the trade repository.