Cloud-based data automation company Duco has announced the rollout of its no-code solution to aid firms in meeting data quality requirements of the upcoming Commodity Futures Trading Commission (CFTC) Rewrite.
The software-as-a-service (SaaS), no-code platform allows firms to adapt easily to new requirements brought about by changes to derivatives reporting regulations.
Duco says the Rewrite introduces a number of changes to data and reconciliation requirements for firms reporting over-the-counter (OTC) derivatives trades to Swap Data Repositories (SDRs).
These will require firms to remap their existing data processes, handle new types of data and accelerate error detection to meet tighter reporting deadlines.
Phase 1 of the Rewrite is set to come into effect on 5 December 2022, with Phase 2 expected to go live in late 2023.
Duco indicates that its CFTC solution provides firms with a fast, flexible way to aggregate, normalise and reconcile data for regulatory reporting. The data agnostic platform can ingest files from multiple systems and in multiple formats without the need for technical data manipulation.
It claims that this solution will also reduce the time and effort required to remap existing processes to changing regulatory requirements. This is particularly important in adapting to CFTC implementation, as firms will not receive the working files until the Phase 1 go-live date.
Commenting on the announcement, Duco CEO Christian Nentwich says: “Regulators are really hot on data quality right now. The CFTC Rewrite moves from a principles-based approach to something much more prescriptive.
“This is going to place a significant burden upon capital markets firms, many of which are using inflexible legacy technology that requires hardcoding to remap existing processes to the new requirements. Additionally, they may not have the necessary data quality checks in place to ensure their data is timely and accurate in line with the stringent demands of the Rewrite.”
Nentwich adds that customers that use Duco’s CFTC solution can adapt quickly to these changes, including any last-minute surprises when the changes go live on 5 December.
