Torstone migrate Daiwa Europe’s clearance and settlement repo business to Inferno
London— 11 December 2013 — Torstone Technology, providers of securities and derivatives processing software to the global financial markets, and Daiwa Capital Markets Europe (Daiwa Europe) have successfully transferred Daiwa’s multi-billion dollar repo business onto Torstone’s modern back office processing platform, Inferno. This represents the latest phase of a longer-term collaboration to implement best of breed back office technology across multiple asset classes at Daiwa Europe, the investment banking arm of Japan’s Daiwa Securities Group.
Torstone’s Inferno now processes Daiwa Europe’s bilateral repo, buy/sell back, tri-party, pledge and stock lending trades, and also trades settled via a central counterparty from repo ECNs such as BrokerTec and TP Repo.
By adopting Torstone’s market leading back office software, Daiwa Europe is achieving greatly improved STP performance, increased business capacity and agility, and sizeable cost savings through business synergies. Commenting on the project, Jim Baseley, London-based Head of Operations at Daiwa Europe, said: “This project represents a huge step forward in our programme of organisational change. With the extra capacity and flexibility Inferno gives us we can respond much faster to the market and provide a sound platform to grow our business.”
Torstone CEO, Brian Collings added: “The success of this project is not only down to the experienced, excellent development team but also the flexible nature of the system. Inferno has been built in such a way that new business logic can be added with relative ease. Once again we are able to demonstrate Torstone’s ability to deliver for our clients and help them keep ahead of today’s market.”
About Daiwa Capital Markets Europe (www.daiwacm.com/uk)
Daiwa Capital Markets is the wholly-owned investment banking arm of Daiwa Securities Group. The award winning firm provides integrated financial services including brokerage, capital raising, IPOs, M&A and other creative financial solutions to clients through a network of more than 20 offices across Asia, the Middle East, Europe and North America.
Daiwa Securities Group (www.daiwa-grp.jp/english) is one of the largest brokerage and banking groups in Japan and employs approximately 14,000 professionals worldwide providing comprehensive financial services, including retail brokerage, investment banking and asset management. Daiwa Securities Group has been in continuous operation in the financial services industry since 1902.
About Torstone Technology www.torstonetechnology.com
Torstone is a leading global provider of cross-asset securities and derivatives post-trade processing technology. Torstone’s cloud-based, award-winning Inferno platform is fast, flexible and future-proof. It enables global financial firms to reduce their costs, achieve greater control, minimise risk, and drive operational efficiency. Combining many decades of investment banking expertise with in-depth global financial market and technology industry knowledge, Torstone offers agile, secure, scalable, and cost-effective solutions.
Torstone Technology is headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo.