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Computers

Torstone migrates Daiwa Europe's clearance and settlement repo business to Inferno


Daiwa Capital Markets Europe’s multi-billion dollar repo business has been transferred onto Torstone Technology’s 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 back office software, Daiwa Europe is achieving improved STP performance, increased business capacity and agility, and sizeable cost savings through business synergies.
 
Jim Baseley, London-based head of operations at Daiwa Europe, says: “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 chief executive Brian Collings says: “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.”

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