London and New York 16 April 2014 — Torstone Technology, providers of securities and derivatives processing software to the global financial markets, last night picked up the glittering prize for Best Implementation at a Sell-Side firm at the Sell-Side Technology awards held in New York last night. The implementation was the successful transfer of Daiwa Capital Markets Europe (Daiwa Europe)’s multi-billion dollar repo business onto Torstone’s back office processing platform, Inferno.
The best implementation is the only category which specifically considers the practical implications of a third-party provider’s technology from an end-user’s perspective. This project represents the latest phase of a longer-term collaboration to replace Daiwa’s in-house mainframe infrastructure with Torstone’s Inferno technology.
Matthew Hargreaves, Managing Director and CIO of Daiwa for Europe and the Middle East said: “This project has been an excellent example of how a client and vendor can work truly collaboratively to deliver optimal mutual long-term value - no ‘them and us’, no finger-pointing, no poring over contracts to see who should be held to account. This project was the last phase of a major multi-year implementation effort, delivered under control, on time and under budget, and with every stakeholder happy. Well done to everyone involved.”
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. Last year we won the best sell-side newcomer award and it is doubly gratifying to follow-up that win with the best implementation prize.”
Organised by Waters Technology, the awards’ ceremony took place at the New York Marriott Marquis. The event recognises the leading technologies and third-party vendors serving the sell-side of the financial industry. An auditable and transparent evaluation methodology was underpinned by the input and experience of nine judges — four sell-side CIOs/consultants and five of Waters magazine's senior staff members. The judging panel included: Victor Anderson, Convenor, Waters, London; Anthony Malakian, Waters, New York; James Rundle, Waters, London; Jacob Thomases, Waters, New York; Timothy Murray, US Staff Writer, Waters; David Easthope, Celent; Fred Ponzo, GreySpark Partners; David Saul, State Street and Todd Berlent, Cantor Fitzgerald.
About Torstone Technology http://www.torstonetechnology.com/
Torstone Technology, headquartered in London with offices in New York and Hong Kong, provides securities and derivatives processing software to the global financial markets. Its flagship product is Inferno which is designed to support high volumes of straight through processing for settlement of a wide range of asset classes from complex derivatives to high volume equity processing. The software is designed for today’s more fragmented and highly regulated markets.
About Daiwa Capital Markets Europe (http://www.uk.daiwacm.com/)
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.