Daiwa Capital Markets Hong Kong, the investment banking arm of Daiwa Securities Group, has gone live with securities and derivatives processing software vendor Torstone Technology’s Inferno post-trade processing platform, officials say.
The switch marks “the latest phase of a long-term collaboration to implement best-of-breed back-office technology across multiple asset classes at Daiwa HK,” according to statement from Torstone.
Torstone’s Inferno processes all of Daiwa HK’s settlements, confirmations and reconciliations for its equity and fixed income business, and also “provides the finance team with a platform for journal postings, generates risk reports and provides a platform for use by Legal and Compliance,” say Torstone officials.
By consolidating its business onto a single platform, Daiwa HK has been able to drive down operating costs, according to the vendor, and allowed the firm to achieve higher rates of straight through processing (STP).
The project has also “further enhanced the on-going alliance between Torstone and Daiwa Institute of Research,” which provides research and IT consultancy services, Torstone officials say.
“By adopting Inferno, Daiwa HK has improved STP [straight through processing] performance, increased business capacity and agility and achieved sizeable cost savings through business synergies, therefore successfully positioning Daiwa for future growth,” says Terry Mackey, chief operating officer (COO) at Daiwa HK, in a prepared statement.
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