Torstone Technology, a leading provider of post-trade securities and derivatives processing, today announces that Credit Suisse Securities (Canada) Inc. has selected its award-winning post-trade processing platform, Inferno, to replace the firm’s existing third party outsourced platform and service.
Torstone Inferno is a multi-asset, multi-entity cloud-based platform, covering trade capture, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting. It provides a fully integrated, feature-rich user experience for middle- and back-office staff, increasing straight through processing (STP) and reducing manual effort.
Credit Suisse chose to implement Inferno following an extensive review period, including a detailed scoping analysis, which demonstrated Inferno’s capability to support Credit Suisse’s current business needs and the platform’s ability to flex in response to future requirements.
The project to migrate to Inferno is now underway and is focused on the firm’s institutional equities business. A key driver for the change was an aim to move away from an outsourced operation, and to increase efficiency across the wider business. Consolidating processes on Torstone’s SaaS platform will also provide Credit Suisse with the benefits of Torstone’s enhanced service model, resulting in reduced total cost of ownership.
Commenting on the announcement, Sam Farrell, Director, Head of Operations Credit Suisse Canada & Bahamas, said, “We decided to move to Inferno and bring our operational processing back in house in order to leverage a cloud-based, cross-asset platform, providing us greater transparency and control over our business, and presenting an opportunity to reduce our total cost of ownership. Our teams are working well together and we look forward to leveraging the benefits of the platform going forward.”
Jonny Speers, Global Head of Sales, Torstone said: “We are thrilled that Credit Suisse Securities (Canada) Inc. has chosen Inferno to support its institutional equities business here in Canada. As with all of our projects, we are working in close collaboration with the team at Credit Suisse, to ensure a smooth and seamless transition. We look forward to working with Credit Suisse over the coming months and years ahead, and to further growing our franchise here in Canada.”
Brian Collings, CEO, Torstone said: “Our relationship with Credit Suisse proves again Torstone’s ability to quickly enter new markets, underscoring the dynamic and flexible nature of our cloud-based platform.”