Torstone Technology, the leading provider of post-trade securities and derivatives processing, has announced that MainFirst, the independent German headquartered European financial services firm, specialising in equity brokerage, capital markets and asset management, has completed the migration to Torstone’s middle and back office platform, Inferno.
Inferno is Torstone’s award-winning core post-trade processing platform, a multi-asset, multi-entity system, covering trade capture, confirmation, settlement, accounting and reconciliation. It provides a fully integrated, feature-rich user experience for middle and back office staff, increasing straight through processing (STP) and reducing manual effort.
MainFirst chose to implement Torstone’s Inferno in August 2016, following a successful pilot project which demonstrated that Inferno could meet the broker’s functional requirements, which included German specific confirmations and transaction reporting, as well as connectivity to Deutsche Boerse. MainFirst went live on Inferno in March 2017, migrating all post-trade processing away from the incumbent third party system.
Commenting on the project, Michael Lange, Partner, Head of Operations, MainFirst said: “Inferno provides us with a flexible, scalable solution that enables us to effectively grow our business and respond to evolving market and regulatory requirements. The integrated nature of the system has helped to streamline our back office operations process, as we can now operate through a single, unified user interface.”
Jonny Speers, Global Head of Sales, Torstone said: “We were delighted that MainFirst chose Torstone, and are very pleased with the positive feedback that we’ve received from them following the implementation. MainFirst is our first client in Germany, so the project included a number of market specific enhancements, in addition to the standard configuration and deployment of the system. The combined team of Torstone and MainFirst worked very well together, ensuring an on-time, on-budget delivery.”
Brian Collings, CEO, Torstone, added: “This project is another great example of Torstone’s ability to enter a new market and quickly bridge the gap to provide a fully featured, value-add solution, demonstrating the dynamic nature of the platform. Furthermore, our flexible approach to infrastructure and hosting meant that we have been able to meet MainFirst’s regulatory requirements in a post-Brexit scenario, by hosting the system locally in Frankfurt. The modular nature of our platform means that MainFirst can extend the system as needed, as new regulatory requirements enter into force.”