Daiwa Europe migrates repo to Inferno 13 December 2013London Reporter: Mark Dugdale
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The investment banking arm of Japan’s Daiwa Securities Group has successfully transferred its multi-billion dollar repo business onto Torstone Technology’s back-office processing platform, Inferno.
Torstone’s Inferno now processes Daiwa Capital Markets Europe’s bilateral repo, buy/sell back, triparty, pledge and securities lending trades, and also trades settled via a central counterparty from repo electronic communication networks such as BrokerTec and TP Repo.
Jim Baseley, head of operations at Daiwa Capital Markets Europe, said: “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 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.”
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