Torstone Technology in a blaze for FTT
13 March 2013 London
Image: Shutterstock
Torstone Technology, providers of securities and derivatives processing software to the global financial markets, has readied its Inferno post-trade processing solution for the Financial Transaction Tax (FTT), and is rolling out the upgrade to existing clients.
Eleven European countries have decided to impose the FTT—subject to EU approval—across a range of equities and derivatives, with France and Italy being first to introduce their own version of the tax.
Brian Collings, chief executive of Torstone Technology, said: “FTT is a core systems upgrade as far as we are concerned which means that it will be automatically provided to clients. The inherent design, support for a broad range of asset classes within one system and the ease of centralising trade and reference data from disparate front office systems, has made it relatively straightforward for us to implement the changes in Inferno and provide the data required for FTT regulatory reporting.”
Creators of Inferno stressed that the taxation logic can be adapted “on the fly” as regulations are clarified and the needs of other countries are more clearly defined.
The system’s online and historic transaction and reference data aims to simplify backdated tax calculations and back reporting which the new rules may demand. It also calculates net trading positions across multiple source systems throughout the organisation.
Eleven European countries have decided to impose the FTT—subject to EU approval—across a range of equities and derivatives, with France and Italy being first to introduce their own version of the tax.
Brian Collings, chief executive of Torstone Technology, said: “FTT is a core systems upgrade as far as we are concerned which means that it will be automatically provided to clients. The inherent design, support for a broad range of asset classes within one system and the ease of centralising trade and reference data from disparate front office systems, has made it relatively straightforward for us to implement the changes in Inferno and provide the data required for FTT regulatory reporting.”
Creators of Inferno stressed that the taxation logic can be adapted “on the fly” as regulations are clarified and the needs of other countries are more clearly defined.
The system’s online and historic transaction and reference data aims to simplify backdated tax calculations and back reporting which the new rules may demand. It also calculates net trading positions across multiple source systems throughout the organisation.
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