Torstone Technology, a London-based provider of derivatives processing software, has released a new Inferno module that consolidates over-the-counter (OTC) derivative trades from multiple front office systems and feeds them into global trade repositories (GTRs) such as DTCC, with the aim of increasing transparency and reducing risk.
Inferno is Torstone's post-trade processing software-as-a-service (SaaS) for mid-sized institutions.
Torstone developed the technology based around the open industry standard FpML messages for OTC products. Trades can be fed in real time or uploaded automatically at the end of the day. Data feeds from multiple front office systems are consolidated so that all the uploaded OTC details are viewable within the one system.
The new module is provided as an integrated part of Inferno or as a standalone module.
"We have done the technical ground work as well as what we believe is necessary for EMIR reporting and are in the final stages of meeting the more stringent Dodd Frank reporting, already fulfilling the requirement to report the trades in real time and provide trade workflows such as tracking confirmation status," says Brian Collings, CEO of Torstone Technology. "We'll be working with clients to understand additional requirements such as reporting common agreed trade identifiers between the OTC participants and end of day position reporting."
Torstone's technology has been fully tested with DTCC's GTR and is transferable to other GTRs, such as Regis-TR.
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