Sell-Side Technology Awards 2022: Best sell-side back-office platform—Torstone Technology

OVERVIEW

London-based Torstone Technology is changing the way the financial services industry handles middle- and back-office operations. Shifting from a restricted, siloed legacy environment to an open and Agile post-trade cloud-based infrastructure is not only a compelling move from a cost and performance standpoint, but it is also achievable with Torstone’s SaaS platform, without disrupting firms’ day-to-day operations.

“As a forward-thinking organization, the decision to implement Torstone’s cloud-based platform enables the bank to consolidate its middle-office and post-trade operations in Europe. We have better control and flexibility over change management and have more easily switched out other third-party vendors.”
John Owen, COO, Stifel Europe

THE SOLUTION

The Torstone Post-Trade Platform is underpinned by an open API architecture to deliver a suite of modular, real-time, post-trade functionality for all asset classes across major markets, from initial middle-office trade capture and confirmations to back-office settlement, reconciliation, accounting, cash, and collateral management.

The Platform is developed and supported with an Agile DevOps approach, with continuous monthly release cycles and real-time updates, in order to continually improve clients’ operations. With Torstone’s Agile delivery model, “run the bank” and “change the bank” happen simultaneously. Torstone’s SaaS deployment eliminates the need for ad hoc upgrades and patch releases on multiple legacy release branches. The Platform is supported by a single core codebase but features a low-code configuration layer that enables a high degree of client customization. 

WHAT’S TO COME

Torstone is set to go live with a new high-frequency trading firm, supporting its global operations including cryptocurrencies. 

It will extend its platform into the retail brokerage market, working with a strategic client partner.

It will introduce big data and analytic capabilities based on Amazon Web Services (AWS), enabling clients to better leverage their post-trade platform as the golden source for real-time data for enterprise analytics.

It is extending its electronic interaction with counterparties to reduce issue resolution times and help brokers improve client service.

It plans to further grow its global employee base by another 30% during 2022.

WHY THEY WON

Torstone continues to push the boundaries of middle- and back-office processing, while simultaneously challenging conventional thinking about what back-office platforms should look like, how they should be configured and delivered, and perhaps most significantly, how they fit into clients’ day-to-day operating models. The Torstone Post-Trade Platform is a perfect example of how a technology platform can shake up existing back-office conventions and deliver genuine value to the sell side.      

“We are excited by the significant growth we have been able to achieve in 2021 and our increased investment plans for 2022. We plan to build on this success in the coming year to bring new products and solutions to our existing clients, as well as enter new markets. We are mindful of the unprecedented pressures faced by financial services firms and their employees across the globe and we remain committed to helping our clients reduce costs, minimize risk, and drive efficiencies as we adjust to a new operating environment that is increasingly suited to cloud-based solutions.” 
Brian Collings, CEO and chairman, Torstone Technology

 

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