Asia Awards 2022: Best back-office platform—Torstone Technology

OVERVIEW

Originally launched in 2011 to service the global investment bank that built it, Torstone Technology now offers post-trade securities and derivatives processing technology globally on its software-as-a-service (SaaS) platform. It has been helping clients boost their revenue while reducing costs and has ambitions to go further, adding options for new digital assets and migrating from siloed to a more agile post-trade cloud-based infrastructure. Its overall goal is to change the perception of middle- and back-office operations across the industry. 

THE SOLUTION

To gain fully functional cross-asset capabilities, Torstone has zeroed in on extending the real-time modular nature of its open API platform architecture across multiple asset classes and speeded up building its middle-office solution. As part of this drive, API interfaces, data enrichment processes, and user interface technologies are able to be reused. The result is that rich and robust real-time post-trade functionalities are possible for its clients across all asset classes in major markets. This includes initial middle-office trade capture and confirmations, back-office settlement, reconciliation, accounting, cash, and collateral management. In addition, an agile DevOps approach means continuous monthly release cycles and real-time updates are possible.

WHAT’S TO COME

Torstone is currently one of only 12 SaaS companies worldwide to have achieved the level of AWS Financial Services Competency Partner, the highest level of Amazon Web Services (AWS) partnership. It will leverage this position as Asia-based capital markets firms continue to review the cost of ownership for legacy technology. It will also continue extending its platform into retail brokerage, building on its relationship with a new online brokerage client in Canada, which is in its first phase of implementation. 

WHY THEY WON

Global HFT signing
After benchmarking that it could support processing for over 100 million daily transactions, Torstone signed one of the largest global high-frequency trading (HFT) firms. This will include coverage for global cryptocurrency trading based in Asia as well as operations in the US and Europe.

Europe/Asia expansion
Torstone has sealed several deals and continued implementations across Europe and Asia.

Transaction volume
Handling multiple asset classes—including high-volume cryptocurrency trading—Torstone broke its company record, achieving its largest transaction volume processed.