Sell-Side Technology Awards 2023: Best sell-side back-office platform—Torstone Technology

Product: Torstone Post-Trade Platform

Overview

System fragmentation due to disparate, poorly integrated legacy systems hinders straight-through processing (STP) and access to crucial data, holding firms back in their digitization journeys. Torstone is on a mission to change the way the financial services industry looks at middle- and back-office operations. Shifting from a restricted, siloed legacy environment to an open and agile post-trade, cloud-based infrastructure is compelling from a cost and performance standpoint and achievable with Torstone’s software-as-a-service (SaaS) platform, without disrupting firms’ daily operations.

“Over the recent years, we have enjoyed unprecedented growth levels. As we continue to diversify into new asset classes and trading strategies, at ever-increasing volumes, we need a flexible, scalable solution. Torstone’s Post-Trade Platform has demonstrated great capability. They provide a highly flexible cloud-based solution capable of scaling when required, to provide us with the confidence we need to continue pressing our growth strategy.”
Alan McGroarty, COO, Tower Research Capital

The solution

The Torstone Post-Trade Platform was built by and for a global investment bank. Its real-time, event-driven, service-oriented architecture provides clients with multi-asset, multi-entity, multi-currency, and multi-discipline capability on a single, integrated platform. Users can automate processes and drive high rates of straight-through processing (STP) with rapid resolution of exceptions. As the Torstone platform is cloud-delivered, clients can reduce their investment in infrastructure and focus on their core business.

Secret sauce

Torstone’s middle office, which delivers real-time, multi-asset allocation and confirmation workflow processing via the cloud, provides an allocation and confirmation workflow. Torstone has also extended its data processing and analytical capability where the data capture and enrichment processes deliver enhanced value. Torstone processes over 100 million daily transactions on AWS.

Recent enhancements

  • Extended the modularity of its product architecture for the middle-office functional line, which provides an intuitive user experience through the allocation and confirmation workflow
  • Used and reused component technologies like API interfaces, data enrichment processes, and the user interface to deliver rich user functionally
  • Extended its data processing and analytical capabilities

Future objectives

Recurring annual revenue increased significantly year on year; 2022 was a good year in terms of growth. 

“We’re excited by the significant growth we’ve achieved in 2022 and our increased investment plans for 2023. We plan to build on this success to bring new products and solutions to our existing clients, as well as enter new markets. We’re mindful of the unprecedented pressures financial services firms and their employees face, and are committed to helping our clients reduce costs, minimize risk, and drive efficiencies.”
Brian Collings, CEO and chairman, Torstone Technology

Why they won

For far too long, capital markets firms’ front and middle offices received the lion’s share of technology and operations budgets as they sought to optimize the functions sitting within those two areas. In recent years, however, that has changed and now the back office is where a lot of the “action” is taking place as firms look to improve the efficiency, accuracy, flexibility and throughput of their post-trade processing, while simultaneously keeping a lid on costs. Torstone’s outstanding Post-Trade Platform wins this category thanks to its real-time, event-driven, service-oriented architecture that provides banks with multi-asset, multi-entity and multi-currency support, all wrapped up in a single application. Is there a better, more complete back-office platform on the market right now?

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IMD & IRD Awards 2024: All the winners

Here are the 28 category winners of this year's Inside Market Data & Inside Reference Data Awards, announced on the evening of May 16 at a reception following this year's North American Financial Information Summit in New York.

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