Torstone technology, provider of post-trade securities and derivatives processing, has signed a multi-year agreement with Nordic investment bank ABG Sundal Collier (ABG).
The agreement aims to provide access to Torstone’s flagship cloud-based platform, Inferno, and acts as a further testament to its growing presence in the Nordic region.
This follows Torstone’s announcement in January when Torstone entered the Norwegian market by connecting the Inferno platform to the Norwegian Central Securities Depository, Verdipapirsentralen ASA (VPS).
Inferno enables connectivity to multiple markets including Norway and Sweden. It will provide ABG with a flexible and future-proof operational platform to support their global business.
Additionally, Inferno will handle ABG’s trade capture, confirmations, settlement, accounting and reconciliation, as well as static data management data.
As part of the project, Torstone has also built out connectivity to a major Norwegian custodian bank, as well as to regional payment and regulatory reporting service providers.
Geir Olsen, CFO, ABG Sundal Collier, commented: “We are pleased to partner with Torstone and have been very encouraged by the rapid progress made on the project. We look forward to leveraging Inferno’s full set of capabilities once we complete the switch-over later this year.”
Jonny Speers, global head of sales, Torstone, added: “We are delighted to be working with ABG Sundal Collier, a major Nordic financial institution, who has chosen to leverage our Inferno platform. We are excited about the opportunities in this market as we look to strengthen our presence here.”
Brian Collings, CEO, Torstone, said: “Our partnership with ABG Sundal Collier proves again Torstone’s ability to quickly enter new markets, underscoring the dynamic and flexible nature of our platform. We are working in close collaboration with ABG to further build out this partnership as we prepare to launch the solution towards the end of this year.”
