Torstone Technology will provide its Inferno solution for post-trade securities processing and trade accounting at London-based Daiwa Capital Markets Europe (Daiwa Europe).
The four-year deal will involve the ongoing use of Torstone’s Inferno for convertible bonds and associated equity/hedge products, and for FX/MM treasury functions.
The firm’s cash equity business will also move to the system by the end of 2012 and fixed income securities will follow in 2013. Inferno will then become the sole back office system in use by Daiwa Europe.
Daiwa Europe’s head of operations, Jim Baseley said: “Inferno includes core market standard functionality and has a flexible architecture which makes adjusting products or adding new ones and adapting to market conditions easy to do.”
Daiwa Europe is the wholly owned investment banking subsidiary of Daiwa Securities Group. In July, Daiwa Securities Group has sold its global asset services division to Sumitomo Mitsui Trust Bank (SMTB), after letting go of its synthetic prime brokerage arm in December.
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