Torstone Technology, a SaaS provider of post-trade securities and derivatives processing solutions, has successfully completed product certification of its Middle Office product with DTCC’s CTM service.
David Pearson, product owner for the Torstone Middle Office, said: “We are focused on providing rich post-trade functionality across multiple asset classes, enabling straight through processing through the allocation and confirmation workflows, and rapid error identification and resolution for any issues.
“By providing access to CTM as well as ALERT, we’ve taken another step forward on our mission to provide our clients globally with the next generation of middle office functionality to meet the requirements of their buy-side clients and the regulators”.
DTCC is the premier post-trade market infrastructure for the global financial services industry.
DTCC’s CTM is a central matching platform used by end-user clients to allocate and centrally match transactions globally across multiple asset classes.
Val Wotton, Managing Director and General Manager of DTCC Institutional Trade Processing, commented: “We are pleased that Torstone has successfully completed product certification of its Middle Office product with CTM to support mutual clients as they prepare for the industry’s move to T+1.”
“With CTM’s automated central matching and open architecture, firms across the industry can facilitate accelerated settlement. We look forward to helping prepare a broad range of market participants for a seamless transition to T+1.”
As global market participants anticipate the transition to a T+1 settlement cycle in 2024, Torstone’s certification with CTM is timely and crucial, providing the global investment community with automated central matching capabilities and facilitating an accurate and efficient post-trade process to align with the upcoming tighter settlement windows.
This certification underscores Torstone’s commitment to investing in technology that addresses the intricate challenges of post-trade processing, thereby empowering clients to navigate the complex financial market with ease and confidence.
By completing the certification process of Torstone’s Middle Office product with DTCC’s CTM service, the Torstone platform is now quicker and cheaper to implement, providing clients with a reliable, secure, and streamlined environment for managing their post-trade activities.
In addition, since DTCC’s CTM includes enrichment from DTCC’s ALERT, the industry’s largest online global database for the maintenance and communication of account and standing settlement instructions (SSI), Torstone clients will have the benefit of golden source SSI enrichment available to them.
Brian Collings, CEO of Torstone Technology, added: “We are delighted to work with DTCC to offer the CTM trade matching service through our platform to our clients in Asia, the Americas and Europe. With major post-trade structural changes on the horizon, including T+1 for North American markets in 2024, Torstone Technology provides a real-time, event-driven platform to support our clients’ requirements to meet the demands for efficiency and accuracy.”
