Torstone Technology, a leading SaaS provider of post-trade securities and derivatives processing, announced today that Stifel, the investment banking and global wealth management company offering a broad range of services to individuals, families and organisations, has chosen Torstone’s award-winning SaaS platform to consolidate and automate its post-trade operations for its European business.
The Torstone Platform is a multi-asset, multi-entity cloud-based solution, covering electronic trade capture, allocation, confirmation, settlement, accounting, risk, corporate actions, reconciliation and regulatory reporting. The platform provides a comprehensive, flexible user experience for middle- and back-office staff, increasing automated straight through processing (STP) and reducing manual effort.
The first stage of the implementation is now live with Stifel Europe’s Fixed Income and Convertibles business, including Torstone’s new Middle-Office solution to automate allocation and confirmation processing. The next stage of the implementation will enable Stifel Europe to consolidate multiple equity and fixed income business lines onto a single operational business flow. The platform will also be integrated with Stifel’s recently acquired MainFirst business, an existing Torstone client, so Stifel Europe will be able to offer services to pan-European clients through a single platform.
Commenting on the decision, John Owen, COO of Stifel Europe, said: “As a forward-thinking organisation the decision to implement Torstone’s Platform enables us to continue providing the level of service our customers have come to expect from us, which is especially important in a rapidly changing environment. Our clients will benefit from our flexibility to use the Torstone cloud platform across our equities and fixed income businesses, and the assurance that Stifel Europe is equipped to support them through any new market or regulatory challenges that may arise.”
Brian Collings, CEO of Torstone Technology, said: “We are delighted that Stifel Europe chose Torstone to help consolidate and manage its multiple businesses. The Torstone Platform will support Stifel Europe in minimising operational risks, reducing costs and achieving greater control, along with the ability to scale with the power of cloud infrastructure. We look forward to continuing to build our partnership with Stifel Europe and drive efficiencies through our agile, integrated platform.”
