Daiwa Capital Markets Hong Kong (Daiwa HK), the investment banking arm of Daiwa Securities Group, has successfully transferred its multi-asset Hong Kong Agency business onto post-trade processing platform, Inferno by Torstone Technology, a securities processing software provider.

The transfer represents the latest phase of a long-term collaboration to implement best of breed back-office technology across multiple asset classes at Daiwa HK.

Torstone’s Inferno now processes all of Daiwa HK’s settlements, confirmations and reconciliations for its equity and fixed income business; provides the finance team with a platform for journal postings, generates risk reports; and provides a platform for use by legal & compliance. 

By using Inferno, Daiwa HK is able to consolidate its business onto a single operating platform, and drive down operating costs. Inferno is an automated scalable system, capable of handling significant volumes on hosted hardware. Its real-time, event-driven, service-orientated architecture helps firms to achieve very high rates of straight through processing (STP).

This project has also further enhanced the on-going alliance between Torstone and the Daiwa Institute of Research (DIR). DIR provides research and consultancy services as well as systems integration services.

Koichi Suzuki, deputy president at DIR says: “We have built a very strong working relationship with Torstone over the past three years which has allowed major projects to run smoothly, be completed on-time and fulfil all of the business' requirements.”

Commenting on the project, Terry Mackey, chief operating officer at Daiwa HK, said: “By adopting Inferno, Daiwa HK has improved STP performance, increased business capacity and agility, and sizeable cost savings through business synergies, therefore successfully positioning Daiwa for future growth.”

“Switching back office technology isn’t as daunting as some firms think” explains Brian Collings, Torstone’s chief executive officer. “Our modular, flexible technology means that we can quickly and easily manage a client’s transaction processing, through a phased and incremental approach, whilst advising clients as to how they can consolidate other business processes as and when they  need to.”