Optiver signs multi-year deal for torstone’s inferno sub-ledger
London – 11 Jan 2016 – Torstone Technology, a leading provider of post-trade securities and derivatives processing, today announces that Optiver, the global electronic market maker, has signed a multi-year deal to use Torstone’s sub-ledger system, Inferno SL, to provide a consolidated balance sheet and perform reconciliations with clearing banks.
Inferno SL provides a full double-entry, multi-currency, multi-entity sub-ledger environment that generates trial balance, P&L and a full suite of financial reports. Following a successful pilot project, which began in October, Optiver has chosen to deploy Inferno SL in support of its European business. A key element of the pilot project was to demonstrate that Inferno SL could meet Optiver’s high-volume performance requirements, and during tests, the system processed more than one million trades per hour.
Commenting on why Torstone was selected, Optiver said: “Inferno SL gives us a flexible, scalable sub-ledger that can grow in line with our business.”
Brian Collings, CEO, Torstone said: “Inferno’s SL is designed to consolidate transaction details as well as accounting information across an organisation’s entire business. Torstone’s modular, flexible technology means that we can quickly and easily take on a new client’s transaction processing at the level and timescale that suits them.”
Inferno SL is a component of the award winning Inferno back-office system which is a modern, scalable system, capable of handling significant volumes. Firms can achieve very high rates of STP and react to market changes in a timely manner due to the real-time, event-driven, service-orientated architecture.
About Optiver: http://www.optiver.com/
Optiver is a global electronic market maker that puts only its own capital at risk. Trading on all of the world’s major financial markets, Optiver continuously strives to improve them by offering fair, tradable prices to end-investors in all market conditions. By consistently adding liquidity, volume and competitive prices, we contribute to the stability and smooth functioning of fair, transparent and reliable markets.
The company started in 1986 with a single trader on the floor of the European Options Exchange in Amsterdam and currently employs around 800 colleagues from 40 different nationalities across offices based in Amsterdam, Chicago, Sydney, Shanghai, Hong Kong and Taiwan, enabling it to trade 24 hours a day.
Optiver’s innovative trading systems are key to our success, enabling us to respond swiftly to every change in the market. Trading a wide range of products Optiver focuses predominantly on on-screen liquidity, covering listed derivatives, cash equities, ETF’s, bonds and foreign exchange.
Next to its own trading activities, Optiver has taken a leading role in broader industry initiatives, such as Chi-X Europe and TOM MTF, which also support competition, efficiency and transparency. Optiver US is an active Associate Member of the Futures Industry Association (FIA) and the FIA Principal Traders Group. Optiver Europe is one of the founders and an active member of the FIA European Principal Traders Association.
About Torstone Technology www.torstonetechnology.com
Torstone is a leading global provider of cross-asset securities and derivatives post-trade processing technology. Torstone’s cloud-based, award-winning Inferno platform is fast, flexible and future-proof. It enables global financial firms to reduce their costs, achieve greater control, minimise risk, and drive operational efficiency. Combining many decades of investment banking expertise with in-depth global financial market and technology industry knowledge, Torstone offers agile, secure, scalable, and cost-effective solutions.
Torstone Technology is headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo.