Torstone Technology rolls out Inferno FTT upgrade to clients
London, 13 March 2013 — Torstone Technology, providers of securities and derivatives processing software to the global financial markets, has readied its Inferno post-trade processing solution for Financial Transaction Tax (FTT) and is rolling out the upgrade to existing clients.
Some 11 European countries have decided to impose the FTT across a range of equities and derivatives with France and Italy being first to introduce the tax.
Highly configurable, Inferno is built for adaptability enabling rapid customisation for clients and a speedy response to new market requirements. Brian Collings, chief executive of Torstone Technology said: “FTT is a core systems upgrade as far as we are concerned which means that it will be automatically provided to clients. The inherent design, support for a broad range of asset classes within one system and the ease of centralising trade and reference data from disparate front office systems, has made it relatively straightforward for us to implement the changes in Inferno and provide the data required for FTT regulatory reporting.”
The taxation logic within Inferno, which has already been applied for the French and Italian FTT can be adapted on the fly as regulations are clarified and the needs of other countries are more clearly defined. Inferno’s online and instantly accessible historic transaction and reference data simplify backdated tax calculations and back reporting which the new rules may demand. Inferno also offers scope for further tax efficiency by calculating net trading positions across multiple source systems throughout the organisation.
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 platform is fast, flexible and future-proof. It enables global financial firms to reduce their total cost of ownership, 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.