Irish wealth manager Davy Capital Markets deploys Torstone’s post-trade platform

Rick Steves

“We have built and maintained our own post-trade platform for many years, and this has served us very well, as it has been designed to our specific requirements. Looking ahead, we recognized the need to constantly evolve and future-proof our technology stack and, once we decided to buy versus build, Torstone offered the standout solution.”

Ireland-based wealth management firm Davy Capital Markets has partnered with Torstone Technology to deploy the multi-asset, multi-entity, cloud-based platform for its post-trade processing.

Davy was established in 1926 and has grown to become a trusted market leader in wealth management and capital markets, with over 800 people managing €16bn+ of client assets. The company is a member of the Bank of Ireland Group.

Technology and regulation have come a long way and it has become increasingly difficult for firms to develop their own proprietary infrastructure to handle post-trade processing.

Torstone offers an SaaS platform designed for post-trade securities and derivatives processing and risk management.

“We decided to buy versus build”

The Torstone platform covers electronic trade capture, allocation, confirmation, settlement, accounting, corporate actions, reconciliation, and regulatory reporting and helps middle- and back-office staff to increase automated straight-through processing (STP) and achieve greater operational efficiency for clients by reducing manual effort.

Killian O’Connell, Chief Information Officer at Davy, said: “We have built and maintained our own post-trade platform for many years, and this has served us very well, as it has been designed to our specific requirements. Looking ahead, we recognized the need to constantly evolve and future-proof our technology stack and, once we decided to buy versus build, Torstone offered the standout solution. As we continue to grow our business and deliver on the needs of our clients, we do so with significant confidence that our post-trade platform has the flexibility and scalability to match our pace of change and the user interface and efficiency requirements of our clients.”

Brian Collings, CEO of Torstone Technology, said: “We are delighted that Davy has taken the decision to move to our agile and fully integrated Post Trade platform. We are looking forward to partnering with Davy and are committed to providing them with the flexible, scalable solution that they need as their business evolves.”

Torstone doubles down in Japan

Torstone is headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo. The Japan operation was recently boosted with the appointment of Yasuaki Hayashi as Senior Japan Representative, who joined the post-trade specialist from Interactive Brokers, where he was Head of Japan, and helped to set up the firm’s Japanese business in 2008. The new Torstone executive has also played the role of Operations Director at Liquidnet from 2004 to 2008, where he set up the firm’s Japanese business.

His more than thirty years of experience in the brokerage and investment banking industry as well as his significant expertise in establishing and growing businesses in Japan will prove useful to Torstone Technology’s operation in Japan, a strong growth market for the firm which has rapidly expanded its client base and local office over the past six years.

Demand has been driven by Japanese financial institutions’ growing need for cloud-based post-trade solutions and Torstone has responded with its platform that provides greater functionality in both the wholesale and retail markets.

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