Panmure Gordon, a leading independent institutional stockbroker and investment bank has signed a multi-year deal with Torstone Technology, to use Inferno, Torstone's post-trade securities and derivatives processing system.
Inferno will process Panmure's post-trade flow, from trade capture through to settlement, accounting and reconciliation.
The ability to consolidate multiple vendor and in-house systems into a single, unified Back-Office platform was a key driver behind Panmure's decision to switch to Inferno. Using the Inferno Platform, the broker has much more flexibility to connect to up-and-down stream systems, as well as drive down cost. 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 process (STP).
Nick Cook, Managing Director of Operations at Panmure said: "As we continue to grow in an ever competitive market space and provide a world class, full function stockbroking service to our clients the need for flexible state of the art technology at the heart of our business is ever more important. Inferno provides us with a flexible, modern, cost effective platform on which to run our operations efficiently."
Torstone's CEO, Brian Collings commented: "We are setting a trend in the UK broker community, by providing a consolidated modern, hosted system to replace multiple, disparate systems running in-house operations. Inferno addresses the cost-critical needs of mid-tier firms to outsource the technology while insourcing operations. Equally Inferno scales to meet the demands of third party business process outsourcers for a fully functioned foundation platform to service multiple clients — including the large institutions."
"The message we are hearing from the market is that firms are looking beyond the traditional outsource models, for a more hybrid approach, allowing them to benefit from efficiency gains, yet crucially maintaining control of a core function of their business. We are helping our clients achieve the most cost-effective and operationally efficient mix of o of outsourcing and insourcing, this is what we call hotsourcing" added Jonny Speers, Global Head of Sales at Torstone.