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.