Saxo Bank Japan will use the system to improve efficiency in post-trade reporting processes.
Inferno’s modular system means Saxo Bank Japan will be able to add additional features in future phases, while Torstone will be able to respond to any requirements the bank may have.
Brian Collings, CEO of Torstone Technology, said: “Japan is a key market for us and we are continuing to invest and expand our offering there. To be chosen to support Saxo Bank with its regulatory reporting obligations and to provide the bank's legal ledger plays to both our strength in the country and our expertise in regulatory reporting."
Ren Kuroda, COO of Saxo Bank Japan, commented: “Torstone's local presence and expertise in Japan were critical factors in the awarding of this contract to replace our existing legal ledger system.”
Torstone has been expanding its presence in Japan. In March, the firm made a number of senior appointments in the area, and has signed up Natixis Japan Securities to use its collateral management module.