Panmure Gordon, an independent institutional stockbroker and investment bank, has signed a deal with Torstone Technology to use its post-trade securities and derivatives processing system Inferno.
The multi-year deal means that Inferno will process Panmure’s post-trade flow including trade capture, settlement, accounting and reconciliation.
Inferno consolidates multiple vendor and in-house systems in to a single back-office platform. This gives brokers additional flexibility to connect up- and down-stream systems, driving down costs.
An automated and scalable system is capable of handing significant volumes on a hosted hardware, helping firms to achieve higher rates of straight-though-processing.
Nick Cook, Panmure’s managing director of operations, said: “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 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.”
Jonny Speers, global head of sales at Torstone, added: “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.”
He added: “We are helping our clients achieve the most cost-effective and operationally efficient mix of outsourcing and insourcing, this is what we call hotsourcing.”
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