Credit Suisse has made moves to automate its Canadian equities post-trade processes by replacing its third-party outsourced platform and deploying Torstone Technology’s cloud-based system.
The investment bank’s business in Canada has decided to move away from an outsourced model and consolidate operations using Torstone’s Inferno platform, in a bid to increase efficiency across the wider business and to consolidate its processes.
It opted to deploy the Inferno platform following an extensive review of its operations through detailed scoping analysis.
“We decided to move to Inferno and bring our operational processing back in-house in order to leverage a cloud-based, cross-asset platform, providing us greater transparency and control over our business, and presenting an opportunity to reduce our total cost of ownership. Our teams are working well together and we look forward to leveraging the benefits of the platform going forward,” Sam Farrell, director and head of operations for Credit Suisse Canada & Bahamas, commented.
Torstone confirmed that the project to migrate Credit Suisse to its Inferno platform is now underway, focusing on its institutional equities business. Inferno is multi-asset and cloud-based, covering trade capture, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting.
“As with all of our projects, we are working in close collaboration with the team at Credit Suisse, to ensure a smooth and seamless transition. We look forward to working with Credit Suisse over the coming months and years ahead, and to further growing our franchise here in Canada,” added Jonny Speers, global head of sales at Torstone.
Torstone’s chief executive, Brian Collings, also commented that the firm’s relationship with Credit Suisse proves its ability to enter new markets, and underscores the flexible nature of the Inferno platform.
Earlier this year, Netherlands-based NIBC Bank completed a similar migration to Torstone’s inferno platform, replacing its legacy systems following an extensive review as the company sought to drive efficiencies across its post-trade processes.