Torstone Technology will provide the back-office post-trade processing solution for Daiwa Institute of Research (DIR), the think tank subsidiary of Daiwa Securities Group, as DIR works towards building a capital market in Myanmar.
Through Inferno—Torstone’s clearing, settlement and integrated accounting system—DIR will be able to process equity and bond trades once Myanmar goes live with the nation’s first exchange, which is planned for October 2015.
Until then, Myanamar’s government will work on implementing regulation for the market. DIR has been working closely with the Central Bank of Myanmar and the Tokyo Stock Exchange to build the nation’s infrastructure from the ground up.
“There is so much buzz,” says Brian Collings, CEO of Torstone. “The pace of change is quite incredible,” he adds.
As Collings explains, Myanmar is working on developing not only the financial market, but also areas such as telecom, so there has been quite a bit of activity in the county. There is still some uncertainty, though, around what the market will actually look like once it opens. There are questions about how many brokers there will be and whether foreign banks will be allowed to participate in the market, says Collings.
As a result of working with DIR in Myanmar and other parts of Asia, Torstone is planning to open an office in Singapore to further their efforts in the region.
Myanmar Builds Capital Market for 2015 With Torstone Back-Office Software
Torstone Technology will provide the back-office post-trade processing solution for Daiwa Institute of Research (DIR), the think tank subsidiary of Daiwa Securities Group, as DIR works towards building a capital market in Myanmar.