Torstone's SaaS Platform Elevates Davy's Trade Processing

<p>Dublin-based
Davy Capital Markets, a division of Ireland's wealth management group
Davy, has successfully implemented Torstone Technology's post-trade processing
platform. This cloud-based software-as-a-service (SaaS) solution aims to boost
operational efficiency and regulatory compliance for Davy's capital markets
business.</p><p>Davy Capital Deploys Torstone
Post Trade Solution</p><p>The
integration comes after Davy selected Torstone last year to advance its
post-trade processing capabilities. The announced move brings its continuation
and allows Davy to leverage Torstone's integrated suite covering middle and
back office functions, including reporting, accounting, reconciliations and
Irish <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a>. </p><p>According
to the companies, the scalable platform provides the flexibility for Davy to
adapt to evolving client needs and industry changes.</p><p>“At
Torstone, we believe in growing with our clients’ business ambitions, and this
successful deployment is evidence to that commitment,” Brian Collings, the CEO
of <a href="https://www.financemagnates.com/tag/torstone-technology/" target="_blank" rel="follow">Torstone</a>, said. He added that the go-live represents the company's
commitment to enabling clients' growth ambitions. </p><p>Founded in
London, Torstone provides post-trade solutions to financial institutions
globally. Davy Capital Markets operates as part of the wider Davy Group, which is an
Irish financial services firm with over 800 staff and €16 billion in client
assets.</p><p>“With this
innovative SaaS platform in place, we are confident in our ability to meet the
evolving demands of the financial industry,” Allison Connolly, the Head of
Capital Markets Operations at Davy Capital Markets, added. </p><p>Torstone Technology Aligns
with DTCC</p><p>In a
separate move, Torstone Technology has obtained certification <a href="https://www.financemagnates.com/forex/news-nuggets-13-november-revolut-raises-fees-lloyds-alerts-on-crypto-scams/" target="_blank" rel="follow">with the DTCC's
Central Trade Manager</a>. The significance of this integration lies in its timing,
as the industry gears up for a reduced T+1 settlement cycle set to commence in
2024.</p><p>This
partnership with DTCC provides clients with automated central matching features
and an improved database of Standing Settlement Instructions, aiming to
streamline and increase the accuracy of the post-trade process.</p><p>“With major
post-trade structural changes on the horizon, including T+1 for North American
markets in 2024, Torstone Technology provides a real-time, event-driven
platform to support our clients’ requirements to meet the demands for
efficiency and accuracy,” Brian Collings, the CEO of Torstone Technology,
commented.</p><p>Market Participants See
Elevated Risk in Moving to T+1 Settlements</p><p>In
collaboration with Firebrand Research, a capital markets research provider,
<a href="https://www.financemagnates.com/institutional-forex/90-of-market-participants-see-elevated-risk-in-moving-to-t1-settlements/" target="_blank" rel="follow">Torstone recently presented a study</a> regarding the potential impacts of plans to
reduce the settlement cycle in the USA over the next two years.</p><p>In March
2023, a comprehensive study involving viewpoints from <a href="https://www.financemagnates.com/terms/b/buy-side/">buy-side</a>, sell-side, and
service provider market stakeholders was carried out. The study culminated in a
report called “The British Perspective on T+1”, which highlights the UK
market's primary challenges and focal points considering the impending
transition to T+1 in North America.</p><p>Furthermore,
the report casts substantial doubt on the feasibility of the timeline leading
to the scheduled implementation date, determined by the United States
Securities and Exchange Commission for 28 May 2024. The participants from
various market sectors unanimously shared significant concerns across four key
areas.</p><p>In May, the Global Financial Markets Association's Global Foreign Exchange Division <a href="https://www.financemagnates.com/institutional-forex/t1-cycle-exposes-market-to-fx-settlement-risks/" target="_blank" rel="follow">cautioned that speeding up</a> US securities settlement to T+1 increases the risk of delayed transaction funding reliant on FX settlement.</p>

This article was written by Damian Chmiel at www.financemagnates.com.