Torstone Technology, providers of securities and derivatives processing software to the global financial markets,picked up the glittering prize for Best Sell-Side Newcomer at the inaugural Sell-Side Technology awards, which took place in New York last night. There were 13 entries in total in the newcomer category, the most popular of the entire awards programme.
Brian Collings, chief executive of Torstone Technology who was in New York to receive the award said: “It is a real honour to be acclaimed by such an illustrious line-up of judges and be recognised for breaking new ground in the back office with Inferno – our single product for processing any type of financial security or derivative.
“Torstone is wholly owned by its employees and I would like to emphasise that this is a win for the whole team and thank colleagues in London, New York and Hong Kong for their dedication, as well as thanking clients for their tremendous support.”
Organised by Waters Technology, the awards’ ceremony took place at the New York Marriott Marquis. The event recognises the leading technologies and third-party vendors serving the sell-side of the financial industry. An auditable and transparent evaluation methodology was underpinned by the input and experience of eight judges — four sell-side CIOs/consultants and four of Waters magazine's senior staff members. The judging panel included: Victor Anderson, Convenor, Waters, London; Anthony Malakian, Waters, New York; James Rundle, Waters, London; Jake Thomases, Waters, New York; Steve Ellis, Wells Fargo Bank; Scott Marcar, Royal Bank of Scotland; David Easthope, Celent and Fred Ponzo, GreySpark Partners.
Inferno was released to the market in January 2012 after more than a decade of research, development and production use in a fast-growing global investment bank. Torstone Technology believes the following attributes helped to pip the others in the category to the post.
• Inferno integrates all the applications and controls needed by operations, finance, middle office and compliance to run a company’s complete back office
• The total cost of ownership of running Inferno will be significantly less for an organisation that currently has many disparate systems
• Inferno has both the performance for high volume securities and the flexibility for more complex derivative products; working globally in different time zones to handle local market variations
• Inferno is the only commercially available back office system written and developed by an investment bank.