Credit score Suisse’s Canadian securities arm has gone reside with Torstone Know-how, a London-based fintech which processes post-trade securities and derivatives.
Torstone’s cloud-based, software-as-a-service (SaaS) platform is a extra scalable resolution, in comparison with the financial institution’s earlier programs.
Protecting prices down
The go-live additionally means Credit score Suisse solely has to handle one code base with month-to-month upgrades. That, in flip, brings down complete value of possession.
The cheaper different comes at time for the Swiss financial institution. Credit score Suisse’s third-quarter 2020 earnings missed predictions from analysts.
Statutory earnings deviated from forecasts by a complete 20%, coming in at simply CHF 0.22 per share.
Sam Farrell, the financial institution’s operations credit score head for the Canada and Bahamas, says Torstone’s worth level was a giant swing issue within the deal.
“The chance to cut back our complete value of possession was a key driver of our choice to maneuver away from an outsourced resolution and implement a brand new platform,” says Farrell.
Torstone’s SaaS platform
The post-trade providing helps excessive volumes of straight via processing (STP) for varied asset courses. Spanning from equities to derivatives.
It absolutely integrates with banks’ middle- and back-office programs. This implies Credit score Suisse’s post-trade processing now occurs in-house, and with much more automation.
The answer covers the entire post-trade course of, from commerce seize, to affirmation, to settlement and reconciliation – with all of the accounting and danger taken care of in-between.
Different Torstone prospects embody Saxo Financial institution Japan, London-based funding financial institution N+1 Singer and Frankfurt-based MainFirst Financial institution.
Credit score Suisse’s go-live marks Torstone’s first reside shopper in Canada. The fintech, based mostly in London, additionally has places of work spanning New York, Toronto, Hong Kong, Singapore, and Tokyo.
Learn subsequent: HKEX appoints Credit Suisse’s Richard Wise as new CRO