Torstone Technology, providers of securities and derivatives processing software, have announced that Daiwa Institute of Research, the systems integration, research, and consultation arm of Daiwa Securities Group has adopted Torstone's Inferno as the back office post-trade processing element of DIR's front to back office solution for Myanmar's (formerly Burma) new securities industry.
DIR is working with The Central Bank of Myanmar and Tokyo Stock Exchange to establish the infrastructure for the stock exchange and help develop a capital market in Myanmar. In recent months and under its partnership with DIR, Torstone Technology has prepared its enterprise-level clearing, settlement and integrated accounting system, Inferno, to handle the post-trade processing of equities and government bonds on the new stock exchange.
Brian Collings, CEO of Torstone Technology commented: "The plans to introduce a stock market are moving fast, but after several months of development our cloud-based application is ready. To be chosen to provide the back office processing in DIR's front to back office solution, which will be used by brokers in this new trading place, is testament to the operational efficiency and depth of cross-asset functionality of our software. We look forward to continuing to work with DIR and are very excited to be involved at this emergent and important development stage of Myanmar's financial markets."
One year ago Torstone established a partnership with DIR to jointly promote, implement and support Inferno in Japan and the Asia region. Inferno provides multi-asset post-trade processing and integrates all the applications and controls needed by operations, finance, middle office, risk and compliance into a single but highly modular system.
DIR provides research, consultancy services as well as systems integration services. Mr Koichi Suzuki, Senior Executive Managing Director of DIR said: "DIR is committed to making a continued contribution to the sustainable economic growth of Myanmar by providing advanced, secure solutions for the new capital markets. Our relationship with Torstone means that we can deliver first rate, enterprise-class software to the new market participants and a highly cost-effective cloud-computing model, from the outset."