FCA-regulated multi-asset brokerage ITI Capital has signed a multi-year agreement to replace its legacy post-trade operations with Torstone Technology’s flagship securities and derivatives processing system, Inferno. Inferno will process ITI Capital’s post-trade flow, from trade capture through to settlement, accounting, and reconciliation.
Torstone’s Inferno can easily scale-up the institutional-focused broker’s business and update processes to comply with regulatory requirements. A key driver behind ITI Capital’s move to Inferno was its fully integrated user experience for middle and back office staff, which enables firms to achieve high rates of straight-through processing (STP), drive down costs and reduce manual effort.
In addition, Inferno can handle large volumes which helps ITI Capital manage its growing institutional business, with a view to growing other capital market business lines.
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ITI Capital is the UK subsidiary of ITI Group, which last year acquired a 100 percent stake in the brokerage group Walbrook Capital Markets.
Earlier in May, ITI Capital reported losses of £5.04 million ($6.77 million) after tax. This amounted to an approximately 25 percent increase on last year’s losses that were equal to £4 million ($5.42 million) after tax.
Commenting on the agreement, Max Hayden, CEO of ITI Capital said: ‘As an ambitious organisation, ITI Capital requires a modern post-trade platform capable of providing the breadth of functionality and coverage for the full range of asset classes we supply, when and where we require it. We believe that Torstone as a company, and Inferno as our chosen solution, will provide us with exactly what we need for now and for the future.’
Brian Collings, CEO at Torstone, added: ‘We are delighted that ITI has chosen Torstone to help manage its multiple businesses and expand further into the global capital markets. This is a great example of Torstone’s commitment to deploying highly automated, scalable and flexible solutions that allow our clients to innovate, compete and focus on growing their business. Inferno will support ITI Capital in minimising operational risks, reducing costs and achieving greater control. We look forward to working with ITI Capital and continuing to drive efficiencies through our agile, integrated platform.’