Torstone’s Inferno backs BNP Paribas in Fed Reserve deal
BNP Paribas Securities Services has become a direct securities participant to the US Federal Reserve through FedLine, its online financial services information and payment service.
The company, a subsidiary of the BNP Paribas group, says this completes its direct connectivity to the US market on all securities instruments.
BNP uses Torstone Technology’s post-trade securities and derivatives processing system, Inferno, to connect to the Federal Reserve. The platform provides BNP with “full operational support” needed to obtain direct access to FedLine as a local custodian of Federal Reserve-issued securities.
Bruno Campenon, head of custody and clearing services Americas at BNP Paribas Securities Services, says the deal demonstrates its “commitment” to the US market and that Inferno provides it with “fast and agile” connectivity to the Federal Reserve.
BNP says its clients “now benefit from improved” settlement turnaround and reporting, as well as “first-hand pre-qualified” information on income events. It adds that direct connectivity also helps and protects clients’ securities margin and collateral movements.
Torstone’s Inferno has received a warm welcome this year in Asia.
Recently, an unnamed Myanmar-based broker started using the platform. Inferno will process the broker’s post-trade flow of its equities execution business. The system covers the “whole” trade life-cycle from trade capture through to settlement, accounting and reconciliation.
It also further expanded in Asia with new appointments and the launch of a standalone reporting module in Japan – the latter made available through Inferno.