Credit Suisse’s Canadian arm goes live with London fintech Torstone
Credit Suisse’s Canadian securities arm has gone live with Torstone Technology, a London-based fintech which processes post-trade securities and derivatives.
Torstone’s cloud-based, software-as-a-service (SaaS) platform is a more scalable solution, compared to the bank’s previous systems.
Keeping costs down
The go-live also means Credit Suisse only has to manage one code base with monthly upgrades. That, in turn, brings down total cost of ownership.
The cheaper alternative comes at a good time for the Swiss bank. Credit Suisse’s third-quarter 2020 earnings missed predictions from analysts.
Statutory earnings deviated from forecasts by a whole 20%, coming in at just CHF 0.22 per share.
Sam Farrell, the bank’s operations credit head for the Canada and Bahamas, says Torstone’s price point was a big swing factor in the deal.
“The opportunity to reduce our total cost of ownership was a key driver of our decision to move away from an outsourced solution and implement a new platform,” says Farrell.
Torstone’s SaaS platform
The post-trade offering supports high volumes of straight through processing (STP) for various asset classes. Spanning from equities to derivatives.
It fully integrates with banks’ middle- and back-office systems. This means Credit Suisse’s post-trade processing now happens in-house, and with a lot more automation.
The solution covers the whole post-trade process, from trade capture, to confirmation, to settlement and reconciliation – with all the accounting and risk taken care of in-between.
Other Torstone customers include Saxo Bank Japan, London-based investment bank N+1 Singer and Frankfurt-based MainFirst Bank.
Credit Suisse’s go-live marks Torstone’s first live client in Canada. The fintech, based in London, also has offices spanning New York, Toronto, Hong Kong, Singapore, and Tokyo.