Torstone Technology announced that it has successfully completed product certification of its middle product with DTCC’s CTM service for the vendor’s multi-asset industry workflow for the industry. CTM is a central matching platform for end-user clients to allocate and centrally match transactions globally across multiple asset classes.
As global market participants anticipate the transition to a T+1 settlement cycle in 2024, Torstone’s certification with CTM is timely and crucial, providing the global investment community with automated central matching capabilities and facilitating an accurate and efficient post-trade process to align with the upcoming tighter settlement windows.
By completing the certification process of Torstone’s middle office product with DTCC’s CTM service, the Torstone platform is now quicker and cheaper to implement, providing clients with a reliable, secure, and streamlined environment for managing their post-trade activities. In addition, since DTCC’s CTM includes enrichment from DTCC’s ALERT, the industry’s largest online global database for the maintenance and communication of account and standing settlement instructions (SSI), Torstone clients will have the benefit of golden source SSI enrichment available to them.
David Pearson, product owner for Torstone Middle Office, said in a statement: “We are focused on providing rich post-trade functionality across multiple asset classes, enabling straight-through processing through the allocation and confirmation workflows, and rapid error identification and resolution for any issues. By providing access to CTM as well as ALERT, we’ve taken another step forward on our mission to provide our clients globally with the next generation of middle office functionality to meet the requirements of their buy-side clients and the regulators.”
Val Wotton, managing director and general manager of DTCC Institutional Trade Processing, said in a statement, “With CTM’s automated central matching and open architecture, firms across the industry can facilitate accelerated settlement. We look forward to helping prepare a broad range of market participants for a seamless transition to T+1.”
Brian Collings, CEO of Torstone, said in a statement that DTCC’s CTM service will be offered to clients in Americas, Asia and Europe: “With major post-trade structural changes on the horizon, including T+1 for North American markets in 2024, Torstone Technology provides a real-time, event-driven platform to support our clients’ requirements to meet the demands for efficiency and accuracy.”