Torstone Technology, the provider of post-trade securities and derivatives processing, today announced that N+1 Singer, an independent corporate broking, advisory and trading house focusing on small & mid-cap companies, has selected Torstone’s InfernoRC module in order to comply with the transaction reporting obligations of the Markets in Financial Instruments Directive (MiFID II) and its accompanying Regulation (MiFIR).
The news follows Torstone Technology’s announcement in March this year that it began live testing the new InfernoRC module with its clients.
InfernoRC will enable N+1 Singer to comply with the expanded scope and level of prescription of investment firm’s transaction reporting obligations in MiFIR, including the much wider range of financial instruments and disclosure of additional mandatory data. In addition to sourcing and validating data, InfernoRC accounts for data security, data privacy and data quality requirements on the information collated from across a multitude of disparate systems.
Tim Cockroft, CEO at N+1 Singer, said:
We have a long-standing relationship with Torstone Technology having used Inferno for many years. The modular platform provides us with a flexible, easily scalable solution that enables us to effectively grow our business and respond to evolving market and regulatory requirements in a timely manner. We have selected Torstone’s MiFIR transaction reporting service as their offering provides speed to market, as well as reliability. We look forward to continuing to work with Torstone as we prepare for the MiFID II implementation later this year, ready for the deadline in January 2018.
Brian Collings, CEO, Torstone Technology, added:
We are extremely pleased that N+1 Singer has chosen to implement the InfernoRC module for transaction reporting under MiFIR. This extension of our existing relationship with N+1 Singer is testament to Torstone’s commitment to its clients to build highly automated, scalable and flexible solutions designed for rapid deployment.
InfernoRC provides a comprehensive workflow for transaction reporting; managing the capture and storage of sensitive information, the data enrichment and report generation function, alerting and resolution of exceptions, the submission of transaction reports, monitoring the file delivery and validation function as well as the transmission to the National Competent Authority (NCA) via an Approved Reporting Mechanism (ARM). Inferno’s core reconciliation function provides validation of the report submitted to the NCA by the ARM, a key requirement of the regulation.
Torstone’s InfernoRC is ARM agnostic and will provide connectivity to enable transaction reporting to multiple ARMs, including Unavista, Abide and DTCC.