Torstone Technology Rolls Out Systems Upgrade for FTT

In a sign that the Financial Transaction Tax has become a reality, London-based Torstone Technology has upgraded its Inferno post-trade processing solutions for the FTT’s regulatory reporting requirements.

Some 11 European countries have decided to impose the FTT across a range of equities and derivatives with France and Italy becoming the first to implement the tax, noted Torstone, a provider of securities and derivatives processing software with offices in London, in today’s announcement.

“FTT is a core systems upgrade as far as we are concerned which means that it will be automatically provided to clients,” said Brian Collings, chief executive of Torstone Technology in the release. “The inherent design, support for a broad range of asset classes within one system and the ease of centralizing trade and reference data from disparate front office systems, has made it relatively straightforward for us to implement the changes in Inferno and provide the data required for FTT regulatory reporting,” stated Collings.

The taxation logic within Inferno, which has already been applied for the French and Italian FTT, can be adapted on the fly as regulations are clarified and the needs of other countries are more clearly defined. Inferno’s online and instantly accessible historic transaction and reference data simplify backdated tax calculations and back reporting which the new rules may demand, according to the company. Inferno also offers scope for further tax efficiency by calculating net trading positions across multiple source systems throughout the organization.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio