Securities and derivatives processing provider, Torstone Technology has launched a tool to consolidate OTC derivatives trades from multiple front-office systems and automatically send them to global trade repositories.
Regulations driving greater transparency into the OTC derivatives market, including the US Dodd-Frank Act and European market infrastructure regulation (EMIR), require market participants to send trade data to global trade repositories, such as the Depository Trust & Clearing Corporation (DTCC).
Torstone’s Inferno module is based on the FpML message standard for OTC products, and trades can be fed in real-time or uploaded automatically at the end of the day. Data feeds are consolidated so all uploaded OTC details are viewable within the one system, reducing reliance on manual spreadsheets.
The technology has been tested with DTCC’s global trade repository.
“We have done the technical ground work as well as what we believe is necessary for EMIR reporting and are in the final stages of meeting the more stringent Dodd-Frank reporting, already fulfilling the requirement to report the trades in real-time and provide trade workflow such as tracking confirmation status,” said Brian Collings, chief executive of Torstone Technology.