Back in February, Mario Singh, Director of Training and Education at FXPRIMUS, expressed his opinions on the Southeast Asian market.
One country he focused on was Myanmar. At the time, Singh stated that,
“The hot story for Southeast Asia now, is undoubtedly Myanmar. The
country has attracted considerable attention since its government
decided to pursue economic reforms, and sanctions have begun to ease on
the country. Foreign investors, not just companies, but also countries,
are eager to establish a foothold in Myanmar’s potentially untapped
resources, both in the ground and the people.” He added that
specifically Japan, was taking a leading role in investing in the
country.
Following on the potential growth and involvement of Japan, Tornstone
Technology, providers of securities and derivatives processing
software, announced that Daiwa Institute of Research Ltd (DIR), the
global systems integration, research, and consultation arm of Japanese
Daiwa Securities Group, is adopting their solutions. According to the
deal, DIR will be using Torstone’s services as the back office
post-trade processing element of DIR’s front to back office solution for
Myanmar’s new securities industry.
Currently, DIR is working with The Central Bank of Myanmar and Tokyo
Stock Exchange to help create infrastructure for the stock exchange, and
to develop Myanmar’s capital market. Providing services for the new
exchange, Torstone Technology prepared its enterprise-level clearing,
settlement and integrated accounting system, Inferno, to handle the
post-trade processing of equities and government bonds on the new stock
exchange.
According to Torstone, the current announcement is based on a
partnership that was formed with DIR one year ago, “to jointly promote,
implement and support Inferno in Japan and the Asia region.”
In the company’s public statement, Brian Collings, CEO of Torstone
Technology stated, “The plans to introduce a stock market are moving
fast, but after several months of development, our cloud-based
application is ready. To be chosen to provide the back office processing
in DIR’s front to back office solution, which will be used by brokers
in this new trading place, is testament to the operational efficiency
and depth of cross-asset functionality of our software. We look forward
to continuing to work with DIR, and are very excited to be involved at
this emergent and important development stage of Myanmar’s financial
markets.”
Also commenting was Koichi Suzuki, Senior Executive Managing Director
of DIR, who stated, “DIR is committed to making a continued
contribution to the sustainable economic growth of Myanmar by providing
advanced, secure solutions for the new capital markets. Our relationship
with Torstone means that we can deliver first rate, enterprise-class
software to the new market participants, and a highly cost-effective
cloud-computing model, from the outset.”
source: FOREXMagnates
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