Fintech giant FIS acquires post-trade platform provider Torstone Technology, reports The TRADE based on “multiple sources close to the matter”. For Torstone, the backing comes as the firm is engaged with clients navigating the shift to T+1 in the US.
A spokesperson for Torstone said the firm is not able to disclose more detail at this stage. A spokesperson for FIS said the firm does not comment on market rumour or speculation.
In November, Torstone completed the certification of its Middle Office product with the Depository Trust and Clearing Corporation (DTCC) Central Trade Matching Platform (CTM) in light of the US’ upcoming transition to a T+1 standard settlement cycle.
FIS is a provider of financial services technology and outsourcing services. In 2015 it acquired IT multinational SunGard. It also got a majority stake in Virtus Partners, which provides solutions for credit-based alternative funds, in 2020.