TORA

About TORA

TORA, founded in 2004, originated as a spin-out from a hedge fund that developed the technology for its internal trading needs. Initially focusing on the Asian market, the company grew to become a significant Execution Management System (EMS) provider in the Asia Pacific region. A key milestone in its history was the acquisition by the London Stock Exchange Group (LSEG) for $325 million, a deal announced in February 2022 and expected to close in the latter half of that year. This acquisition was a strategic move for LSEG to enhance its trading and banking solutions, particularly in Asia and North America, and to add digital asset trading to its capabilities. Following the acquisition, TORA became part of LSEG's Data & Analytics division.

The company provides a comprehensive, cloud-based trading platform that supports customers across the entire trade lifecycle. Its clients include asset managers, hedge funds, proprietary trading firms, and sell-side trading desks. TORA's business model centers on providing these institutions with the tools for order and execution management (OEMS), portfolio management (PMS), and risk and compliance. The firm generates revenue based on system usage, rather than fixed or per-screen fees.

TORA's platform is a multi-asset solution, enabling the trading of global equities, fixed income, foreign exchange (FX), derivatives, and digital assets from a single interface. The system integrates an Order Management System (OMS), Execution Management System (EMS), and Portfolio Management System (PMS). Key features include advanced tools for portfolio rebalancing, pre- and post-trade transaction cost analysis (TCA), compliance management, and stock borrowing. It offers connectivity to a broad network of brokers and venues through its proprietary FIX network and other major networks. For digital assets, its Caspian solution connects to numerous cryptocurrency exchanges and liquidity providers. The platform is designed with an open systems approach, featuring robust APIs that allow clients to integrate their own models and customize workflows.