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TORA
H
aving spent the better part of the last few years
making a series of enhancements to its integrated
order and executions management system offering,
mostly focused on new requirements concerning
MiFID II reporting and bolstering its artificial intelli-
gence capabilities, TORA seems to now be reaping the
rewards of that work. The firm has continued to ex-
pand its primary client base in the Asia-Pacific, again
receiving more responses from that region than any
other provider in this year’s survey. The vendor drew
36% more responses to this year’s survey than it did
in last year’s edition, with around 75% of respondents
coming from either Singapore, Japan or Hong Kong.
TORA produced a strong showing in last year’s
survey and buy-side users have bestowed a similar
level of scores in this year’s survey. The vendor re-
corded an average score of 6.12, well above the survey
average of 5.78 and enough to place it fourth among
profiled providers, as well as being a 0.1 increase on its
performance last year. TORA scored above 6.0 in eight
of the 13 functional categories under review; ease of
use (5.98), handling of new versions/releases (5.95),
breadth of asset class coverage (5.94), product devel-
opment (5.92) and overall cost of operations (5.69)
being the exceptions, although most of these were only
marginally lower than 6.0.
The vendor’s highest rating was in the client service
personnel category (6.46) and it also received strong
showings in the FIX capabilities (6.39), reliability and
availability (6.36), timeliness of updates for broker
changes (6.24) and breadth of broker algorithms (6.21)
categories. There were largely marginal year-on-year
improvements in most areas according to buy-side
respondents and three areas in which TORA recorded
lower year-on-year scores - client service personnel
(-0.04), product development (-0.03) and overall cost
of operation (-0.33). While these fluctuations are
relatively small and TORA was still scored highly in all
three categories, the majority of buy-side respondents
to the EMS survey in recent years have highlighted
service levels and cost as some of their key metrics of
judgement for providers, areas that the vendor would
be wise to keep an eye on going forward.
TORA RATINGS FOR EMS PERFORMANCE
Reliability and
Availability Latency Client Service
Personnel Ease-of-
Use Handling of New
Versions/Releases Breadth of Broker
Algorithms Timeliness of Updates
for Broker Changes FIX Capabilities
6.36 6.22 6.46 5.98 5.95 6.21 6.24 6.39
Breadth of Asset Class
Coverage Breadth of Direct
Connections to Venues Product
Development Ease of Integration to
Internal Systems Overall Cost of Operation Average score
5.94 6.13 5.92 6.10 5.69 6.12
KEY STATS
+0.33 6.46 5.69 47%
Best year-on-year score
(Timeliness of updates
for broker changes) Highest score
(Client service
personnel) Lowest score
(Overall cost of
operation) Most important EMS
feature: Ease of use
Issue 61 // TheTradeNews.com // 91