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TORA
TORA EMS is a multi-asset , cloud-hosted platform , providing an all-in-one front-to-back PMS , OMS and EMS solution to around 200 clients on the buy-side . Since the acquisition of TORA by London Stock Exchange Group ( LSEG ) in August 2022 , teams have continued to collaborate and innovate across all areas of the business as TORA becomes more integrated within LSEG . The EMS vendor is helping to enhance LSEG ’ s offering across APAC , North America and Europe , delivering front to back trading technologies across listed derivatives , ETFs , fixed income , FX and equities markets . TORA received 48 responses to this year ’ s survey , down from 67 received in 2022 .
We see a strong showing from TORA this year , as its overall score of 6.24 , outperforms the survey average by an impressive 30 basis points . In terms of year-on-year performance , TORA ’ s average increased 26 basis points above the vendor ’ s 2022 score of 5.98 , with increases recorded in every category bar one – breadth of asset class coverage ( -0.06) – where despite being its lowest rated aspect of service , still outperformed the category benchmark by 17
basis points . TORA ’ s most notable year-over-year improvements were in key areas such as product development (+ 0.56 ), breadth of direct connections to venues (+ 0.45 ) and client service personnel and timeliness of updates for broker changes , which both increased 41 basis points from the prior year .
In addition to its strong year-over-year performance , TORA outperformed the category average in all thirteen areas under review in this year ’ s survey . The most significant of which were product development (+ 0.56 ), client service personnel (+ 0.48 ), ease of integration to internal systems (+ 0.44 ) and timeliness of updates for broker changes (+ 0.42 ).
As regards to desired additional capabilities , survey respondents highlighted APIs for analysing data with AI and LLMs , portfolio and pre-trade management , the ability to source borrow directly from brokers , improved availability and functionality on mobile devices , connectivity and integration with internal systems , reducing the time it takes to set up a new product or trade a new country and a centralised security master .
TORA RATINGS FOR EMS PERFORMANCE
Reliability and availability |
Latency |
Client service personnel |
Ease-ofuse |
Handling of new versions / releases |
Breadth of broker algorithms |
Timeliness of updates for broker changes |
FIX capabilities |
6.61 6.43 6.51 6.21 5.95 6.17 6.40 6.36
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 |
5.90 6.37 6.22 6.05 5.96 6.24
KEY STATS Overall Outperformer : Category Outperformer : X13
6.61
Highest score ( reliability and availability )
5.90
Lowest score ( breadth of asset class coverage )
+ 0.56
Most improved ( product development )
-0.06
Least improved ( breadth of asset class coverage )
82 // TheTRADE // Q3 2023