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LSEG TORA
LSEG TORA provides investment management technologies for approximately 250 global asset managers , hedge funds and proprietary trading firms , 38 of which responded to this year ’ s survey . TORA ’ s EMS supports trading across global equities , fixed income , FX , listed derivatives and digital assets . In addition , the solution provides access to advanced functions for order management , portfolio rebalancing , pre- and post-trade TCA , allocations and commission management tools . Over the last year , TORA has enhanced its order and execution management system to allow integration with LSEG Workspace as well as LSEG FX , which provides clients with FX liquidity in over 500 currency pairs . Clients can expect TORA to continue to integrate with additional LSEG solutions going forward .
TORA achieved an overall average of 6.21 in this year ’ s survey , which is down three basis points from its score in 2023 , but still a comfortable 30 basis points above the overall survey average of 5.91 . TORA outperformed the category average in all thirteen areas under review in this year ’ s survey . The most significant of which were breadth
of broker algorithms (+ 0.52 ), product development (+ 0.44 ) and breadth of asset class coverage (+ 0.38 ).
Despite TORAs relative outperformance compared to its peers in this year ’ s survey , the provider did record marginal year-over-year decreases in a number of categories , plus more notable declines in product development ( -0.26 ), breadth of direct connections to venues ( -0.25 ), timeliness of updates for broker changes ( -0.20 ) and client service personnel ( -0.20 ). On the other hand , TORA ’ s yearover-year improvements helped cancel out some of the declines . The most significant improvements were seen in breadth of broker algorithms (+ 0.40 ) and breadth of asset class coverage (+ 0.23 ).
When asked about additional capabilities desired , LSEG TORA ’ s buy-side clients responding to this year ’ s survey did not have many requests for the provider . Those that did leave a request however , noted a desire for a mobile version of the application , improved laddering and speed of reloading the GUI , bulk algo modification across different brokers and additional customisation capabilities for the frontends .
LSEG 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 |
6.57 6.35 6.32 6.21 6.00 6.57 6.20 6.41
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 |
6.13 6.12 5.96 6.00 5.95 6.21
KEY STATS Overall Outperformer : Category Outperformer : X13
6.57
Highest score ( breadth of broker algorithms )
5.95
Lowest score ( overall cost of operation )
+ 0.40
Most improved ( breadth of broker algorithms )
-0.26
Least improved ( product development )
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