[ S U R V E Y | E X E C U T I O N M A N A G E M E N T S Y S T E M S ]
LSEG TORA
LSEG TORA is a cloud-based, multi-asset trading platform supporting equities, fixed income, FX, derivatives and digital assets. It offers advanced order and execution management, portfolio rebalancing, TCA, allocations and commission management. Recent enhancements include integration with LSEG Workspace and LSEG FX, providing access to liquidity in over 500 currency pairs. Looking ahead, TORA will expand cross-asset liquidity, strengthen API-driven workflows with LSEG Workspace, and invest in automation, datadriven signals and new execution tools such as RFQ and block trading. LSEG TORA has approximately 275 global asset managers, hedge funds and proprietary trading firms using its EMS, 45 of which responded to this year’ s survey.
TORA achieved an overall average of 5.99 in this year’ s survey, landing well above the survey average of 5.71. As well as an overall outperformer, TORA outperformed the category average in all areas under review, landing first place in breadth of asset classes(+ 0.34). Key categories such as product development(+ 0.54) and client service(+ 0.47) also performed particularly well.
Following the trend of most EMS providers in this report, TORA also experienced declines in all but one of the categories, with the exception being timeliness of updates for broker change, which maintained the same score from last year at 6.20. The least improved category was breadth of broker algorithms, which declined by-0.49.
Given its origin, it was not a huge surprise that clients responding to TORA in this year’ s survey were heavily Asia-Pacific focused at 68 % with North America trailing far behind at 29 %. In addition, 29 % of respondents were from firms managing between $ 1 billion and $ 10 billion.
Sample feedback from respondents included the following:
• Integration with LLMs and AI
• Customisability of the order pad
• Better trade allocation, trade unwind log, broker parameter alteration via Excel
• Improved helpdesk response times and more customisation
• Higher quality of client services and system enhancement
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 |
6.29 6.09 6.19 5.83 5.89 6.08 6.20 6.27
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 |
5.97 6.03 5.72 5.72 5.57 5.99
KEY STATS Overall Outperformer: Category Outperformer: X13
6.29
Highest score( Reliability and availability)
5.57
Lowest score( Overall cost of operation)
N / A
Most improved( N / A)
-0.49
Least improved( Breadth of broker algorithms)
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