Forefront Communications

The TRADE: Execution Management Systems Survey — TORA


Sam Belden

Sam Belden

TORATORA has made efforts to upgrade its integrated order and execution management system both in the run-up to and post-MiFID II, adding portfolio and trading analytics from OTAS Technologies (now part of LiquidNet) and launching an artificial intelligence-powered algo wheel for buy-side traders, which has gone down well with this year’s respondents.

TORA was one of two major providers profiled in this year’s survey to outscore the survey average in every category under review, chalking up an overall score of 6.02, which again was higher than the survey average (5.56) and an increase on its overall rating from last year’s survey (5.80). The vendor recorded the highest scores in three of the 13 categories reviewed by respondents in this year’s survey — handling of new versions/releases (5.90), breadth of asset classes (5.74) and product development (5.95) – a testament to the firm’s approach to building out its front office capabilities.

TORA has continued to build on its core client base in the APAC region, with half of its respondents coming from Japan and over one-quarter from Hong Kong and Singapore. The majority of responses for TORA were from small-to-mid sized hedge funds, with a minority showing from institutional respondents, continuing a trend seen in last year’s survey. None of the firm’s respondents said they were considering replacing TORA with another EMS provider in the next 12 months.

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