TORA

TORA is an independent, privately-owned financial technology firm. The firm provides a suite of global, multi-asset tools for managing the trade lifecycle, including EMS (Execution Management System), OMS (Order Management System), PMS (Portfolio Management System), risk and compliance. TORA has developed its platform organically rather than through acquisition to offer seamless integration between its products. Customers include asset managers, hedge funds, proprietary trading firms and sell-side trading desks.
In February 2022, the London Stock Exchange Group entered into a definitive agreement to acquire TORA for $325 million, in a deal expected to close in the second half of 2022.
== History ==
TORA was launched in 2004 as a spinout of a hedge fund that had developed the technology to manage its internal trading. As the firm's trading was largely focused on Asia, TORA quickly grew its business in the region, becoming one of the largest EMS providers by market share in Asia Pacific. In 2010 Goldman Sachs took a minority stake in TORA.
In mid-2016 TORA announced the build-out of its US operations with the hiring of a new head of US Sales, and in early 2017 it announced the expansion of its EMEA business with the appointment of David Tattan as head of EMEA Business Development. 
On February 13, 2017 TORA was named "Best OMS Provider" in the HFM US Hedge Fund Technology Awards.
On September 12, 2017 TORA was named "Best OMS Provider" in the HFM European Hedge Fund Technology Awards.
== Products and Services ==
The firm's suite of global, multi-asset tools includes:
Order Management System (OMS) which includes: position based orders and rebalancing; smart allocation functionality; eLocate/stock borrow workflows; automated, real time integrations with prime brokers, fund administrators and third party systems; intraday position management and P&L; commission management; and pairs, basket and single order management.
Execution Management System (EMS) which includes: full integration between the OMS and EMS (OEMS); connectivity to over 100 financial exchanges; global broker, venue and algorithm access; multi-asset coverage including equities, derivatives and FX; pairs trading; eLocate integration for streamlined short sales; support for trading swap and CFD; strategy trader for customized automated trading; and an alert editor for market and order monitoring.
Compliance including: compliance notifications in the application or by email; library of portfolio and trading compliance rules; post-trade compliance for monitoring portfolio drift; sub-millisecond latency; easy new rule and workflow configuration; and integration with all TORA products.
Analytics including: real-time intraday and pre-trade analytics; in-house developed TCA and custom toxicity analytics; additional integration with 3rd party TCA providers; live charting driven by TCA data; and benchmark algo, pool or SOR performance.
Portfolio Management System (PMS) which includes: NAV calculation and cash management; real time and historical P&L and attribution analysis; reporting engine with data visualizations; trade, position, P&L and borrow reconciliation; and eLocate and borrow inventory management.
Risk Management including: real time and historical risk monitoring; real time valuations and sensitivities; on-demand multi-dimensional shift scenarios; options pricer with volatility editor and real time autofitter; risk bucketing as well as VaR and VaR bucketing; and integration with 3rd party valuation services.
FIX Network TORA FIX Network is a private, managed, FIX network offering low latency communications between firms trading electronically across the globe.
== References ==