TORA responds with expanding TSOR™, a Smart Order Routing algorithmic solution, which enables buy-side traders to source liquidity intelligently from a single point of access
Hong Kong – 16 November 2011 – TORA, Asia’s leading provider of advanced trading technology and financial services, extends its next generation smart order routing (SOR) algorithm, TSOR™, to Hong Kong as it sees increasing market fragmentation as a key challenge for buy-side traders in achieving best execution. Beyond finding liquidity across multiple off-exchange venues, TSOR™ incorporates advanced performance-focused features and customization options that can be based on client specific trading parameters and strategies.
“The buy-side trader welcomes tools like TSOR™ which provide efficiencies in finding liquidity and help to execute orders at their target price, or better, as liquidity fragments across Asia,” says Chris Jenkins, Managing Director at TORA. “The more alternative venues an SOR reaches, the more alternative liquidity the client can access. TORA’s unique position as an independent provider makes it attractive for brokers to use TSOR™, which now has the broadest number of broker destinations in the market.”
SORs are becoming more sophisticated as clients look for opportunities to gain a price advantage, seek liquidity and prevent information leakage, according to TORA. Underlying TSOR™ is a proprietary algorithm which anonymously and simultaneously searches multiple broker internalization pools with a broad set of flexible parameters to intelligently create any type of rule which helps achieve best execution. Toxicity-based rules that preference flow to specific pools and posts certain types of orders to pools where that order is most likely to benefit are one example. Traders can also set thresholds for crossing at a minimum order size or level of price improvement, or overlay algorithmic strategies which support their optimization strategy.
Jenkins adds “Clients who trade Hong Kong will certainly see benefit in adopting TSOR™ into their workflow as a tool to source liquidity from a single point of access, whether it is via TORA Compass™ or any execution management system. We expect scale to build quickly as it has in Japan, where TSOR™ delivers clients an average price improvement of 11 basis points.”
TORA is Asia’s leading provider of advanced trading technology and financial services. TORA’s unrivalled solutions span the entire trading process, offering a full suite of trade execution capabilities in markets across Asia, North America and Europe. TORA’s high-performance EMS/OMS has been designed from the ground up by traders, and is currently used by traders at hedge funds, long-only funds and sell-side proprietary trading desks. TORA also provides clients with access to its unique liquidity pools including Asia’s leading non-displayed matching engine. TORA’s dedicated Asia trading desk delivers to buy-side clients unmatched Asia expertise and extensive analytics focused on best execution. TORA’s extensive suite of proprietary algorithms (trading and strategy-focused) is fully customizable and broker neutral. TORA has over 175 employees dedicated to Asia, with offices in Tokyo, Hong Kong, Singapore, Sydney, New York, Los Angeles and San Francisco. www.stage.toratrading.tw.
TORA, TORA Compass, TSOR and the TORA logo are trademarks or registered trademarks of Tora Holdings, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.