Displayed ATS provides investors with the ability to trade anonymously, reduce market impact and capture finer spreads
Tokyo, 9 March, 2009 (BUSINESS WIRE) – Tora (www.stage.toratrading.tw), the leading electronic trading platform and liquidity provider for Asia, announced today direct access via TORA Compass to Instinet’s CBX ASIA™, agency-only brokerage’s real-time, displayed ATS (alternative trading system) for Japanese and Hong Kong equities.
“Off-exchange liquidity venues, such as CBX ASIA, are gaining traction in Asia as they provide traders an alternative to the exchange, where traders can reduce market impact, achieve finer spreads and trade anonymously,” said Christian Chan, Head of Electronic Trading at Instinet Asia. “We are pleased that Tora’s institutional client base can now seamlessly execute their trades through CBX ASIA, which allows them to trade in size while maintaining control over market exposure, and minimizing market impact to reduce transaction costs.”
“Trading Asia is continually evolving and institutional investors are demanding seamless access to the various liquidity pools spanning Asia from a single trading platform in order to achieve best execution. We are delighted to expand the liquidity options available on TORA Compass,” commented Robert Dykes, CEO of Tora. “Adding CBX ASIA demonstrates our continual focus on providing the broadest access available in Asia to our institutional clients from the TORA Compass trading platform.”
Launched in Asia in 2001, first in Japan under Instinet’s Japanese PTS (Proprietary Trading System) License, CBX ASIA is a real-time, low-latency central limit order book with traditional price/time priority and rich order functionality for the trading of Japanese and Hong Kong equities. It allows investors to trade in size and anonymously with natural counterparties and without exposing orders to pricing pressure from the public markets. Unlike Instinet CBX in the U.S., which is based on the same technology and is the market’s second largest independent dark pool, CBX ASIA is a displayed platform whose market data is available to clients, as fully-hidden orders are prohibited under securities laws in certain Asian jurisdictions.
Tora’s addition of CBX ASIA further expands the extensive access to liquidity venues available on the TORA Compass trading platform. TORA Compass, the leading trading platform focused exclusively on Asia, reaches 24 exchanges in 14 countries, over 75 global and regional brokers and over 10 dark pools throughout Asia, in addition to multiple other countries around the globe.
Tora is the recognized leader in electronic trading systems and access to liquidity focused on Asia. The TORA Compass trading platform is the most comprehensive multi-broker, multi-product trading platform with electronic access to more than 75 global and regional brokers, 24 markets in 14 countries and over 10 off-exchange liquidity venues as well as over 150 algorithmic trading strategies. TORA Compass offers a full suite of trade execution capabilities to trade equities, stock futures and options, index futures and options, warrants, convertible bonds, swaps and other synthetics, all on one platform. Over 25% of all electronic trading on the Tokyo Stock Exchange is processed each month through TORA Compass. TORA Compass utilizes state-of-the-art infrastructure to provide low latency, 99.99% up time and high reliability across multiple markets. Tora Compass also includes extensive OMS functionality, including separable parent/child orders, real-time intraday P&L, staging capabilities and post-trade analytics. Tora’s independent algorithms and off-exchange liquidity products are used by buy-side firms to implement complex trading strategies, achieving fast execution and best price. TORA Compass is provided in an application service provider (ASP) model, and requires no IT infrastructure or staff at the client site. Tora has over 100 employees dedicated to Asia, and maintains sales and support offices in Tokyo, Hong Kong, Singapore, New York and San Francisco. For more information, please visit www.stage.toratrading.tw.
Instinet is an electronic trading pioneer, having established the world’s first significant electronic trading venue in 1969, one of the first recognized U.S. ECNs in 1997 and the first pan-European MTF in 2007. Through its subsidiaries and affiliates, Instinet operates two distinct business lines: a global network of agency-only brokers that seek to help institutions lower overall trading costs and improve investment performance through the use of innovative electronic trading products, including smart-routing, algorithms, DMA, dark pools and EMS platforms, and also provide sales trading, commission management services and independent research; and the Chi-X® trading systems, which aim to improve the efficiency of capital markets globally by providing high-performance, low-cost alternative execution venues. Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc. For more information, please visit www.instinet.com.
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