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Press Release

July 7th, 2008

TORA Clients account for 26% of Electronic Flow into TSE in May.

Despite turmoil in the markets TORA’s Q1’08 trading volume was up 36% from Q1’07. And, May saw a new record set for our monthly volume. TORA now accounts for 26% of the electronic (DMA/Algo) trading volume of the Tokyo Stock Exchange and is a major source of order flow to other Asian exchanges.

Tora’s new Hong Kong data center now on stream

Our new Hong Kong data center is now operational, giving increased capacity for growth and providing redundancy and active failover with our Tokyo data center. The TORA network has been a model of reliability and speed, with over 99.99% uptime in 2007 and probably the lowest latency of any EMS. The additional capacity provided by our new Hong Kong data center will provide our users with the increased security of a fully redundant data center while allowing TORA to continue our rapid growth.

Do you understand the 3 factors that determine the true cost of an EMS?

Some EMS vendors pretend to be low cost providers, while charging extra for functions that should be standard. You may want to look at these factors:

Pricing model: Some EMS vendors tell funds their service is free, because “the broker pays.” Everyone knows there is no such thing as a free lunch, and that these costs affect the total cost to the fund. The TORA pricing model is transparent and cost neutral to brokers. We don’t even charge for broker oriented development.

Opportunity cost: One TORA client switched from another EMS in large part because they were unable to trade electronically with several brokers. Important regional brokers were unwilling to accept the broker pays model.

“Extras” and IT costs: Other EMS charge by the number of screens, and for features like an Excel link. TORA users have access to all features with no fixed fees, no annual maintenance and no fees for implementation.

Total Cost Comparison: When accounting for the full cost to a fund, TORA is comparably priced to competitors – and in many cases can be substantially less expensive.

Countries in the Tora Network.

  • Australia
  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • New Zealand
  • Philippines
  • Singapore
  • Taiwan
  • Thailand
  • Vietnam
  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Iceland
  • Italy
  • Luxembourg
  • Netherlands
  • Norway
  • Portugal
  • Russia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Kingdom
  • Brazil
  • Canada
  • Mexico
  • United States

Alternative liquidity added.

  • BNP BIX, CLSA BlocSecTM, Kabu.com, Instinet KoreaCrossTM and Credit Suisse Crossfinder+®.

TORA currently provides access to Instinet crossing products.

New markets, products & contracts.

  • Mini Topix future
  • Topix Core 30 future
  • TSE REIT Index future
  • Mini Topix spread
  • Topix30 spread
  • TSE REIT spread
  • Taiwan CB
  • Vietnam cash
  • Mini HSI future
  • Singapore warrants
  • Sensex Index future on USFE
  • MSCITW options on SGX
  • TAIFEX MSCITW Index options
  • S&P/ASX 200 Index
  • Amsterdam Exchange Index option
  • London FTSE 100 Index option
  • Korea stock future
  • Korea stock option
  • TFX over night call rate futures
  • Spot-Next repo rate futures
  • Taiwan Electronic Index futures
  • Taiwan Electronic Index options

© Tora Trading Services Limited 2008. All rights reserved. The tiger eye symbol, TORA, Tora Trading Services, and Compass are trademarks or registered trademarks of Tora Holdings Limited in the United States and other countries. All other trade and service marks are the property of their registered owners.