Tora has enhanced its cloud-based order and execution management system (OEMS) with the integration of Otas portfolio and trading analytics. The integration is expected to help clients generate alpha and meet the best execution requirements of Markets in Financial Instruments Directive II (MiFID II).
Building out its MiFID II capability, the company has also integrated its platform with the UnaVista Approved Reporting Mechanism (ARM) to support transaction reporting, and is talking about integration with two more ARMs and three Approved Publication Arrangements (APA) providing pre-trade reporting.
The Otas real-time analytics sit alongside existing analytics developed by Tora on the OEMS platform and are designed to minimise trading costs by monitoring ongoing market conditions and alerting traders in real time to exceptional occurrences in volume, price, liquidity and spread.
Chris Jenkins, managing director at Tora, says: “There is demand from traders for specialist tools that add value to best execution. They want technology suppliers to go above and beyond what their brokers can do. Otas is particularly good here as it provides impact analysis of potential trades on the market and signals to move out or resize trades.”
Otas has been integrated into the Tora OEMS and is being used by some of Tora’s clients that operate within the scope of MiFID II. Unlike most technology vendors in capital markets, Tora was established in Japan about 10 years ago and is making its way west. It opened a location in Europe early this year and has hired executives in New York ahead of opening an office to serve North America.