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TORA
TORA established its base of business some years
ago, building around the needs of hedge funds and
Reliability and Availability
starting in Asia. While its business has grown since
Latency
then, that remains the core of its business and is
reflected in the responses received within the Survey.
Client Service Personnel
More than three-quarters of responses were from
Ease-of-Use
clients based in Asia, with Japan a particular area of
Handling of New Versions/Releases
activity. This was a significantly higher proportion
than any other provider recorded. Almost 80% of
Breadth of Broker Algorithms
respondents were hedge funds. This again was well
Timeliness of Updates for Broker Changes
in excess of most respondents. While a few long-only
FIX Capabilities
managers did respond for TORA they were in a small
minority. A little over half of the respondents use
Breadth of Asset Class Coverage
TORA as a multi-asset class capability while a further
Breadth of Direct Connections to Venues
24% use it for trading a single asset class across mul-
Product Development
tiple brokers.
The nature of TORA clients means that its scores
Ease of Integration to Internal Systems
may be less directly comparable to other providers. In
Overall Cost of Operation
addition the number of responses in 2017 was more
than double the level recorded a year earlier. In that
Tora
context it is worth
noting that 2017
scores were maintained
2016
at similar levels to a year ago, taken overall. The aver-
6.35
6.05
age declined by an insignificant 0.06 points and was
6.02
5.92 providers. In four
the third highest
among the profiled
categories the average
score
was
better than 6.0 (Very
6.37
6.19
Good) across all respondents and TORA outscored the
5.82
5.81
overall Survey average in all 13 categories. The best
scores included 5.50
Client Service 5.43
where TORA achieved
its highest score.
The extent of 6.05
broker links was also
5.88
seen as a key relative strength. The lowest score was
5.71
5.69
in Product Development. While the average was
6.12
better than the 5.90
5.0 default score,
a number of clients
commented on 5.36
areas where they
would like to see
5.66
improvement. These included a desire by one client to
5.74
5.85
more easily incorporate their own capabilities within
5.69
5.15
the platform.
TORA is clearly
a major factor
in the key markets
5.58
5.89
it has chosen to serve. It would appear to have the
5.77
5.62
capability to expand beyond these areas to the extent
it chooses to do so.
Reliability and Availability 6.05
Latency 6.02
5.92
6.35
6.37
6.19
Client Service Personnel
5.82
5.81
Ease-of-Use
5.50
5.43
Handling of New Versions/Releases
5.88
6.05
Breadth of Broker Algorithms
5.71
5.69
Timeliness of Updates for Broker Changes
5.90
6.12
FIX Capabilities
5.36
Breadth of Asset Class Coverage
5.66
5.74
5.85
Breadth of Direct Connections to Venues
Product Development
5.15
5.69
5.58
Ease of Integration to Internal Systems
5.89
5.77
5.62
Overall Cost of Operation
0.00
1.00
2.00
2016
3.00
4.00
5.00
6.00
7.00
2017
Issue 53
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