Asian trading technology provider and agency broker Tora has connected MLXN, the dark pool operated by Bank of America Merrill Lynch (BAML), to its TORA Crosspoint off-exchange liquidity venue, which trades Japan-listed securities.
Other Asian liquidity sources accessible via Crosspoint include Credit Suisse's Crossfinder, agency brokerage Instinet's CBX Asia , added earlier this month as part of a reciprocal access agreement, SBI Japannext's proprietary trading system and Kabu.com.
Tora's smart order routing technology, embedded within TORA Crosspoint, is designed to search for the best available liquidity across the various pools. Launched in February 2010, Crosspoint also leverages internal liquidity traded by Tora clients, which accounts for more than 5% of total trading volume on the Tokyo Stock Exchange.
“This connection to BAML's MLXN platform is a significant milestone for Tora and provides the buy-side with greater access to more liquidity in Japan,” said Robert Dykes, CEO of Tora. “Additional brokers are expected to connect to TORA Crosspoint over the coming months.”
Tora plans to add Hong Kong, Singapore and Australian equities to its TORA Crosspoint platform later this year.
“We are excited to offer our clients improved access to off-exchange liquidity and ultimately the opportunity to capture price improvement,” commented Mark Wheatley, head of Japan equities and electronic trading Asia Pacific at BAML. “This combination successfully unites liquidity and adds significant value to buy-side firms in Asia.”