Tora Trading and BestEx, an Australian execution trading firm that handles outsourced trading, have announced a joint venture to offer global trading services to fund managers in Australia.
It will allow institutional clients of BestEx to seek best execution by
outsourcing trading to dealing desks in international markets, using Tora’s technology
and broker relationships.
BestEx believes that outsourced trading is gaining strong traction in Australia.
Its founder and CEO Phillip Weinberg said that changes to equity market
structures in recent years, plus regulatory focus requiring fund managers to
achieve best execution, will result in increased greater adoption of outsourced
trading in Australia.
“Significant cost savings for the fund manager and better outcomes for their
investors can generally be achieved by a manager outsourcing their front
office, not unlike what they typically do with their back office,” he said.
TORA is a provider of advanced trading technology and financial services. Managing
their antipodean advance will be Chris Jenkins, Tora’s Asia Pacific managing
director, and Khahlil Kirtman, managing director of Tora Trading Services.