TORA Compass offers a full suite of trade execution capabilities via worked orders, algo orders or direct market access.
The system provides the capability to trade equities, single-stock and index futures and options, warrants, convertible bonds, baskets, over-the-counter (OTC) products, swaps, FX and a wide range of synthetic products, all on a single platform.
The platform features OMS functionality and also integrates with third-party and proprietary order management systems.
It supports FIX versions 4.1, 4,2 and, in TORA Compass 6.x, 4.4.
There are no upfront charges, per-screen charges, fixed fees or annual fees. Ongoing fees are determined based on use.
The system was designed to account for the unique characteristics of each market including special auctions, queuing, intraday breaks and unique volume patterns.
Tora has over 175 employees dedicated to Asia, and maintains sales and support offices in Tokyo, Hong Kong, Singapore, New York, Los Angeles and San Francisco. Support teams are multilingual and available around the clock.
Connectivity and access
In Asia, the system connects to TORA Crosspoint, TORA Clearpool, Crossfinder, Crossfinder+, BlocSec, SIGMA X, BIX, MLXN, MS Pool, PIN, JapanCrossing, CBX, KoreaCross, Kabu.com, SBI Japannext and Chi-East (pending).
It also provides access to over 150 sell-side and third party algos.
TORA Compass’s application service provider model allows clients to access the system from any computer with an internet connection. It can also be accessed through all order management systems integrated with the platform and through an excel bridge.
Tora has a global broker services team dedicated to the setup of broker algos on TORA Compass. A broker services manager will spearhead the implementation of new strategies. Strategies can be updated on a client-by-client basis and can occur approximately once a month.
Transaction cost analysis
TORA Compass’s real-time cost analysis tools allow trades to be benchmarked against VWAP/day, VWAP/ order, arrival price and volume participation. Tora supports in-depth post-trade analysis through syndicated reports and custom research.
Additional services available to users are the TORA Crosspoint non-displayed matching engine, TORA Clearpool electronic OTC marketplace and the TORA Alpha algo suite.
TORA Compass will feature further enhanced and customisable compliance tools. There are also plans for the system to provide detailed and flexible views of real-time and historical profit and loss positions. Additional developments will also include enhancements to the system’s TCA tools.