Japanese broker Phillip Securities has teamed up with TORA to launch a new electronic trading service for institutions.
The service will offer electronic execution on Japanese exchanges and PTS-s and will be a pure electronic offering with no program trading or high-touch.
Phillip Securities said the electronic-only model will enable it to offer efficiency, transparency and confidential trading for clients.
TORA has developed the IT infrastructure to support the new service, with exchange connectivity, compliance and reporting functions.
Hiroyuki Nakayama, head of corporate sales at Phillip Securities Japan, said: “Institutional clients are looking for liquidity, good trading performance, less contacts for execution, confidentiality and smooth operation.
“With the advances in electronic trading, existing trends for Electronic, Program and High Touch merging into one execution channel we decided to skip a few steps in the agency trading desk evolution and provide a service that eventually will be the reference way of trading in the future: that is electronic only.”
Phillip Securities recently hired Mihai Bistriteanu, formerly of Credit Suisse and Citi, to run its electronic trading business.