Tora Trading has launched a new tool that measures and reports the time it takes for trades to be received, executed and confirmed by exchanges on a microsecond basis.
The firm’s Trading Metrics software tracks all trades conducted through the TORA Compass trading system and automatically generates analysis, reports and alerts in real time.
“Our software allows brokers to separate and report on-exchange delays versus order handling or brokerage delays, ” said Jeff Drew, CEO, Trading Metrics.
“Execution management service providers and agency brokers want to establish quality of service levels to compete for order flows. To do this, they must measure and report trade execution speed while identifying delays that occur at the exchange, outside of the brokers’ or EMS application’s control,” he added.
“With Trading Metrics, we are able to compare, in real time, how fast our clients’ orders are processed across different brokers and exchanges.
We believe this will give our clients and our brokers meaningful information which will influence their trading strategies,” observed Eric Sun, the firm’s CTO.
Around 25% of electronic trading on the Tokyo Stock Exchange is processed through TORA Compass. The multi-broker platform connects to 75 Asian brokers, 24 markets, 14 countries, and over 150 algorithmic trading strategies to trade equities, stock futures and options, index futures and options, warrants, convertible bonds, swaps and other synthetics.