Trading systems provider TORA has expanded its order and execution management system (OEMS) with access to the request for quote (RFQ) platform from interdealer broker TP ICAP for equity and ETF liquidity.
The move means that TORA’s OEMS clients will gain access to TP ICAP’s pool of 14,500 instruments and more than 30 liquidity providers via the Fusion RFQ platform.
“The connection will help clients looking for fast, immediate execution in both liquid and illiquid instruments,” said Patric Okumi, head of EMEA sales for TP ICAP Fusion RFQ. “We are particularly excited about the frictionless workflow the native integration will provide.”
The Fusion RFQ platform is aimed at hedge funds, wealth managers, and private banks trading pan-European and US single stock equities and ETFs.
Liquidity providers can offer two‐way prices on the platform in requested sizes to clients, and the engine returns the best bid and offer for execution anonymously via TP ICAP’s multilateral trading facility (MTF).
“We are delighted to have Fusion RFQ live in the TORA platform, the new integration will provide users with quick & efficient execution without the need to negotiate,” said Chris Jenkins, TORA managing director. “This will not only significantly improve workflow efficiency but also provide greater liquidity and market access.”
The partnership with TP ICAP follows TORA’s continued expansion of its OEMS this year, including adding fixed income trading capabilities in October. Shortly afterwards, TORA integrated the OEMS with the London Stock Exchange Group’s electronic bond trading platform MTS BondsPro.