Trading systems provider TORA has expanded its order and execution management system (OEMS) with buy-side bond trading data from data pooling network Glimpse Markets.
The partnership will allow buy-side users of TORA’s platform to view and contribute execution data at point of trade. Clients that contribute their data will receive a ‘data dividend’ based on volume and number of trades under the model.
“Integrating with the leading technology vendors in our industry is essential to ensure the Glimpse dataset fits seamlessly into a buy-side client’s existing workflow so we’re very grateful to be partnering with a forward-looking company like TORA who embraces new initiatives like Glimpse,” said Paul O’Brien, founder of Glimpse Markets.
Glimpse Markets is a data sharing network that provides the buy-side with a post-trade data sharing service. It aims to give the buy-side more control over its data than they have previously been permitted.
It launched its ‘data dividend’ initiative last month and has since been gaining significant ground with the buy-side, with several major asset managers signing up to support the network.
“Buy-side control is key to growing the network and enriching the dataset and Glimpse enables us to collectively define the governance structure and policies to ensure data quality and responsible, transparent data usage,” commented Eric Heleine, head of trading desk and overlay management at Groupama Asset Management, on the new model.
TORA has expanding its buy-side data and liquidity initiatives in recent months, most recently partnering with CME Group’s FX trading platform EBS to provide multi-asset hedge funds and buy-side firms with spot FX and FX derivatives pricing.
“Both TORA and Glimpse are focused on building more transparency in bond markets and improving data for institutional investors. This integration will certainly help to give the buy-side more control and visibility,” said Chris Jenkins, managing director at TORA.