TORA preps for shorter settlement cycle with new tool

TORA Ticketing also provides pre- and post-trade allocation, commission management and trade reconciliation.

TORA has developed a service aimed at shortening the settlement cycle ahead of MiFID II T+1 transaction reporting requirements.

Known as TORA Ticketing, the service provides users with pre- and post-trade allocation, trade reconciliation, commission management and investment book of records (IBOR) functions.

It is available within TORA’s order, execution and portfolio management system or as a stand-alone service to be integrated with third-party systems.

MiFID II will require T+1 trade reporting and EMIR already requires T+2 derivatives trade reporting. In the US, the SEC recently shortened the settlement cycle to T+2 as of September this year.

TORA Ticketing was developed to help investment companies navigate these requirements and to avoid processing errors which can be costly to firms.

Robert Dykes, TORA’s CEO, explained there is a demand for services that focus on trading and investing, rather than IT projects and vendor management.

“We’re able to meet this demand with our OEMS because it’s a single application we have built from the ground up to handle all aspects of the trading lifecycle,” he added.

Earlier this year, TORA expanded its operations in Europe with a new office in Jersey on the Channel Islands.

To support the expansion, TORA hired former director at Barclays, David Tatten, who was tasked with growing the business’ investment technology services.