London Stock Exchange Group (LSE) has acquired California-based TORA fintech company for $325 million to gain an advantage from its cloud-based trading technology. It will benefit from the OEMS (order and execution management system) as well as PMS (portfolio management system) in customers' digital assets, derivatives, forex, fixed income and trading equities.
TORA has a significant presence in North America and Asia. It simultaneously has operations in Europe.
The acquisition process is expected to be completed in the second quarter of 2022 and TORA thereafter will be a part of the Data and Analytics division of LSEG.
LSEG meanwhile has also acquired Quantile Technologies, which is a London-based company offering services in margin and capital optimization. Quantile was founded in 2015 and is now with the Post Trade division of LSEG.
TORA was founded in 2004 as a multi-broker cloud-based EMS in San Francisco, Tokyo and Cluj. It stepped into the Hong Kong market in 2006, Singapore in 2009 and Australia in 2010.
It is one of the most popular cloud-based technology providers with the front-to-back office tech segment for buy as well as sell sides. It serves a plethora of services to run a fund such as analytics engine, order management, execution management, portfolio and risk management. The platform is built in-house and properly integrated.
Dean Berry, LSEG's head of banking and trading solutions, said the TORO acquisition is important with respect to an extension of their global trading business. It will help in at trade capabilities at the buy-side.
TORA CEO Robert Dykes said he is delighted to become a part of the group and all the products offered are built in-house from day one.
LSEG is a London-based financial information company and owns the London Stock Exchange, which was founded in 2801 in Sweeting's Alley and later in the same year was shifted to the Capel Court. The exchange made the second move in 1972 in Threadneedle Street and hasÂ lately moved to Paternoster Square in 2004.
The group was founded in 2007 and its key persons are CEO David Schwimmer and chair-person Don Robert. It has more than 24,000 employees. Its divisions include Data and Analytics, Post Trade, Capital Markets, LSEG Technology, Refinitiv and FTSE Russell.
The subsidiaries of LSEG include Banque Centrale De Compensation, Elite, FTSE International, Elite, Cassa di Compensazione e Garanzia, LCH, Millennium IT Software, Mergent, Monte Titoli, The Yield Book, MTS and Turquoise Global Holdings.