TORA Readies Clients for Shorter Settlement Cycles and MiFID II

TORA has announced the commercial launch of its TORA Ticketing solution. TORA Ticketing provides advanced pre- and post-trade allocation, trade reconciliation, commission management and investment book of records (IBOR) functionality. This new solution is available as a module within TORA’s OEMS and portfolio management system (PMS), or as a standalone application that can be integrated with third-party systems.

Global regulations have brought post-trade processes into the spotlight and are driving asset managers to become more operationally efficient. MiFID II will require T+1 transaction reporting and more stringent commission tracking, the SEC has adopted a shortened T+2 settlement cycle that will go into effect in September 2017 and the European Union EMIR already requires T+1 derivatives transaction reporting. TORA Ticketing helps asset managers navigate these time sensitive requirements so that they can avoid trade processing errors that are costly to correct and that introduce investment and regulatory risk.

“Hedge funds and asset management firms are demanding solutions that enable them to focus on trading and investing rather than IT projects and vendor management,” said Robert Dykes, TORA CEO.  “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. With TORA Ticketing, we’re now able to support critical middle and back office functions on the same high-performance platform our clients already use for trading, portfolio management and compliance.”

Key features in TORA Ticketing include:

Block Formation and Allocations

  • Updates transaction blocks in real-time as executions occur.
  • Passes allocation instructions to counterparties either via flat file or FIX.
  • Supports broker specific rounding rules at block and allocation levels for exact trade matching.
  • Matches paired trades in real-time based on pre-defined configurations.
  • Displays matching status across multiple trade dates in an easy-to-use and intuitive UI.
  • Supports trade cancel/rebook flow integration with a large and growing network of prime brokers and FCMs.

Commission Schedule Management

  • Supports a broad range of advanced commission rules including caps/floors through a user-friendly, front-end commission editor.
  • Provides tools to manage commission and research spend across brokers and accounts to satisfy MiFID II compliance requirements.

Investment Book of Record

  • Maintains the central books and records for a fund, from execution by lot, to blocks, allocations and tickets for use on a primary or secondary basis.
  • Supports multiple asset classes.