TORA delivers OEMS for Cowen’s Outsourced Trading

Rick Steves

The deal with Cowen’s Outsourced Trading follows the recent appointment of Mark Moran as Sales Director, to work alongside Tom Mollooly and grow TORA’s PMS, OMS and EMS products to the US buy-side and sell-side firms.

TORA will be delivering its Order and Execution Management System (OEMS) for Fixed Income across USA, Europe and Asia to Cowen Outsourced Trading.

Following an intensive side-by-side evaluation of leading trading system providers, Cowen selected TORA for its innovative platform in a rapidly transforming and increasingly electronified global bond market.

Cowen’s Outsourced Trading, whose team works alongside their clients as their trading desk or as an extension, will gain access to TORA’s advanced trading functionality, including market data aggregation, customized order intake and execution, order allocation management, and post-trade analytics.

The system also offers a comparable bond tool, smart order routing, pre-trade risk controls, real-time position management, and P&L tracking in one single interface. Cowen traders are now using the TORA FIX network to connect to multiple bond trading platforms and global brokers to access greater liquidity and improve trade execution quality.

Joram Siegel, Head of Fixed Income Outsourced Trading at Cowen, commented: “TORA’s SaaS OEMS stood out because of its functionality to go beyond traditional buy-side order management systems. Their ability to give traders a single system with detailed insights and access to various sources of bond liquidity, coupled with straight-through execution on major bond venues, is unparalleled.

“TORA’s robust technology, which is uniquely suited for the Outsourced Trading workflows, provides a highly scalable technology infrastructure that allows us to deliver exceptional results for our clients.” It was noted that TORA was also awarded the contract because of their interoperability with various different analytics and data providers in this market”, Mr. Siegel added.

Chris Jenkins, Managing Director at TORA, said: “We are delighted to have been selected by Cowen. The selection process was particularly intensive and highly competitive. We are focused on facilitating electronic trading in fixed income, so I am really pleased Cowen chose our trading platform for their fixed income requirements. We are looking forward to working together over the coming years.”

Increasing numbers of clients are using outsourced trading as a solution and TORA targets that segment with its flexibility that allows clients to easily incorporate them into their workflow.

The deal with Cowen’s Outsourced Trading follows the recent appointment of Mark Moran as Sales Director, to work alongside Tom Mollooly and grow TORA’s PMS, OMS and EMS products to the US buy-side and sell-side firms.

Moran is leveraging recently signed partnership deals with EBS, BondCliq, and ICAP.

TORA’s OEMS offers front-to-back end trading for hedge funds and asset managers, fully auditable, MIFID II compliant, with in depth order records, price information and best execution reports. TORA’s platform also delivers advanced pre trade and post trade TCA to improve execution quality and ensure best execution.

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