The London Stock Exchange Group (LSEG) will buy financial technology provider TORA for $325 million, according to a statement released by LSEG this morning.
TORA specializes in order management systems, execution technology and portfolio management systems across a range of asset classes including equities, fixed income, derivatives, currencies and digital assets.
The exchange group says adding digital assets to its trading solutions bolsters its multi-asset coverage at a time when institutional market players are expanding their business in crypto and digital assets.
TORA’s presence in Asia and North America, as well as its operational capability in Europe, will also strengthen the global reach of LSEG’s Trading and Banking Solutions division.
Subject to regulatory approvals, the acquisition is expected to close in the second half of 2022, according to parties involved. TORA will be part of LSEG’s Data and Analytics division.
Dean Berry, Global Head of Trading and Banking Solutions at LSEG, said: “This transaction is a significant extension of our global trading business. The acquisition of TORA will allow LSEG to provide critical at-trade capabilities to the buyer, seamlessly connecting to our next-generation desktop workspace. »
TORA CEO Robert Dykes said: “Combining TORA’s compelling trading solution with LSEG’s wealth of data has the potential to create a powerful toolkit for our clients, enabling them to trade more effectively. .”
Andrea Remyn Stone, Head of Data and Analytics at LSEG Group, adds: “The combination of TORA’s multi-asset technology and global expertise with the strength and breadth of LSEG’s Data and Analytics division will create a compelling client proposition.
“This acquisition is a great example of LSEG’s strategy to provide clients with a global, multi-asset class financial infrastructure that operates across capital markets and the investment lifecycle as an open ecosystem.”