The London Stock Exchange Group (LSEG) announced that it has agreed to acquire TORA, a provider of cloud-based technology used for trading numerous assets across the global market, including digital assets.
TORA is a trading technology solutions company, whose services include; Order and execution system (OEMS) and Portfolio Management System (PMS) for customers trading equities, fixed income, Foreign exchange, derivatives, and even digital assets.
The deal, finalized at $325 Million will give the LSEG the ability to trade digital assets. Assets like Crypto and Non-Fungible Token (NFT) will be tradable on the London Stock Exchange according to this deal. The group wishes to join the ever-increasing list of global institutions that offer digital assets trading.
Why include Digital Assets?
The LSEG’s plan to acquire TORA and also the inclusion of digital assets to its services is to bolster its presence on the list of ever-growing asset classes. Furthermore, It wishes to be known globally at this time where more institutions are joining the digital assets markets; and to also increase people’s exposure to crypto and other digital assets like NFTs.
Also, this plan hopes to help the LSEG expand, compete and gain global recognition in their business of providing solutions to Trading and Banking. It hopes to penetrate into Asia, North America and some parts of Europe; where TORA already runs its operation with an established presence.
Furthermore, this acquisition will give LSEG’s customers the opportunity to access a variety of assets; by combining TORA’s ability to trade multiple assets with the group’s robust data and analytics capabilities. The group expects finalization of the deal in the second half of the year; upon which it will eventually add TORA to its Data and Analytics Division.
The Group’s Head of Trading & Banking Solutions, Dean Berry; describes this acquisition as a significant expansion of their global trading business.
He further explains that “it will enable the group to provide vital “at trade” capabilities for the buy side, while seamlessly connecting into the next generation desktop workspace.”
He says, combining LSEG’s global exposure and TORA’s international presence will improve growth; which will ultimately help fast track the plans for expansion.
Also responding to the acquisition, Robert Dykes, TORA’s Chief Executive Officer defines it as “an incredible opportunity to create additional value for clients.”
Adding TORA’s trading solution to the group’s data can create a powerful toolkit for customers; to enable them to trade more efficiently.