NEW YORK & LONDON, 5 May 2021 –TORA, provider of industry leading trading technology, has today announced that Cowen Outsourced Trading has selected TORA’s Order and Execution Management System (OEMS) for Fixed Income across USA, Europe and Asia.
Cowen selected TORA’s SaaS OEMS following an intensive side-by-side evaluation of leading trading system providers. TORA was hand-picked for bond trading operations after making an assessment of TORA’s product and support capabilities against the requirements of a rapidly transforming and increasingly electronified global bond market. Cowen’s Outsourced Trading team works alongside their clients, functioning as either the clients’ trading desk or as an extension of the clients’ trading desk.
TORA’s OEMS provides traders at Cowen with access to 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, stated “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”.
Siegel continued “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.
Chris Jenkins, Managing Director at TORA commented “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.”
He added “increasing numbers of clients are using outsourced trading as a solution and TORA’s flexibility allows our clients to easily incorporate them into their workflow.”
TORA was one of the first in the industry to establish a buy and sell side cloud based OEMS over 16 years ago. The system offers multi-asset, multi-region trading technology covering bonds, equities, futures, options and FX. TORA’s OEMS offers a wealth of functionality covering execution, allocations, risk control, real time positions-keeping and P&L monitoring.
Cowen Outsourced Trading delivers customised multi-asset solutions to more than 200 clients worldwide. Fixed income investors benefit from Cowen’s institutional market connectivity, for both voice and electronic execution, in primary and secondary markets. The fixed income outsourced solutions are provided across all stages of the trade life-cycle including: pre-trade market data, order generation, execution management and post-trade services.
TORA is the leading global provider of advanced investment management technologies supporting the full trading lifecycle. With a full suite of cloud-based SaaS-delivered execution, analytics and compliance tools, as well as order, portfolio and risk management capabilities and a global FIX network, TORA’s products are utilized by hundreds of the industry’s leading hedge funds, asset managers, proprietary trading firms and sell-side trading desks globally. With headquarters in San Francisco, TORA has over 250 employees across offices in Hong Kong, Jersey, New York, Romania, Singapore, Sydney and Tokyo.
About Cowen Outsourced Trading
Cowen Outsourced Trading provides investment managers with a first-rate and cost-efficient solution for their global trading needs. The full-service offering is multi-asset class and differentiated by its transparency and level of operational support. Cowen’s Outsourced Trading solution is offered in the US through Cowen Prime Services LLC, a registered broker dealer and investment advisor with the SEC, and a member of FINRA, NFA and SIPC, and internationally through Cowen International Limited, which is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, and Cowen and Company (Asia) Limited, which is regulated by Securities and Futures Commission (SFC) of Hong Kong.