LSEG TORA is a cloud-based multi-asset, cross-region front-to-back end trading solution that supports buy-side customers trading across global equities, fixed income, FX, derivatives and digital assets.

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The integrated software package

With TORA, users have access to advanced functions for order management, portfolio rebalancing, pre-trade and post-trade TCA, allocations and commission management tools.

This integrated software package already connects with custodians, prime brokerage and trade matching providers across the globe. The functionality is fully auditable, MIFID II-compliant and automatically details in depth order records, price information, best execution reports and analytics.

All products are available individually, or as one integrated and unified platform.

Order & execution management

TORA for order and execution management

TORA’s pioneering multi-asset cloud-based OEMS offers state-of-the-art solutions for all your trading needs.

Portfolio management

TORA for portfolio management system

Trade and market data in an advanced general ledger with detailed pricing and performance information, with real-time series and state-of-the art charting dashboards.

The powerful integration of TORA Portfolio Managment System with our leading OEMS will give you access to advanced functions for pre- and post-trade TCA, combined with strong post-trade allocations and commission management tools.

TORA PMS features

  • Full General Ledger and Shadow Accounting reports (financial statements, cash and NAV reconciliation)
  • Real-time and historical P&L over anytime interval or at any point in time on-the-fly
  • Time Series support with daily snapshots of P&L, NAV, exposure, fees and other portfolio related indicators, accessible via a flexible user interface, API or directly within Excel
  • Create new views on portfolios with up to 500,000 positions in seconds
  • Capture trades on any asset class and price using valuation models, or via integrations with third-party providers
  • Comprehensive support of equity swap contracts with complex configurable payment schedules and daily accrued interest reflected in P&L
  • Unmatched borrow management functionality
  • Managed corporate actions and reference data
  • Flexible, real-time portfolio and analytics views and powerful API function
  • Real-time trade capture builds historical, audited, and reconciled book of records
  • Automated trade matching, regulatory reports, and borrow contract management
  • Full SWAP contract support, Leading swap contracts tools. Track specific cash flow streams during any stage of the contract. Integrated tracking of P&L indicators and daily accrued interest

PMS Functionality

Our PMS system is utilised by the industry’s leading hedge funds, asset managers, proprietary trading firms and trading desks globally.

Fully integrated, unified platform for true STP

Access all your trade data in one place with one single sign on. Our new generation PMS is fully integrated with our OEMS to provide a completely unified user experience for all fund trading requirements.

We track it all via a fully customisable platform

Tracks your data positions and performance with fully customisable, drag-and-drop views in real time. See all of your positions across multiple portfolios on one screen. Flexible reconciliations covering all counterparties.

Advanced real-time General Ledger

Real time General Ledger based financial statements reports: trial balance, balance sheet and income statement reports for any configurable time-frame. Shadow accounting reports for cash and NAV reconciliation.

outsourced trading

TORA for outsourced trading

Our outsourced trading offering has the flexibility to integrate with your existing systems, or we can provide an end-to-end operational solution to cover the entire life-cycle of a trade.

Our models

We keep the primary relationship between client and broker intact. As a broker-agnostic service provider, our objectives are aligned with those of our clients, allowing us to provide unconflicted global execution.

Pass-through trading model

An extension of the internal dealing desk - we transact in the client’s name, with the same workflows and compliance controls as an in-house desk.

Agency trading model

An external dealing desk. We transact in our name on the client's behalf, a conduit process to access a broker panel with commission attribution.

Supported by our quantitative best execution team

Pre- and post-trade transaction cost analysis

QBE works to improve execution methodology utilising an algo ranking system built on a regression model using machine learning. Factors selected are significant and intuitive and real–time data is incorporated so that model recommendations reflect current market conditions.

A consultative approach is taken with our clients to incorporate specific trading styles and objectives.


Workspace and TORA

TORA’s order execution management system (OEMS) has a side-by-side functionality with Workspace.

Workspace is the highly customisable workflow solution that gives users access to some of the broadest and deepest coverage of financial data, news, analytics and productivity tools.

Workspace and TORA gives users the ability to generate trade ideas within Workspace and then quickly act upon them by creating a TORA trade ticket from your Workspace menu.


  • Bi-directional communication exists between the two solutions
  • TORA users can instantly access Workspace in one seamless GUI
  • Access to all the latest financial market data and analytics
  • Cutting-edge web technology seamlessly syncs across desktop, web, mobile and tablet
  • Work at any time, from anywhere
More about LSEG Workspace


AlphaDesk PMS and TORA EMS

TORA’s Execution Management System (EMS) and AlphaDesk (PMS) have now integrated to bring the industry’s best in breed products together in one system.

The front to back solution delivers an open and powerful end-to-end trading solution across equities, fixed income, derivatives and FX.

Traders can manage all your firm’s orders in a single place cloud-based multi-asset class order, execution and portfolio management system with detailed pre-trade data and analytics, post trade, risk management, reporting, TCA, trade automation and compliance functions.


  • Risk management includes Value at Risk, Scenario Analysis, Liquidity Risk and Interest Rate Risk
  • Multi-vendor data feeds and multiple electronic trading systems, as well as custodians/prime brokers and fund administrators
  • Track P&L exposure in real time with a choice of over 100 fields and flexible groupings
  • Easy-to-use interface with unmatched flexibility to suit your trading workflows
  • Broad network of brokers and venues via TORA FIXNet and other major FIX networks
  • Access the very latest multi-asset broker algos
  • Basket orders, position-based orders, parent/child orders, pairs orders
  • On-screen audit trail of all trades and actions made
  • Access to best-in-class proprietary pairs trading algo suite and the option to use FX auto-hedging
  • Powerful alerts engine for market and order monitoring
  • Detailed charts and analytics
  • Websocket API, FIX API for systematic trading
  • Pre- & post-trade compliance and rebalancing, subscriptions/redemptions
  • Real-time and historical detailed reporting with full shadow NAV, automation of trade reports and reconciliations
  • Full project management of all new client implementations including ongoing white-glove support teams
More about AlphaDesk

Asset classes

LSEG TORA is a true multi-asset front- to back-office trading technology provider.

It provides access to 500 over the latest multi-asset broker algos and allows you to trade across a variety of asset classes, including global equities, FX, derivatives and fixed income in one unified platform.

TORA Services Disclaimer

Tora Trading Services, LLC is a broker dealer registered with the U.S. Securities Exchange Commission ("SEC”), a member of the Financial Industry Regulatory Authority (“FINRA”), and National Futures Association (“NFA”). Tora Trading Services Limited in Hong Kong is registered with the Hong Kong Securities and Futures Commission (“SFC”).

Tora Trading Services, LLC, Tora Trading Services Limited and their affiliates are herein identified as TORA (“TORA”). TORA® is a registered trademark in the United States and other countries throughout the world.

This disclaimer (“Disclaimer”) applies to all TORA-related World Wide Web pages located within and and, including any content offered on or through the TORA websites. Any use of the TORA websites constitutes acceptance of and agreement with this Disclaimer. This Disclaimer applies to the TORA websites in addition to the Terms of Use.

The information provided on and through the TORA websites is intended only for institutional accounts as defined by FINRA (or institutional professional accounts as defined by SFC) and it is not intended for retail investors/persons. TORA services are not available in all jurisdictions.

Learning Centre

We have consolidated all our learning material into one place. You can now access the right learning whether its video on-demand or signing up to our extensive instructor led classes.

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