TSOR™

Liquidity across Asia is becoming increasingly fragmented creating a challenge for buy-side traders to fill orders efficiently and achieve best execution. TSOR™, TORA's smart order routing algorithm, allows traders to source non-displayed liquidity across multiple broker and third party destinations, anonymously and within their existing workflow.

Execute Intelligently

TSOR is a next generation smart order routing algorithm which searches non-displayed liquidity dynamically based on user defined rules, adjusting and routing orders to the venue(s) where best execution can be achieved. By gathering intelligence and building logic as an order is executed, TSOR delivers price improvement and finds hidden liquidity efficiently and smartly.

Optimize Performance

Next generation features of TSOR give traders ultimate control over execution parameters and venue participation to create an edge when sourcing alternative liquidity. Whether it is incorporating proprietary optimization strategies, using TSOR dynamically with other algorithms or setting per order trade parameters, TSOR provides the trader with the flexibility to accomplish his/her objectives and bottom line performance.

Guard Against Market Impact

TSOR enables traders to execute across the broadest set of broker destinations while retaining anonymity, preventing information leakage, and reducing market impact when placing large orders.

Simplify Workflow

TSOR is integrated into the workflow of TORA Compass™ or any execution management system, reducing time-consuming administrative and monitoring tasks associated with manually posting orders across multiple venues.