TORA integrates OEMS with Neptune for pre-trade bond analytics

Neptune axe and inventory data for bonds and broker counterparties will be available on the TORA OEMS.

Trading systems provider TORA has expanded its order and execution management system (OEMS) with pre-trade analytics under a new partnership with Neptune Networks.

Traders will be able to view Neptune axe and inventory data for each bond and broker counterparty on the TORA OEMS as part of the agreement.

TORA said the integration of data insights from Neptune will allow traders to better understand liquidity and improve quality of bond execution.

“The new integration is key for traders looking to improve the execution process for global bonds. TORA’s OEMS allows the user to not only see live pre-trade data in the blotter but to also see historical data from the Neptune broker network,” added Chris Jenkins, managing director of TORA.

“Understanding where liquidity lay historically is often a leading indicator of future sources of liquidity. The TORA OEMS allows clients to take additional steps to build trading rules and indicators based on this dataset. It ultimately saves the trader time and protects alpha.”

The Neptune network delivers pre-trade bond data between investors and banks providing the buy-side with access to 65,000 axes and inventory positions each day.

The integration of Neptune comes as part of a series of improvements made by TORA to its OEMS over the course of this year. Most recently, the firm integrated trading algorithms and artificial intelligence data analytics tools from Liquidnet IA Trader.

TORA also recently integrated the request for quote (RFQ) platform from interdealer broker TP ICAP and improved the OEMS’ fixed income capabilities with the London Stock Exchange Group’s MTS BondsPro.

“The fixed income market has become ever more data-driven in recent years and buy-side clients are continually looking for efficient ways to stream data to help improve trade outcomes,” added Byron Cooper-Fogarty, interim CEO of Neptune. “TORA’s OEMS clients are now well-positioned to consume this valuable data.”

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