TORA Crosspoint Announces Record Volumes in January
Tora, Asia’s leading provider of advanced trading technology and financial services, has announced that TORA Crosspoint, the company’s off-exchange liquidity venue, posted record volumes for the month of January. Volumes traded in the liquidity venue jumped 120% over the previous peak in December 2010.
TORA Crosspoint, which launched for Japan-listed equities in February 2010, is an off-exchange liquidity venue comprised of Tora’s substantial internal flow and the aggregation of flow from multiple venues in Asia. This includes Credit Suisse’s Crossfinder, Bank of America Merrill Lynch’s MLXN, Japannext, Kabu.com, Instinet and Chi-X. Additional brokers are expected to join TORA Crosspoint in 2011.
“TORA Crosspoint has seen a significant uptick in volumes at the start of 2011, which reflects the increased liquidity in the pool, together with demonstrated cost savings, averaging seven basis points,” said Robert Dykes, CEO of Tora. “We view the record numbers as a measure of TORA Crosspoint’s success in delivering seamless liquidity to the trading community.”
TORA Crosspoint leverages internal liquidity traded by Tora clients, which accounts for more than 5% of the total trading volume on the Tokyo Stock Exchange, according to the company’s data. During January 2011, TORA Crosspoint offered, on average, more than $1.2 billion of daily liquidity in over 1,000 individual equities.
“TORA Crosspoint has proven to be a tremendous success since launching as it provides a single point of access to liquidity from multiple venues, and operates in parallel with the trader’s everyday order flow, eliminating the need to manually post orders. These are two key points which continue to resonate with traders in Asia,” Robert Dykes added.
TORA Crosspoint currently offers Japan-listed securities. Hong Kong and other Asian markets will be added later in the year.