Bank of America Merrill Lynch ("BofAML") and Tora Holdings, Inc, provider of advanced trading technology and financial services, today announced they will partner to provide buy-side clients a broker-neutral co-branded trading platform, Thunder.
Utilizing TORA's leading multi-broker, multi-market, multi-asset electronic trading solution, Thunder is the first co-branded undertaking in electronic trading services for BofAML and will be the preferred execution management system ("EMS") for its buy-side clients in Asia.
Thunder is a unique front-to-back office solution which combines BofAML's equity execution and prime brokerage services with TORA's advanced trading technology, including integration with BofAML's sophisticated trading and prime brokerage systems. Buy-side traders will benefit from a complete, seamless trading experience which delivers efficiencies in order placement, sourcing of liquidity, execution management and sales servicing. Through Thunder, traders will also have access to all of BofAML's electronic tools including its algo suite, stock loan locate functionality, the ability to automatically upload positions to their prime brokerage accounts and comprehensive TCA reporting functionalities.
"This partnership demonstrates BofAML's commitment to its clients across Asia and beyond," said Gene Reilly, head of Asia Pacific Cash Equity Trading and Execution Services at Bank of America Merrill Lynch. "It is part of our overall strategy to fully integrate execution into our prime brokerage business, providing our clients a seamless, full-suite of services."
Robert Dykes, CEO of TORA, adds "TORA is dedicated to offering a superior multi-broker platform which addresses the unique challenges of the buy-side in Asia. We are pleased to be working with BofAML to create distribution opportunities for their execution and prime brokerage businesses as well as enhancing the trader's experience by providing a fully integrated trading solution. The partnership is testament to TORA's ability to deliver industry leading technology and trading solutions to clients in the brokerage industry."
Global Custodian recently announced annual prime brokerage survey with BofAML ranked third overall up from sixth last year. Both clients and non-clients voted BofAML #1 when asked who they intend to appoint as their next prime broker. In Asia Pacific, BofAML was top rated in the areas of client service, operations, financing, margining, securities lending, reporting, prime custodian, hedge fund consulting, capital introduction and value. BofAML also ranked #1 for the second consecutive year in Europe and Capital Introductions, while ranking #2 in Securities Lending and Prime Custodial Services, as well as #3 in Australia and Japan.
TORA's EMS has become the leading trading platform in Asia with the most comprehensive multi-broker, multi-market and multi-product electronic access. Currently TORA boasts connectivity to more than 700 global and regional brokers across 50 markets in Asia, the Americas and Europe and over 10 off-exchange liquidity venues. 5% of all trading volume on the Tokyo Stock Exchange is processed through TORA.