The London Stock Exchange Group (LSEG) is to acquire multi-asset trading technology supplier Tora for $325 million, opening a bridge into the world of digital asset trading.
Founded in 2004, TORA offers an order and execution management system and portfolio management system for customers trading equities, fixed income, FX, derivatives and digital assets.
LSEG says the addition of digital assets to its trading capabilities strengthens its presence in the crypto marketplace, at a time when institutional market participants are increasing exposure to crypto and other digital assets.
The transaction will also enhance the global footprint of LSEG’s trading & banking solutions business, with Tora’s established presence in Asia and North America and operations in Europe.
Upon closure in the second half of 2022, Tora will become part of the Exchange’s data & analytics division.
“Acquiring TORA will enable LSEG to deliver critical ‘at trade’ capabilities for the buy side,” said Dean Berry, the group’s head of Trading & Banking Solutions.
CEO Robert Dykes said the deal with LSEG would provide a “powerful toolkit” to investors by combining TORA’s trading solutions with LSEG’s data and analytics products.
Three years ago, LSEG bought a stake in London-based Nivaura, a digital platform which was behind the world’s first automated cryptocurrency-denominated bond issuance.
TORA partnered with investment firm Kenetic in 2018 to launch crypto trading platform Caspian which provides a single interface into all major crypto exchanges.
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