Trading technology provider TORA announced that DMA Prime, a provider of execution and prime brokerage services to institutional asset managers in South Africa, has selected TORA’s OEMS and outsourced trading service. In addition, the execution desk at DMA Prime has also selected TORA’s outsourced trading desk to supplement their global market reach with TORA traders working in multiple time zones to execute orders.
TORA’s OEMS provides advanced tools for clients trading equities, futures, options, bonds and FX in a unified system. The system’s trading functionality includes order execution, order allocation management, automated broker order routing, pre-trade risk controls, real-time position management and P&L tracking.
DMA Prime can now access the TORA FIX network to connect to global broker algo offerings, as well as use TORA’s equity pairs algos to improve execution quality and use the TORA TCA reporting suite.
Justin Sage, head of Institutional Trading at DMA Prime, said in a statement: “We really needed a global execution system that allows fast single-click trading and the ability to seamlessly connect to our existing in-house proprietary portfolio technology and liquidity providers…Institutional investors in South Africa demand market-leading technology and high service levels, and we are comfortable that TORA will keep ahead of the curve with extensive inhouse development capacity and trading expertise to supplement our internal teams.”
South Africa is the continent’s largest savings market with an estimated ZAR7.5 trillion AUM ($514.7bn) in regulated savings and investments (Collective Investments, Long term Insurance, The Public Investment Corp & Retirement Funds). The South African Rand (ZAR) has been one of the best performing emerging markets currencies this year, a popular carry trade opportunity with attractive yields relative to developed economies and a tail wind from strong commodity prices.