Trading Metrics

The Trading Metrics software tracks all trades conducted through TORA Compass(TM) and measures the order receipt, order processing and exchange execution times with microsecond accuracy. Analysis, reports and alerts are automatically generated in real-time by the software and provided to Tora customers using TORA Compass. Over US$25 billion in transactions are processed each month through TORA Compass, including over 25% of all electronic trading on the Tokyo Stock Exchange.
"Deploying Trading Metrics software provides us with the means to track trades processed by TORA Compass on an 'end to end' basis," said Eric Sun, CTO of Tora. "Tora and our clients will benefit from the capability to analyze and report on the time each order is received, the speed at which each trade is processed by the broker, and the partial or complete execution speed of each exchange."

"Our software allows brokers to separate and report on exchange delays versus order handling or brokerage delays," said Jeff Drew, CEO Trading Metrics. "Execution Management Service providers and Agency Brokers want to establish quality of service levels in order to compete for order flows. To do this, they must measure and report trade execution speed while identifying delays that occur at the exchange, outside of the brokers' or EMS application's control," continued Drew.
"Most of our clients have the ability to trade with different brokers in any one market. In Asia, there can be considerable performance differences across different Broker DMA environments as well as performance differences across the exchanges themselves. With Trading Metrics software we are able to compare, in real time, how fast our clients' orders are processed across different brokers and exchanges. We believe this will give our clients and our brokers meaningful information which will influence their trading strategies," observed Sun.