Bank of America Merrill Lynch said it will market a broker-neutral trading platform named Thunder, to institutional customers in Asia.
The platform is based on in-house electronic tools, as well as trading technology from Tora Holdings, a supplier of high-speed trading systems based in Tokyo and Hong Kong.
Merrill Lynch’s Thunder platform will use multi-broker, multi-market, multi-asset electronic trading technology from Tora.
This is the first co-branded electronic trading service developed by Bank of America Merrill Lynch and a technology partner. Thunder will be the preferred execution management system offered to institutional clients in Asia.
Tora’s flagship execution management and order management system is called Compass. That product connects to more than 75 global and regional brokers, 24 markets across 14 countries and over 10 off-exchange liquidity venues
for its buy-side clients in Asia.
Thunder is will combine Merrill Lynch’s equity execution and prime brokerage services with Tora's advanced trading technology, including integration with Merrill’s trading and prime brokerage systems.
Institutional traders will get more efficient order placement, sourcing of liquidity, execution management and sales servicing.
In Thunder, traders also will have access to all Merrill Lynch electronic tools including its algorithm suite, stock loan locate functionality, the ability to automatically upload positions to their prime brokerage accounts and comprehensive transaction cost analysis.
Tora Compass is one of the most-used trading platforms in Asia with the most comprehensive multi-broker, multi-market, and multi-product electronic access. Currently, Tora Compass boasts connectivity to more than 75 global and regional brokers, 24 markets across 14 countries and over 10 off-exchange liquidity venues
Five percent of all trading volume on the Tokyo Stock Exchange is processed through Tora.
Thunder “is part of our overall strategy to fully integrate execution into our prime brokerage business, providing our clients a seamless, full-suite of services," said Gene Reilly, head of Asia Pacific Cash Equity Trading and Execution Services at Bank of America Merrill Lynch.
Tom Steinert-Threlkeld writes for Securities Technology Monitor.