London Stock Exchange Group adds crypto trading capabilities with TORA acquisition
London Stock Exchange Group has now made its foray into the digital assets business with the latest acquisition of cloud-based technology provider TORA in a $325M agreement. The deal is expected to close in the first half of this fiscal year.
According to the announcement made Tuesday, the acquisition would allow LSEG to expand its trading capabilities to crypto and other digital assets, thereby strengthening its “presence in this rapidly expanding asset class.”
.@LSEGplc to acquire @ToraTrading a leading cloud-based provider of trading technology solutions. Read our press release here: https://t.co/ppAWulmNLZ pic.twitter.com/ZYtn321d92
— LSEG (London Stock Exchange Group) (@LSEGplc) February 22, 2022
Headquartered in San Francisco, California, TORA is an eight-year-old trading technology solution provider that offers solutions for customers trading equities, fixed income, FX, derivatives, and digital assets. The company offers services to several asset managers, hedge funds, proprietary trading firms, and sell-side trading desks.
With the latest acquisition, the LSEG also plans to expand its services in Asia, North America, and Europe by leveraging TORA’s global footprint and software. Elaborating on the same, Dean Berry, Group Head of Trading & Banking Solutions, LSEG, said:
“Acquiring TORA will enable LSEG to deliver critical “at trade” capabilities for the buy side, seamlessly connecting into our next generation desktop Workspace. Combining TORA’s international footprint with LSEG’s global reach will drive further growth and we look forward to collaborating in order to continue this expansion.”
LSEG is the latest example of large financial institutions making strategic acquisitions with digital assets-related firms in a bid to grab a corner in the nascent industry. Several stock exchanges have also launched their own digital asset subsidiaries, including International Continental Exchange and the Swiss’ SIX exchange.
The post London Stock Exchange Group adds crypto trading capabilities with TORA acquisition appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Kurt Ebenzer, @Khareem Sudlow
