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Robert Dykes, CEO, Tora

Tora report reveals large algorithmic slippage in Singapore

Tora, the Asia-focused market leading provider of advanced trading, technology and liquidity services, has this week released a Transaction Performance Analysis report. The study reviewed the performance of 120,000 algorithm orders across Asia for 1H10 and found that VWAM slippage, on average, was significantly higher in Singapore (15.1 basis points) and Hong Kong (9.5 basis points) than in Japan (4.5 basis points). “We expected these results,” Tora’s CEO, Robert Dykes (pictured), tells Hedgeweek, “as the Hong Kong and Singapore markets are generally less liquid and have higher volatility than in Japan. In addition, the sell-side has invested more heavily in Japan where algorithmic trading was introduced in 2004. We were more surprised by which firms did better/worse than others.”

Aside from industry reports, Tora’s growth has been building out across Asia this year, particularly on the sell-side with its Crosspoint off-exchange liquidity venue. “Our objective this year was to partner with four sell-side dark and lit pools in Asia but it’s going to be closer to 10 or 12,” says Dykes, adding that whilst Asia traditionally has lagged behind the US, “there has been a growth spurt in cutting-edge technology deployed in the region over last six months”. By combining the best possible systems and technology with independence and its own liquidity, it’s little wonder Dykes is in constant talks with the main players. Things are going equally well on the buy-side, with Tora “ahead of where it expected to be”. Dykes points out that the next several months will be spent optimizing Crosspoint for Japan’s securities. “For clients, the problem isn’t fragmented liquidity, it’s being able to find the liquidity in the first place.” Hong Kong, Singapore and Australia are all currently on Tora’s radar, where the crossing technology is similar to Japan’s.

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