LSEG buys digital assets trading provider

LSE groupThe London Stock Exchange Group (LSEG) has taken a further step into the digital assets trading world with the acquisition of multi-asset order management system (OMS) vendor Tora.

The exchange has spent $325 to acquire Tora which also provides execution and portfolio management for a range of asset classes including digital assets.

According to the LSEG, the acquisition will add a digital assets capability to its armoury which it views as a selling point for buy-side traders, including asset managers.

“Acquiring Tora will enable LSEG to deliver critical 'at trade' capabilities for the buy side," said Dean Berry, the group's head of trading & banking solutions.

Tora chief executive Robert Dykes added that combining with LSEG’s “wealth of data” would provide a “powerful toolkit” for its customers.

The transaction, which is expected to close in the second half of the year, is also another example of a mainstream establishment companies buying up digital firms in anticipation of growing institutional demand for digital asset capabilities.

It is also not the first time LSEG has sought to expand its digital capability. It bought a stake in crypto bond issuance platform Niavura in 2019 and also launched a crypto trading platform Caspian in2018 in partnership with investment firm Kenetic.

©2022 fundsTech