On Tuesday, the London Stock Exchange Group (LON:LSEG), or LSEG, announced the acquisition of U.S.-based cloud technology provider Tora for $325 million; the deal is expected to close in the second half of the year. Tora offers software trading solutions for customers exposed to stocks, forex, fixed income securities, derivatives and cryptocurrencies. In justifying the acquisition, LSEG specifically outlined the importance of the latter:
Tora's crypto trading solution is called Caspian. According to its whitepaper, Caspian "aggregates prices, bid/ask information, orders, positions, accounts and executions from multiple crypto exchanges and other sources, presenting the information on a single platform." It then enables users to send order information to crypto exchanges individually, or to multiple exchanges all at once, using its Smart Order Router technology. The software, itself, is aimed at institutional clients and offers order execution, portfolio management, compliance, risk management and reporting tools.