The Formatter feature of Toad does not format a valid sql statement when contains the characters '< >'
If the characters '< >' are changed to '<>', the Formatter works.
When doing an explain plan of a query, Toad provides possible alternatives that could contain the characters '< >' instead of '<>'
WORKAROUND
Manually change the '< >' occurrences with '<>' in the sentence to be formatted.
STATUS
Waiting for fix in a future release of Toad for Oracle