LavaX provides the buy-side with industry-leading functionality to effectively access hidden liquidity. Its features include NYSE OpenBook integration, robust list trading functionality, ease of use improvements for initiating and modifying orders, and advanced algorithmic parameters and depth for account allocation. Eighteen sponsoring brokers are currently available through the LavaX system, along with 10 algorithmic trading routes and two introducing broker relationships.
With its fast, reliable and intelligent technology, LavaX saw a 60% increase in volume in the fourth quarter of 2005 vs. the previous quarter. Market share for LavaX doubled in 2005.
"Buy-side traders are increasingly managing the trading of their orders and demanding comprehensive, best-of-breed trading systems like LavaX," said Richard Korhammer, CEO, Lava Trading Inc. "The rapid increase in market share makes it clear that LavaX is meeting a true demand in the marketplace. Our leading technology provides numerous benefits to the buy-side including the ability to route to all sources of liquidity, better average prices, lower trading costs and Lava's renowned customer service."
Lava plans additional enhancements to LavaX in the coming year. Among these will be enhanced commission management tools, which will further enable customer flexibility and choice in brokerage payments, and integrate with sponsoring brokers' introducing broker models. In addition, Lava will implement the trading of options and introduce block trading functionality to facilitate the trading of large orders with reduced market impact and opportunity costs. Lava is also in the process of integrating pre- and post-trade analytical tools and integrating with additional basket trading applications to provide choice and flexibility to traders.
About Lava Trading Inc.
Headquartered in New York City, with locations in California, Connecticut and the United Kingdom, Lava Trading Inc. is an innovative technology firm that develops high-performance trading solutions for the financial services industry. Lava products are created as true ASP solutions built to withstand maximum volumes in the most volatile conditions. As a cost effective and neutral provider, Lava's OTC, Listed and Foreign Exchange solutions are used by leading broker/dealers, including most of the top U.S. investment banks, as well as market makers, hedge funds and institutional investors. With its patented technology and capital markets expertise, Lava creates value-added trading solutions that combine speed, intelligence and reliability. Lava is a wholly owned, independently-operated subsidiary of Citigroup, Inc. (NYSE: C) and member NASD/SIPC. For more information, visit www.lavatrading.com.