Piper Jaffray Realizes Significant Benefits with Lava's ColorPalette OMS; Achieves Multiple Synergies from Full Use of Lava Pro
19 June 2006 - 10:00PM
Business Wire
Piper Jaffray & Co. today announced that its adoption of Lava
Trading's ColorPalette(R) trading and order management system has
proven very successful. Lava is a leading developer of
high-performance trading solutions for the financial services
industry. ColorPalette is a powerful sector-based trading and order
management solution, designed as a high-throughput, fully automated
system for managing institutional and retail customer orders. Its
features include streamlined regulatory handling of current rules
for all capacity orders, customer order crossing and
internalization management, open architecture with standard and
strategically-placed APIs, complete trade risk management, and
TraderIntelligence(TM), a dynamic order-based query. "We wanted a
truly new generation product to replace our existing OMS, and
Lava's ColorPalette has proven to be the optimal solution," said
Jim Fehrenbach, Head of Institutional Equity Sales and Sales
Trading at Piper Jaffray. "We have been able to continue using Lava
for OTC market making and Listed market execution, while realizing
a distinct advantage over our competitors, providing unparalleled
flexibility, best execution and price improvement to our clients."
Use of ColorPalette has allowed Piper Jaffray to take full
advantage of Lava's integrated direct access and order management
capabilities. ColorPalette has been fully optimized to manage
Lava's direct market access products for ease of use by
institutional clients, for straight-through processing, fully
assimilated back office and clearing, integrated risk management
features, real-time position and P&L management, and a fully
integrated crossing network with Piper Jaffray's trade blotter. In
addition, Lava's ColorCross(TM) provides price improvement
opportunities for Piper's clients. Piper Jaffray's Algorithmic and
Program Trading group (APT) can now use Lava to access the markets
for execution. This ensures that clients using APT's algorithms
have full market access, price improvement and crossing
opportunities, with Piper Jaffray's natural order flow, as well as
with Lava's clients, by utilizing Lava's real-time continual cross
- LavaPI(TM) and DarkBook(R). Additionally, APT has access to
Lava's state-of-the-art suite of order types and market triggers.
Piper Jaffray also uses ColorData(TM), Lava's leading market data
product, for all its trading decisions. With the implementation of
ColorPalette, Piper Jaffray is using the full complement of Lava's
unique, high-performance trading solutions. "Utilizing Lava's
complete product suite offers numerous synergies," said Fehrenbach.
"We have the benefit of a single interface, ability to route to all
liquidity sources, better average prices and lower costs. It
clearly positions our institutional equities business to build upon
its leadership in the evolving and increasingly competitive
equities marketplace." In addition to using the full Lava product
suite, Piper Jaffray is also a member of Lava's Sponsored Broker
Program, enabling it to sublicense Lava's patented technology to
its clients. The program allows Piper Jaffray's customers to route
orders through Lava to all major liquidity sources, including
Nasdaq, Listed exchanges, ECNs and ATSs. "Participating in Lava's
Sponsored Broker Program has proven very beneficial," said
Fehrenbach. "The program is enhanced by Lava's integration of APT's
algorithmic strategies, giving our clients access to the full suite
of APT's strategies within Lava's easy to use interface. In
addition, use of Lava's ColorData product gives us a clear
advantage over engines using contemporary market data feeds."
"Since inception, Lava has differentiated itself through innovative
solutions that provide a competitive advantage for our customers,"
said Richard Korhammer, CEO, Lava Trading Inc. "As a result, we now
have more than 100 buy-side clients, including half of the leading
hedge funds and asset managers. We are committed to providing Piper
Jaffray and all our clients with products that support the complete
trading life cycle in a single unified platform, coupled with open
architecture, unparalleled reliability, innovation, and excellence
in customer service." About Piper Jaffray & Co. Piper Jaffray
& Co. is the chief operating subsidiary of Piper Jaffray
Companies (NYSE: PJC), a focused securities firm dedicated to
delivering superior financial advice, investment products and
transaction execution within selected sectors of the financial
services marketplace. The company operates through two primary
revenue-generating segments: Capital Markets and Private Client
Services. Piper Jaffray has served corporations, government and
nonprofit entities, institutional investors and the financial
advisory needs of private individuals since 1895. With headquarters
in Minneapolis, Piper Jaffray has approximately 3,000 employees in
104 offices in 23 states across the country and in London. For more
information about Piper Jaffray, visit us online at
http://www.piperjaffray.com. 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 is a member NASD/SIPC. For more
information, visit www.lavatrading.com.
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