Amex selects Lava to power private linkage service
The American Stock Exchange (Amex) today announced that it has selected Lava Trading, the innovative technology firm that develops high-performance trading solutions for the financial services industry, to provide private linkage services for sending directed orders to other market centers publishing protected quotations pursuant to the Securities and Exchange Commission's Regulation NMS. The linkage service will be rolled out with the Amex's state-of-the-art Auction and Electronic Market Integration (AEMI) platform.
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Antoine Shagoury, Amex's Chief Information Officer, said, "The Amex is happy to have chosen Lava Trading to power private linkage services for our AEMI trading platform. AEMI unites the best qualities of electronic and auction markets and we are looking forward to launching our new world-class trading platform and growing our market share."
AEMI will trade equities and ETFs at the outset. The deadline set by the SEC for Reg NMS compliance is February 5, 2007. The Amex intends to roll out AEMI in advance of the February deadline. The Lava private linkage service will allow outbound routing from AEMI to other market centers.
"We are pleased to provide the Amex with private linkage services," said James Weber, Managing Director, Lava Trading. "Powering the AEMI platform with Lava's advanced technology will help Amex clients make the most of a dynamic and ever-more competitive Reg NMS marketplace."
"We hope to have a long partnership with Lava Trading that will benefit both of our companies. The Amex's priority is to have world-class technology at the Exchange and this is another initiative that we have undertaken to achieve that goal," said Oscar Onyema, Chief Administrative Officer at the Amex.