Schwab Institutional is a top provider of custodial, operational and trading support for independent, fee-based investment advisors.

"We are very pleased to provide Schwab Institutional with ColorPalette's leading edge technology," said Richard Korhammer, CEO, Lava Trading. "Lava's mission is to improve securities trading efficiency through technology leadership, and we are confident Schwab Institutional's clients will see significant benefits from this new generation of sophisticated trade and order management capabilities."

ColorPalette is a sector-based trading and order management solution, designed as a high-throughput, extensive 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.

Since its launch in 2003, ColorPalette has continued to gain market share. Like other firms using ColorPalette, Schwab Institutional chose the system after an extensive RFP process involving several OMS providers. ColorPalette will be used by 45 Schwab Institutional traders.

"ColorPalette is designed to support the complete trading life cycle and current market dynamics, and is truly answering a need in an evolving marketplace," said Korhammer. "ColorPalette offers a significant improvement from traditional order management systems, and with its increasingly rapid adoption, is poised to become a dominant OMS on Wall Street."