Lava Trading Inc., the innovative technology firm that develops high-performance trading solutions for the financial services industry, today announced the release of Version 1.5 of ColorPalette, Lava's distinctive trading and order management system.
Building upon ColorPalette's robust framework, Version 1.5 offers several advanced features to more fully support the complete trading life cycle and current market dynamics.
ColorPalette's new functionality includes:
- Group Execution from Inventory - offers superior IPO trading functionality
- Inside Ex - provides one step trading at the inside market
- Pending Tolerance - allows traders to set a tolerance for how far from the market they want orders to appear on their browser
- Routing Rules - permits automation of orders based on client, side, size, execution instructions, TIFs, broker and other criteria
- Sales Trader Routing - allows dynamic routing of orders to multiple pools of liquidity
- Top of Book Functionality - easy viewing of orders at the same price, allowing traders to view total shares at each price point
- Pro-Rata Allocations - links multiple orders and allocation of shares evenly across orders
In addition, ColorPalette now allows for directed Indications of Interest (IOI) and automated Trade Advertisements to help clients more effectively locate sources of liquidity and potential trading partners.
"Since inception, ColorPalette has offered the broker/dealer industry a significant improvement from traditional order management systems," said Richard Korhammer, CEO, Lava Trading Inc. "With these major functionality enhancements, built upon Lava's fast, reliable and intelligent technology, ColorPalette provides the sell-side with a truly new generation of sophisticated OMS capabilities."
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, a dynamic order-based query.
In the coming year, Lava plans to introduce additional ColorPalette functionality. The new features will include basket trading, options, Canadian securities and foreign currency and smart IOIs, with the goal of becoming the most comprehensive, feature-rich solution in the marketplace.