Piper Jaffray live on Lava OMS
19 June 2006 | 1994 views | 0
Source: Lava Trading
Piper Jaffray & Co. today announced that its adoption of Lava Trading's ColorPalette® 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®. 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."