Lava Trading Enters Foreign Exchange Market; Microsoft Executive Joins Lava Trading to Lead FX Sales Initiative.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 16, 2004 Lava Trading Inc., a leading developer of high performance software for large securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the floors, today announced a major initiative to introduce electronic foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the on the Lava platform. The new product suite, LavaFX(TM), will be built upon Lava's leading, proprietary technology core, to provide a premier offering in global currency trading. This venture is an extension of Lava's mission to enhance the securities trading process through technology leadership. Lava will leverage its equity business model as it forays into the foreign exchange arena in an effort to further transform the industry into a more electronic marketplace. "We are bringing our leadership in equities trading to the foreign exchange market," said Richard Korhammer, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Lava Trading Inc. "Marrying the world's largest financial marketplace with Lava's fast, intelligent and reliable trading solutions will mean a new class of service in foreign exchange trading." Lava has assembled a world-class team, led by David Ogg, Head of LavaFX, to bring Lava's FX technologies to market. "FX is increasingly becoming an electronic marketplace," said Ogg. "Foreign exchange is the next logical application of Lava's technology. With Lava, large FX trading institutions will get more sophisticated, robust and straight-through foreign exchange trading solutions than ever before." "Parallel to the equities market over the past decade, the foreign exchange marketplace has undergone a macro transformation towards greater efficiency," said Mark Smith, VP, LavaFX. "We are excited to be at the forefront of the industry trend with our complete set of innovative FX solutions that are designed to meet our customers' technological demands." Spearheaded by Ogg and Smith, Lava has put together a top-notch FX management and development team, including the recent hiring of Bob Savage, who serves as Director of Global FX Sales. Savage joined Lava from Microsoft, where he held the position of Director of Business Development, Emerging Business Team. In his 13 years at Microsoft, Savage had a distinguished record serving the company's top Wall Street customers. He was recognized for developing worldwide standards for Microsoft's software products, consistently delivering account support and corporate targets, and pioneering industry forums for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. technology leaders. "Lava is a Microsoft partner and a company that mirrors Microsoft in its commitment to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. develop superior products and services," said Kenny McBride, Managing Director, Securities & Capital Markets/Financial Services Group, Microsoft Corp. "We are excited about Lava's expansion into the FX market and look forward to helping drive Microsoft economies of scale into the largest global market and incorporating Lava Trading as a key partner in our financial services strategy." About Lava Trading Inc. Lava Trading Inc. is an innovative technology firm that develops unique, high-performance trading solutions for large securities trading floors. Lava's products are created as true ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). solutions built to withstand maximum volumes in the most volatile conditions. As a cost effective and neutral provider, Lava supplies its OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). and Listed solutions to market makers and broker/dealers, including most of the top 20 U.S. investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. . Via sponsoring brokers, Lava's leading technology is also available to hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . With its patented products and capital markets expertise, Lava creates value-added trading solutions that combine speed, intelligence and reliability. For more information, visit www.lavatrading.com. |
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