NOCI Book Offers Incentive to Lava Customers.Business Editors/High-Tech Writers MONTVALE, N.J.--(BUSINESS WIRE)--March 17, 2003 Domestic Securities, Inc., an NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). broker/dealer that operates the Attain(R) ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. , today announced that it is offering a special incentive to customers of Lava Trading Inc. who route trades directly through its new NOCI NOCI Native Orchid Conservation Inc. Book, a division of the Attain ECN. Lava Trading is a technology company that develops high-performance trading solutions for large securities trading floors. NOCI's business model is to attract liquidity and create price improvement beyond what is currently available. Unlike other ECN books that offer a rebate for adding liquidity, NOCI offers a rebate for taking liquidity. For example, individuals who trade through SuperMontage to NOCI pay Nasdaq on a per share basis. In turn, Domestic Securities provides a rebate, resulting in a lower net cost to these users. For Lava customers who go directly to NOCI there is an additional incentive. Domestic Securities will charge a fee lower than the net cost for trading via SuperMontage. This lower fee is available to Lava users only. "We have developed this strategic model for Lava customers to share in the rewards of NOCI's goal to be the cheapest destination for removing liquidity from an ECN," said Laurence King, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul , Domestic Securities. "We are very pleased to be part of NOCI's exclusive program for Lava customers," said Richard Korhammer, 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. "This agreement further underscores our commitment to providing superior service and solutions to our customers." About Domestic Securities Domestic owns and operates the Attain ECN, an electronic communications network that operates as an alternative trading system. The Attain ECN provides its subscribers with the ability to post their bids and offers on either of the Attain ECN Books. The best price for each security is immediately posted on NASDAQ's SuperMontage system if the order is not filled on the ECN. The Attain ECN's newest product, the NOCI Book, provides rebates for removing liquidity, thus offering its users a better price than is available through NASDAQ. In addition to operating the Attain ECN, Domestic makes markets in hundreds of OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). securities and provides execution services to other broker/dealers. Domestic's goal is to provide leading edge technological trading solutions to the brokerage industry. Domestic is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. headquartered in Montvale, New Jersey Montvale is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 7,034. Montvale was incorporated as a borough on August 31, 1894, from portions of both Orvil Township and Washington Township, at the height . About Lava Trading Inc. Lava is an innovative technology company that designs and develops high-performance software for large securities trading floors and operates that software in its data centers as a Specialized Application Service Provider ("SASP SASP Separation and Airspace Safety Panel SASP State Agencies for Surplus Property (distribution of government surplus property) SASP Small Arms Serialization Program SASP Special Ammunition Supply Point SASP Surface Air Sampling Program ") for its clients. Lava's systems are designed to lower transaction costs and boost trading desk productivity by offering comprehensive functionality and connectivity to all major OTC and listed exchanges, ECNs and ATSs. Lava's mission is to improve securities trading efficiency through technology leadership. Through its innovative technology and capital markets expertise, Lava creates value-added products that combine speed, intelligence and reliability. Lava's clients include 8 of the top 10, and 16 of the top 20 U.S. investment banks. The company is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and is privately held. Lava's investors include Internet Finance Partners (IFP), LaBranche & Co. Inc., and TA Associates. |
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