Macgregor, the trade order management specialists, have formed a strategic relationship with Lava Trading Inc., a developer of technology for securities trading floors.
Lava’s technology – the so-called Lava Trading Floor and Lava ColorBook – will be integrated into Macgregor XIP, a buy-side order management system. Macgregor clients will receive full depth of book (including aggregated Level II market data), intelligent order routing and direct connectivity to all major exchanges, ECNs and alternative trading systems. It will be packaged as Macgregor Liquidity Access (MacLA).
“We are excited to be the first OMS vendor to offer Lava’s advanced trading functionality as an integrated OMS component,” says Stephen Alepa, EVP Networks, Macgregor. “Our clients are excited as they anticipate it will give their traders a competitive advantage with respect to increased speed to market and reduced market impact.”
“We are pleased to enter into a strategic relationship with an OMS vendor that has electronic trading expertise, a large base of installed users, and a solid reputation for service delivery,” adds Richard Korhammer, CEO, Lava Trading.
Macgregor claims that MacLA supports multiple sponsoring broker/dealers, while rival solutions require routing of all trades through a single sponsoring broker, limiting the use of a system as most firms have obligations to trade with numerous brokers and prefer to trade anonymously.
“Embedding Lava’s leading-edge technology into Macgregor XIP will help us achieve best execution, reduce errors and improve the efficiency of our trading desk,” adds Peter Jenkins, Managing Director and Head of North Americas Active Equity Trading, Deutsche Bank Asset Management. “With MacLA, we will be able to access every major pool of liquidity from our OMS with only a few keystrokes. We will be able to trade with more confidence as well knowing that our trades have already been checked for compliance and trading restrictions, while fulfilling best execution obligations at the same time.”
“This announcement exemplifies our strategy of delivering complete solutions to our clients by working closely with the best vendors, which Lava has proven to be in the securities trading arena,” concludes Steven Levy, President and CEO, Macgregor.