Belzberg Technologies Selects LavaFX Product Suite; Integrated System Will Provi
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Attention Business Editors, Technology Editors:
Belzberg Technologies Selects LavaFX Product Suite; Integrated System Will Provide Premier Foreign Exchange Trading to Extensive Equity Client Base
TORONTO AND NEW YORK, May 16 /CNW/ - Belzberg Technologies Inc.
(TSX:BLZ), a leading provider of technology-based equity and options trading,
and Lava Trading Inc., the innovative technology firm that develops
high-performance trading solutions for the financial services industry, today
announced that Belzberg has selected the LavaFX(TM) product suite to provide
foreign exchange trading services to Belzberg clients. LavaFX will be fully
integrated with the Belzberg trading system, providing customers with online
spot-trading in multiple currencies and cost efficient hedging in combination
with cross-border equities, options and futures trades.
Built upon Lava's leading, proprietary technology core, LavaFX provides a
premier offering in electronic foreign exchange trading. It offers a Central
Limit Order Book of live dealable prices, full price transparency and depth of
book, and the ability to place bids and offers, together with Lava's
sophisticated order types. The system aggregates multiple sources of FX
liquidity into a single access point, which can be tapped via the fast,
intuitive LavaFX user interface, or through a FIX API.
"LavaFX is the perfect complement to our order execution system," said
Sid Belzberg, Chief Executive Officer, Belzberg Technologies. "As Canada's
premiere provider of electronic cross-border trade execution, we are thrilled
to offer our customers instant electronic FX trading with the tight spreads,
pricing transparency, and aggregation of disparate liquidity sources that
electronic trading demands. This partnership allows traders of inter-listed
stocks to focus on trading rather than Forex slippage."
Belzberg's client base includes over 200 leading Canadian, U.S and
international brokerage houses and financial institutions. As a dominant
player in Canada, the company serves major banks, and has successfully
penetrated U.S. and international markets with prestigious clients.
"We are excited to partner with Belzberg and help the company bring
industry-leading e-FX technology to its extensive equity client base," said
David Ogg, Chief Executive Officer, LavaFX. "Belzberg's expansion into foreign
exchange is indicative of the growing demand for electronic FX trading. By
leveraging Lava's fast, reliable and intelligent FX solutions, Belzberg will
be able to offer clients increased trading efficiency, along with greater
pricing transparency, liquidity and aggregation of disparate FX execution
venues."
About Belzberg Technologies
Belzberg Technologies provides technology based brokerage services for
financial institutions in the United States, Canada and Europe. The company
owns an agency-only broker-dealer in the United States that allows the company
to execute equities and option trades for Belzberg's customers. Using
Belzberg's suite of patented integrated trading tools and network
connectivity, Belzberg's customers have direct access to all North American
equities and options markets, as well as major European stock exchanges. The
firm's client-base includes over 200 leading U.S and international brokerage
houses and financial institutions. Belzberg Technologies is listed on the
Toronto Stock Exchange (Ticker-BLZ) additional information is available at
www.belzberg.com.
About Lava Trading Inc.
Headquartered in New York City, with locations in California, Connecticut
and the United Kingdom, Lava Trading Inc. is an innovative technology firm
that develops high-performance trading solutions for the financial services
industry. Lava products are created as true ASP solutions built to withstand
maximum volumes in the most volatile conditions. As a cost effective and
neutral provider, Lava's OTC, Listed and Foreign Exchange solutions are used
by leading broker/dealers, including most of the top U.S. investment banks, as
well as market makers, hedge funds and institutional investors. With its
patented technology and capital markets expertise, Lava creates value-added
trading solutions that combine speed, intelligence and reliability. Lava is a
wholly owned, independently-operated subsidiary of Citigroup, Inc. (NYSE: C)
and member NASD/SIPC. For more information, visit www.lavatrading.com.
Except for historical information contained herein, the matters discussed
in this press release are based on forward-looking statements that involve
risk and uncertainty. A variety of important factors could cause results to
differ materially from such statements, including but not limited to economic,
competitive, governmental and technological factors affecting the company's
operation, markets, products, prices and other factors.
For further information: For Belzberg Technologies Sid Belzberg,
416-360-1812 Chief Executive Officer sbelzberg@belzberg.com or For Lava
Trading Cheryl Gilberg 212-519-9261 Marketing & Communications
cheryl.gilberg@lavatrading.com or Arnold Corporate Communications Nicki
Polatin, 617-587-8815 npolatin@arn.com
BLZ.(TSX)
C(NYSE)
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