Lava Trading and Portware Partner to Provide Complete Quantitative Trading Solution

NEW YORK CITY – January 20, 2004 – Lava Trading Inc., a leading developer of high performance software for large securities trading floors, and Portware LLC, a leading vendor of automated trade management systems, today announced that Lava’s leading equity trading platform will now be available to Portware clients.

With the integration of the two systems, Portware now offers access to the most complete trading solution to the US equity markets, with the opportunity to utilize Lava’s sophisticated order types directly from the Portware system. Users will receive intelligent order routing and direct connectivity to all major pools of liquidity, including Nasdaq, Listed exchanges, ECNs and ATSs.

Lava is a cost-effective and neutral provider that supplies its solutions to market makers and broker/dealers, including most of the top 20 U.S. investment banks. Via sponsoring brokers, Lava's leading technology is also available to hedge funds and institutional investors.

"We are pleased Portware clients will now have access to Lava’s high performance trading solution," said Richard Korhammer, Chairman and CEO, Lava Trading Inc. "This best-of-breed partnership will extend to Lava users a greater breadth of quantitative solutions which are gaining popularity to both sell-side and buy-side traders. Together, we can offer our clients a full range of complementary services from complete market data to a dynamic analytic engine/OMS, to the leading execution platform."

Portware, a real-time, broker-neutral trade management system, offers securities professionals increased capacity, decreased market impact, zero transaction costs and unparalleled power and control over order routing and handling. Portware specializes in basket, index and automated quantitative trading of global equities, futures, options and FX.

"Our partnership with Lava is great news for everyone involved," said Eric Goldberg, CEO of Portware LLC. "In addition to Portware’s inherent flexibility and customization, our basket, algorithmic and quant traders will now receive the added value of Lava’s high-speed network and intelligent order routing and handling features. This deal furthers Portware’s mission to advance automated trading to an entirely new level."

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