"This agreement with Citi has been designed with the best interests of our clients in mind," said Howard Edelstein, CEO of NYFIX. "Lava technology was the leading choice of our Fusion clients among OMS providers and we are happy that we will be able to provide them with a smooth transition to that solution. Today's agreement also allows us to increase focus on the fastest growing segments of our business in order to better serve all of our clients around the globe."
"We are pleased to be partnering with NYFIX, one of the industry's leading providers of trading technology and services," said Jim O'Donnell, Head of Global Equities Distribution at Citi. "We are confident that Fusion clients will be extremely pleased with what ColorPalette has to offer, including a full range of execution options that incorporates access to all of NYFIX's offerings."
Lava ColorPalette is an innovative sell-side trading and order management solution built to offer a new generation of order management capabilities, designed specifically to support all demands of current market dynamics. The ColorPalette OMS is a professional trading tool set that delivers speed, reliability and intelligence for managing institutional and retail customer orders.
In order to make the upcoming transition as seamless as possible for Fusion customers, NYFIX and Citi will form a dedicated team to manage the process, designed to ensure a smooth and easy move to Lava ColorPalette.
"The ability to better focus our energies will ultimately translate into more integrated NYFIX offerings and increased service and support for all of our customers," said Chris Walsh, head of NYFIX's OMS division. "In a rapidly changing trading environment, this relationship once again highlights our willingness to look outward and partner with other innovative solution providers in support of our clients."