Lava Trading, Inc. develops trading solutions for the financial services industry. The company provides equities, derivatives, and foreign exchange trading solutions to broker/dealers, market makers, hedge funds, and institutional investors. It offers ColorBook system, which integrates order books from ECNs, exchanges, and other liquidity sources into a data feed; LavaFlow, an ECN coupled with ColorBook that features pricing and order protection through an ADF and performance, as well as provides access and support for reserve and hidden orders; and DarkBook, which offers Lava's network to access reserves at U.S. liquidity pools, such as ECNs and exchanges that offer reserve capability. The company also provides LavaPI, an enhancement to the ColorBook system that offers price improvement; Continuous Ping that allows users to seek liquidity and price improvement by submitting IOC orders to configurable venues inside or order limit price at the start of an order; Spread or Better, a feature that allows orders to seek price improvement for a period; and Archive, which provides access to various United States Equity market data delivered by exchanges and ECNs. In addition, Lava Trading offers Trading Feed, a subscription-based market data feed that consolidates information from exchanges and ECNs operating within the United States equity market; and Direct, a direct data feed that provides access to latency market data from various United States Equity data providers. The company’s technology provides a range of solutions, including direct market access, smart order routing, order management systems, network effects/price improvement functionality, market data products, and an ECN. It has locations in California, Connecticut, and the United Kingdom. The company was founded in 1999 and is headquartered in New York, New York. As of August 1, 2004, Lava Trading, Inc. is a subsidiary of Citigroup CIB.