ANY CONVERSATION IN the past five years with Richard Korhammer about the business he was building would soon come around to the value of being an independent, broker-neutral firm. Korhammer is CEO of Lava Trading, which he and the firm’s chief information officer, Kamran Rafieyan, set up in 1999 to develop smart order-routing systems to combat the increasing fragmentation of US equity markets.
The firm has grown to over 160 employees and now routes trades for more than 20% of orders for Nasdaq-listed stocks.
Independence, Korhammer has argued over the years, has been crucial to the firm’s success.
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