Blackwood Faces Cash-Flow Issues
TRANSACTION SYSTEMS
NEW YORK--Direct-access vendor Blackwood Trading has burned through so much of its cash that it is currently unable to pay key vendors, says a source with knowledge of the company. Blackwood's technology, initially designed for active "day" traders, also tends to crash under high volumes, causing client concern, the source says.
According to a memo written by co-founder and co-chairman Ben Weinger and obtained by Trading Technology Week, Blackwood suspended all accounts payable for at least a
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