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eSpeed says trading tech not derivative

eSpeed says trading tech not derivative

Chicago software firm, Trading Technologies (TT), has been dealt a blow by a US District Court in its long battle to prove infringement of its derivatives trading software. On Monday, the Northern Illinois-based Court rejected TT’s attempts to constrain New York firm eSpeed’s product offerings on the grounds of infringement – a decision that eSpeed interpreted as a wholesale rebuttal of TT’s claims.

The futures market will view the rejection as an important and positive step, as any successful lawsuit against eSpeed could have spilled over into its client base.

eSpeed chairman and CEO, Howard W Lutnick, said: ‘In a clear victory for the marketplace, the Court’s decision supports our long-standing position that our eSpeed … products did not infringe on Trading Technologies’ patents. We continue to be focused on providing customers with a suite of innovative future products to trade efficiently and effectively. With this matter now materially behind us, our future business is in a stronger position to satisfy customers’ needs as we continue to improve our competitive position.’

Chief operating officer, Paul Saltzman, added: ‘The Court’s interpretation of the scope of Trading Technologies’ patent claims in our favor has removed the uncertainty regarding our products. eSpeed [is] now better positioned to offer our customers a broader range of user interfaces to facilitate fast and easy futures execution capabilities in line with customers’ preferences.

‘The cloud is now lifted,’ he said.

Trading Technologies, responding in a statement, were not so sure: ‘The court did not rule on the issue of whether eSpeed or any other defendant is infringing the patents. TT remains very confident in its case and that the court will find that eSpeed’s products infringe.’

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