Trading Technologies scores in broker lawsuit

Trading Technologies scores in broker lawsuit

Trading Technologies (TT) has settled a patent infringement lawsuit it filed earlier this week against Chicago-based broker Goldenberg, Hehmeyer.

In a statement issued today TT says the broker has admitted infringement of two US patents that were awarded in August.

The patents relate to TT's MD Trader product, an order-entry screen that displays multiple prices so that users can judge the depth of a market, which is incorporated in the vendor's X_Trader platform.

TT says GHCO has admitted infringement and will licence the patents going forward.

The broker is the second firm TT has filed suit against. The Chicago-based vendor also charged automated fixed income network eSpeed with infringing patents on the same MD Trader technology, in August this year.

The filing raised the possibility of the lawsuit being extended to other ISVs and brokers operating in the market. Similar onscreen functionality to MD Trader has been developed by vendors such as Orc Software, EasyScreen and Patsystems, and is available in propriety trading systems developed by brokers such as Goldenberg, Hehmeyer.

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