Liquidnet files patent suit against ITG

Liquidnet files patent suit against ITG

US electronic broker-dealer Liquidnet has filed a patent-infringement lawsuit against rival New York-based Investment Technology Group (ITG).

In a statement ITG says the litigation claims that its 'Channel ITG' tool infringes on a business method patent that was issued to Liquidnet last week.

Channel ITG allows users to sweep orders from their order management system to Posit crossing venues, ITG algorithms and ITG trading desk services. Liquidnet claims the product infringes on its patent that relates to indications-based trading systems.

Bob Gasser, CEO and president of ITG, says the allegation is without merit and "we intend to vigorously defend ourselves against it".

"Patent lawsuits have proliferated recently in the electronic trading marketplace as more firms pursue business method patents as a competitive strategy," says Gasser. "ITG remains committed to Channel ITG and ITG's entire suite of products," says Gasser.

ITG says it will continue to offer its products while the lawsuit is being contested.

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