20 August 2017
Find out more

CME recoups $7.5 from Euronext to settle Wagner patent dispute

06 January 2003  |  4025 views  |  0 Euronext

Euronext has agreed to pay the Chicago Mercantile Exchange $7.5 million in resolution of a $15 million settlement struck by the CME with eSpeed over the contentious Wagner patent.

The Wagner Patent deals with automated futures trading systems in which transactions are completed by a computerised matching of bids and offers of futures contracts on an electronic platform. The CME and neighbouring Chicago exchange Cbot paid a total of $30 million to Cantor Fitzgerald subsidiary eSpeed in August to settle the patent claims.

Terry Duffy, CME chairman, says: "Our settlement with Euronext brings final closure to all of the issues relating to the Wagner patent litigation and allows us to reduce substantially the costs of our settlement in that matter."

CME says it will recognise the $7.5 million payment in Q4 2002 and will receive half the payment immediately with the remainder to be paid by year-end 2003.

The exchange also announced that it has expanded its license rights to the electronic trading software owned by Euronext-Paris and incorporated into its Globex electronic trading platform, allowing it to offer trade matching services on Globex to third parties.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ESpeed and Cbot to create combined cash and futures market

ESpeed and Cbot to create combined cash and futures market

17 December 2002  |  3839 views  |  0 comments
Nymex draws first blood in eSpeed patent dispute - FT

Nymex draws first blood in eSpeed patent dispute - FT

05 December 2002  |  3036 views  |  0 comments
CME delays Eagle launch until January

CME delays Eagle launch until January

27 November 2002  |  2963 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9050 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7864 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7279 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6485 views 1 | 5 tweets | 3 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
6364 views comments | 14 tweets | 12 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job