24 August 2017
Visit http://response.ncr.com

Reuters sues Bloomberg over alleged patent infringement

14 July 2003  |  7679 views  |  0 Reuters London

Financial information group Reuters is suing its principal rival Bloomberg over an alleged infringement of patents on electronic matching systems.

The suit, filed by Reuters in a federal court in New York on Friday, claims that Bloomberg violated three patents used for trading in foreign exchange and equity markets. Reuters is seeking millions of dollars in damages by alleging that Bloomberg infringed the patents in a "wilful and wanton" way with the launch of its PowerMatch foreign exchange trading system.

Bloomberg has denied any wrongdoing. "We are confident that we have not infringed the patent and we believe the suit to be without merit," spokesman Chris Taylor told reporters.

Bloomberg's move into the foreign exchange markets has raised hackles at Reuters which is desperate to head off any further incursions into its traditional strongholds by its New York-based rival.

"Automated trading is a core capability and we have incorporated this functionality into our products," says Reuters in a statment. "Although Reuters had preferred not to resort to litigation, it cannot allow the unauthorised use of its intellectual property."

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

Bloomberg hacker sentenced to four years

Bloomberg hacker sentenced to four years

03 July 2003  |  5257 views  |  0 comments
ESpeed files BrokerTec patent infringement suit

ESpeed files BrokerTec patent infringement suit

01 July 2003  |  5478 views  |  0 comments
Lava Trading sues royalblue for patent infringement

Lava Trading sues royalblue for patent infringement

23 June 2003  |  7580 views  |  0 comments
Philip Green walks as Reuters scraps COO role

Philip Green walks as Reuters scraps COO role

20 June 2003  |  5050 views  |  0 comments
Thomson's ambitions fails to dent Reuters' share price

Thomson's ambitions fails to dent Reuters' share price

11 June 2003  |  4862 views  |  0 comments
Cazenove cuts Bloomberg screens in trading room move

Cazenove cuts Bloomberg screens in trading room move

09 June 2003  |  4767 views  |  0 comments
Bloomberg and EBS alliance takes aim at Reuters' FX business

Bloomberg and EBS alliance takes aim at Reuters' FX business

21 May 2003  |  9055 views  |  0 comments
Bloomberg Tradebook takes on listed stocks

Bloomberg Tradebook takes on listed stocks

16 May 2003  |  3662 views  |  0 comments

Related company news

 

Related company information

Bloomberg

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.worldpaymentsreport.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
22377 views comments | 47 tweets | 90 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12172 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11657 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11389 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10965 views 0 | 7 tweets | 1 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job