You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
TT patent lawsuit: Ninja Trader, Trademaven and others...
- Thread starter qtip
- Start date
Trading Technologies Sues Peregrine Financial Group
Wed Jul 20, 2005 04:39 PM ET
CHICAGO, July 20 (Reuters) - Software company Trading Technologies ("TT") has targeted Chicago-based futures trading firm Peregrine Financial Group ("PFG") in a patent infringement lawsuit. Trading Technologies said in the suit that Peregrine and its software developer, TradeMaven LLC of Los Angeles, offer a trading platform that knowingly infringes on one of TT's U.S. patents. Trading Technologies requested a preliminary and permanent injunction against Peregrine and TradeMaven, as well as unspecified damages. A spokesman for Trading Technologies said the firm would not comment further at this point.
Peregrine's chairman, Russell Wasendorf Sr., told Reuters the firm's legal team was "looking at courses of action" regarding the suit. "We have no intention of settling. We are convinced we are not in violation of their patent," Wasendorf said.
TT has received patents from the U.S., UK and European patent offices for its MD Trader product, an order-entry system that displays market depth via a ladder-like display on an electronic trading screen. Harris Brumfield, chief executive officer of TT, estimates that over 50 percent of electronic volume on the world's top four futures markets goes through the company's X_Trader order entry platform, which incorporates MD Trader.
In December, TT asked the four biggest futures marts for a slice of their revenues in return for protection from patent lawsuits. The exchanges have not complied, but in the meantime TT has pursued other futures and options software providers. Patsystems PLC and NinjaTrader LLC are among the firms that have recently settled with Trading Technologies and agreed to pay royalties to license MD Trader. Last week TT cut off New York-based Refco Inc.'s access to its trading screens after the huge futures broker refused to admit that one of its trading systems infringed on TT's patents.
© Reuters 2005. All Rights Reserved.
Wed Jul 20, 2005 04:39 PM ET
CHICAGO, July 20 (Reuters) - Software company Trading Technologies ("TT") has targeted Chicago-based futures trading firm Peregrine Financial Group ("PFG") in a patent infringement lawsuit. Trading Technologies said in the suit that Peregrine and its software developer, TradeMaven LLC of Los Angeles, offer a trading platform that knowingly infringes on one of TT's U.S. patents. Trading Technologies requested a preliminary and permanent injunction against Peregrine and TradeMaven, as well as unspecified damages. A spokesman for Trading Technologies said the firm would not comment further at this point.
Peregrine's chairman, Russell Wasendorf Sr., told Reuters the firm's legal team was "looking at courses of action" regarding the suit. "We have no intention of settling. We are convinced we are not in violation of their patent," Wasendorf said.
TT has received patents from the U.S., UK and European patent offices for its MD Trader product, an order-entry system that displays market depth via a ladder-like display on an electronic trading screen. Harris Brumfield, chief executive officer of TT, estimates that over 50 percent of electronic volume on the world's top four futures markets goes through the company's X_Trader order entry platform, which incorporates MD Trader.
In December, TT asked the four biggest futures marts for a slice of their revenues in return for protection from patent lawsuits. The exchanges have not complied, but in the meantime TT has pursued other futures and options software providers. Patsystems PLC and NinjaTrader LLC are among the firms that have recently settled with Trading Technologies and agreed to pay royalties to license MD Trader. Last week TT cut off New York-based Refco Inc.'s access to its trading screens after the huge futures broker refused to admit that one of its trading systems infringed on TT's patents.
© Reuters 2005. All Rights Reserved.
tt should sue ib; it has more money.
They might just be inclined to tell the to go fxxk themselves. Would be lovely to see.
TradeMaven and Trading Technologies Settle Lawsuit Over MD Trader® Technology
CHICAGO, March 27, 2006 - Trading Technologies International, Inc. (TT) and TradeMaven
Group LLC and TradeMaven LLC (TradeMaven), a popular developer of retail focused trading
software, today announced that they have agreed to settle a lawsuit pending in the United States
District for the Northern District of Illinois in Chicago alleging that TradeMaven infringed TTâs U.S.
Patent Nos. 6,766,304 and 6,772,132.
The lawsuit was resolved today with the entry of a Consent Judgment finding infringement by
TradeMavenâs Trade Window product versions 2.8.x to 2.10.x and a product TradeMaven made
for Peregrine Financial Group, Inc. (PFG). Under the settlement agreement, TradeMaven
admitted that it has infringed on TTâs patents and agreed that the patents are valid. As part of the
settlement, TradeMaven will pay to TT $250,000 in return for TT absolving TradeMaven and its
customers of any past liability for infringement of TTâs patents. This payment was based on past
futures volume of approximately 1,050,000 sides traded using the infringing trading screens since
the patents-in-suit were granted. TradeMaven has agreed not to infringe TTâs MD Trader patents
in the future and TT has agreed not to sue TradeMaven and TradeMavenâs customers for
infringement of the â304 and â132 patents based on TradeMavenâs new Trade Window version 3.x
product. The Trade Window version 3.x product will not require a licensing fee for the patents-insuit.
"We have concluded that TTâs patents are valid and believe in respecting valid patents. Going
forward, TradeMavenâs customers can use our new Trade Window version 3.x product without
concerns regarding TTâs two issued patents", said Jeff Ganis, Managing Partner of TradeMaven.
"This is the first of fourteen Consent Judgments to include a settlement payment. Over time, while
the value that TT receives in settlements has to go up, TT is still willing to enter into settlement
agreements that are mutually beneficial", said Harris Brumfield, CEO of TT.
www.tradingtechnologies.com/news-releases.asp
CHICAGO, March 27, 2006 - Trading Technologies International, Inc. (TT) and TradeMaven
Group LLC and TradeMaven LLC (TradeMaven), a popular developer of retail focused trading
software, today announced that they have agreed to settle a lawsuit pending in the United States
District for the Northern District of Illinois in Chicago alleging that TradeMaven infringed TTâs U.S.
Patent Nos. 6,766,304 and 6,772,132.
The lawsuit was resolved today with the entry of a Consent Judgment finding infringement by
TradeMavenâs Trade Window product versions 2.8.x to 2.10.x and a product TradeMaven made
for Peregrine Financial Group, Inc. (PFG). Under the settlement agreement, TradeMaven
admitted that it has infringed on TTâs patents and agreed that the patents are valid. As part of the
settlement, TradeMaven will pay to TT $250,000 in return for TT absolving TradeMaven and its
customers of any past liability for infringement of TTâs patents. This payment was based on past
futures volume of approximately 1,050,000 sides traded using the infringing trading screens since
the patents-in-suit were granted. TradeMaven has agreed not to infringe TTâs MD Trader patents
in the future and TT has agreed not to sue TradeMaven and TradeMavenâs customers for
infringement of the â304 and â132 patents based on TradeMavenâs new Trade Window version 3.x
product. The Trade Window version 3.x product will not require a licensing fee for the patents-insuit.
"We have concluded that TTâs patents are valid and believe in respecting valid patents. Going
forward, TradeMavenâs customers can use our new Trade Window version 3.x product without
concerns regarding TTâs two issued patents", said Jeff Ganis, Managing Partner of TradeMaven.
"This is the first of fourteen Consent Judgments to include a settlement payment. Over time, while
the value that TT receives in settlements has to go up, TT is still willing to enter into settlement
agreements that are mutually beneficial", said Harris Brumfield, CEO of TT.
www.tradingtechnologies.com/news-releases.asp
Apart the features, does TT Pro use the same engine and it's fast as much as the standard TT?