TT sues Refco for patent infringement

T

TsunTzu

This is encouraging to see, http://news.ft.com/cms/s/82e93a14-86ca-11d9-8075-00000e2511c8.html especially as all the refco prop guys trade on TT. I cannot see how this will benefit anyone. Pity TT cant concentrate on getting the time and sales to record accurate information when the spread is rolling. Mind you if they do they will probably want more money for every tick that gets recorded.
Noticed that this story did get posted in this group over the weekend, however it doesnt appear to be in the group anymore cant think why...dooh...sponsorship maybe....
 
Quote from TsunTzu:

This is encouraging to see, http://news.ft.com/cms/s/82e93a14-86ca-11d9-8075-00000e2511c8.html especially as all the refco prop guys trade on TT. I cannot see how this will benefit anyone. Pity TT cant concentrate on getting the time and sales to record accurate information when the spread is rolling. Mind you if they do they will probably want more money for every tick that gets recorded.
Noticed that this story did get posted in this group over the weekend, however it doesnt appear to be in the group anymore cant think why...dooh...sponsorship maybe....
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good post.

will be interesting to watch seeing how refco pockets are MUCH deeper than TT.

somehow i cant help hoping that tt get their butts kicked on this one. does money really buy you the bias of the courts? we will see.

refco also own a significant majority of easyscreen (which is why they are being sued i guess) - why dont mac/refco prop use that rather than tt?

are they saying their own platform (refcopro/easyscreen) aint up to it??
 
refco's pockets are way deeper, I'd guess. Be interesting to see what kind of deal they strike.

seems like TT is basically asking the industry to make IT the new exchange...I can't see everyone agreeing to that....but...
 
refco also own a significant majority of easyscreen (which is why they are being sued i guess) - why dont mac/refco prop use that rather than tt?
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I beleive their FIX Easyscreen API came online in December 04, so give them time.

FRancis
 
Refco is going to take over EasyScreen.

• The Board of Refco Trading Services (UK) Limited (“Refco”) announces the terms of a cash offer, to be made by Dawnay, Day Corporate Finance Limited (“Dawnay Day”) on behalf of Refco, for the entire issued and to be issued share capital of EasyScreen plc (“EasyScreen”) not already owned by Refco (“the Offer”).

• Refco's approach has been welcomed by the board of EasyScreen. Refco believes that, subject to EasyScreen obtaining competent independent advice, the Offer is one capable of being recommended by EasyScreen’s board.

• The Offer will be 15.525p for each EasyScreen Share.
• The Offer values the entire existing issued share capital of EasyScreen at £14.8 million.
• The Refco Group already holds 8,676,721 EasyScreen Shares representing 9.09% of EasyScreen’s issued share capital.

Commenting on the Offer, Phillip Bennett, Chairman of Refco, said:

"Refco very much looks forward to bringing EasyScreen into the Refco stable.
We believe that this acquisition will offer exciting opportunities for the continued
expansion of Refco's business."

16/03/2005
More...
www.easyscreen.com/news.html
 
Trading Technologies turns patent fire on Man Group

Trading Technologies has filed suit against hedge fund manager Man Group, alleging infringement of patents on a program used by traders to buy and sell futures contracts.
The suit is the fifth to be filed by Chicago-based TT, and follows a similar claim lodged against futures commission merchant Refco last month. TT also has a claim outstanding against bond trading network eSpeed. Chicago-based brokers Kingstree Trading LLC and Goldenberg Hehmeyer both agreed an out-of-court settlement with TT within days of being sued by the firm late last year.

The suits have unsettled the electronic futures industry and caused trouble for independent software vendors competing in the same space as TT. UK-based ISV EasyScreen partly blamed its recent poor run of results on the uncertainty caused by TT's litigation. The company, which has agreed to a £14.8 million takeover bid from futures broker Refco, said last month that a major deal with Man Financial had been put on hold indefinitely until outstanding patent issues have been resolved.

In a statement, Man Group CEO Stanley Fink said: "Man Financial is confident that none of the software or trading systems we are providing to our clients - all of which is provided by third-party vendors - infringe any TT patents."

04/15/2005
 
i dont get it.

if tt want to set itself up as the new exchange, why is it biting the very hands that will feed it - the largest futures brokers and software vendors in the industry?


how to make friends & influence people!!

am i missing something or is harris bumfileld (tt ceo) a twonk?
 
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