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To: TFF who wrote (11783)	11/7/2006 7:07:12 PM
From: TFF	of 12617

Trading Technologies suffers legal setback By Doug Cameron in Chicago Published: November 7 2006 01:58 \| Last updated: November 7 2006 01:58 Trading Technologies on Monday suffered the first legal setback in the US software group’s long-running effort to enforce patents on trading technology used by much of the global derivatives sector. The Chicago-based group’s claim of patent infringement was partially rejected by a US district court in a move which would allow eSpeed, the electronic bond trading unit of Cantor Fitzgerald, to offer its software without the risk of its clients being exposed to legal action. Trading Technologies has sued more than a dozen futures brokers, alleging that they used trading systems for their clients that infringed a patent the company secured in 2004. Most had already settled, and the company was expected to pursue alleged infringement against the large banks that dominate futures trading. New York-based eSpeed maintained it was now free to offer its customised software to traders. “The cloud is now lifted,” said Paul Saltzman, chief operating officer. “It was very difficult for us to gain traction with our customers.” However, Trading Technologies rebuffed eSpeed’s assessment ahead of a trial set for early next year on the court’s memorandum opinion. “The court did not rule on the issue of whether eSpeed or any other defendant is infringing the patents,” said the group in a statement. “TT remains very confident in its case and that the court will find that eSpeed’s products infringe.” Mr Saltzman rejected the claim: “The court couldn’t have been clearer that the scope of TT’s patent related only to ‘static’ price display,” he said, noting the court’s interpretation of the market-pricing environment as dynamic. Copyright The Financial Times Limited 2006

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