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To: Tech Master who wrote (11228)	5/5/2004 1:16:09 PM
From: Dominick	Read Replies (1) \| Respond to of 12617

I don't believe we're talking about proprietary inventions. That's a whole new ballgame. It's about providing the public with the best access to the public's market not the MM's market. I think we would agree that MM's do have a distinct advantage over the public. dom

To: Tech Master who wrote (11228)	5/5/2004 2:44:14 PM
From: LPS5	Respond to of 12617

Best post I've read on SI in over a year. Well over a year, actually. LPS5

To: Tech Master who wrote (11228)	5/6/2004 9:43:09 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 12617

I'm not advocating an erosion of legal protection for patented ideas and products. I am questioning the notion that the producer of a product I have legally purchased has the right to control my trading of that product. If I paint a picture or write a book and sell it to you, I have the right to expect that you will not reproduce it and sell multiple copies. Does that give me the right to restrict you from selling that item it to someone else? I don't think so. I don't think you have addressed my question. Instead you have turned it into an implication that I am advocating the forced licensing of all proprietary material to competing entities. That's a huge stretch, and not justified by anything I said. Patent law is already a can of worms as far as I can tell, especially as it pertains to intangibles, and that is certainly not being represented as a legal or expert opinion. It is just an observation based on the number of patent infringement cases we hear about. That observation does not mean I think patent law should be thrown away so that invention and innovation is unprotected. It does mean that I think there are legitimate questions about how far the rights of the inventor extend to control the use of a product that has been legally purchased by a consumer. Given your understanding of the situation, is there anything to prevent ISE from inventing its own index based on the prices of some number of publicly traded securities, and granting itself exclusive right to trade options on that index on its own exchange? Who grants S&P or Dow the right to use equities prices as the basis for their indices? Does anyone, or is that information in the public domain? If it is in the public domain can anyone use it to define a "competing" index?