Trading Technologies appeals legal decision in patent infringement case against Interactive Brokers, TradeStation

Maria Nikolova

The legal fight is about a patent for a user interface for an electronic trading system that allows a remote trader to view trends for an item, which assists the trader to anticipate demand for this item.

The area of electronic trading is as challenging with regard to patents as any other business area. A piece of proof for this comes from a raft of legal actions surrounding Patent No. 7,533,056 B2, or the so-called ‘056 patent owned by Trading Technologies International, Inc.

Trading Technologies had sued a number of companies, including Interactive Brokers and TradeStation, over an alleged infringement of the patent, which describes “a user interface for an electronic trading system that allows a remote trader to view trends for an item, which assists the trader to anticipate demand for an item”. The patent covers a method of operation used by a computer for displaying transactional information and facilitating trading in a system where orders comprise a bid type or an offer type.

In February this year, following a petition by the brokers sued, the Final Written Decision of the Patent Trial and Appeal Board (PTAB) said the claims 1–15 of the ‘056 patent are unpatentable. PTAB sided with the petitioners that the claims of the patent are directed to well-understood, routine, and conventional steps of receiving market information and displaying it graphically to a trader, who uses the information to facilitate trading a commodity.

Furthermore, the Board saw no indication in the ‘056 patent that the inventors from Trading Technologies invented gathering market information, displaying it to a trader, and using the information to facilitate trading a commodity. The use of a computer to perform these functions also was known in the art at the time of the invention, PTAB said.

The Final Decision stated that the ‘056 patent claims simply provide a graphical representation on a computer of what traders have done in their minds since trading began.”

In April this year, PTAB denied Trading Technologies’ request for rehearing.

Now, the company disagrees. As per the latest filings with the Federal Circuit U.S. Court of Appeals, Trading Technologies appeals to the United States Court of Appeals for the Federal Circuit from the Final Written Decision and from the Decision Denying Patent Owner’s Request for Rehearing, and from all underlying orders, decisions, rulings, institutions, and opinions regarding the ‘056 patent.

The remedy sought on appeal is vacatur of the Final Written Decision and/or, at a minimum, reversal of the Final Written Decision.

The appellees in the case, captioned Trading Technologies Intl. v. IBG LLC (0:17-bcaag-02257) are: IBG LLC; Interactive Brokers, LLC; TradeStation Group, Inc.; TradeStation Securities, Inc.; TradeStation Technologies, Inc, and IBFX, Inc.

The date of the case filing is July 3, 2017.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<