Trading Technologies International sues Vela Trading Technologies over trademark infringement

Trading Technologies International, Inc, a developer of trading platforms for derivatives professionals in the electronic trading industry, has filed a trademark infringement case against Vela Trading Technologies LLC at the Illinois Northern District Court.

According to the Complaint by the plaintiff, seen by FinanceFeeds, Trading Technologies accuses Vela Trading Technologies of trade name and trademark infringement, unfair competition, false designation of origin, deceptive trade practices, and consumer fraud.

In particular, the move concerns the following trademarks: TT, TRADING TECHNOLOGIES, TT CAMPUSCONNECT, TT CVD and TT ANALYTICS. These federal trademark registrations on the Principal Register of the United States Patent and Trademark Office are owned by Trading Technologies.

“TT”, for instance, covers an “Integrated suite of computer software programs for use as management, buying and selling tools by professionals in the financial fields of securities, commodities, futures, options, equity and debt instruments, currencies and foreign exchanges in International Class 9”, as well as “Computer software consulting services in the field of financial management related to buying and selling of individual financial products by professionals in the fields of securities, commodities, futures, options, equity and debt instruments, currencies and electronic and foreign exchanges; software as a service (SAAS) services featuring software for use as management, buying and selling tools by professionals in the financial fields of securities, commodities, futures, options, equity and debt instruments, currencies and foreign exchanges in International Class 42.”

Vela Trading Technologies is accused of unauthorized use of similar terms VELA TRADING TECHNOLOGIES, Vela Trading Tech and Vela_TT for nearly identical products and services. The infringements are seen on the defendant’s software products and related services, on its websites and in its www.VelaTradingTech.com and www.VelaTT.com domain names, and on related advertisements, communications, press releases, and social media in connection with the marketing and promotion of its products and services in interstate commerce.

From 2007 until 2016, the defendant operated as Street Response Laboratories (aka SR Labs) and has had Trading Technologies as its customer since 2012. On or around June 20, 2016, the defendant changed its corporate and trade name to Vela Trading Technologies LLC.

Trading Technologies also notes the recent acquisitions by Vela Trading Technologies of OptionsCity Software, a company that provides futures and options trading and analytics solutions, and of Object Trading, a provider of a Direct Market Access (DMA) platform. Trading Technologies alleges that these deals will allow Vela Trading Technologies to compete more directly with Trading Technologies.

The Complaint states that Vela Trading Technologies seeks “to trade upon Trading Technologies’ goodwill and reputation in the computerized trading industry, make Defendant’s business appear to be part of Trading Technologies’ family of trading products and services, and to give Defendant’s products and services a salability they otherwise would not have.”

In addition, the Complaint states that the Defendant’s use of the infringement trademarks could mislead consumers into believing that Defendant is sponsored by or affiliated with Trading Technologies, its products and services, and its TRADING TECHNOLOGIES and TT Marks.

Trading Technologies asks the Court to restrain the defendant from using the TRADING TECHNOLOGIES and TT Marks, or any other colorable imitation of the TRADING TECHNOLOGIES and TT Marks. The plaintiff also seeks compensation for damages it has suffered as a result of the trademark infringement.

The case is captioned Trading Technologies International, Inc. v. Vela Trading Technologies LLC (1:17-cv-05581). It has been assigned to Judge Elaine E Bucklo at the Illinois Northern District Court.