Source: Trading Technologies
Advantage Futures LLC (Advantage) and Trading Technologies International, Inc. (TT) today announced they have reached agreement ensuring there are no issues between the parties regarding TT's MD Trader patents.
As part of the agreement, Advantage has agreed to honor TT's MD Trader patents. With respect to static ladder order entry technology, Advantage has agreed to only use software from TT or from firms that have a licensing agreement with TT. The agreement does not preclude Advantage from using or offering order entry software from other sources so long as it does not infringe on TT's patents. TT has agreed to absolve Advantage and its customers from liability for very limited past infringement.
Advantage has cleared over 100 million client contracts thus far in 2005. Advantage is the number one firm in terms of electronic trading volume at the Chicago Board of Trade (CBOT) and the number one firm in interest rate volume at the Chicago Mercantile Exchange (CME). TT has become Advantage's primary provider for electronic trading software based on strong customer demand. Approximately 99% of Advantage's electronic trading volume has been executed through TT's X_TRADER® platform.
"Advantage has enjoyed a successful relationship with TT to date because of TT's ability to offer innovative, fast and stable products that provide traders with a competitive edge. One example of TT's innovation has been the MD Trader product, which has proven to be a great trading tool," said Joe Guinan, Advantage's CEO.
"Advantage respects TT's MD Trader patents. Advantage believes the only responsible course of action is to acknowledge TT's intellectual property rights as validated by the U.S., U.K. and European patent offices. By doing so, Advantage customers can focus on trading rather than concerning themselves with the risks of patent infringement," continued Guinan.
"Advantage has been instrumental in the growth of electronic trading. TT has always respected Advantage's integrity, which is exemplified by Advantage acknowledging the innovation behind MD Trader and its related patents. TT looks forward to continuing to grow its business with Advantage by focusing on the demands of professional traders and institutional clients," said Harris Brumfield, TT's CEO.