Slashdot Mirror
Futures Markets Face Trading Patent Claims
Jack.Gavigan writes "Trading Technologies, who own patents which they claim cover various electronic trading systems, have published an open letter to the futures industry, asking that the top futures and options exchanges (Eurex, LIFFE, CME and CBoT) pay 2.5c for each trade transacted on their electronic platforms. This is going to be interesting - we're not talking about a couple of online bookstores here. Billions are traded every day in the global futures markets." Update: 12/15 19:18 GMT by T : As reader Bryan Sloane points out, the original headline incorrectly said "Options" rather than "Futures," as it should have and now does.
Don't let the rather informal nature of their letter fool you. These guys are trying to dress up a lone shark operation with smiles and sunshine. In reality, they're two shades above spammers and malware writers. Like them, these guys are abusing the system to extort profit for free off the backs of others.
We wrote this letter to make our thoughts as clear and open as possible
We're pulling a good smilely PR stunt. You already look like old sour pusses. Pay up.
We believe that we are an important part of the futures industry we serve, that our position in this industry is unique, and that our value is growing.
We're big. You need us. We're getting bigger. Big enough to take you on. Pay up.
We believe this 2.5 cent solution is in the best interest of the futures industry.
We believe you forking over you cash, hand over fist to us in exchange for squat is in the best interests of the futures industry. Pay up.
Over the past several years, the futures industry has had no better friend than TT.
Remember all that buggy software we installed. Your locked in now pal. Pay up.
Protecting the results of TT's consistent innovation is a priority. Beyond the MD Trader patents that were recently received, another eighty patent applications have been filed, and TT continues to file more.
You will never get rid of us. The USPTO patent factory will just keep churing out juicy gravy trains for us. Pay up.
We believe in capitalism and what it does for the world.
We believe in capitalism and what it does for the world. Pay up.
Whenever we desire, TT, as a stand alone company, could raise the price of the patent-protected portion of our software and immediately have enormous cash-flow. This would be a last resort, but we would go this route if forced to.
Even if we lose we can still make you pay through the nose. Pay up.
On the other hand, various traders, FCMs, etc. have told us that they agree that TT's status is an urgent matter and that the 2.5 cent solution would be in the industry's best interest, yet they can't publicly support the solution. It would seem to us that they would be kicking, screaming, and speaking out as loud as possible.
Lots of your people who own our stock will be heckling you about this. Pay up.
Summarry of the Open letter
HAHAHAHAHAHAHA!!!! YOU IDIOTS!! You've let a upstart IT company become virtually the sole supplier of your lynchpin applications. We practically run the entire futures market by proxy. Now fork over the cash pops, before we hit the big red 'disconnect' button and let you get back to pen and paper!
Pay up!! It's the American consumers way!!
It would seem that only a LAMP solution can save the futures market now! But can they mobilise their legions of laywers to bust the Patentzilla before it tramples Wall Street underfoot?!? Stay tuned for the next exciting episode of 'USPTO Wars!!',filmed in 'Unobviousvision'.
May the Maths Be with you!