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Liquidnet Won Second U.S. Patent on Trading System; ITG Dismissed Counterclaim

In April, ITG voluntarily dismissed its counterclaim against Liquidnet for tortious interference with prospective business relations, according to Liquidnet.

Liquidnet announced today that the United States Patent and Trademark Office has awarded Liquidnet its second United States patent related to its equity trading system.

Liquidnet was issued U.S. Patent No. 7,747,515 entitled “Electronic Securities Marketplace Having Integration With Order Management Systems,” which further protects Liquidnet’s proprietary computer-based methods for generating liquidity for institutional block trades. Liquidnet was previously issued U.S. Patent No. 7,136,834 on November 14, 2006. “This is further recognition of the continued innovation that we have led over the last decade in making trading more efficient for the institutional trading community,” commented Seth Merrin, founder and CEO for Liquidnet, in the release “We provide our members with a unique model that gives them unparalleled liquidity, anonymity and performance. Liquidnet removes the catalysts that move the market against their orders.” Liquidnet also revealed today that in April 2010, ,in connection with the pending patent infringement claims brought by Liquidnet Holdings, Inc. against Investment Technology Group, Inc. (“ITG”) in 2007, ITG voluntarily dismissed its counterclaim against Liquidnet for tortious interference with prospective business relations.

ITG had originally asserted this claim in February 2008 and sought damages “in excess of $200 million.” This dismissal with prejudice means that ITG’s claim cannot be asserted against Liquidnet in the future. Liquidnet continues to pursue its patent infringement claims against both ITG and Pulse Trading, Inc. Merrin said, in the release, “Since its initial filing, we have maintained that the counterclaim was without merit and we are pleased that it has been dismissed.” Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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