BOX Sues 3 Exchange Cos. Over Pricing Patent

Law360, New York (May 10, 2011, 6:44 PM EDT) -- Boston Options Exchange Group LLC sued three national securities exchanges in Massachusetts federal court on Tuesday, alleging International Securities Exchange LLC, Chicago Board Options Exchange Inc. and Nasdaq Omx Phlx Inc. infringed its patent for an electronic trading pricing method.

International Securities Exchange LLC, Chicago Board Options Exchange Inc. and Nasdaq Omx Phlx Inc. offer products for sale that employ a price improvement secondary auction covered by the patent-in-suit, BOX alleges in its complaint.

The patent-in-suit, titled "Price improvement processor for electronic trading of financial instruments,"...
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