eSpeed, NYMEX Settle Patent Dispute Over Trading Technology

Law360, New York (December 23, 2003, 12:00 AM EST) -- A trading technology unit of Cantor Fitzgerald settled a dispute with the New York Mercantile Exchange (NYMEX) over a patent for automated futures trading systems.

eSpeed, which develops electronic marketplaces and trading technology, agreed to grant a license to NYMEX under which the exchange will pay the company $8 million over three years for the right to use the technology.

The licensing payments with start with a disbursement of $2 million in the fourth quarter of 2003, and $2 million payable per year thereafter until 2006....
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