News briefs
Nymex pays $8m over Wagner patent
The New York Mercantile Exchange (Nymex) will pay an $8 million settlement to cover eSpeed’s Wagner patent. ESpeed alleged that Nymex’s trading system infringed upon its patent for automated futures trading, which covers systems that use "a computerised matching of bids and offers of futures on an electronic platform".
Nymex’s payments will be spread over a period of three years in return for a licence from eSpeed. ESpeed has now achieved $48 million of scheduled
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