US007676411B2
`
`(12) United States Patent
`Kemp, 11 et a].
`
`(10) Patent N0.:
`(45) Date of Patent:
`
`US 7,676,411 B2
`*Mar. 9, 2010
`
`(54)
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`(75)
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`(73)
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`(21)
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`(22)
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`(65)
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`(63)
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`CLICK BASED TRADING WITH INTUITIVE
`GRID DISPLAY OF MARKET DEPTH
`
`Inventors: Gary Allan Kemp, II, Winnetka, IL
`(US); Jens-UWe Schluetter, Evanston,
`IL (US); Harris Brum?eld, Chicago, IL
`(Us)
`Assignee: Trading Technologies International,
`Inc., Chicago, IL (US)
`
`Notice:
`
`Subject to any disclaimer, the term of this
`patent is extended or adjusted under 35
`U.S.C. 154(b) by 288 days.
`
`This patent is subject to a terminal dis
`claimer.
`
`Appl. N0.: 11/5s5,907
`
`Filed:
`
`Oct. 25, 2006
`
`Prior Publication Data
`
`US 2007/0038556 A1
`
`Feb. 15, 2007
`
`Related U.S. Application Data
`
`Continuation of application No. 11/415,163, ?led on
`May 2, 2006, Which is a continuation of application
`No. 10/237,131, ?led on Sep. 9, 2002, noW abandoned,
`Which is a continuation of application No. 09/590,692,
`?led on Jun. 9, 2000, noW Pat. No. 6,772,132.
`
`Provisional application No. 60/186,322, ?led on Mar.
`2, 2000.
`
`Int. Cl.
`(2006.01)
`G06Q 40/00
`U.S. Cl. ...................................................... .. 705/35
`
`Field of Classi?cation Search ............ .. 705/35*45
`See application ?le for complete search history.
`
`References Cited
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`(Continued)
`Primary ExamineriRichard Weisberger
`(74) Attorney, Agent, or FirmiMcDonnell Boehnen Hulbert
`& Berghoff LLP
`
`(57)
`
`ABSTRACT
`
`A method and system for reducing the time it takes for a trader
`to place a trade When electronically trading on an exchange,
`thus increasing the likelihood that the trader Will have orders
`?lled at desirable prices and quantities. The “Mercury” dis
`play and trading method of the present invention ensure fast
`and accurate execution of trades by displaying market depth
`on a vertical or horizontal plane, Which ?uctuates logically up
`or doWn, left or right across the plane as the market prices
`?uctuates. This alloWs the trader to trade quickly and e?i
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`
`28 Claims, 6 Drawing Sheets
`
`CONNECTION TO MULTIPLE EXCHANGES
`
`HOSTEXCHANGE
`101, nuAf/ACILITIE?
`1
`
`a;
`HOST EXCHANGE
`
`ROUTER
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`
`""" “EATE . AY
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`TDA 1001
`CBM of U.S. Patent No. 7,676,411
`
`

`
`US 7,676,411 B2
`Page 2
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`

`
`US 7,676,411 B2
`Page 3
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`Powerful New Features,” AmaZon.com Press Release, Sep. 23, 1997,
`DTX1034, DeZmelyk000012-13.
`Apple Advertisement, Scienti?c American, Sep. 1984, Scienti?c
`American Inc. NY, NY DeZmelyk000014-33.
`Memo Re: Downloading the Terminal Program, Aug. 18, 2005.
`“Specialist vs Saitori: Market-Making in New York and Tokyo”,
`Richard Lindsay and Ulrike Schaede, DTX 1170, Jul. 8, 1992, Silver
`man000494-Silverman000506.
`“Building for Excellence”, MINEX Brochure, DTX 1153, Silver
`man000330-Silverman000334 (circa 1994).
`Chicago Mercantile Exchange (CME) Brochure, DTX1163, Silver
`man000406-Silverman000407 (circa 1990).
`MEFF Renta Fija Manual, DTX 1165, Oct. 1997, Silverman000410
`Silverman000473.
`O’Hara and Old?eld, “The Microeconomics of Market Making”,
`Journal of Financial and Quanitative Analysis, Dec. 1986, DTX 1169
`Silverman000478-Silverman000493.
`B. Weber, “Information Technology in the Maj or International Finan
`cial Markets”, Apr. 7, 1993, DX 79.
`Terminal Use ManualiWindows NT Version, Tokyo International
`Financial Futures Exchange (TIFFE), 1994, Silverman002552
`Silverman002616, DTX 1226.
`USPTO Press Release, “Electronic Patent Application Records
`Replace Paper Files at Uspto”, DTX 2285, Sep. 19, 2007.
`Memorandum Opinion and Order Re: ’ 132 and ’304 Claim Construc
`tion [425], Oct. 31, 2006.
`Memorandum Opinion and Order Re: TT’s Motion for Clari?cation
`[475], Feb. 21, 2007.
`Memorandum Opinion and Order Re: Non-Infringement [708], Jun.
`20, 2007.
`Memorandum Opinion and Order Re: Motions for Reconsideration
`[875], Aug. 27, 2007.
`Memorandum Opinion and Order Re: “Single Action” Ruling [963],
`Sep. 12,2007.
`Memorandum Opinion and Order Re: Preliminary Injunction [83],
`Feb. 9, 2005.
`Memorandum Opinion and Order Re: eSpeed’ s Motion for Summary
`Judgment of Invalidity Denied [845], Aug. 21, 2007.
`Memorandum Opinion and Order Re: TT’s Motion to Preclude Prior
`Sale Defense Denied [873], Aug. 27, 2007.
`Memorandum Opinion and Order Re: GL ’ s Motion for Reconsidera
`tion Denied [994], Sep. 19, 2007.
`Memorandum Opinion and Order Re: Priority Date [769], Jul. 12,
`2007.
`Memorandum Opinion and Order Re: Priority Date [1013], Sep. 25,
`2007.
`Memorandum Opinion and Order Re: Prior Public Use [835], Aug.
`16, 2007.
`Memorandum Opinion and Order Re: Defendant’s Motion for Judg
`ment as a Matter of Law on Inde?niteness [1141], Jan. 2, 2008.
`Noti?cation of Docket Entry Re: Defendants eSpeed’s Motion for
`Judgment as a Matter of Law on Invalidity is denied [1140], Jan. 3,
`2008.
`Noti?cation of Docket Entry Re: Defendant eSpeed’s Motion for a
`New Trial is denied [1142], Jan. 3, 2008.
`
`

`
`US 7,676,411 B2
`Page 5
`
`Memorandum Opinion and Order Re: Defendant’s Motion for Judg
`ment as a Matter of LaW on Willfulness [1144], Jan. 3, 2008.
`Deposition testimony of Hiroyuki Kida dated May 17, 2007 and May
`18,2007 with DDX 617-624, PDX 519-524 and PDX 531.
`Trial testimony of Hiroyuki Kida dated Sep. 28, 2007 and Oct. 1,
`2007 with DTX 617.
`Deposition testimony of Atsushi Kawashima dated Nov. 21, 2005
`With DDX 178-185.
`Trial testimony of Atsushi Kawashima dated Sep. 26, 2007 With DTX
`183.
`Deposition testimony of Philip Carre dated Jun. 22, 2007, Sep. 6,
`2007 & Sep. 13, 2007 With DDX 384-385; 473;494; 527;537-541;
`592: 593A; 595-598; 605; 626; 629; 719-723; 728-732; 897-898;
`896.
`Deposition testimony of Michael Cartier dated May 9, 2007 With
`DDX 587-588; DDX 592-593A and PDX 498-500.
`Deposition testimony of Cristina Dobson dated May 18, 2007 With
`DDX 625-635; DDX 637; PDX 533 and PDX 535.
`Deposition testimony of Nicholas GarroW dated Jun. 14, 2007 With
`DDX 116 and DDX 592.
`Trial testimony of Nicholas GarroW (via expert Witness) dated Oct. 2,
`2007.
`Deposition testimony of Michael Glista dated Feb. 20, 2007 With
`DDX 382-386.
`Trial testimony of Michael Glista dated Sep. 24, 2007 and Sep. 25,
`2007 With DTX 382-386; DTX 524; DTX 570; DTX 579; DTX 592;
`DTX 3020; DTX 3050; DTX 3057; DTX 3110; PTX 1993; PTX
`2065; PTX 2092; PTX 2094.
`Deposition testimony of Laurent Havard dated Apr. 24-26, 2007,
`May 12, 2007, Jun. 21, 2007 and Sep. 5,2007 With DDX 506; DDX
`508; DDX 517; DDX 539; DDX 551-568; DDX 570-573; DDX 575;
`DDX 603; PDX 462; PDX 464-483; PDX 767-769; PDX 771-774;
`PDX 875-877; PDX 882-888 and PDX 893.
`Trial Testimony of Laurent Havard dated Sep. 21, 2007 With DTX
`384; DTX 520; DTX 561-62; DTX 570; DTX 573; DTX 575; DTX
`593; DTX 750-52; DTX 3011; DTX 3017-18; DTX 3050; PTX 575;
`PTX 2064; PTX 2074; PTX 2077; PTX 2079.
`Deposition testimony of Jean Cedric Jollant dated Apr. 26, 2007 and
`Jun. 13,2007 With DDX 384; DDX 517; DDX 520; DDX 551-568;
`DDX 575-577; PDX 465-483.
`Trial testimony of Jean Cedric Jollant dated Sep. 20, 2007 With DTX
`157; DTX 473; DTX 719; DTX 551-64; DTX 598; DTX 722; DTX
`1903; DTX 3009-10; DTX 3014; DTX 3016-18 DTX 3020; DTX
`3023; DTX 3025; PTX 166; PTX 520; PTX 526; PTX 539; PTX 573;
`PTX 575; PTX 579; PTX 2065.
`Deposition testimony of Marc Lorin dated Sep. 5, 2007 With DDX
`385; DDX 721-722; DDX 730.
`Deposition testimony of Christopher Malo dated May 23, 2007 With
`DDX 524.
`Deposition testimony of Fred Mastro dated May 21, 2007 With DDX
`638; PDX 538; PDX 540-543.
`Trial testimony of Fred Mastro dated Sep. 25, 2007 With DTX 592.
`Deposition testimony of William McHorris dated Apr. 10, 2007 With
`PDX 416-417.
`Deposition testimony of Josephine Sheng dated Jun. 26, 2007 With
`DDX 520; DDX 522; DDX 536; DDX 575; PDX 493; PDX 683
`683a; PDX 775.
`Deposition testimony of Bruno Spada datedApr. 30, 2007 and May 2,
`2007 With DDX 384-385; DDX 519-21; DDX 537-38; DDX 579
`580; DDX 522; DDX 538; PDX 493-495; PDX 519-522.
`Trial testimony of Bruno Spada dated Sep. 24, 2007 With DTX 306;
`DTX 384; DTX 518-522; DTX 524; DTX 575; DTX 579-580; DTX
`593; DTX 626; DTX 628; DTX 646; DTX 1899 DTX 2086; DTX
`3020-3021; DTX 3058-3059; DTX 3061; DTX 3085; PTX 737; PTX
`840; PTX 2083; PTX 2087; PTX 2099; PTX 2101.
`Deposition testimony of Marcel Tchitchiama dated May 10, 2007
`May 11, 2007 with DDX 156-157; DDX 168; DDX 384-85; DDX
`538; DDX 592-93A; DDX 595-98; DDX 602-06; DDX 608-11 DTX
`494; PDX 503; PDX 506; PDX 612.
`Deposition testimony of Neil Treloar dated Jun. 19, 2007 With DDX
`384; DDX 539-39A; DDX 724; DDX 726; PDX 492; PDX 750-752.
`Trial testimony ofNeil Treloar dated Sep. 21, 2007 and Sep. 24, 2007
`With DTX 2040-2042.
`
`Trial testimony of Gerard Varj acques dated Sep. 28, 2007 With PTX
`509-510 and PTX 513.
`Deposition testimony of Amy Watson dated Jun. 12, 2007 With DDX
`626A; DDX 700 and PDX 636.
`Deposition testimony of Barbara WattieZ dated Jun. 16, 2007 With
`DDX 719-723.
`Trial testimony of Barbara WattieZ dated Sep. 28, 2007 With DTX
`592-593A; DTX 597-598; DTX 718-719; DTX 722.
`Deposition testimony of Christopher Buist dated Jun. 22, 2006 With
`PDX 358-364 and DDX 283-284.
`Deposition testimony of Walter Buist dated Jun. 23, 2006 With DDX
`315; PDX 310-315; PDX 365 and PDX 368-370.
`Digital trading facility Weekly operations meeting outline, DX 444,
`DTX 444, CM 006661-CM 006661, May 10, 1999.
`Chart re DSM QA Test Plainiproject plan in progress, DX 432,
`DTX 432, Nov. 4, 1998.
`User interface design speci?cation for WIT capital digital stock mar
`ket, DX 433, DTX 433 CM 008441-CM 008478, Jan. 18, 1999.
`Updated negotiations design to E. Lang from C. Mauro for review
`and approval prior to patent application, DX 434, CM 008410-CM
`008414, DTX 434, Jan. 18, 1999.
`Notes re ?nal additions/revisions, DX 435, CM 007949-CM 007955,
`DTX 435, Apr. 2, 1999.
`Position paper: On-line training and customer acquisition; WIT Capi
`tal DSM product launch and related schedule to E. Lang, DX 436,
`DTX 436, CM 006580-CM 006590, Feb. 22, 1999.
`Meeting outline, DX 428, CM 00750-CM 007501, DTX 428, Sep.
`11, 1998.
`Presentation re WIT Capital Digital stock martket Phase 1 usability
`and customer response testing: Preliminary report of ?ndings, DX
`429, CM 007446-CM 007466, May 1, 2006.
`WIT Capital limit order book to L. Forrest from C. Mauro, DX 425,
`CM 007382-CM 007411, DTX 425, Apr. 20, 1998.
`User Interface Design for display options design, DX 426, CM
`000249-CM 000287, DTX 426, Jul. 8, 1998.
`Letter from EPO to TT Re: Five Recently Filed European Patent
`Oppositions, Feb. 21, 2006.
`Notice of Opposition to a European Patent EP 1319211 B1, Anitra
`Medienprojekte GmbH, Jan. 13, 2006.
`Notice of Opposition to a European Patent by Deutsche Borse AG,
`Jan. 12, 2006.
`Notice of Oppo sition to a European Patent by EccoWare Ltd., Jan. 13,
`2006.
`Notice of Opposition to a European Patent by Rosenthal Collins
`Group LLC, Jan. 12, 2006.
`Notice of Opposition to a European Patent by Tick-It GmBh, Jan. 13,
`2006.
`Declaration of Walter Buist, Exhibit 17, Apr. 26, 2007; With Faxed
`Signature Page.
`Letter from J. Walaski to the EPO Re: Change of Address, Dec. 19,
`2006.
`A. Klein, WallStreet.com- Fat Cat Investing at the Click of a Mouse,
`Chapt. 14 “Finding Gold in Tribeca”, 1998; Exhibit 16.
`A. Klein, WallStreet.com- Fat Cat Investing at the Click of a Mouse,
`Chapt. 14-16, 18,23, 1998; Exhibit 16 (Cont’d).
`Wit Digital Stock Market, User Interface Rev. 9, Exhibit 15 (circa
`1999).
`Opposition Trading Technologies, Inc. Application No. 019201839
`EP 1319211B1, Exhibit 4 (Japanese and English Versions), Sep.
`1997.
`System for Buying and Selling Futures and Options Transaction
`Terminal Operational Guidlines, TSE Business Systems Dept.,
`TSE647-995, eS062297-eS062380 (Apr. 18, 2005).
`Letter from EPO to TT Re: Further European Patent Opposition, Feb.
`23, 2006.
`Letter from EPO to TT Re: Five Recently Filed European Patent
`Oppositions, Feb. 21, 2006.
`Letter from EPO to TT Enclosing European Patent Oppositions, Jan.
`25, 2006.
`Opposition TT, EP 1 319 211 B1, Copy set 1,Annex One- Grounds of
`Opposition, Jan. 19, 2006.
`Deposition Transcript of Atsushi KaWashima, Nov. 21, 2005, Oppo
`sition EP1319 211 B1 Exhibit 3.
`
`

`
`US 7,676,411 B2
`Page 6
`
`The Application Program Interface (API) Reference Manual for
`LIFFE Connect, Sep. 1998, release 3.1, EP 1 319 211 Bl Exhibit 7A,
`eS0060146-eS0060237.
`Deposition Transcript of Paul MacGregor, Nov. 1, 2005, Opposition
`EP1319 211 B1 Exhibit 9A.
`APT Trading Procedures (ATOM Version) of LIFFE, Apr. 3, 2001,
`Opposition EP 1 319 211 Bl Exhibit 9B.
`APTplus Trading Procedures, Dec. 28, 1995, Opposition EP 1 319
`211 B1 Exhibit 9D.
`Iris Investment Support Systems Window Ad, Opposition EP 1 319
`211 B1 Exhibit 10 (Jun. 1999).
`Fig.2 Substitute Sheet (Rule 26), Opposition EP 1 319 211 Bl Exhibit
`13A (Jun. 9, 2000).
`US. Appl. No. 60/186,322, Opposition EP1319 211 B1 Exhibit 138
`(Mar. 2, 2000).
`LIFFE’s New Electronic Trading Platform for Futures, LIFFE 202
`261, Opposition EP 1 319 211 B1 Exhibit 8D (Sep. 24, 1998).
`TIFFE Internet Article, “New On-Screen Trading Terminals”, E2
`(circa 1998).
`System for Buying and Selling Futures and Options Transaction
`Terminal Operational Guidlines, TSE Business Systems Dept,
`TSE00647-810, eS0622977-eS062366, D1(2) (Aug. 1998).
`ORC Instructions for Use, Version 2.2.8., 1999.
`Futures/ Options Trading System Guidlines for Operating the Trading
`Terminals, TSE Business Systems Dept, TSE00628-643, eS062278
`eS062293, D1(3) (Aug. 1998).
`Securities Industries News, “TT Upgrades Software Platform”, Aug.
`28, 2000 (D6).
`Letter to EPO from Karl Barnfather Enclosing Notice of Opposition
`(form 2300.1) and Grounds ofOpposition (Annex 1), Jan. 12, 2006.
`Dow Jones & Reuters Factiva, “Firms Rush to Make LIFFE Connect
`Decision”, Dec. 4, 1998, E6.
`Dow Jones & Reuters Factiva, “Date Broadcasting Partners with
`Alltech Investment to Provide Customers with Online Trading”, Feb.
`25, 1999, E8.
`Trading Pad Document (E3) (Jul. 1999).
`Japanese Document, TSE00609-627, Dec. 1, 2006 (E5), with Trans
`lation.
`
`TT X-Trader Brochure, Dec. 1, 2006 (E7).
`Letter to J. Walanski from EPO Re: Payment, Apr. 20, 2005.
`Letter to J. Walanski from EPO Re: Decision to Grant TT Patent, Mar.
`3, 2005.
`German Document from Tick-It GmbH Filing New European Oppo
`sition, Jan. 14,2006.
`Faxed German Document from Tick-IT GmbH Filing New European
`Opposition, Jan. 13, 2006.
`Annex A to TT’s Reply Brief (Oct. 2006).
`Annex B to TT’s Reply Brief (Oct. 2006).
`Memo Re: Futures/ Options Trading System and Japanese Patent
`Application No. 2001-564025 (Japanese), Aug. 18, 2005.
`Patsystems News Rel. Nov. 6, 2001.
`Court’s ruling on no prior sale (Aug. 27, 2007).
`Memorandum Opinion and Order Re: No prior use (Aug. 16, 2007).
`Memorandum Opinion and Order Re: Inequitable Conduct (May 6,
`2008).
`Memorandum Opinion and Order Re: Court Reaf?rming Priority
`(Sep. 25,2007).
`LIFFE Connect ISV Circular No: 001.99, Jan. 8, 1999, G0119566
`G0 1 19568.
`LIFFE C