2183
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`LSJ
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`TRADING TECHNOLOGIES INTERNATIONAL,)
`INC.,
`
`C)
`
`Plaintiff,
`
`)
`
`)
`
`V. (cid:9)
`
`) No. 04 C 5312
`
`)
`
`:eSPEED, INC., eSPEED INTERNATIONAL;)
`LTD., ECCO LLC, and ECCOWARE, LTD.,) Chicago, Illinois
`September 26, 2007
`) 10:00 o’clock a.m.
`
`Defendants. (cid:9)
`
`VOLUME 11-A
`TRIAL TRANSCRIPT OF PROCEEDINGS
`BEFORE THE HONORABLE JAMES B. MORAN, and a JURY
`
`Trading Technologies
`International, Inc. , by:
`
`and
`
`
`LED
`MAY 80 ZOO8 TQ
`
`MICHAEL W. OUIN
`US DISTRICT COUNT
`
`TRADING TECHNOLOGIES
`INTERNATIONAL, INC.,
`MR. STEVEN F. BORSAND
`222 South Riverside Drive
`Chicago, Illinois 60606
`312-476-1000
`steve. borsand@
`tradingtechnologies . corn
`
`McDONNELL, BOEHNEN, HULBERT &
`BERGHOFF, LTD.
`MR. PAUL H. BERGHOFF
`MR. S. RICHARD CARDEN
`MR. CHRISTOPHER M. CAVAN
`MR. MICHAEL D. GANNON
`MS. JENNIFER M. KURCZ
`MR. MATTHEW J. SAMPSON
`MR. LEIF R. SIGMOND
`300 South Wacker Drive
`Chicago, Illinois 60606
`312-913-0001
`berghoff@mbhb.com
`kurcz@xnbhb.com
`
`0001
`
`TDA 1024
`TD Ameritrade v. TT
`CBM2014-00137
`
`
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`LSJ
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`TRADING TECHNOLOGIES INTERNATIONAL,)
`INC.,
`
`C)
`
`Plaintiff,
`
`)
`
`)
`
`V. (cid:9)
`
`) No. 04 C 5312
`
`)
`
`:eSPEED, INC., eSPEED INTERNATIONAL;)
`LTD., ECCO LLC, and ECCOWARE, LTD.,) Chicago, Illinois
`September 26, 2007
`) 10:00 o’clock a.m.
`
`Defendants. (cid:9)
`
`VOLUME 11-A
`TRIAL TRANSCRIPT OF PROCEEDINGS
`BEFORE THE HONORABLE JAMES B. MORAN, and a JURY
`
`Trading Technologies
`International, Inc. , by:
`
`and
`
`
`LED
`MAY 80 ZOO8 TQ
`
`MICHAEL W. OUIN
`US DISTRICT COUNT
`
`TRADING TECHNOLOGIES
`INTERNATIONAL, INC.,
`MR. STEVEN F. BORSAND
`222 South Riverside Drive
`Chicago, Illinois 60606
`312-476-1000
`steve. borsand@
`tradingtechnologies . corn
`
`McDONNELL, BOEHNEN, HULBERT &
`BERGHOFF, LTD.
`MR. PAUL H. BERGHOFF
`MR. S. RICHARD CARDEN
`MR. CHRISTOPHER M. CAVAN
`MR. MICHAEL D. GANNON
`MS. JENNIFER M. KURCZ
`MR. MATTHEW J. SAMPSON
`MR. LEIF R. SIGMOND
`300 South Wacker Drive
`Chicago, Illinois 60606
`312-913-0001
`berghoff@mbhb.com
`kurcz@xnbhb.com
`
`0001
`
`TDA 1024
`TD Ameritrade v. TT
`CBM2014-00137
`
`
`
`eSpeed, Inc., eSpeed
`International, Inc.
`Ecco LLC, Eccoware,
`LTD., by:
`
`2184
`
`WINSTON & STRAWN
`MR. GEORGE C. LOMBARDI
`MR. RAYMOND C. PERKINS
`MR. IMRON T. ALY
`MR. KEVIN BANASIK
`MS. ELIZABETH HARTFORD ERICKSON
`MR. ANDREW M. JOHNSTONE
`MS. TRACEY J. ALLEN
`MR. JAMES M. HILMERT
`35 West Wacker Drive
`Chicago, Illinois 60601
`312-558-5600
`glombardi@winston.com
`rperkins@wins ton. corn
`
`LAW OFFICES OF
`GARY A. ROSEN, P.C.
`MR. GARY A. ROSEN
`1831 Chestnut Street, Suite 802
`Philadelphia, Pennsylvania 191
`215-972-0600
`
`Rosenthal Collins Group,
`LLC, by:
`
`DOWELL BAKER
`MR. GEOFFREY A. BAKER
`201 Main Street
`Lafayette, IN 47901
`765-429-4004
`gabaker@dowellbaker.com
`
`Court Reporter: (cid:9)
`
`MS. CAROLYN COX, CSR, RPR, CRR
`Official Court Reporter
`219 S. Dearborn Street, Suite 1854-B
`Chicago, Illinois 60604
`(312) 435-5639
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`0002
`
`
`
`JOSEPH NOVIELLO, DIRECT EXAMINATION
`
`BY MR. LOMBARDI:
`
`JOSEPH NOVIELLO, CROSS-EXAMINATION
`
`BY MR. BERGHOFF:
`
`2185
`
`2193
`
`2218
`
`JOSEPH NOVIELLO, REDIRECT EXAMINATION
`
`2250
`
`BY MR. LOMBARDI:
`
`ATSUSHI KAWASHIMA, DIRECT EXAMINATION BY
`
`2254
`
`DEPOSITION
`
`BY MR. HILMERT:
`
`DAVID SILVERMAN, DIRECT EXAMINATION
`
`2295
`
`BY MR. PERKINS:
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`22
`
`23
`
`24
`
`25
`
`0003
`
`
`
`2254
`
`12:18:03 (cid:9)
`
`12:18:05 (cid:9)
`
`12:18:10 (cid:9)
`
`12:18:13 (cid:9)
`
`12:18:14 (cid:9)
`
`12:18:18 (cid:9)
`
`12:18:22 (cid:9)
`
`12:18:28 (cid:9)
`
`12:18:31 (cid:9)
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`but I gather on this one we don’t, so it ’ s back to the
`
`old fashioned transcript, question and answer, somebody
`
`reads the question and somebody answers.
`
`MR. LOMBARDI: That’s correct, your Honor.
`
`This is a deposition of a Mr. Kawashima who was an
`
`employee of the Tokyo Stock Exchange at the time of the
`
`deposition, and he’s going to be testifying about the
`
`Tokyo Stock Exchange system that was in existence back
`
`in 1998 and a manual that was produced at that time for
`
`12:18:36 (cid:9)
`
`10
`
`that system. And we will have two attorneys reading the
`
`12:18:41 (cid:9)
`
`11
`
`parts of the deponent and the questioners and this will
`
`12:18:45 (cid:9)
`
`12
`
`be questions by both sides; both parties had the
`
`12:18:49 (cid:9)
`
`13
`
`opportunity to ask questions. The deposition was taken
`
`12:18:52 (cid:9)
`
`14
`
`in the United States Embassy in Japan and I think that’s
`
`12:18:57 (cid:9)
`
`15
`
`all the background. This is Ivan Poulos and James
`
`12:19:02 (cid:9)
`
`16
`
`Hilmert who will be doing the reading.
`
`12:19:06 (cid:9)
`
`12:19:09 (cid:9)
`
`17
`
`18
`
`MR. CARDEN: I would just like to renew TT’s
`
`objection to the entire line of questioning set forth in
`
`12:19:11 (cid:9)
`
`19
`
`our motion in limine.
`
`12:19:12 (cid:9)
`
`12:19:13 (cid:9)
`
`12:19:15 (cid:9)
`
`20
`
`21
`
`22
`
`MR. LOMBARDI: And, your Honor, at any time
`
`you would like to do the lunch break, just jump in and
`
`12:19:18 (cid:9)
`
`23
`
`let us know.
`
`12:19:35 (cid:9)
`
`12 : 19 : 35 (cid:9)
`
`I (cid:9)
`
`24
`
`25
`
`ATSUSHI KAWASHIMA, DIRECT EXAMINATION BY DEPOSITION
`
`0004
`
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`
`
`2255
`
`12:19:35
`
`12:19:36
`
`12:19:39
`
`12:19:42
`
`12:19:42
`
`12:19:44
`
`12:19:44
`
`12:19:47
`
`12:19:50
`
`12:19:50
`
`12:19:52
`
`12:19:57
`
`.12:20:05
`
`12:20:07
`
`12:20:12
`
`12:20:17
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`BY MR. (cid:9) HILMERT: (cid:9)
`
`(Reading:)
`
`Q. (cid:9)
`
`A. (cid:9)
`
`Q. (cid:9)
`
`A. (cid:9)
`
`Q. (cid:9)
`
`A. (cid:9)
`
`Q. (cid:9)
`
`Good morning. (cid:9)
`
`Could you please state your name?
`
`Atsushi Kawashima.
`
`Are you currently employed?
`
`Yes, (cid:9) I am.
`
`Where are you employed?
`
`Tokyo Stock Exchange.
`
`How long have you been employed by the Tokyo
`
`Stock Exchange?
`
`A. (cid:9)
`
`About 15 years, (cid:9) I think.
`
`Q. (cid:9)
`
`Showing you what we marked as Defendants’ Exhibit
`
`179, which is Bates stamped TSR 647 through 981, (cid:9) can you
`
`identify this document for us, please?
`
`A. (cid:9)
`
`This document is the current TSR futures options
`
`trading system terminal document, manual. (cid:9)
`
`Manual.
`
`And the interpreter says, Please let me rephrase
`
`12:20:19
`
`17
`
`it. (cid:9)
`
`This document is the current futures options
`
`12:20:23
`
`18
`
`trading system -- trade manual.
`
`12:20:26 19
`
`There is a check interpreter, Terminal. (cid:9)
`
`Trading
`
`12:20:30
`
`20
`
`terminal. (cid:9)
`
`Thank you very much. (cid:9)
`
`Terminal, manual
`
`12:20:33
`
`12:20:35
`
`21
`
`22
`
`trading terminal.
`
`Q. (cid:9)
`
`If we turn to the page that is Bates stamped
`
`12:20:39
`
`23 TSR 651, at the bottom of the page, is there a date
`
`12:20:43
`
`24
`
`there?
`
`12:20:43
`
`25
`
`A. (cid:9)
`
`Yes.
`
`0005
`
`
`
`2256
`
`12:20:43 (cid:9)
`
`12:20:46 (cid:9)
`
`12:20:47 (cid:9)
`
`12:20:50 (cid:9)
`
`12:20:51 (cid:9)
`
`12:20:52 (cid:9)
`
`12:20:57 (cid:9)
`
`12:20:57 (cid:9)
`
`12:20:57 (cid:9)
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`Q. And what is that date?
`
`A. It’s August of 1998.
`
`Q. And was this document prepared on or around
`
`August of 1998?
`
`A. (cid:9)
`
`Yes.
`
`Q. And was this manual prepared by the Tokyo Stock
`
`Exchange?
`
`A. (cid:9)
`
`Yes.
`
`Q. Do you know who at the Tokyo Stock Exchange
`
`12:21:00 (cid:9)
`
`10
`
`prepared this document?
`
`12:21:04 (cid:9)
`
`12:21:06 (cid:9)
`
`12:21:09 (cid:9)
`
`12:21:11 (cid:9)
`
`12:21:11 (cid:9)
`
`12:21:14 (cid:9)
`
`12:21:18 (cid:9)
`
`12:21:18 (cid:9)
`
`12:21:20 (cid:9)
`
`11
`
`12
`
`13
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`A. I was in charge of preparing this document.
`
`Q. And was this 1998 manual prepared in the ordinary
`
`course of business at the Tokyo Stock Exchange?
`
`A. (cid:9)
`
`Yes.
`
`Q. Was it the regular practice of the Tokyo Stock
`
`Exchange to create manuals of this type?
`
`A. (cid:9)
`
`Yes.
`
`Q. And was this manual prepared as part of the
`
`regular practice of the Tokyo Stock Exchange to prepare
`
`12:21:22 (cid:9)
`
`20
`
`manuals of this type?
`
`12:21:24 (cid:9)
`
`12:21:24 (cid:9)
`
`12:21:29 (cid:9)
`
`12:21:32 (cid:9)
`
`12 :21:33 (cid:9)
`
`21
`
`22
`
`23
`
`24
`
`25
`
`A. (cid:9)
`
`Yes.
`
`Q. Okay. I mean, was this document in the form kept
`
`in the ordinary course of business? Was it stored in
`
`the ordinary course of business?
`
`A. (cid:9)
`
`Yes.
`
`0006
`
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`
`
`2257
`
`12:21:33 (cid:9)
`
`12:21:37 (cid:9)
`
`12:21:40 (cid:9)
`
`12:21:41 (cid:9)
`
`12:21:41 (cid:9)
`
`12:21:45 (cid:9)
`
`12:21:49 (cid:9)
`
`12:21:51 (cid:9)
`
`12:21:53 (cid:9)
`
`12:21:54 (cid:9)
`
`12:21:57 (cid:9)
`
`12:21:59 (cid:9)
`
`12:22:00 (cid:9)
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`Q. And has this 1998 manual been maintained in the
`
`records of the Tokyo Stock Exchange since it ’ s been
`
`prepared?
`
`A. (cid:9)
`
`Yes.
`
`Q. What is the purpose of this 1998 manual?
`
`A. Well, in 1998, we replaced the futures options
`
`trading system and so this new manual was prepared
`
`because there were changes to the way the trading
`
`terminals were operating.
`
`Q. To whom was this 1998 manual given?
`
`A. It was distributed to the participants in the
`
`Tokyo Stock Exchange.
`
`Q. When you say participants in the Tokyo Stock
`
`12:22:03 (cid:9)
`
`14
`
`Exchange, what do you mean?
`
`12:22:03
`
`12:22:07
`
`12:22:10
`
`15
`
`16
`
`17
`
`A. I refer to securities companies for banks who are
`
`able to carry out futures options trading at the TSE.
`
`Q. When was this 1998 manual given to the
`
`12:22:15 (cid:9)
`
`18
`
`participants at the Tokyo Stock Exchange?
`
`12:22:18 (cid:9)
`
`12:22:19 (cid:9)
`
`12:22:22 (cid:9)
`
`12:22:23 (cid:9)
`
`12:22:26 (cid:9)
`
`19
`
`20
`
`21
`
`22
`
`23
`
`A. In August of 1998.
`
`Q. And about how many participants of the Tokyo
`
`Stock Exchange was it given to?
`
`A. It was given to all the participants able to
`
`conduct futures options trading. That would be about
`
`12:22:30 (cid:9)
`
`24
`
`200 companies.
`
`.2:22:31 (cid:9)
`
`25
`
`Q. Why was the 1998 manual given to the participants
`
`( (cid:9)
`
`0007
`
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`
`
`2258
`
`12:22:35 (cid:9)
`
`12:22:36 (cid:9)
`
`12:22:39 (cid:9)
`
`12:22:44
`
`12:22:46
`
`12:22:49
`
`12:22:51
`
`12:22:53
`
`12:22:55
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`of the Tokyo Stock Exchange?
`
`A. Well, under the TSE trading with the new TSE
`
`trading system and new terminals and therefore the
`
`operations of those changed, this is a way of operating
`
`those changes and this manual was given to explain those
`
`changes.
`
`Check interpreter, May I have a suggestion to the
`
`translation? At that time, Tokyo Stock Exchange
`
`replaced the future and option trading -- trading system
`
`12:22:59
`
`10
`
`and terminal used has also been changed, therefore the
`
`12:23:03 (cid:9)
`
`11
`
`operational -- operation itself has been changed and
`
`12:23:06
`
`12
`
`this manual was to explain the operation or operational
`
`12:23:09
`
`13
`
`method.
`
`12:23:09
`
`12:23:12 (cid:9)
`
`12:23:15 (cid:9)
`
`12:23:17 (cid:9)
`
`12:23:19 (cid:9)
`
`12:23:21 (cid:9)
`
`12:23:24 (cid:9)
`
`12:23:28 (cid:9)
`
`14
`
`15
`
`16
`
`17
`
`18
`
`19
`
`20
`
`21
`
`Q. How was the 1998 manual distributed to the
`
`participants of the Tokyo Stock Exchange?
`
`A. Two copies were distributed to each company.
`
`Q. And how was it distributed?
`
`A. We had a person from the participants come to the
`
`TSE operating system section to get the manual.
`
`Q. Was there any restriction on what the
`
`participants could do with the 1998 manual when they
`
`12:23:32
`
`22
`
`received it?
`
`12:23:32
`
`12:23:32
`
`23
`
`24
`
`A. (cid:9)
`
`No.
`
`Q. Now, is what is described in the 1998 manual that
`
`’.2:23:38 25
`
`{ (cid:9)
`
`we have marked as Exhibit 179 an electronic trading
`
`0008
`
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`(cid:9)
`
Accessing this document will incur an additional charge of $.
After purchase, you can access this document again without charge.
Accept $ Charge
Still Working On It
This document is taking longer than usual to download. This can happen if we need to contact the court directly to obtain the document and their servers are running slowly.
Give it another minute or two to complete, and then try the refresh button.
A few More Minutes ... Still Working
It can take up to 5 minutes for us to download a document if the court servers are running slowly.
Thank you for your continued patience.
This document could not be displayed.
We could not find this document within its docket. Please go back to the docket page and check the link. If that does not work, go back to the docket and refresh it to pull the newest information.
Your account does not support viewing this document.
You need a Paid Account to view this document. Click here to change your account type.
Your account does not support viewing this document.
Set your membership
status to view this document.
With a Docket Alarm membership, you'll
get a whole lot more, including:
- Up-to-date information for this case.
- Email alerts whenever there is an update.
- Full text search for other cases.
- Get email alerts whenever a new case matches your search.
One Moment Please
The filing “” is large (MB) and is being downloaded.
Please refresh this page in a few minutes to see if the filing has been downloaded. The filing will also be emailed to you when the download completes.
Your document is on its way!
If you do not receive the document in five minutes, contact support at support@docketalarm.com.
Sealed Document
We are unable to display this document, it may be under a court ordered seal.
If you have proper credentials to access the file, you may proceed directly to the court's system using your government issued username and password.
Access Government Site
