TRADING TECH EXHIBIT 2060
`IBG ET AL. v. TRADING TECH
`CBM2015-00181
`
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`Page 2 of 26
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`Page 3 of 26
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`

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`X.
`
`Paymemoillnoppositionfaeismodo
`
`E] asindkatedlnuwendosedvolxltetfospaylnanoffeesattncoslsfloform 1010)
`
`|Z] Alteady paid (see endosed bank lransfet form)
`
`E Fomlormtiuofupposilion
`
`E Facisarndagsinenlskeavll.)
`
`coplesoldnmmemspesenmdasevuernoalseelxl
`
`Additional Iepresenlatives
`
`XII.
`
`signature
`
`ofopponentoneptesemafiva
`
`I 2
`
`London. UK
`
`0°13
`
`13 January 2006
`
`Petkins. David Chanes Langrigge
`Solicitor oi the Supreme Court of England and Wales (Reg. No. 155960)
`Authotised Representative of the Opponent
`
`Puerypetwmmmgnatn. bmustdaypusunmpdhlnfichwopusornsyvqlubwlmnumvwyinflamherypui
`lP0l'mn 2111.! N53 Rd W57]
`
`Page 4 of 26
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`

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`European Patent No. 1,319,211 B1 (Trading Technologies lntemational, Inc.)
`
`Opposition thereto by Eceoware Limited
`
`GROUNDS OF OPPOSITION
`
`1.
`
`I Request
`
`The Opponent requests that the Patent is revoked in fiill. In the event that the Opposition
`Division is not prepared to revoke the Patent in its entirety, oral proceedings imder Art
`116 EPC arerequested.
`
`1]. Grounds For Opposition
`
`This Opposition is made on the following grounds:
`
`0 Art l00(c) EPC (added subject-matter); and
`
`0 Art l00(a) EPC (non-patentable subject-matter, including Art 52(2)(c) and (d); Art 54;
`and Art 56 EPC
`
`111. The Opposed Patent
`
`111.! The invention claimed is directed to the electronic trading of commodities [000]] and is
`said to overcome drawbacks in the existing trading systems and to dramatically reduce
`the time it takes for a trader to place a trade when electronically trading on an exchange
`[O010].
`
`111.2 The claims are directed to
`
`0 A device for receiving commands relating to a commodity being traded on an
`electronic exchange (claims l to 28);
`
`0 A method ofoperating such a device (claims 29 to 52); and
`
`0 A computer program product with program code adapted for execution of the claimed
`method (claim 53).
`
`111.3 The commercial embodiment of the claimed invention is the “MercurY’ display and
`
`trading method [00l3]. Specifically the Patent is directed to a graphical user interface
`[“GUI”] for displaying the market depth of the commodity being traded, including a
`plurality of bids and a plurality of asks along with their corresponding prices [00l4].
`
`LN] :!fl0l0l60Sv’l
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`Page 5 of 26
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`Page 6 of 26
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`Page 7 of 26
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`

`
`
`
`plane as the market prices fluctuates. This allows the trader to trade quickly and
`efliciently.
`
`Specifically, the present invention is directed to a graphical user interface for
`displaying the marker depth of a commodity traded in a market, including a
`dynamic display for a plurality of bids and for a plurality of asks in the market for
`the commodity and a static display of prices corresponding to the plurality of bids
`and asks.
`In this embodiment the pluralities of bids and asks are dynamically
`displayed in alignment with the prices corresponding thereto. Also described
`herein is a method and system for place trade orders using such displays." (pp.5-6,
`emphasis added)
`
`The display of market depth is clearly an essential feature of the invention. This is
`reflected in the presence of this feature in each and every claim of the application as
`filed.
`
`However the Patem places almost no significance on the display of market depth. This is
`an irnperrnissrlale extension of subject matter by deletion. Only claims 27 and 37 are
`directed to subject matter that comes close to introducing market depth. Even then, there
`is still no limitation that the “plurality of indicators” are numbers that display the
`quantities for each price. The market depth is never described in any other way
`throughout the application as filed
`
`For this reason, all claims should be revoked under Art l00(c) EPC.
`
`The Patent has moreover adopted a range of generalisations over the language of the
`application as filed These include: “means for setting a trade order parameter”, "first
`indicator”, “second indicator”, “field of static prices”, “order entry region comprising a
`plurality of areas” and “user input means”. These generalisations add subject-matter
`beyond the content of the application as filed. At
`least the above impemrissible
`generalisations are present in the features of each and every claim. All claims should
`therefore be revoked under Art l00(c) EPC.
`
`VII. Non-Patentable Subject-Matter
`
`Vll.l A European Patent shall be granted where the claimed subject-matter is an invention and
`the invention is new, non-obvious and industrially applicable (Art 52 EPC). The
`established case law of the Boards of Appeal provides that “invention” shall be
`understood to mean “subject-matter having technical character”.
`
`VTl.2 The overall effect of the method of claim 29 is to trade a commodity on an exchange. As
`a whole, it is not, therefore, directed to a technical effect, but rather an end that is not
`regarded as subject-matter susceptible of being an invention under Art 52 EPC. This
`aside, claim 29 and its counterpart apparatus claim, claim 1, do make reference to
`
`
`
`LNl:fi20l0l60Sv'l
`
`_ 4 _
`
`Page 8 of 26
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`

`
`elements that may be technical as such. For example, “an interface for receiving data
`from the electronic exchange” in claim 1 and the “user input means” in both claims 1 and
`29.
`
`V11?» According to the case law of the Boards of Appeal (see T 258/03 (Hitacht)), a claim
`cannot be completely excluded fiom patentability under Art 52(2) and (3) EPC per se
`where there are at least some features with technical character. At Reasons 4.5 of the
`
`same case, the Board stated
`
`“What matters having regard to the concept of “invention” within the
`meaning of Article 52(1) EPC is the presence of technical character
`which may be implied by the physical features of an entity or the nature
`of an activity, or may be conferred to a non—technical activity by the use
`of technical means.” (emphasis added)
`
`V114 The Board provided a very general conclusion at Reasons 4.7 about technical means and
`inventions, but it is clear fiom other parts of the Decision that technical means are
`necessary but not suflicient indicia of technical character. At the third paragraph of
`Reasons 5.4, the Board states:
`
`“Features (d) to (1) are conditions using the stored information to arrive at
`the successful bidder. The conditions concern only prices and have,
`except possibly for feature (h)
`no technical character.
`It is true that
`they are performed in a computer and that
`the overall slate of the
`computer will change for each instruction performed. This is however
`not regarded as a technical eifect but rather as a mere manifestation of
`the infonnation contained in the prices and conditions.”
`
`VIl.5 The Opponent submits that any technical character in the claims of the Patent is entirely
`peripheral to the features that are actually claimed. Claim 29 is directed to presentation
`of information and methods of doing business. Claim 1
`is directed to mean for
`implementing such methods and Claim 53 to programs for computers. The dependent
`claims do not add any features which provide more technical character. All of the
`claims are therefore excluded from patentability under Art 52(2).
`
`VIII. References in support of the Opposition
`
`D]
`
`Futures/Options Trading System-Guidelines for Operating the Trading
`Terminals, Tokyo Stock Exchange [TSB], Business Systems Department
`(August 1998)
`
`LNHIZOIOIGOSV7
`
`_ 5 _
`
`Page 9 of 26
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`Page 10 of 26
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`Page 11 of 26
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`Page 12 of 26
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`

`
`by the user. Therefore, the fact that a user may scroll through the price field with
`the TSE system does not detract from its “static” character.
`
`Dl therefore discloses the display ofa field of static prices both in Scroll and Basic
`Board Screen Modes.
`
`The figure on page 7-I7 illustrates a “Basic Board Screen", since it displays the
`“OVER” and “UNDER” fields as descfibed on page 7-22 in relation to the features
`(12), (13) and (14) of the figure. However, aside from a red letter “H” which may
`be clicked to return from “scroil" mode to “basic” mode, this is the only display
`difference between the two modes.
`
`The column of figures to the right of the price field displays order quantifies for
`bids in the market. The top-most figure indicates the quantity sought at the currmt
`
`In at least “scroll mode”, this figure is aligned with a figure in
`highest bid price.
`the field of static prices. That figure is the current highest bid price. The top-most
`figure in the bid quantity column is therefore an indicator associated with the
`current highest bid price for the commodity, located at an area on the display
`which is aligned with a price level- Dl therefore discloses feature (c).
`
`IX.2.5 Feature (41)
`
`This feature also contains the element of “a field of static prices.” For the reasons
`given above in relation to feature (c), this element is disclosed by D1.
`
`The column of figures to the left of the price field displays order quantities for asks
`in the market. The bottom-most figtue indicates the quantity available at the
`current lowest ask price. This figure is aligned with a figure in the field of static
`prices. That figure is the current lowest ask price. The bottom-most figure in the
`ask quantity column is therefore an indicator associated with the current lowest ask
`price for the commodity, located at an area on the display which is aligned with a
`price level. D1 therefore discloses feature ((1).
`
`IX_2.6 Feature (e)
`
`Page 9-5 of D1 describes how a user of the TSE system may make an order. The
`mouse may be used to double click a “special area”' in the Board Screen (there is
`nothing to suggest that this does to apply in both the basic and the scroll versions
`of the board screen). The specific area is comprised in an order entry region. The
`area shown in the example in the figure on page 9-5 is in the buy quantity column.
`The double click opens up a “new order entry window”. The description goes on
`to state that:
`
`I
`
`Given the related disclosure on page 3-6, it is apparent that “specific area” would be a more appropriate trarslation.
`
`LNl:#20|0l605v7
`
`_ 9 _
`
`Page 13 of 26
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