Notice of Opposition to a European Patent
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`EPO-Munfch
`::16
`13. Jan. 2006
`To the
`European Patent Ofnce
`I
`
`I
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`lor EPO use only
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`OPP011)
`
`Opp.No.
`
`Patent No.
`
`EP 1,319,21181
`
`Ta!L-marl<s I
`
`I.
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`Patent opposed
`
`I OPPOIZI T I
`
`I I I I I I
`
`OREF
`
`I
`
`App6calion No.
`Date of mention of the grant in the European Patent Bulletin
`1M 91(4), 9911) EPC)
`
`01920183.9
`
`13 April 2005
`
`Title of the invention:
`Click Based Trading with Intuitive Grid Display of Market Depth
`
`II.
`
`Proprietor of the Patent
`
`fiiSt named in the patent speciflcatlon
`
`Trading Technologies International, Inc
`
`Opponent's 01 representative's refe~ence lmax. 15 spaces)
`
`Ill.
`
`·Opponent
`
`Name
`
`Address
`
`State of residence or of principal
`pia" of business
`
`Telephone/Telex/Fax
`
`Multiple opponents
`
`IV. Authorisation
`
`1. Representative
`(Name only one representalive to
`whom nolilicatlm is to be made)
`
`Name
`
`Address of place of business
`
`Eccoware UmRed
`One America Square
`London
`EC3N2LS
`
`United Kingdom
`
`-,
`b further opponents see additional sheet
`
`OPPOI91 T I
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`I
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`I
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`I
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`I
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`I
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`I
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`Pei"K!ns, Devid Cto.artes Lengrigge
`Milbank, Tweed, Hadley & McCLoy LLP
`Dashwood House
`69 Old Broad Street
`London
`EC2M 1QS
`United Kingdom
`
`Telephone/Telex/Fax
`
`Add"Jtional representative(s)
`
`+44 207 448 3000 1
`
`tJ (on additional sheetJsee authorisation)
`
`+44 207 448 3029
`
`OPP015)
`
`2. Employee($) of lhe opponent
`authorised for these opposition
`proceedings under Art. 133(3)
`EPC
`
`Name(s):
`
`Autborisationls)
`
`To 1./2.
`
`EPO ram 2300.1 04.93 Cr>t 1111 1119n
`
`0 not considered necessary
`tJ has/have been registered
`IKI is/are enclosed
`
`under No.
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`1
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`Page 1 of 26
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`TRADING TECH EXHIBIT 2056
`IBG ET AL. v. TRADING TECH
`CBM2015-00182
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`

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`v. Opposition is filed against
`
`-
`
`the patent as a whole
`
`- clalm(s) No(s).
`
`Kl
`I
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`VL Grounds for opposition:
`
`OppositloB is based OD the following grounds:
`
`(a) lhe subject·matter of tile European patent opposed is not patentable (Art IOO(a) EPC)
`because:
`
`-
`
`-
`
`-
`
`It is not new (An. 5211~ 54 EPC)
`
`it does not involve an inventive step (lvt 52(1); 56 EPC)
`
`patentability is excluded I Art. 5'2.(-z.)(c.) A-.i{Jl)
`
`on other grounds, L e.
`
`I
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`{b) the patent opposed does not listlose the invention in a manner sufficlenltj dear and complete
`for it to be carlied oot by a per.; on sklUed In the art (An. 1 OO{b) EPC; see An. 83 EPC).
`
`(c) the subject·maner of the patent opposed extends beyond the content of the appbtionl
`of the eartieJ appllcatlon as filed (An. lOO(c) EPC, see Art. 123(2) EPC).
`
`VIL Facts and arguments
`(Rule 5S(c) EPC)
`presented in support of the opposition are submitted herewith on a separate sheet (annex 1)
`
`VJB. Other requests:
`
`for EPO use only
`
`i
`I&
`IK
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`[
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`I&
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`[8
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`EPO Fam 23002 04.93 Cllll. ad. 12197)
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`2
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`Page 2 of 26
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`for EPO use only
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`EndDsed
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`wllle lilld liB later dole
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`=~
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`Publlcalioll
`dale
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`IX. Evidence presented
`
`A.
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`Publications:
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`l
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`PartlctJar relevance {page. column. fine. f~g.}:
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`2
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`Particular relmnce !page. column. fine. fJQ.):
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`3
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`Panicular relevance (page. column. fine. fig.):
`
`4
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`Particular relevance {page. column. line. fg.):
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`5
`
`Palticular relevance (page. column. line. fig.):
`
`6
`
`Particular relevance (page. column. fine. fig.t.
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`7
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`Panicular relevance (page. column, line, fig.t.
`
`B.
`
`Other evldeiXtl
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`Continued on alklltlonal sheet
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`c::
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`EPO Fom 2300.3 01.93 1ft_ 00. 111i!JI
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`3
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`Continued on additional sheet
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`Page 3 of 26
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`for EPO use only
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`'
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`X.
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`Payment of the opposition fee is made
`D as indicated In theenclosedvoocher for paymentoffeesandcoSlS (EPO Form 1010)
`~ Already paid (see enclosed bank transfer fonn)
`
`XI. Ust of documents
`
`Enttlsu!e
`)'A
`
`0 ~ FOilll for notice of opposilion
`181 F<itiS ,;nil iifQiillenls ~w VII.}
`
`i
`
`Copies of documents JleSented as evklence {see IX.)
`
`2
`2a 00 - Publications
`2b D - Oilier documents
`3 ~ Signed authorlsation(s)(see IV.)
`4 D Voucher for payment of lees i!lld costs (see X.)
`5 D Cheque
`6 0 Ad!fi11onal sheetls)
`7 ~ Other !please specify here}:
`Additional representatives
`
`t-bctcqies
`
`C£) (002)
`
`I -z.-1 ln*LZI
`
`IT] (mil.2ct~
`c=J (mil. 2m'~
`CJ
`CJ
`c=J
`c=J (!00.2deadll
`CJ
`
`XIL Signature
`of opponent or representative
`
`Place
`
`London, UK
`
`Date
`
`13 January 2006
`
`Perkins, David Charles Langrigge
`Solicitor of the Supreme Court of England and Wales (Reg. No. 155960)
`Authorised Representative of the Opponent
`
`EPIHam 2300.4 D4.9llft.llll 1219J)
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`4
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`Page 4 of 26
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`t:
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`European Patent No. 1,319,211 B1 (Trading Technologies International, Inc.)
`
`Opposition thereto by Eccoware Limited
`
`GROUNDS OF OPPOSITION
`
`I.
`
`Request
`
`The Opponent requests that the Patent is revoked in full. In the event that the Opposition
`Division is not prepared to revoke the Patent in its entirety, oral proceedings under Art
`116 EPC are requested.
`
`II. Grounds For Opposition
`
`This Opposition is made on the following grounds:
`
`• Art lOO(c) EPC (added subject-matter); and
`
`• Art IOO(a) EPC (non-patentable subject-matter, including Art 52(2)(c) and (d); Art 54;
`and Art 56 EPC
`
`III. The Opposed Patent
`
`III.l The invention claimed is directed to the electronic trading of commodities [0001] 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
`[0010].
`
`lli.2 The claims are directed to
`
`• A device for receiving commands relating to a commodity being traded on an
`electronic exchange (claims 1 to 28);
`
`• A method of operating such a device (claims 29 to 52); and
`
`• 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 [0013]. 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 [0014].
`
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`IV. Claims of the Opposed Patent
`
`NJ Claim 29 claims
`
`"A method of operating a client device (110 - 116) for receiving commands
`relating to a commodity to be traded on an electronic exchange (101-103) ... "
`
`N.2 The method comprises six features which will be referred to herein by the letters (a) to
`(f):
`
`(a)
`
`receiving data relating to said commodity from the electronic exchange, the
`data comprising a current highest bid price and a current lowest ask price
`(1020, 1101) available for said commodity;
`
`(b)
`
`setting a trade order parameter;
`
`(c)
`
`(d)
`
`(e)
`
`(f)
`
`displaying a first indicator at a first area aligned with a flrst price level in a
`field of static prices (1005, 1203), the first indicator being associated with
`the current highest bid price for said commodity;
`
`displaying a second indicator at a second area aligned with a second price
`level in the field of static prices, the second indicator being associated with
`the current lowest ask price for the commodity;
`
`displaying an order entry region (1003, 1004, 1201, 1202) comprising a
`plurality of areas, each area being aligned with a price level in the field of
`static prices and each area being selectable by a user input means so as to
`receive a command to send an order message based on the trade order
`parameter and the price level that is aligned with the selected area to the
`electronic exchange and
`
`updating the display of the first and second indicators such that at least one
`of the first and second indicators is moved relative to the field of static prices
`to a different area aligned with a different price level within the field of static
`prices in response to the receipt of new data representing a different current
`highest bid price and/or current lowest ask price of the commodity.
`
`N.3 Claim 1 is directed to a device for use in the method of claim 29 which recites the
`"means" features using language that tracks claim 29 very closely. However, the order
`of the features directed to the "order entry region" and "updating the display'' are
`reversed.
`
`NA The Opponent has taken the approach of presenting its Grounds of Opposition primarily
`in the context of claim 29, because the documents relied upon (in the case ofDl and D2)
`are essentially manuals which are directed to the use of systems, rather than the physical
`means of implementation. Whereas this simp1ifies the analysis, it does not detract from
`the conclusions to be drnwn with respect to the apparatus claims.
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`V.
`
`Priority
`
`V .I
`
`In considering patentable subject-matter, it is noted that the Patent claims two separate
`priority dates. These are:
`
`• 2 March, 2000 from US Provisional Application 186322 P ("Priority 1 "]; and
`
`• 9 June, 2000 from US Application 590692 ["Priority 2"]
`
`V.2 Priority 1 and Priority 2 matured into U.S. 6,772,132 ("the '132 Patent") and its
`divisional U.S. 6,766,304 ("the '304 Patent")
`
`V.3 A person may claim a right of priority from a prior application provided it is for the same
`invention. By reason of the generalisations, deletions and additions made to the subject(cid:173)
`matter of the systems described in Priority I (there are no claims in that application) and
`those described and claimed in Priority 2, the Patent is not entitled to either claimed
`In particular, it is clear that Priority I and Priority 2 describe a system
`priority date.
`wherein the apparent benefit resides in utilising a display of market depth (see pages 12-
`13 and 23 of Priority I) and a "one click" trading system (see page 30 of Priority 1). In
`this connection it is notable that every single claim of Priority 2 is directed to a display of
`market depth. The claims of the Patent are not directed to this invention.
`
`V.4 Art 88(4) EPC provides that
`
`"If certain elements of the invention for which priority is claimed do not
`appear among the claims formulated in the previous application, priority
`may nonetheless be granted, provided that the documents of the previous
`application as a whole specifically disclose such elements." (emphasis
`added)
`
`V.5
`
`In the Patent, the claims comprise many fealtrres including "single action'', "first
`indicator", "second indicator", "middle mouse button on a three button mouse" which are
`not specifically disclosed in Priority 1. These are yet further reasons that the Patent is
`not sufficiently closely related. to the Priority 1 to retain the 2 March, 2000 priority date
`claimed.
`
`VL The Patent contains subject-matter which extends beyond the content of the
`application as filed
`
`VI. I. The summary of the invention in the Description of the application as filed provides
`as follows:
`
`"The "Mercury" display 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 fluctuates logically up or down, left or right across the
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`plane as the market prices fluctuates. This allows the trruler to trade quickly and
`efftckntly.
`
`Specifically, the present invention is directed to a graphical user interface for
`displilying the market 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
`In this embodiment the pluralities of bids and asks are dynamically
`and asks.
`displayed in alignment with the prices corresponding thereto. Also descnoed
`herein is a method and system for place trade orders using such displays." (pp.S-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 Patent places almost no significance on the display of market depth. This is
`an impermisSible 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 l 00( 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'', "fiTSt
`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 impermissible
`generalisations are present in the features of each and every claim. All claims should
`therefore be revoked under Art I 00( c) EPC.
`
`VII. Non-Patentable Subject-Matter
`
`VII. 1 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".
`
`VII.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 I, do make reference to
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`elements that may be technical as such. For example, "an interface for receiving data ...
`from the electronic exchange" in claim I and the "user input means" in both claims I and
`29.
`
`VII.3 According to the case law ofthe Boards of Appeal (see T 258/03 (Hitachi)), a claim
`cannot be completely excluded from 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)
`
`Vll.4 The Board provided a very general conclusion at Reasons 4.7 about technical means and
`inventions, but it is clear from other parts of the Decision that technical means are
`necessary but not sufficient indicia of tecJmical character. At the third paragraph of
`Reasons 5.4, the Board states:
`
`"Features (d) to (I) are conditions using the stored information to arrive a
`the successful bidder. The conditions concern only prices and have,
`except possibly for feature (h) ... no technical character. 1t is true that
`they are performed in a computer and that the overall state of the
`computer will change for each instruction performed. This is however
`not regarded as a technical effect but rather as a mere manifestation of
`the infonnation contained in the prices and conditions."
`
`VI1.5 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 I is directed to means 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
`
`Dl Futures/Options Trading System-Guidelines for Operating the Trading
`Terminals, Tokyo Stock Exchange [TSE], Business Systems Department
`(August 1998)
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`This document was made available to the public in August 1998 when it was
`distributed by the TSE to around 200 companies. These companies were all the
`participants able to conduct futures or options trades on the TSE. Dl was made
`available without any restrictions on the use to which the document could be put
`Further evidence pertaining to the TSE system will be provided by the Opponent
`in due course.
`
`D2 GLTradeUserGuideV4.51,GLTrade(June 1999)
`
`This docwnent was made available by distribution to those GL customers who
`used the GL system for trading on LIFFE. D2 is dated June 1999. Further
`evidence pertaining to the GL Trade system will be provided in due course.
`
`D3 U.S. Patent 5,960,411 issued28 September 1999
`
`D4 WO 99/19821 published 22 April 1999
`
`DS Memorandum Opinion and Order of Senior Judge James B. Moran in Action No.
`04 C 5312 in The U.S. District Court for the Northern District of Illinois between
`Trading Technologies International, Inc. (Plaintiff) and eSpeed, Inc. (Defendant)
`
`D6 Article "Trading Technologies Upgrades Software for its Platform" (Securities
`Industry News) 28 August 2000
`
`IX. Lack of Novelty
`
`IX. I Claim 29
`
`This is the primary method cJaim. Each and every feature of the invention claimed by
`the proprietor in claim 29 is anticipated by the following:
`·
`
`(A) the method of operating the system descnbed in D 1 (TSE]
`
`(B) the method of operating the system descnbed in D2 [GL Trade)
`
`Both of the systems disclosed in Dl and D2 were operational prior to 2 March, 2000.
`The Opponent is continuing to investigate the public nature or otherwise and features of
`these systems. Whilst the Proprietor's case on novelty and inventiveness over Dl and
`D2, for the reasons given below, is already very weak, the Opponent gives notice that it
`may supplement its facts and arguments in relation to the prior uses of these systems.
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`1X.2 Lack of Novelty over Dl
`
`1X.2.1 Taking each of the features of claim 29 in tum:
`
`"A method of operating a client device (110 - 116) for receiving commands
`relating to a commodity to be traded on an electronic exchange (101 -103) ... "
`
`Dl discloses a client connected to a "central system" (see figure in Section 2-1). The
`following functionality for a client is described at Section 9-2:
`
`"Entering New Orders
`
`It is possible to participate in trading of specified issues by entering new orders.
`Efforts have been made to simplify placement of new orders. For example,
`automatic input of items such as order prices can be set in the new order entry
`window by double clicking with the mouse on the board/quotation screen."
`
`1X.2.2 Feature (a)
`
`Page 7-17 of D 1 illustrates a "Board Screen". The features of the Board Screen are
`described in more detail over the subsequent pages ofDI. In particular, at page 7-
`22, item (12) is described as "Order Quantities". The associated text in the table
`states 'The number of orders . .. will be displayed for each order price." It is
`therefore implicit that the client described in D1 has received order and price data
`in relation to a particular trading product (see feature (2) described at page 7-19)
`from the central system. The data includes a highest bid price and a lowest ask
`price. At page 7-1, D1 states that "The board/quotation information is updated
`automatically at three second intervals". It is submitted that this is sufficiently
`"current" to meet this feature of claim 29.
`
`It is noted that claim 29 differs from the apparatus claim 1 in that in the latter the
`words "at least" are not present in relation to the current highest bid and lowest ask
`prices. It is submitted that these words do not add anything to the requirement that
`the data "comprises" these prices.
`
`1X.2.3 Feature (b)
`
`Examples of trade order parameters are provided in the Description of the Patent at
`paragraph [0006]; the name of the commodity, quantity, restrictions and price.
`The claim does not place any limitation on the "trade order parameter" other than
`that the message sent in feature (e) is based on the trade order parameter and a
`price level.
`
`At page 9-6 ofDl is a description of how the TSE client populates a "new order".
`In particular: "Issue name, sell or buy, order price, and execution conditions can be
`set automatically, according to the position of the cursor displayed on the
`board/quotation screen." Moreover, page 6-7 ofDl shows how the "control item"
`In addition, it is clear that the "quantity''
`parameter of a new order is set.
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`parameter may be set in the New Order Entry Window (see page 9-5). Dl thereby
`describes the setting of at least one trade order parameter.
`
`It is well established in the case law of the EPO that unless an order is specified in
`a method claim, the steps need not be performed in any particular order.
`Therefore, the fact that feature (b) is listed before feature (e) does not exclude the
`possibility that the trade order parameter is set during the step described in feature
`(e) as opposed to beforehand. ln any event, some parameters may be set in the D1
`system prior to the command to send an order (e.g. the name of the commodity)
`and others (e.g. buy or sell) may be set as the command to trade is made.
`
`IX.2.4 Feature (c)
`
`At page 7-21 of D l is a description of feature (ll) from the Board Screen figure on
`page 7-17. Feature (11) is illustrated as a column of figures and is described as
`"Order Price". The description provides as follows:
`
`"The designated prices will be displayed in the price units for the issue
`that is displayed ....
`
`For the order price display method, one of the following can be selected:
`
`•
`
`''Non compressed price display method" (A method that displays
`all methods [sic prices])
`
`• "Compressed price display method" (A method that displays only
`the specified prices, such as the prices for which there are orders."
`
`The Board Screen may be displayed in either of two ways which may be selected
`as required by the user: the "Basic Board Screen" and the "Scroll Screen''. These
`are described on pages 7-25 and 7-26.
`
`On page 7-25, a method is described of determining the price that wiU be displayed
`at the centre of the board display. A floating display area is then described as a
`feature of the Basic Board Screen in the non-compressed price display method.
`This section teaches that provided a price identified by the priority sequence does
`not fall outside a certain number of prices above or below an initial centre price,
`the range will not be re-compiled The skilled person would understand that for
`practical pwposes, the price field in the Basic Board Screen is static, since
`generally re-compilation will only be necessary when the inside market exceeds
`the initial window.
`
`On page 7-26 it is stated that "Even when scrolling is performed, the board
`information still updates automatically." However, on page 7-25 it is confinned
`that "in the "scroll screen," the display positions for the prices do not change
`automatically." It is clear from the description of the Patent (at paragraph [0034])
`and claims 4, 5, 6, 7, 33, 34, 35 and 36 that the "static price field" can be recentred
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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.
`
`D I therefore discloses the display of a field of static prices both in Scroll and Basic
`Board Screen Modes.
`
`The figure on page 7-17 illustrates a "Basic Board Screen", since it displays the
`"'VER" and ''UNDER" fields as described on page 7-22 in relation to the features
`(12), (l3) and (14) of the figure. However, aside from a red letter "H" which may
`be clicked to rt;lwn from "scroil" mode io "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 quantities for
`bids in the market. The top-most figure indicates the quantity sought at the current
`highest bid price. In at least "scroll mode", this figure is aligned with a figure in
`the field of static prices. That figure is the current highest bid price. The top-most
`figure in the bid quantity colwnn 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. D 1 therefore discloses feature (c).
`
`IX.2.5 Feature (d)
`
`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 Dl.
`
`The column of figures to the left of the price field displays order quantities for asks
`in the market. The bott~m-most figure 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 (d).
`
`LX.2.6 Feature (e)
`
`Page 9-5 ofDI describes how a user of the TSE system may make an order. The
`mouse may be used to double click a "special area"1 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 colwnn.
`The double click opens up a "new order entry window". The description goes on
`to state that:
`
`1 Given the related disclosure on page 3-6, it is apparent that "specific area" would be a more appropriate translation.
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`"Depending on the location that has been double clicked, the "issue name,"
`"sell/buy," "order prices," and "execution conditions" will be filled in
`automatically."
`
`In other words, the parameters of the order are determined by where the user has
`clicked and the new order is populated with these parameters.
`
`This "filling in" is also illustrated in an example on page 3-6 of 01, where it states
`as follows:
`
`"Double clicking in specific areas on the boards/quotation screens
`
`This will display the new order entry window, and automatically fill in
`the issue name, sell/buy, and price, etc., from the position that was
`double clicked."
`
`This extract form Dl teaches that the class of parameters that may be automatically
`In particular the skilled person would
`filled is not limited to those listed.
`understand that if the appropriate specific area was double clicked, the quantity
`parameter, amongst others, would be set.
`
`The new order entry window has two buttons: "Send" and "Cancel". The order
`having been pre-filled from the clicking of an appropriate specific area, a simple
`further cJick will send the order to market.
`
`For these reasons, feature (e) is disclosed by DL
`
`IX.2.8 Feature (J)
`
`At page 7-1, Dl states that "The board/quotation information is updated
`automatically at three second intervals". In "basic board screen" mode, the display
`of the board information is "constantly" updated (page 7-25). In "scroll mode",
`"the board information still updates automatically." (page 7-26). Therefore, in the
`system described in Dl, while the price field remains static, new bids and asks may
`be updated onto the display. Where a new bid relates to a price that is higher than
`the previous highest bid price, the quantity information will be displayed in the bid
`quantity column (to the right of the _prices field) and aligned with the new higher
`In this way, the indicator of the current highest bid price is moved
`bid price.
`relative to the field of static prices in response to the receipt of new data. The
`same applies mutatis mutandis for new lower price asks. Feature (f) is therefore
`disclosed by D 1.
`
`In summary, Dl discloses all the features of claim 29.
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`IX.3
`
`Lack ofNoveltyover D2
`
`IX.3.1. Taking each of the features of claim 29 in tum, first:
`
`"A method of operating a client device (110 - 116) for receiving
`commands relating to a commodity to be traded on an electronic
`exchange (101-103) ... "
`
`The Introduction on page 28 (numbered at the foot of the page) of D2 describes the
`Trading Pad product:
`
`"[it allows] traders to monitor market information on a given
`instrument, as wen as entering orders very quickly and efficiently."
`
`In particular the TradePad Window incorporates the "Instrument Information Matrix"
`["21M"):
`
`"This matrix displays infonnation across all prices available for one
`given instrument market depth, ... "(page 28)
`
`IX.3.2 Feature (a)
`
`On page 31 of 02, columns 4 and I 0 of the display are described:
`
`"Col 4 (Col 10)- Bid (Ask) Quantities [BidQty] ([AskQty]): these
`colwnns display the total quantity at each price of the given
`instrument. ... "
`
`It is clear that columns 4 and 10 are populated from data relating to the given
`instrument obtained from an electronic exchange. This data will include a highest bid
`price (displayed in the price column on the row aligned with the top-most Buy
`quantity) and the lowest ask price (displayed in the price column on the row aligned
`with the bottom-most Ask quantity. D2 therefore discloses feature (a).
`
`IX.3.3 Feature (b)
`
`The "Quantity Matrix" illustrated on page 29 of D2 describes how the "current
`quantity value" may be set by clicking on the numbers displayed in that matrix. The
`quantity entered in this matrix is used tc populate the Order to the market (see "Order
`Entry by 2[M" on page 32, first bullet point). Alternatively, the quantity may be
`input directly by the keyboard (see fourth bullet point). D2 therefore discloses
`feature (b).
`
`IX.3.4 Feature (c)
`
`Page 29 of D2 illustrates the GL TradePad Window. The columns of the 2IM are
`described on pages 31-32. In particular, "Col7'' is the Price column:
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`"this column displays the different prices available for trading on
`the given instrument. These prices are displayed decreasing from
`the top to the bottom of the matrix."
`
`02 discloses that the system provides for up to 22 rows in each colwnn (see first
`paragraph of page 31). Moreover, despite the fact that the Price column is described
`as "unsolicited" because "no action from the trader would alterate [sic] the
`information displayed" (middle of page 31 ), it is clear that the user is in control of
`where in the market depth the window of up to 22 rows is placed. The first paragraph
`of page 31 states:
`
`"The 2IM will allow the display of 1 to 22 rows. Since the market
`depth of a given market could go beyond, a scrollable bar on the
`right hand side of the 21M will allow the trader to scroll in the given
`instrument market depth."
`
`There is no indication that the price column will change on the 2IM display unless
`the user chooses to scroll.
`
`As is described above in relation to feature (a), the display of the quantity in respect
`of the highest bid price is an indicator of that price to which it is aligned (i.e. in the
`same row). 02 therefore discloses feature (c).
`
`IX.3.5 Feuture (d)
`
`The reasons given above in relation to feature (c) apply equally well to the lowest ask
`price in feature (d). D2 discloses this feature.
`
`IX.3.6 Feature (e)
`
`Two order entry modes are described at pages 31-32. Under the heading ''Trading
`Columns" it is described how the user may either click on a cell on one of columns 5
`or 9, or click on a cell in one of the columns 6 or 8. It appears that the descriptions of
`the two modes have been mixed up. Coluro..ns 5 and 9 are headed "Buy" and "Sell"
`respectively in the display shown on page 29. However, the first bullet under
`"Trading Columns" reads:
`
`"Col5 (Col9)- Size of Bid (Ask) Order Prepared [BuyPre] ([SelPre]) ... "
`
`It is clear that it should read:
`
`"Col6 (Col&)- Size ofBid (Ask) Order Prepared [BuyPre] ([Se!Pre]) ... "
`
`The subsequent bullet point obviously needs reverse amendment to:
`
`"Col5 (Col9)- Size of Bid (Ask) Order Preparation [Buy] ([Sell]) ... "
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`The difference in