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`CBM2016-00009, Paper No. 70
`February 1, 2017
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` UNITED STATES PATENT AND TRADEMARK OFFICE
`____________
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`BEFORE THE PATENT TRIAL AND APPEAL BOARD
`____________
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`IBG LLC and INTERACTIVE BROKERS LLC,
`Petitioner,
`
`v.
`
`TRADING TECHNOLOGIES INTERNATIONAL, INC.,
`Patent Owner.
`____________
`
`Case CBM2016-00009
`Patent 7,685,055 B2
`____________
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`Held: January 6, 2017
`____________
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`
`
`BEFORE: SALLY C. MEDLEY, MEREDITH C. PETRAVICK,
`and JEREMY M. PLENZLER, Administrative Patent Judges.
`
`
` The above-entitled matter came on for hearing on Friday, January
`6, 2017, commencing at 1:03 p.m., at the U.S. Patent and
`Trademark Office, 600 Dulany Street, Alexandria, Virginia.
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`MICHAEL D. GANNON, ESQUIRE
`McDonnell, Boehnen, Hulbert & Berghoff, LLP
`300 South Wacker Drive
`Chicago, Illinois 60606-6709
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`ROBERT SOKOHL, ESQUIRE
`RICHARD M. BEMBEN, ESQUIRE
`LORI A. GORDON, ESQUIRE
`Sterne, Kessler, Goldstein, Fox
`1100 New York Avenue, N.W.
`Washington, D.C. 20005
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`Case CBM2016-00009
`Patent 7,685,055 B2
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`APPEARANCES:
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`ON BEHALF OF PATENT OWNER:
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`Patent 7,685,055 B2
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`P R O C E E D I N G S
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`JUDGE PETRAVICK: We are here today in the matter
`of CBM2016-00009. Can we have appearances from petitioner.
`MR. SOKOHL: Robert Sokohl. With me is Richard
`Bemben and Lori Gordon.
`JUDGE PETRAVICK: And Mr. Sokohl, you'll be
`doing the presentation today?
`MR. SOKOHL: I will be doing part of it and
`Mr. Bemben will do the other part.
`JUDGE PETRAVICK: And for patent owner?
`MR. GANNON: Good afternoon, Your Honor. Mike
`Gannon from McDonnell, Boehnen, Hulbert & Berghoff on
`behalf of Trading Technologies. With me is Cole Richter from
`my firm, Leif Sigmond from my firm and Jen Kurcz also from
`my firm. And from Trading Technologies, Monika Dudek, the
`director of patent prosecution at Trading Technologies, and
`Mr. Adam Faier, patent counsel at Trading Technologies.
`JUDGE PETRAVICK: And Mr. Gannon, will you be
`doing the presentation today?
`MR. GANNON: I will be.
`JUDGE PETRAVICK: Judge Plenzler is joining us
`from Detroit today. So please make sure that when you do your
`presentation, you stay behind the microphone -- can you hear me?
`Behind the microphone at the podium. And if you refer to a slide
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`in your presentation, refer to a slide number as Judge Plenzler
`may not be able to see the screen here.
`So petitioner, we've given you 30 minutes. Would you
`like to reserve any time for rebuttal?
`MR. SOKOHL: Yes, Your Honor, ten minutes.
`JUDGE PETRAVICK: Mr. Sokohl, you can start when
`you are ready.
`MR. SOKOHL: Good afternoon, Your Honors. As I
`mentioned, Richard Bemben, Lori Gordon with me, Robert
`Sokohl, for petitioners.
`The Supreme Court has put forth a two-step process for
`determining statutory subject matter in Alice. As we learned from
`the Federal Circuit in Electric Power Group, the first step looks
`at the focus of the claims or the character as a whole. And the
`second step looks more precisely at what claims are added,
`specifically in the words of the Supreme Court, whether there's an
`inventive concept.
`Now, turning to the first step, claim 1 recites an abstract
`idea of repositioning market information on a GUI in electronic
`trading. The focus of independent claim 1 is to display market
`data for electronic trading. This is a fundamental economic
`practice.
`Now, if we just take a step back and examine claims 1
`and 17, the patent owner asserts that the claims of the '055 patent
`solve the problem of market data moving off the screen. In other
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`words, this GUI claim assists in the visualization of the data. But
`the way the patent owner solves this problem is simply moving or
`repositioning the market data from one part of the screen to
`another. The claims merely rearrange the data on the screen.
`Nothing more. This is not a technical solution to a technical
`problem. In addition, the claims adjust market data for display.
`This element concerns itself with how much data to display.
`Again, this is not a technical solution to a technical problem.
`And let's be clear about claims 1 and 17. Only two
`prices and two indicators are required to be displayed along the
`price axis according to the claim. Reduced to their base, the
`claims amount to nothing more than organizing and reorganizing
`this limited market data for electronic trading.
`Now, patent owner has argued that the claims describe
`the structure, makeup and functionality of a GUI and that this
`GUI improves the computer. But the claims do not go beyond the
`receiving display, adjustment and repositioning of the market data
`on the GUI. This is just the processing and displaying of market
`information. Nothing more. We would submit that claim 1 and
`17 do, in fact, recite an abstract idea.
`Now, moving to step 2 of Alice, step 2 asks whether or
`not the elements both individually and as an ordered combination
`recite anything meaningful beyond the abstract idea. The answer
`here is no. The claims of receiving market data to be displayed,
`adjusting and repositioning data and sending a trade to the
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`exchange are well understood routine and conventional activities
`as set forth in detail in our petition. We know from Alice that
`simply using a computer is insufficient to overcome an Alice
`attack. Here the claims merely use a computer for its most basic
`functions, processing and displaying of data. That's it. Receiving
`user input or a repositioning command is simply data gathering
`for the abstract idea. And limiting the claims to electronic trading
`is just a field of use limitation.
`Now, we also know from CyberSource and Electric
`Power Group that organizing data into a particular arrangement is
`insufficient to confer patentability. And the arrangement claimed
`was known. As we'll see later in our 103 grounds, TSE teaches
`the exact same arrangement. And Trading Technologies' own
`expert admitted that many of the elements were known. That's at
`Exhibit 1040, paragraph 99.
`Now, the ordered combination does not improve the
`operation of the computer or network. This is the cornerstone is
`of cases like DDR, Enfish and Bascom. The claimed GUI does
`not make the computer more efficient, process data faster or more
`reliable, use less energy. The recited GUI simply solves a
`business problem and visualization of data. Not a technological
`problem. The claims are, thus, not rooted in technology.
`Now, again the patent owner argues that the structure,
`makeup and functionality of the claimed GUI makes it statutory.
`But neither the patent owner or its expert point to anything in the
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`claim other than the claim as a whole. Again, the claim merely
`displays or reorganizes a few pieces of market data. Nothing
`more.
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`Finally, claims do not recite how to receive data,
`display it other than along a price axis, process in input command
`or repositioning command or send an order to an electronic
`exchange. They do not require a new source of data or a type of
`information or new techniques for analyzing the data. Nor is
`there any type of inventive programming. Merely preventing
`data from moving off the screen does not transform the abstract
`idea into a statutory process. And as such, there is no
`technological advance here. And the claims do not require any
`nonconventional computer, network, display or user input device
`individually or in combination. The '055 patent claims, similar to
`Electric Power, define a desirable information-based result and
`are not limited to inventive means of achieving that result and
`thus fail under 101.
`Patent owner hasn't argued the dependent claims, so if
`there's no questions on 101, I would like to turn it over to my
`colleague, Richard Bemben, to deal with the 103 grounds.
`JUDGE PETRAVICK: I have no questions.
`MR. BEMBEN: Good afternoon, Your Honors. I will
`be discussing the instituted obviousness grounds. And to the
`extent that claim construction issues arise, I'll address them in
`context.
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`The claims of the '055 patent are obvious. They are
`generally directed to receiving, displaying and rearranging market
`data on a graphical user interface. By the time of the '055 patent
`these concepts were very well known in the art, particularly as
`taught by the TSE reference.
`Here the critical inquiry is whether a person of ordinary
`skill in the art at the time of the '055 patent which was in the early
`2000s timeframe, would have found the claimed invention
`obvious in light of TSE's teachings. The answer is yes. The
`claims recite simple, well-understood GUI concepts and design
`choices.
`Now, the main dispute between the parties focuses on
`the adjusting step that's recited in independent claims 1 and 17.
`I'm going to put up slide 29. It's a reproduction of claim 1. And
`I'm marking the third limitation down beginning in response to an
`input command. That's the limitation I'm referring to. That's the
`adjusting step.
`TSE teaches the claimed adjusting step. By now this
`panel is very familiar with the TSE document. As you know, it
`describes a graphical user interface that can be customized to
`display market data in many different formats and it can be used
`in many different modes.
`Slide 18, which I'm now putting up, slide 18 depicts
`TSE's GUI and a noncompressed price display on the left-hand
`side and a compressed price display on the right-hand side. TSE
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`teaches that a user of the GUI can transition from the compressed
`display to the noncompressed display using a radio button. That's
`at TSE page 69. Now, transitioning from the compressed display
`to the noncompressed display is one way. It's not the only way,
`but it's one way in which TSE teaches the claimed adjusting step.
`I'm going to read from the adjusting step. So I'm going
`to put it back up. That's slide 29. The adjusting step recites --
`now I'm reading -- adjusting the first plurality price levels among
`a range of price levels to an adjusted plurality of price levels,
`including the first plurality of price levels. So we have a first
`plurality of price levels and an adjusted plurality that includes the
`first plurality.
`In the compressed display, which is on the right-hand
`side of slide 18, which I'm putting up again, the price levels 002,
`004 and 007 represent the claimed first plurality of price levels.
`Now, as I mentioned in response to the user selecting a radio
`button, the display transitions from noncompressed -- I'm sorry,
`from compressed to noncompressed. And in the noncompressed
`display, which is shown on the left-hand side of slide 18, the
`price levels 001 through 007 represent the claimed adjusted
`plurality. And as you can see, they include the first plurality.
`This transition from compressed display to noncompressed
`display, it teaches the adjusting step.
`Patent owner disagrees and presents two primary
`arguments. Patent owner's first primary argument has two
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`prongs. And both prongs must be true in order for the patent
`owner to prevail in its argument. The first is that the claimed
`adjusting must occur along a static price axis. The second prong
`is that TSE's compressed display does not include a static price
`axis.
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`Now, the patent owner is wrong on both prongs. First
`the adjusting step does not require that the first plurality of price
`levels be along a static price axis. Patent owner is improperly
`attempting to read limitations into the adjusting step. But the
`Board has already considered and rejected patent owner's attempt
`to read static price axis into the adjusting step. That's institution
`decision at 34. The petitioners agree with the Board's analysis. It
`shouldn't be altered.
`But patent owner is also incorrect about the second
`prong of its argument, namely, TSE's compressed display
`includes a static price axis as that term is used in the '055 patent.
`Now, the proper construction of static price axis is a price column
`or reference line where the prices do not normally change
`positions unless a recentering or repositioning command is
`received. That construction is from the institution decision,
`page 10.
`And petitioners agree with the Board's initial analysis.
`In fact, it's consistent with the construction that petitioners
`proposed in their petition at pages 16 and 17. And it's also
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`consistent with the '055 patent's disclosure, column 8, lines 16
`through 18 where that term is defined.
`So unless there's any questions about the term "static
`price axis" I'll move on to discuss how TSE's compressed display
`includes that static price axis.
`Now, I want to make clear when I'm discussing TSE's
`compressed display there are different modes it can operate in.
`And I'm going to discuss two modes. The first mode that I'll
`discuss is the nonscrolling mode. It can also operate in a
`scrolling mode, and I'll discuss that next.
`TSE teaches that the compressed display in nonscrolling
`mode, when it's in that mode, the board display center price is
`automatically revised and displayed at the center part of the
`board. That's TSE page 115.
`Now, in the context of the '055 patent, this functionality
`is static because the repositioning step of claims 1 and 17 permits
`continuous repositioning. I'm going to put slide 29 back up, and
`I'm discussing the second-to-last limitation that begins receiving
`the reposition command. The reposition command -- excuse me.
`This limitation states, Receiving the reposition command to
`reposition the static price axis when a designated price is within a
`designated number of price levels from the lowest value to the
`highest valve along the static price axis.
`Now, the key term here is designated number. The
`independent claims do not limit in any way what that designated
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`number can be. In the petition and supported by Mr. Roman,
`petitioner's expert, his testimony, we explained that setting the
`claimed designated number to one-half the length of the price
`axis would cause a repositioning command to be issued any time
`the designated price deviates from the center. That's within the
`scope of the claims.
`This is the same type of continuous repositioning that
`TSE teaches in its compressed display in the nonscrolling mode.
`Now, patent owner did not depose Mr. Roman. His testimony is
`unrebutted on this point.
`But you don't have to take Mr. Roman's word for it.
`Patent owner's own expert, Dr. Olsen, admitted that continuous
`recentering is within the scope of claim 1. Now putting up
`slide 24, during this cross-examination, Dr. Olsen was asked,
`could claim 1 read on recentering every time the inside market
`moves. He answered, As a special case which I would like to
`describe, yes. If someone foolishly compressed them so it -- I'm
`sorry. If someone foolishly took the range and compressed them
`so it was extremely tight, then it would continuously move.
`Both experts, experts on both sides agree that claim 1
`permits continuous repositioning. Therefore, TSE's compressed
`display in a nonscrolling mode has a static price axis as that term
`is used and required in the '055 patent.
`Now, TSE's compressed display in the scrolling mode
`also has a static price axis. If I move on to slide 19, slide 19 is
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`from page 0016 of TSE and it was also cited on page 37 of the
`petition. This depicts how the GUI can be transitioned between
`the nonscrolling and scrolling modes. TSE teaches that a user
`can transition from the nonscrolling mode to the scrolling mode
`using the up and down arrows which are depicted on the top
`right-hand side of the GUI. TSE also teaches that selecting the H
`or home button causes the screen to return to the basic board
`screen, that is the nonscrolling mode with the Board display
`center price at the center. That's TSE 110. So selecting the home
`button triggers a recentering or command.
`Now I'm turning to slide 18. And again, slide 18 shows
`the compressed display on the right-hand side. Because the
`compressed display has the up and down arrows as shown on the
`right-hand side of the figure, a person of ordinary skill in the art
`would have understood that the compressed price display can
`operate in the scrolling mode. TSE is unequivocal when it states
`that in the scrolling mode price display positions do not change
`automatically. That's from 115 of TSE.
`The petition repeats this teaching several times.
`Slide 22 is a reproduction of the petition at page 46. It states
`TSE's price axis is static when the display is in certain modes.
`That is the price axis does not normally change positions unless a
`recentering command is received in certain modes. It provides a
`first example and then it states as another example, the price
`display positions do not change automatically when the board
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`screen is in the scrolling screen mode. The petition is clear
`scrolling equals static.
`So in sum, patent owner's first primary argument fails
`on both prongs. First, the adjusting step doesn't require adjusting
`along a static price axis. Second, TSE's compressed display is
`static in both its scrolling and nonscrolling modes.
`Now, patent owner's second primary argument is that
`the claimed adjusting, again, the adjusting step, the claimed
`adjusting does not increase the number of price levels. Patent
`owner arrives at this construction through an unreasonable
`interpretation of the term "price levels." An interpretation that's
`completely divorced from the language of the claims and the
`specification.
`I'm going to put up patent owner's slide 41 now. Again,
`this is patent owner's slide 41. And this illustrates how patent
`owner is interpreting the term "price levels." Again, the
`right-hand side is the compressed display. And patent owner is
`interpreting blank screen locations above and below the prices
`that are displayed there as price levels.
`Patent owner's construction and interpretation of price
`levels is simply wrong. First, the patent owner hasn't pointed to
`anything in the specification, anything in the claims that support
`its position. Second, patent owner's construction is inconsistent
`with the plain and ordinary meaning of this term. And that's --
`the Board should apply the plain and ordinary meaning. Under
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`the plain and ordinary meaning, a person of ordinary skill in the
`art would have understood that a price level corresponds to a
`definite price. Not a blank screen location where an unknown
`price may be populated at some point.
`And then third, the specification supports the plain
`meaning, what I just read. It emphasizes the importance of a
`trader observing the market at different price levels. These
`observations would have little value if the price levels didn't
`correspond to a price. The specification also uses the terms
`"price" and "price level" interchangeably which also indicates
`that a price level corresponds to a definite price.
`Unless there are any questions, I would like to reserve
`the rest of my time for rebuttal.
`JUDGE PETRAVICK: I have no questions.
`Mr. Gannon, you can begin when you are ready.
`MR. GANNON: Good afternoon, Your Honors. Mike
`Gannon for Trading Technologies. I want to hit on two main
`points today. One is that TSE is not prior art to begin with. And
`because of that, the petition fails on 103 grounds. And then I also
`want to deal with a couple of 103 issues.
`Now, with respect to TSE not being prior art, three
`points that I want to make with respect to that. Number one, the
`petitioners are misapplying the law. I'm putting up slide 47. This
`is a quote from the Blue Calypso case. And this quote says that --
`and this is quoting from the Blue Calypso case, a reference will
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`be considered publicly accessible if it was disseminated or
`otherwise made available to the extent that persons interested and
`ordinarily skilled in the art exercising reasonable diligence can
`locate it.
`The petitioners are misconstruing this law by saying
`dissemination to members of TSE is enough, that you can
`disseminate just to anybody in the public. That's not the law.
`The law is that the dissemination has to be to a POSA. And we
`know that from the recent GoPro case in which the GoPro case
`addressed this very issue where the petitioners were saying well
`for dissemination, it can just go to anybody in the public.
`Whereas, on a catalog indexing-type case, it has to be available to
`a POSA. GoPro said, no, for dissemination, it has to go to a
`POSA.
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`JUDGE PETRAVICK: The GoPro is not a precedential
`case. It's not binding on us. Nor do we know anything about
`how the panel in that situation applied those facts as in Blue
`Calypso.
`MR. GANNON: Not binding, Your Honor, I agree with
`that. But it's a case that has facts that are virtually identical to this
`case. I think it's reasonable to look to see what that panel did
`with facts that are virtually identical here. In GoPro a brochure
`was handed out at a closed trade show. Hundreds of copies of
`these brochures were handed out at a closed trade show, and the
`GoPro panel said that's not dissemination to a POSA because the
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`petitioner didn't identify one person at the trade show that met
`that definition.
`JUDGE PETRAVICK: So public accessibility is a
`fact-based issue. And based on the facts of this case seem to be
`quite different, you know, a closed small trade show as opposed
`to the Tokyo Stock Exchange, one of the major stock exchanges
`in the world basically. Why wouldn't, in this quote you sent me --
`let's talk about Blue Calypso and not a nonbinding,
`nonprecedential case.
`It says a reference will be considered publicly
`accessible if it was disseminated or otherwise made available. It
`doesn't say disseminated to a POSA. It says disseminated or
`otherwise made available to the extent that person is interested
`and ordinarily skilled in the subject matter could locate it.
`This quote doesn't exactly say that it was disseminated
`to a POSA. It says that it's disseminated to the extent that persons
`interested with ordinary skill could locate it.
`MR. GANNON: Correct. But again, what the GoPro
`
`case --
`
`JUDGE PETRAVICK: Let's talk about the Blue
`Calypso case, which is the Fed Circuit case as opposed to a
`nonprecedential, nonbinding case. Why does that quote there say
`that it has to be disseminated to a POSA?
`MR. GANNON: I think what this quote is saying is a
`POSA has to be able to somehow have a roadmap to get the
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`document. So whether the document is indexed or put in a
`library, if it turns out that the document was disseminated widely
`to POSAs, then it would be publicly accessible.
`JUDGE PETRAVICK: But it says it's disseminated to
`the extent a person could find it. It doesn't say disseminated to a
`POSA. If I'm a person and interested in creating word processing
`software, why wouldn't I, as a matter of common sense, go and
`look at the manuals for all existing word software like Microsoft
`Word? I mean, Microsoft Word is a major, well-known word
`processing software, sort of like the TSE exchange is one of the
`major exchanges in the world.
`MR. GANNON: So this is a question that was brought
`up in a prior hearing in October and I think it was a very
`interesting question. Why couldn't somebody on the street go to
`the TSE and then request the document. And the problem is the
`petitioners didn't put in any evidence that the TSE system even
`existed at that time. So in other words, a POSA out there --
`again, this is the petitioner's burden to show that a person of
`ordinary skill in the art could actually, exercising reasonable
`diligence, locate it. If there's no evidence in the record that the
`TSE exchange even existed at the time, they can't possibly meet
`their burden.
`JUDGE PETRAVICK: Are you telling me that the TSE
`exchange didn't exist in 1998?
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`MR. GANNON: What I'm saying is in this record, the
`petitioners haven't put into the record any argument that the
`system was available at the time. In fact, TSE is the Tokyo Stock
`Exchange. The Tokyo Stock Exchange is the New York Stock
`Exchange. Was it open-pit trading which has nothing to do with
`electronic trading? Did the Tokyo Shock Exchange, was it
`electronic trading? If it was electronic trading, what interface
`were they using? We have no idea.
`JUDGE PETRAVICK: Is it your position that the
`Tokyo Stock Exchange didn't do electronic trading in 1998?
`MR. GANNON: What I'm saying is the petitioners did
`not put into the record any evidence of the existence of TSE as an
`electronic exchange in that timeframe. There's no evidence in the
`record. The petitioners haven't said, hey, the TSE system, first of
`all, they were doing electronic trading; number two, they were
`doing electronic trading. Okay, what type of interfaces were they
`using? There's no evidence in the record that a POSA knowing
`about the Tokyo Stock Exchange would even know any of that
`information.
`That type of reasoning about, well, is it possible could
`somebody have done it, again, I understand GoPro is not
`precedential, I understand that, but that case was very clear
`because the petitioner in that case was saying the same thing.
`Somebody at the trade show could have been a POSA. And that
`panel said, no, speculation is not enough. In that case, again, the
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`trade show wasn't advertised. It wasn't put in the paper. Just like
`here with TSE, TSE didn't say, hey, make it publicly known that
`they were distributing these documents.
`JUDGE PETRAVICK: So what you are saying is
`petitioner would need to have evidence that the Tokyo Stock
`Exchange existed in 1998 and was doing electronic trading?
`MR. GANNON: For starters. But they would actually
`need more than that. They would need to show evidence, okay,
`assume that's even true, that they put in evidence that electronic
`trading at the Tokyo Stock Exchange was going on. Where is the
`evidence that a POSA could actually access this document which
`we don't contend was even disseminated? But even if it was,
`where is the evidence that a POSA could go to a TSE member
`and access that document? The TSE member, for all we know,
`could say we are not handing out a document to anybody that
`asks for it. It's their burden. They have to put that in the record.
`That's the problem with their case. There's no roadmap for any
`POSA.
`
`There's actually another problem with that particular
`hypothetical. And that is that there's no evidence that even if the
`Tokyo Stock Exchange existed and even if they were doing -- had
`an interface like what this document shows, there's no way that a
`POSA would know that the system was the same as the manual.
`We have this manual. It has a date on it. How do we know that
`the system in Tokyo wasn't a totally different system so that
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`somebody walking around and saw that system, they would be
`seeing a different system than what's actually in that document,
`this TSE document that we have been talking about for months.
`There's so many different levels of speculation that you can't get
`there. You can't get there.
`And the GoPro case is instructive. The GoPro focused
`on the dissemination part of the product because the GoPro was
`saying, well, if it was disseminated at the trade show when --
`JUDGE PETRAVICK: Well, GoPro is not the same
`facts as the hypothetical I just asked you. GoPro is a
`nonprecedential, nonbinding case and you are trying to tell me
`that the facts of that case are binding on this situation. I would
`prefer to talk about the Federal Circuit case law that is
`precedential in this case. GoPro doesn't have the same facts as
`the hypothetical I just asked you.
`I asked you about a product that's being used, well
`known and used in the public and whether somebody that's
`interested in designing the same kind of systems wouldn't go out
`and look for what's going on in the world today.
`MR. GANNON: I think that hypothetical could apply
`in the GroPro case. Why couldn't somebody who wanted the
`GoPro camera --
`JUDGE PETRAVICK: Well, I don't see in the GoPro,
`those facts in that case was decided was based on the unknown
`trade show. And so that's what I'm looking for, is why -- do you
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`know of any cases where it's like a product that's been
`disseminated where somebody went and found the manual for the
`product disseminated? For example, somebody is interested in
`doing software, the software is widely distributed, famously
`distributed and somebody -- a Court found that you wouldn't go
`and look for the manual for that distributed case?
`MR. GANNON: I'm not aware of a case that has those
`particular facts. I am aware of cases though that say speculation
`about whether a system was out there for someone to even know
`about to even get a manual is not enough.
`JUDGE PETRAVICK: Thank you.
`MR. GANNON: Let me just real quickly, I want to
`address before I get into the 103 issues, the problem solved by
`this '055 patent. The '055 patent is a continuation-in-part patent
`and it's an improvement on the patents that we discussed last
`October, for example, the '132 patent. Slide 3, please. We
`looked at this last fall. This is Figure 3 from the '132 patent. This
`shows the price axis, price levels along a price axis. You can see
`it's labeled PRC. And the bids and ask are next to it. And the
`bids and ask move up and down relative to t