"Brazen" ISV to cancel licences on 7 May
Refco Group has asked Northern Illinois District Court to
bring an injunction against Trading Technologies (TT) barring
the latter firm from breaking its contract with the broker. As
part of its patent infringement case (see FO Week Vol
10 No 9), TT has demanded that Refco cease using its software
by 7 May.
In a form letter sent to heads of Refco trading operations
in the USA, UK and Gibraltar, TT announced the termination of
its software licence agreement and demanded that the group
"cease using TT software, destroy all copies of such software
and return to TT all TT software related documentation or
related materials which are in its possession."
Refco's response contained several swingeing attacks on TT's
conduct throughout its attempts to obtain a five cent levy from
futures exchanges on all trades, in perpetuity (see FO
Week Vol 9 No 50).
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