Yesterday a court in Hague passed down its judgement on the legal action brought by NYSE Euronext against Dutch rival TOM (The Order Machine). Both sides claimed victory but the implications remain unclear, says William Mitting.
Legal action was brought by Euronext in April alleging that
TOM’s had breached copyright in its TOM Option, an
AEX look-a-like which settled against and used a near identical
ticker symbol to NYSE Liffe’s index of the top 25
stocks in the Netherlands.
Euronext claimed that the symbol ticker on the TOM AEX
option (AEXT against Liffe’s AEX) and other ticker
symbols were similar enough to those on Liffe to infringe
copyright on Liffe’s IP and cause confusion among
market participants. The company also challenged
TOM’s claim that its smart order router always
offered best execution, an assertion that the MTF makes on its
Yesterday’s ruling found in favour of Euronext
in its claim regarding the use of the AEXT ticker symbol
ordering TOM to change all references to AEXT within four weeks
and for TOM and shareholder Binckbank to publish a retraction
on their websites.
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