Nasdaq Sues IEX for Trading, Data Patent Infringements
Nasdaq's lawsuit alleges infringement of a number of patents covering its trading process and certain data elements by IEX.
The suit alleges that IEX hired four Nasdaq technology staff with knowledge of Nasdaq’s technology and patents, who then used that knowledge to create IEX’s trading platform and closing auction process, which is “substantially similar” to Nasdaq’s own closing auction. The lawsuit also alleges that IEX acknowledges its Auction Information is substantially similar to the Net Imbalance Order Indicator. It also cites IEX statements that the startup created its own processes after reviewing those of
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