BOX and ISE Reach Agreement
BOSTON and NEW YORK, September 13, 2011 – BOX and ISE announced today that they have entered an agreement to resolve a patent infringement case filed by BOX against ISE in May 2011.
Under the settlement agreement, ISE has taken a license to BOX’s U.S. Patent No. 7,941,364 entitled “Price Improvement Processor for Electronic Trading of Financial Instruments,” and BOX has taken a license to ISE’s U.S. Patent No. 7,246,093 entitled “Automated Exchange for Trading Derivative Securities.” All other terms of the settlement agreement are confidential.
The BOX Options Exchange is an all-electronic equity options market that is jointly owned by the TMX Group and seven broker dealers. BOX was established in 2002 and launched trading in February 2004 as an alternative to the market models in existence at the time. Since inception, BOX has provided its Participants with an efficient and transparent marketplace, cutting edge technology and best price filtering for customer order execution. For more information, see the BOX website: www.bostonoptions.com.
The International Securities Exchange (ISE) operates a leading U.S. options exchange and offers options trading on over 2,000 underlying equity, ETF, index, and FX products. As the first all-electronic options exchange in the U.S., ISE transformed the options industry by creating efficient markets through innovative market structure and technology. Regulated by the Securities and Exchange Commission (SEC) and a member-owner of The Options Clearing Corporation (OCC), ISE provides investors with a transparent marketplace for price and liquidity discovery on centrally cleared options products. ISE continues to expand its marketplace through the ongoing development of enhanced trading functionality, new products, and market data services. As a complement to its options business, ISE has expanded its reach into multiple asset classes through strategic investments in financial marketplaces and services that foster technology innovation and market efficiency. Through minority investments, ISE participates in the securities lending and equities markets. ISE also licenses its proprietary Longitude technology for trading in event-driven derivatives markets.
ISE is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly operated by Deutsche Börse AG (Ticker: DB1) and SIX Swiss Exchange AG. Together, Eurex and ISE are the global market leader in individual equity and equity index derivatives. For more information, visit www.ise.com.