Nasdaq seeking justice against IEX on a possible tech rip off

It seems we are up for another tumble between two giants in the financial industry. A patent infringement lawsuit was placed against IEX by NASDAQ thus essentially prolonging the struggle between the two entities.

In total, there seems to be seven patents presented in the lawsuit, and according to NASDAQ, this is a matter of millions of dollars of investments.

To be more specific, NASDAQ is up against IEX for exploiting NASDAQ’s copyrighted technology involving matching engine performance, data feed optimisations and closing auction processes.

Edward Knight, the chief regulatory officer provided a compelling statement relating to the importance of the seven patents and the lawsuit. In summary, he made it clear that the seven patents are crucial for the company’s ability to deliver and maintenance of customer’s loyalty.

One of the highlights coming out of the chief regulatory officers words was a striking claim of IEX making a hiring move for former staff members of NASDAQ in the process of developing its trading platform.

According to IEX, it seems this is nothing more than usual foul play from a strong competitor. IEX dawned in 2012 and has since locked horns with NASDAQ in a tussle for regulatory recognition. The company managed to secure a go ahead from the SEC early 2016 and since then it has amassed shares up to 3% in the fiercely competitive US trading.


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Joseph Taylor is a is a Senior Writer at TheOofy. Originally from UK, Taylor attended Oxford Business School. He covers many things from fintech apps, banking, and financial technologies. He also speaks at fintech conferences. He owns small amounts of various cryptocurrencies.