23rd Feb 2005 09:37
ICAP PLC23 February 2005 Jury finds that eSpeed patent invalid London, February 23, 2005 - ICAP plc (IAP.L), the world's largest interdealerbroker announced the outcome of the patent infringement case brought by eSpeedagainst two ICAP Group companies. In the United States District Court for the District Of Delaware, which has beenhearing the patent infringement claim for the last two weeks, the jury in thecase found that the eSpeed's patent is invalid. The judge had previously ruled that ICAP's BrokerTec platform does not infringeeSpeed's patent and that the ICAP Group companies, including Garban LLC, willnot face any liability for damages. Michael Spencer, Group CEO of ICAP commented, "We are delighted with the outcomeof this case. The jury has found that eSpeed's patent is invalid and we lookforward to the judge's decision on whether the patent was acquired byinequitable conduct. This is a great result for everyone trading US Treasury products. ICAP provides the most liquid electronic broking venues in the US Treasurymarket through the BrokerTec and Garban platforms. ICAP's combined voice andelectronic market share overall in US Treasury products was estimated to exceed60% in the fourth quarter of 2004, compared with a 46% share in the same periodof 2003." About ICAP: ICAP is the world's largest interdealer broker and following the acquisition ofthe BrokerTec fixed income securities businesses is the world's leadingelectronic broker of fixed income securities with a daily average transactionvolume in excess of US$800 billion, more 50% of which is electronic. The Groupis active in the wholesale market for OTC derivatives, fixed income securities,money market products, foreign exchange, energy, credit and equity derivatives. ICAP's electronic broking footprint is much more extensive than any other brokerand currently includes active and off-the-run US Treasuries, Bills, Notes,Bonds, Strips, TIPS and Basis trading as well as Agencies and Mortgages;European, UK, Australian, Japanese and South African government bonds; US$ andeuro repurchase agreements; Eurobonds and credit derivatives; short dated eurointerest rate swaps (EONIA) and forward foreign exchange. Contacts: Mike Sheard Director of Corporate Affairs (44) 20 7050 7103 Ivette Collazo ICAP North America (1) 201 209 7831 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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