Refco Group has asked Northern Illinois District Court to bring an injunction against Trading Technologies (TT) barring the latter firm from breaking its contract with the broker. As part of its patent infringement case (see FO Week Vol 10 No 9), TT has demanded that Refco cease using its software by 7 May.
In a form letter sent to heads of Refco trading operations in the USA, UK and Gibraltar, TT announced the termination of its software licence agreement and demanded that the group "cease using TT software, destroy all copies of such software and return to TT all TT software related documentation or related materials which are in its possession."
Refco's response contained several swingeing attacks on TT's conduct throughout its attempts to obtain a five cent levy from futures exchanges on all trades, in perpetuity (see FO Week Vol 9 No 50).
The broker claimed that TT has...