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Technology > Marketing Technology

TT Signs Software Pact; Faces Objection in Refco Affair

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CHICAGO (–Trading Technologies International Inc. announced an agreement with Portware LLC, New York, to integrate their respective trading software systems, the Portware Professional and TT’s professional trading platform, in a way that could be valuable to hedge-fund clients.

Company officials on both sides expressed confidence that the integration will create a powerful, single-platform solution to facilitate high-speed direct market access (DMA), algorithmic trading, and multi-asset trading with built-in risk controls.

“In particular, our high-frequency hedge fund clients will be provided unprecedented DMA links to the electronic futures markets,” said Eric Goldberg, chief executive of Portware, in a statement. “Our clients are demanding faster, more efficient access to all global markets, and they want it from a single platform. This partnership through the TT Partner Program is yet another way Portware is addressing this demand.”

Portware Professional, launched in 2002, has since been implemented at more than 100 financial firms worldwide, including sell-side program trading desks, quantitative hedge funds and traditional asset management firms.


Attorneys for the committee of unsecured creditors in the Refco bankruptcy filed an objection to Trading Technologies’ Oct. 28 motion for an order of protection for its patent claims.

Trading Technologies, which is the plaintiff in pending litigation against Refco, has asked the bankruptcy court to condition any proposed sale on the adequate protection of its interests.

The objection from the unsecured creditors, prepared by Milbank, Tweed, Hadley & McCloy LLP, New York, claims on the contrary that TT has “no cognizable interest in Debtor property and it has alleged no valid grounds for relief.”

The dispute may turn on the interpretation of a recent decision by the federal bankruptcy court in Massachusetts in the matter of Haskell LP. That decision, cited by TT, held that a tenant’s leasehold interest entitled it to “adequate protection” in connection with the sale of the property it had leased. Milbank Tweed’s objection said, though, that this is not applicable as a precedent because a leasehold interest in a property is unambiguous and isn’t a mere “litigation claim.”

On Wednesday (Nov. 9), a bankruptcy court named Man Group plc the winner of an auction to buy Refco.

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Contact Bob Keane with questions or comments at [email protected].


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