PTAB Invalidates Two NASDAQ Patents in Favor of MIAX
PRINCETON, N.J., Oct. 3, 2019 /PRNewswire/ — Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Options®, MIAX PEARL® and MIAX Emerald™ exchanges (MIAX), today announced that two Nasdaq patents asserted against MIAX as part of its infringement complaint have been found invalid by the Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office. In its final written decision, the PTAB ruled that all claims of Nasdaq’s U.S. Patent Nos. 7,246,093 and 6,618,707 are unpatentable under 35 U.S.C. Section 101. The PTAB also denied each of Nasdaq’s motions for certain sanctions against MIAX and the disqualification of MIAX’s attorneys Fish & Richardson P.C. from the proceeding.
Nasdaq’s complaint against MIAX alleges infringement on a total of six patents, all of which have been granted review by the PTAB as to their patentability following a petition made by MIAX. The PTAB has yet to make its final determination as to the other four patents.
“The PTAB’s ruling that the claims of these two patents are unpatentable under current law is the exact outcome that we anticipated when we filed our requests for review,” said Thomas P. Gallagher, Chairman and CEO of MIH. “We have always asserted the baselessness of Nasdaq’s allegations, feel vindicated by the outcome of these first rulings and await the PTAB’s remaining final decisions.”
Continued Gallagher, “This is great news and a huge win for Miami International Holdings. Though we have been forced to defend ourselves against the intimidation tactics used by Nasdaq in an attempt to disrupt our business operations and thwart progress and innovation, we remain steadfast and refuse to back down.”
|Corporate Communications Contact:||Dominique Prunetti-Miller|
Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL®) and MIAX Emerald, LLC (MIAX Emerald™ and together with MIAX and MIAX PEARL, the MIAX Exchange Group), three fully electronic options trading exchanges.
MIAX, MIAX PEARL and MIAX Emerald leverage the MIAX Exchange Group’s industry-leading technology and infrastructure to provide their member firms with traditional pricing and pro rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).
MIAX Options serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
The MIAX Exchange Group’s executive offices and National Operations Center are located in Princeton, NJ, with a Miami Operations Center and additional offices located in Miami, FL.
To learn more about MIH and the MIAX Exchange Group visit www.MIAXOptions.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.