Realtime Data LLC v. Morgan Stanley

U.S. Court of Appeals for the Federal Circuit

Realtime Data LLC v. Morgan Stanley

Opinion

United States Court of Appeals for the Federal Circuit ______________________

January 29, 2014

ERRATA

______________________

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

MORGAN STANLEY, THE GOLDMAN SACHS GROUP, INC., J.P. MORGAN CHASE & CO., MORGAN STANLEY & CO., INC., GOLDMAN SACHS & CO., GOLDMAN SACHS EXECUTION & CLEARING, LP, J.P. MORGAN SECURITIES, INC., AND J.P. MORGAN CLEARING CORP. (formerly known as Bear, Stearns Securities Corp.), Defendants-Appellees,

AND

CREDIT SUISSE HOLDINGS (USA), INC. AND CREDIT SUISSE SECURITIES (USA), LLC, Defendants-Appellees,

AND

HSBC BANK USA, N.A. AND HSBC SECURITIES (USA), INC., Defendants-Appellees, 2 REALTIME DATA, LLC v. MORGAN STANLEY

AND

BNY CONVERGEX GROUP, LLC AND BNY CONVERGEX EXECUTION SOLUTIONS, LLC, Defendants. ______________________

2013-1092 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6696, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

CME GROUP, INC., BOARD OF TRADE OF THE CITY OF CHICAGO, INC., NEW YORK MERCANTILE EXCHANGE, INC. (agent of Nymex), Defendants-Appellees,

AND

BATS TRADING, INC., (also known as BATS Ex- change, Inc.) Defendant-Appellee,

AND

INTERNATIONAL SECURITIES EXCHANGE, Defendant-Appellee,

AND REALTIME DATA, LLC v. MORGAN STANLEY 3

NASDAQ OMX GROUP, INC., AND NASDAQ OMX PHLX, INC., Defendants-Appellees,

NYSE EURONEXT, OPTIONS PRICE REPORTING AUTHORITY, NYSE ARCA, INC., NYSE MKT, LLC (formerly known as NYSE Amex, LLC), AND SECURITIES INDUSTRY AUTOMATION CORPORATION, Defendants-Appellees. ______________________

2013-1093 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6697, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

THOMSON REUTERS CORPORATION, Defendant-Appellee,

AND

BLOOMBERG L.P., Defendant-Appellee,

AND

FACTSET RESEARCH SYSTEMS, INC., Defendant-Appellee, 4 REALTIME DATA, LLC v. MORGAN STANLEY

AND

INTERACTIVE DATA CORPORATION, Defendant-Appellee. ______________________

2013-1095 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6698, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

CME GROUP, INC., BOARD OF TRADE OF THE CITY OF CHICAGO, INC., NEW YORK MERCANTILE EXCHANGE, INC. (agent of Nymex), Defendants-Appellees,

AND

BATS TRADING, INC., (also known as BATS Ex- change, Inc.) Defendant-Appellee,

AND

INTERNATIONAL SECURITIES EXCHANGE, Defendant-Appellee,

AND

NASDAQ OMX GROUP, INC., AND REALTIME DATA, LLC v. MORGAN STANLEY 5

NASDAQ OMX PHLX, INC., Defendants-Appellees,

NYSE EURONEXT, OPTIONS PRICE REPORTING AUTHORITY, NYSE ARCA, INC., NYSE MKT, LLC (formerly known as NYSE Amex, LLC), AND SECURITIES INDUSTRY AUTOMATION CORPORATION, Defendants-Appellees. ______________________

2013-1097 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6699, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

THOMSON REUTERS CORPORATION, Defendant-Appellee,

AND

BLOOMBERG L.P., Defendant-Appellee,

AND

FACTSET RESEARCH SYSTEMS, INC., Defendant-Appellee,

AND 6 REALTIME DATA, LLC v. MORGAN STANLEY

INTERACTIVE DATA CORPORATION, Defendant-Appellee. ______________________

2013-1098 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6700, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

MORGAN STANLEY, THE GOLDMAN SACHS GROUP, INC., J.P. MORGAN CHASE & CO., MORGAN STANLEY & CO., INC., GOLDMAN SACHS & CO., GOLDMAN SACHS EXECUTION & CLEARING, LP, J.P. MORGAN SECURITIES, INC., AND J.P. MORGAN CLEARING CORP. (formerly known as Bear, Stearns Securities Corp.), Defendants-Appellees,

AND

CREDIT SUISSE HOLDINGS (USA), INC. AND CREDIT SUISSE SECURITIES (USA), LLC, Defendants-Appellees,

AND

HSBC BANK USA, N.A. AND HSBC SECURITIES (USA), INC., Defendants-Appellees, REALTIME DATA, LLC v. MORGAN STANLEY 7

AND

BNY CONVERGEX GROUP, LLC, BNY CONVERGEX EXECUTION SOLUTIONS, LLC, THE BANK OF NEW YORK MELLON CORPORATION, BANK OF AMERICA CORPORATION, BANC OF AMERICA SECURITIES, LLC, MERRILL LYNCH & CO., INC., AND MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Defendants. ______________________

2013-1099 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6701, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

CME GROUP, INC., BOARD OF TRADE OF THE CITY OF CHICAGO, INC., NEW YORK MERCANTILE EXCHANGE, INC. (agent of Nymex), Defendants-Appellees,

AND

BATS TRADING, INC., (also known as BATS Ex- change, Inc.) Defendant-Appellee,

AND 8 REALTIME DATA, LLC v. MORGAN STANLEY

INTERNATIONAL SECURITIES EXCHANGE, Defendant-Appellee,

AND

NASDAQ OMX GROUP, INC., AND NASDAQ OMX PHLX, INC., Defendants-Appellees,

NYSE EURONEXT, OPTIONS PRICE REPORTING AUTHORITY, NYSE ARCA, INC., NYSE MKT, LLC (formerly known as NYSE Amex, LLC), AND SECURITIES INDUSTRY AUTOMATION CORPORATION, Defendants-Appellees. ______________________

2013-1100 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6702, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

THOMSON REUTERS CORPORATION, Defendant-Appellee,

AND

BLOOMBERG L.P., Defendant-Appellee, REALTIME DATA, LLC v. MORGAN STANLEY 9

AND

FACTSET RESEARCH SYSTEMS, INC., Defendant-Appellee,

AND

INTERACTIVE DATA CORPORATION, Defendant-Appellee. ______________________

2013-1101 ______________________

Appeal from the United States District Court for the Southern District of New York in No. 11-CV-6703, Judge Katherine B. Forrest. -------------------------

REALTIME DATA, LLC (doing business as IXO), Plaintiff-Appellant,

v.

MORGAN STANLEY, THE GOLDMAN SACHS GROUP, INC., J.P. MORGAN CHASE & CO., MORGAN STANLEY & CO., INC., GOLDMAN SACHS & CO., GOLDMAN SACHS EXECUTION & CLEARING, LP, J.P. MORGAN SECURITIES, INC., AND J.P. MORGAN CLEARING CORP. (formerly known as Bear, Stearns Securities Corp.), Defendants-Appellees,

AND

CREDIT SUISSE HOLDINGS (USA), INC. AND CREDIT SUISSE SECURITIES (USA), LLC, 10 REALTIME DATA, LLC v. MORGAN STANLEY

Defendants-Appellees,

AND

HSBC BANK USA, N.A. AND HSBC SECURITIES (USA), INC., Defendants-Appellees,

AND

BNY CONVERGEX GROUP, LLC, BNY CONVERGEX EXECUTION SOLUTIONS, LLC, THE BANK OF NEW YORK MELLON CORPORATION, BANK OF AMERICA CORPORATION, BANC OF AMERICA SECURITIES, LLC, MERRILL LYNCH & CO., INC., AND MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Defendants. ______________________

2013-1103 ______________________

Decided: January 27, 2014 Nonprecedential Opinion ______________________

Please make the following change to pages 10-12 of the opinion:

DIRK D. THOMAS, McKool Smith, P.C., of Washington, DC, argued for plaintiff-appellant. With him on the brief were JOEL L. THOLLANDER, of Austin, Texas; ROBERT A. COTE, BRETT E. COOPER, DANIEL J. MELMAN, LAURA A. HANDLEY, and LAUREN L. FORNAROTTO, of New York, New York; and J. MICHAEL HENNIGAN and RODERICK G. DORMAN, of Los Angeles, California. REALTIME DATA, LLC v. MORGAN STANLEY 11

WILLIAM F. LEE, Wilmer Cutler Pickering Hale and Dorr, LLP, of Boston, Massachusetts, argued for defend- ants-appellees. With him on the brief were MARK G. MATUSCHAK, MONICA GREWAL, and KEVIN PRUSSIA, of Boston, Massachusetts, and GREGORY H. LANTIER, of Washington, DC, for defendants-appellees Credit Suisse Holdings (USA) Inc., et al.; DANIEL A. DEVITO and STACEY L. COHEN, Skadden, Arps, Slate, Meagher & Flom, LLP, of New York, New York, and JAMES J. ELACQUA, GARETH DEWALT, and MICHAEL D. SAUNDERS, of Palo Alto, Cali- fornia, for defendants-appellees Morgan Stanley, et al.; ROY W. HARDIN and M. SCOTT FULLER, Locke Lord LLP, of Dallas, Texas, for defendants-appellees HSBC Bank USA, et al.; JOHN M. DIMATTEO, Willkie Farr & Gallagher LLP, of New York, New York, for defendant-appellee Bloom- berg L.P.; CONSTANCE S. HUTTNER and STEPHANIE L. DONAHUE, Vinson & Elkins, LLP, of New York, New York, DAVID J. TOBIN, of Dallas, Texas, and SYED K. FAREED, of Austin, Texas, for defendant-appellee Thomson Reuters Corp.; BRIAN E. MORAN, Robinson & Cole, LLP, of Stam- ford Connecticut, for defendant-appellee FactSet Research Systems Inc.; and BENJAMIN W. HATTENBACH and ARKA D. CHATTERJEE, Irell & Manella LLP, of Los Angeles, Cali- fornia, for defendant-appellee Interactive Data Corpora- tion.

JAMES H. SHALEK, Proskauer Rose, LLP, of New York, New York, argued for defendants-appellees NYSE Euron- ext, et al. With him on the brief were MARGARET A. DALE and NOLAN M. GOLDBERG. MICHAEL HAWES, Baker Botts, LLP, of Houston, Texas, argued for defendants-appellees CME Group, Inc., et al. With him on the brief were SCOTT PARTRIDGE and LISA C. KELLY. On the brief for defendant- appellee International Securities Exchange, LLC, were MICHAEL M. MURRAY, BRYAN N. DEMATTEO, and RACHEL H. KAUFMAN, Winston & Strawn, LLP, of New York, New York, and GEOFFREY P. EATON, of Washington, DC; JOHN M. CHALLIS and KEITH J. GRADY, Polsinelli, PC, of St. 12 REALTIME DATA, LLC v. MORGAN STANLEY

Louis, Missouri, for defendant-appellee BATS Trading, Inc.; and LYNN E. RZONCA, Ballard Spahr LLP, of Phila- delphia, Pennsylvania, for defendants-appellees NASDAQ OMX Group, Inc., et al. ______________________

Reference

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Published