The United States Court of Appeals for the Federal Circuit has ruled in favour of the Chicago Board Options Exchange (CBOE) in a seven-year-old patent litigation with the International Securities Exchange (ISE).

ISE had claimed that CBOE's Hybrid system infringed its own patent for an automated exchange.
 
"CBOE is pleased that the court has concluded what we always knew to be true – CBOE does not infringe ISE's asserted patent. Our unique Hybrid trading system, which combines the best features of electronic and open outcry trading, is just one of the many innovations that have made CBOE the leader in the options industry," says CBOE Holdings CEO Edward T Tilly.