Nasdaq Sues Rival Exchange, Alleging Stolen Tech Secrets
- Miami International accused of violating seven Nasdaq patents
- MIAX employs at least 15 former Nasdaq employees, suit says
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Nasdaq Inc. sued a rival exchange operator, accusing Miami International Holdings Inc. of infringing patents and stealing trade secrets with help from former Nasdaq employees.
Nasdaq claims Miami International copied its core trading technology. Miami International operates two options exchanges, MIAX Options and MIAX Pearl, that handle about 6 percent of the U.S. equity options market. Nasdaq says at least 15 of its former employees joined MIAX. Nasdaq alleges that three of them forwarded technical documents to their personal emails before leaving, while another employee improperly retained some.