Rumor has it Tibra Trading finally settles the conflict with Optiver. Eight years ago Tibra was founded by rebel Optiver traders in Australia. They allegedly took with them a serious chunk of source code of the proprietary trading software, called F1.
The case has been dragging on for almost a decade, and included trips to California – demanding Google to hand over some evidence (gmail, gtalk). Denied by the court, by the way. In the meantime, the former lightning fast trading software of 2006 is currently slow and old fashioned material.
Millions of fees for lawyers over the years, so time to settle. Word is Tibra will pay $ 10 million.
This may be the end for the former never ending story of “Optiver versus Tibra”. At least Tibra has learned how to deal with this kind of issues. One can never foresee when such expertise would come in handy.
Update January 31
With a short statement on their website, Optiver confirms the settlement.
The proceedings have now been settled on the basis of an undisclosed payment to Optiver but otherwise on confidential terms and without admission by either party. In accordance with the terms of the settlement, this is the only public statement we can make on the matter.