Tibra settles with Optiver
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.
first,
With ‘The case has been dragging on for almost a decade’, how did you reach the conclusion ‘They took with them a serious chunk of source code of the proprietary trading software called F1’
Don’t you read your own article’s coherence between two paragraphs before you post it here?
how did you conclude ‘former lightning fast trading software of 2006 is currently slow and old fashioned material’
Why did tibra settle after defending for years on, is it because they can’t liquidate the company without first settling outstanding litigation against itself?
“They took with them a serious chunk of source code of the proprietary trading software called F1.”
Might be a good idea to remove that line. Or at least add “it is alleged that”.
So, no bonuses at Tibra til the next decade and 10% of the balance sheet written off. Who in their sanest mind would go work for them? Only the sad and very deluded it seems.
relax, tibra is no anal like imc, like a grown-up adult, they probably know everything on this site is to be taken with a pinch of salt, hopefully they wouldn’t start crying like the spoilt kid called imc
and as for employment at tibra, there are enough sad and deluded people in the industry now, so no lack of applicants still lining up at their doors
Is Steve Schwab still at tibra?
Isn’t tibra closing shop?
Isn’t tibra closing shop?
10mil is that all?
a fraction of lawyers fees in all this
Real winners are the lawyers, as usual.
tibra has a new cfo / head of business (non-trading side). started last year, job was to clean everything up so can grow
1st job – clean up shit in past. bring on future (slowly)
how much was the lawyer fees for tibra and optiver respectively, if it was 10-20 bucks, that’s not really a fraction is it? it would be hard to believe it was 50 bucks, no management in sane mind would invest that much on this vanity project
so tibra is actually trying to use its 100 bucks of capital to compete, do the partners/investors believe it can earn it’s roe and more importantly not have a large drawdown?
What is roe and drawdown?
http://en.wikipedia.org/wiki/Return_on_equity
http://en.wikipedia.org/wiki/Drawdown_(economics)
http://www.optiver.com/corporate/our-business/news-press/copyright-infringement-case-against-tibra-settled
It’s official.
was it unofficial without that link?
Define unofficial
I remember this guy Kinsey from Tibra about a year ago insisting high and low that nothing had been wrong on their side.
Back then it was actually wrong. Now they’ve just bought it.
define official
don’t you think it’s possible nothing was seriously wrong, reality being grey, actors at tibra and optiver who were originally involved have all largely moved on and thus there is no personal ego, two mature companies decided to settle out of court, quite plausible
Bla bla bla
vladi vla
@12:49 am more like Tibra no longer has enough spare cash to try and sue Jack for publishing allegations as fact.
@12:36 pm assuming Tibra management are sane is giving them more credit than they deserve.
@6:23 pm that announcement only mentions intellectual property case being resolved, so action on non-compete/non-solicitation, and individual cases over starting a competing business while employed by Optiver could be ongoing.
@8:11 pm of course it was unofficial: neither of the involved parties had made a public statement.
If Optiver have persuaded Tibra to settle, maybe the other people lining up to sue them could, too. Hey JT, this is your chance to bully them into settling with you! I’m sure your mum can hold your hand while you do it (and you can cry on her shoulder if unsuccessful). You still want a piece of them Muirhead? Maybe you have a chance to hit them while they’re down!
that’s bad news for Tibra, the company is already struggling and now they even have to pay at least 5 Mio to Optiver…How are they going to recover that money? By hiring senior traders willing to create this amount in exchange of a tiny bonus for the first year (starting from the second year bonuses will shrink since they already transferred all their know-how)?
you really think some companies can’t read this blog as an adult and have to act like cry baby imc everytime something negative is suggested abt them?
also, what’s exactly insane about tibra management, don’t talk generalities, talk specifics
and if it was unofficial without the optiver statement, how does it become anymore official now given ‘that announcement only mentions intellectual property case being resolved, so action on non-compete/non-solicitation, and individual cases over starting a competing business while employed by Optiver could be ongoing’
would it never have been official without optiver’s weblink?
In the world of Lawsuits. Nothing is official unless it is not from the ‘horses mouth’
End of official/unofficial discussion.
define ‘horses’
@5:44 pm are you really that stupid? The intellectual property issues are officially resolved with a cash settlement and no admission of fault. Any other issues may or may not be resolved, as there is no official statement.
@12:56 define ‘intellectually incapable of deriving meaning from metaphorical context”
lol, calm down fella about this metaphorical context, i think everyone knows how to use google by now, http://en.wiktionary.org/wiki/straight_from_the_horse%27s_mouth
and why are you calling @5:44 stupid?
also, what’s with your time pointers on old comments, do you really feel this incredible urge to reply on past comments from history now that they are getting out of context
Agreed – my heart rate was about 42bpm at the time, so I am pretty sure I was calm. Just making a point 🙂
I will let whoever @5;44 respond to your other queries 🙂
The ‘define’ guy is back.
I don’t think ‘define’ guy ever left.
[…] anonymous: I don't think 'define' guy ever left. […] […]
ah, so you have switched from time pointers to smiley faces, no problem, whatever gets you off
they query ‘why are you calling @5:44 stupid’ can’t be answered by the @5:44 guy now can it be, get your heart beat up from 42bpm, looks like not enough blood is reaching your prefrontal
define ‘define guy’
define ‘define’
define is a silly banter, ignore, def don’t get worked up over it just because it might annoy you
bhandari is a shifty indian who likes cricket.