SCOTTSDALE, Ariz.--(BUSINESS WIRE)--After early suspicion that cTrader was infringing on copyright – and later that cTrader’s predecessor, Cosmilia Ltd, was in direct breach of its license agreement with Modulus – Modulus filed a DMCA take-down notice in July 2013 which was complied with by Rackspace.
“In July we had a successful DMCA take-down with cTrader's ISP Rackspace to remove our source code from the cTDN .com website. Despite cTrader's assertion that our source code was posted under an anonymous account, the code was in fact posted under the cAlgo_Support username”
“In July we had a successful DMCA take-down with cTrader's ISP Rackspace to remove our source code from the cTDN .com website. Despite cTrader's assertion that our source code was posted under an anonymous account, the code was in fact posted under the cAlgo_Support username," said Richard Gardner, Founder & CEO, Modulus Financial Engineering, Inc.
cTrader came into contact with Modulus source code through their previous company, Cosmilia Ltd, which purchased a source code license from Modulus in 2010. The terms of the license restricted Cosmilia from redistributing the source code, from transferring their license, from competing with Modulus, and from facilitating a competing business.
Any rights Cosmilia may have had to redistribute any program offered under any of the licenses were automatically terminated the instant that Cosmilia made non-compliant distribution of the program in the infringing cTrader products. Since the first such violation of each program’s license, Cosmilia has had no right to distribute any program derived from Modulus source code or trade secrets under any circumstances or conditions. As a result, the cTrader product may have been illegally distributed to numerous financial entities particularly in the retail foreign exchange industry, which in turn may have been illegally distributing the cTrader product to their respective clients.
“Today, we are taking a stand to help the financial software industry protect the value of original creative works.” Richard Gardner, founder & CEO of Modulus Financial Engineering, Inc.
For information about Modulus Financial Engineering, Inc., visit http://www.modulusfe.com/about/
Modulus claims that cTrader (also known as Spotware and previously known as Cosmilia) had willfully and intentionally copied and misappropriated intellectual property belonging to Modulus in direct violation of U.S. and international copyright laws.
“The similarities go well beyond any superficial resemblance. Our entire help file contents had also been directly copied. The copying was so comprehensive that some of the functionality of the two products were, to an uninitiated observer, largely indistinguishable.”
The help file was removed from cTrader’s servers in 2012 upon request however the Modulus source code was not removed.
“Modulus takes seriously what it believes to be willful and deliberate copyright infringement and misuse of our intellectual property, if not breach of contract. After having spent 15 years developing our software and nurturing our client-base, and after recently having made substantial investments to update and improve our products, we will not allow a company to springboard off of us without purchasing the appropriate licenses," Richard Gardner, founder and CEO of Modulus continued.
“In the best interests of our clients, we will aggressively pursue and prosecute any infringement of our copyrights, trademarks, trade secrets or other IP and any breach of our license agreements. Any legitimate client of Modulus may resell our products under a proper 'value added reseller' license. Unfortunately, cTrader did not care to discuss this with us.”
About Modulus Financial Engineering, Inc.
Modulus Financial Engineering, Inc. is a privately owned technology company based in Scottsdale, Arizona, with offices in New York, Sao Paulo, and Dubai.
Modulus provides commercial open source trading products that give traders complete freedom and independence from proprietary trading software.
Founded in 1997, Modulus has licensed over 1.8 billion lines of source code to thousands of professional traders, financial institutions, brokerages, exchanges and renowned educational, governmental and non-profit institutions in over 94 countries.
Top clients include TD Ameritrade, JP Morgan Chase, Bank of America, Morgan Stanley, The NASDAQ Stock Market, ETrade, Yahoo! Finance, Microsoft and others.
Visit Modulus on the web at http://www.modulusfe.com