BTIG Accuses Rival Broker StoneX of Stealing Trading Code (1)

Brokerage firm BTIG LLC accused StoneX Group Inc., a rival brokerage and investment bank, of stealing its proprietary software code in what its lawyers describe as “one of the greatest financial-industry trade secret frauds in recent history.”

BTIG made the claim in a lawsuit filed late Monday in California state court and seeks at least $200 million in damages.

BTIG is an investment bank and trading firm, with expertise in trading stocks for institutional clients, including foreign stocks and exchange-traded funds. In 2020, according to the lawsuit, StoneX set out to build its own equities market-making business. But to ...