CHICAGO, May 16, 2013 – Intellectual Property Exchange International, Inc. (IPXI), the world's first financial exchange for licensing and trading intellectual property (IP) rights, announced today that it has released the operative version of the IPXI Market Rulebook that will govern the Exchange for its first offerings. The new edition contains substantial additions and modifications.
The IPXI Rules Committee, composed of representatives from the Exchange's Founding Members, recommended the updates to the first Rulebook, Working Edition 1.0, which was approved in May 2012. The Exchange's Executive Committee and IPXI's Board of Directors subsequently approved the new version. The Rulebook has been developed with significant input from its members, including leading IP owners from across the globe, and will govern the conduct of IPXI's members with respect to the issuance, trading, use and enforcement of Unit License Right™ (ULR™) contracts offered through the Exchange.
IPXI President and Chief Executive Officer Gerard Pannekoek said: "We are very pleased to share with our members, prospective market participants and other interested parties the updated, enhanced rules governing our marketplace. As an example of the transparency to be provided by IPXI, the Rulebook will soon be made publicly available on our website. This is another important milestone following the completion of the U.S. Department of Justice Business Review Process."
The updated IPXI Market Rulebook contains a number of new chapters, including new rules regarding the make-up and issuance of ULR contracts; provision of certain market data; trading and consumption of ULR contracts; hearings and sanctions for rule violations; and auditing and compliance. In particular the new edition establishes rules related to defensive use of patents in a ULR contract, financial criteria for liquidity provider purchasing eligibility, and confidentiality related to proceedings and materials.
The IPXI Founding Members include some of the world's leading innovative corporations and most prestigious universities, as well as cutting-edge national laboratories. The Founding Members have committed to sponsor offerings on the Exchange with an aggregate target market value in excess of $750 million. Among the IPXI Founding Members are: Ford Global Technologies, LLC; Philips Intellectual Property & Standards, a division of Koninklijke Philips Electronics N.V. (Philips Electronics); Hewlett-Packard Company; JPMorgan Chase Bank, N.A., and Sony Corporation of America.
To download a copy of the Rulebook, click here.