Electronic brokerage eSpeed's patent infringement lawsuit against BrokerTec's US treasury trading system is being called anti-competitive by broker Icap, and the timing of the suit labelled "suspicious" by industry sources.

eSpeed, which is 47% owned by Cantor Fitzgerald, is suing BrokerTec, Icap's latest electronic acquisition, over infringing its patent on its fixed-income electronic trading system. BrokerTec's system was custom-built by OM, a Swedish technology and exchange provider, which is also named in the lawsuit. Icap calls the suit "baseless" and said it will defend itself vigorously.