Brokertec and eSpeed, the rival electronic trading systems for the bond markets, have presented initial arguments to a Delaware court in proceedings by eSpeed against Brokertec for patent infringement.

Espeed, which is owned by Cantor Fitzerald, the moneybroker, is seeking an injunction from the court to prevent Brokertec, owned by moneybroker Icap, from using technology it claims is covered by one of its patents, until the full court case is heard in February 2005.