iS Prime and ThinkMarkets Settle Longstanding Dispute on Day Before Trial

iS Prime (formerly known as IS Prime), a leading provider of multi-asset execution and prime brokerage services, and ThinkMarkets, the multi-asset online brokerage, reached a last-minute settlement on Tuesday, bringing a longstanding lawsuit to a close.

In early 2017, iS Risk (formerly known as IS Prime Risk Services), iS Prime’s risk management unit, acquired Think Liquidity LLC, ThinkMarkets’ risk management service. In 2020, iS Prime accused ThinkMarkets of breaking their exclusive "liquidity agreement" reached during the acquisition by using the services of another broker or brokers from about September 18, 2018.

ThinkMarkets refuted the claim, saying that it had been informed via an email from iS Prime on December 8, 2017, noting iS Prime was transferring its swap business to its Hong Kong affiliate, effective December 18. ThinkMarkets claimed that as a result of this, iS Prime ceased to trade index swaps, and thereby discharged it of its obligation under the agreement with regards to that particular product class. However, iS Prime disagreed with this position. Since then, the two firms have engaged in a long-term dispute.

The settlement was reached at the last minute before the longstanding dispute was set to go to trial in the UK.

iS Prime commented: "iS Prime is delighted with the terms of settlement reached with ThinkMarkets. These include a formal written retraction of the incorrect and ill-founded allegations made against it by ThinkMarkets and their Head of Compliance, Mohammed Adil Siddiqui, which can be provided to our clients."

"The outcome is a clear vindication of iS Prime’s position. iS Prime will move on, continuing to provide the outstanding service to our clients which we have always provided," iS Prime added.

ThinkMarkets commented: "We look forward to moving on to better uses of our time, with the majority of the IS Prime claim defeated in the strike out application it was time to resolve differences."

​Read More:

Legal Cases and Beyond: Disputes Between IS Prime, ThinkMarkets, and ISFE 21 (PART I)​

Legal Cases and Beyond: Disputes Between IS Prime, Think Markets, and ISFE 21 (PART II)

​Legal Cases and Beyond: Disputes Between IS Prime, Think Markets, and ISFE 21 (PART III)​