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Does State Street Lead to Europe? The Case of Financial Exchange Innovations
Author(s) -
Komulainen Mari,
Takalo Tuomas
Publication year - 2013
Publication title -
european financial management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.311
H-Index - 64
eISSN - 1468-036X
pISSN - 1354-7798
DOI - 10.1111/j.1468-036x.2010.00600.x
Subject(s) - patentability , obstacle , european patent office , opposition (politics) , business , state (computer science) , investment (military) , financial innovation , investment banking , finance , accounting , international trade , patent law , political science , law , intellectual property , algorithm , politics , computer science
We study whether financial exchange innovations are patentable in Europe. We find that exchange‐related patent applications surged after the State Street decision. The majority of the applications come from the USA, investment banks and exchanges being among the most active innovators. But the applications seldom result in valid patents, and the post‐grant opposition rate is very high. The evidence suggests that patentability standards for financial innovations have not weakened in Europe after the State Street decision and that the combination of inventive step and technical contribution requirements constitutes a major obstacle for applicants seeking financial patents in Europe .