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Does State Street Lead to Europe? The Case of Financial Exchange Innovations

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  • Mari Komulainen
  • Tuomas Takalo

Abstract

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.

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  • Mari Komulainen & Tuomas Takalo, 2013. "Does State Street Lead to Europe? The Case of Financial Exchange Innovations," European Financial Management, European Financial Management Association, vol. 19(3), pages 521-557, June.
    • Handle: RePEc:bla:eufman:v:19:y:2013:i:3:p:521-557
    DOI: 10.1111/j.1468-036X.2010.00600.x
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    1. Hasan Cömert & Gerald Epstein, 2016. "Finansal Yenilik Yazinindaki Son Gelismeler," STPS Working Papers 1604, STPS - Science and Technology Policy Studies Center, Middle East Technical University, revised Jan 2016.

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