Does State Street lead to Europe? : The case of financial exchange innovations

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dc.contributor Bank of Finland
dc.contributor.author Komulainen, Mari
dc.contributor.author Takalo, Tuomas
dc.date.accessioned 2014-09-22T07:57:58Z
dc.date.available 2014-09-22T07:57:58Z
dc.date.issued 2009
dc.identifier.isbn 978-952-462-528-9
dc.identifier.isbn 978-952-462-529-6
dc.identifier.issn 1456-6184
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/7447
dc.description Ilmestynyt myös v. 2011 lehdessä European Financial Management.
dc.description.abstract We study whether and to what extent financial exchange innovations are in practice patentable in Europe. We find that exchange-related applications initially increased significantly after the State Street decision but subsequently decreased. The clear majority (65%) of applications come from the U.S. investment banks and exchanges themselves being among the most active innovators. But patents were not easly granted in response to these applications (only 3% of them led to valid patent). The high post-grant opposition rate (41%) for granted patents indicated that competitors tightly monitored each other s patents. The evidence, as augmented with clinical case studies, supports the notion that, for an invention to pass the inventive step requirement for obtaining a European patent, it should have technical features for solving a sufficiently challenging technical problem. Our evidence suggests that patentability standards for financial methods have not weakened in Europe in the aftermath of the State Street decision and that the inventive step requirement constitutes a major obstacle for applicants to overcome in order to obtain a financial exchange patent in Europe.
dc.format.extent 51 s.
dc.language.iso eng
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject sijoituspankit
dc.subject arvopaperimarkkinat
dc.subject rahoitusmarkkinat
dc.subject innovaatiot
dc.subject tekijänoikeudet
dc.subject rahoituspalvelut
dc.subject rahoituslaitokset
dc.subject USA
dc.subject Eurooppa
dc.subject teknologia
dc.subject kehitys
dc.subject SP
dc.subject RP
dc.title Does State Street lead to Europe? : The case of financial exchange innovations
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807237
dc.series.name Bank of Finland Research Discussion Papers
dc.series.year 2009
dc.series.number 22/2009
dc.series.sortingnumber 0022
dc.date.publication 1.8.2009
dc.identifier.doi 10.1111/ecot.12020
dc.description.publication Published in European Financial Management, Volume 19, Issue 3, June 2013: 521-557

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