Does State Street Lead to Europe? The Case of Financial Exchange Innovations
研究了欧洲金融交易所创新的可专利性，发现申请量在州街案后激增但随后下降，多数来自美国，仅少数获得专利，且授权后异议率高，表明欧洲专利标准未因该案而放宽。
We study whether and to what extent financial exchange innovations are patentable in Europe. We find that exchange-related applications surged after the State Street decision, but subsequently decreased. The majority (65-75%, depending on calculation method) of applications come from the U.S., investment banks and exchanges being among the most active innovators. Only 3-11 % of the applications have resulted in a valid patent, and the post-grant opposition rate is very high (41%). The evidence, augmented by case studies, suggests that patentability standards for financial methods have not weakened in Europe in the aftermath of the State Street decision and that the combination of inventive step and technical contribution requirements constitute a major obstacle for applicants seeking financial patents in Europe.