Feeds

Patent refused for Citibank's risk tool

Mathematical method

Beginner's guide to SSL certificates

Citibank has failed to convince the High Court in England that it deserves a patent for a system that assures the integrity of data used to gauge financial risk. The application was rejected as being a mathematical method.

The system helps derivatives traders in their analysis of market conditions so they can calculate the risks associated with portfolios. Citibank's application described an invention that would automatically detect abnormalities in data being input for analysis and alert users to the probabilities of errors.

The firm was hoping to overturn a Patent Office hearing officer's ruling of 2005 which said the invention was excluded from the scope of patentability for being a business method and/or a mathematical method. The officer was wrong about the business method, Justice Mann said last week: just because it was to be used in business did not make the invention a business method.

However, the system was still considered to be a mathematical method and therefore excluded from patentability.

Citibank's patent agent had argued in 2003 that the system was not a mathematical method since a system which analyses data and provides a confidence factor concerning a probable error rate was providing a technically significant outcome. The agent had pointed out to the patent examiner at that time that such a system could act in a similar way in respect of data representing medical information from a patient to provide a diagnosis.

See: Last year's Patent Office opinion (7 page/44KB PDF) 

Copyright © 2006, OUT-LAW.com

OUT-LAW.COM is part of international law firm Pinsent Masons.

Choosing a cloud hosting partner with confidence

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.