Feeds

Patent refused for Citibank's risk tool

Mathematical method

The essential guide to IT transformation

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.

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.