The Federal Reserve Bank of Atlanta and the Center for Banking and Finance at the University of North Carolina School of LawSea Island, GAApril 3-5, 2003
Following the State Street case, which provided judicial support for the patentability of business methods, a rapid increase has taken place in the number of patents granted on various algorithms, processes and procedures in the financial services industry. Such patents include options-pricing formulas, portfolio allocation and balancing procedures, image processing of transactions and electronic methods of completing transactions in an on-line financial services environment. This conference focused on the economic and legal issues surrounding these recent patent developments. Experts from the academic, legal and business communities explored the issues from the practical business and public policy perspectives. Academics and business leaders shared their views and suggested changes in the policy environment to ensure a well-functioning financial system.