DETAILED ACTION
The present application is being examined under the pre-AIA first to invent provisions.
This action is responsive to claims filed 02/10/2026 and Applicant’s communication regarding application 12/537552 filed 02/10/2026.
Claims 1-10, 12-17, 19-24, 46-52, and 59-63 have been examined with this office action.
Continued Examination Under 37 CFR 1.114
A request for continued examination under 37 CFR 1.114, including the fee set forth in 37 CFR 1.17(e), was filed in this application after final rejection. Since this application is eligible for continued examination under 37 CFR 1.114, and the fee set forth in 37 CFR 1.17(e) has been timely paid, the finality of the previous Office action has been withdrawn pursuant to 37 CFR 1.114. Applicant's submission filed on has been entered.
Claim Interpretation Based on the Specification
first data set - trade transaction agreement data (see [0062])
second data set - one or more allowable structured products (see [0062])
downstream systems - post-trade processing facilities or clearing house (see [0062])
data format / non-standardized format – claims 1 and 46 appear to use the structural elements “data format / non-standardized format” interchangeably. As such, for the purpose of compact prosecution, the examiner will interpret the structural elements of data format and non-standardized format to refer to the same structural claim limit. Appropriate correction and clarification of the claim elements is required.
The phrases “data format” and “non-standardized format” do not appear in the specification. However, in view of the specification [0016] [0018] [0022] [0023] [0024] [0040] which states:
[0016] A trade transaction agreement, which may be defined as a basket (i.e., grouping) of one or more structured products, may be, according to various embodiments, converted into the one or more structured products. Trade information that represents the trade transaction agreement may be initially provided or specified in various forms, to subsequently be analyzed to construct the trade transaction agreement from its corresponding structured products…
[0018) At 110, trade information for a trade transaction agreement between a first party and a second party is electronically received. The trade information relating to the trade transaction agreement may be represented in various forms without limit. For example, the trade information may be represented as a text-based description which may be in a variety of forms and which is not required to be in a specific form. The trade information, as an additional
example, may be represented in an XML message.
[0022] With reference to FIGs. 2a-2b, interfaces are illustrated that may be utilized for electronically converting a trade transaction agreement into one or more allowable structured products. The interfaces ofFIGs. 2a-2b are described in the context of when trade information is represented in a text-based description that may not be required to be in a specific format. However, the interfaces may be utilized for various other representations of the trade information, such as, for example, if the trade information is represented in an XML message or other form. The interfaces may be accessed by a user, such as at least one of a first party or a representative thereof, a second party or a representative thereof, and a representative of both the first and second parties such as a broker, for example.
[0023] Interface 200, shown in FIG. 2a, includes a field 201 in which the trade information may be entered by a user. The entered trade information may be in the form of a text-based description as shown in field 201. However, the trade information may also be provided in field 201 in various other formats not limited to a text-based description. Additionally, the trade information may be provided in multiple forms, where, for example, one portion is provided in a text-based description and another portion is provided in an XML message and/or a voice message.
[0024] Fields 202 and 203 allow for the volume and price to be specified. Field 204 optionally allows for the user to select or otherwise specify a financial product group. Alternatively to a user entering trade information, volume, price, and/or financial product group in fields 201, 202, 203, and 204 of the interface 200, the user may otherwise submit such applicable trade information in various forms via, for example, an API message, an email message, an instant message, a text message, a voice message, or a combination thereof. Alternatively, a subset of information may be provided via the interface 200, while additional subsets of information are provided via one or more separate (i.e., API, email, instant, text, voice) messages.
[0040] Additional functionality and processing is available whether the trade information is initially provided in various forms, such as in a text-based description or in an XML message, for converting the trade transaction agreement (as described above with respect to FIG. 1 and FIGs. 2a-2b) or whether the structured products are defined or otherwise described based upon initial selection of a pre-defined product grouping that represents the trade transaction agreement (as described above with respect to FIG. 3 and FIGs. 4a-4e).
Thus, in view of the specification, the phrases “data format” and “non-standardized format” are the forms (also known as channels) by which data can be received. Further, it is clear that the thrust of invention which is to convert a trade transaction agreement into one or more structured products compatible for submission to a post-trade processing facility is not dependent on and is compatible with any means by which the data is received (API, email, instant, text, voice) messages.
Claim Rejections - 35 USC § 101
35 U.S.C. 101 reads as follows:
Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefor, subject to the conditions and requirements of this title.
Claims 1-10, 12-17, 19-24, 46-52, and 59-63 are rejected under 35 U.S.C. 101 because the claimed invention is directed to an abstract idea of converting a trade transaction agreement into one or more structured products (Specification [0002]) without significantly more.
Subject Matter Eligibility Standard
When considering subject matter eligibility under 35 U.S.C. 101, it must be determined whether the claim is directed to one of the four statutory categories of invention, i.e., process, machine, manufacture, or composition of matter. If the claim does fall within one of the statutory categories, it must then be determined whether the claim is directed to a judicial exception (i.e., law of nature, natural phenomenon, and abstract idea), and if so, it must additionally be determined whether the claim is a patent-eligible application of the exception. If an abstract idea is present in the claim, any element or combination of elements in the claim must be sufficient to ensure that the claim amounts to significantly more than the abstract idea itself. Examples of abstract ideas include fundamental economic practices; certain methods of organizing human activities; an idea itself; and mathematical relationships/formulas. Alice Corporation Pty. Ltd. v.CLS Bank International, et al., 573 U.S. _ (2014) as provided by the interim guidelines FR 12/16/2014 Vol. 79 No. 241.
Analysis
Step 1, the claimed invention must be to one of the four statutory categories. 35 U.S.C. 101 defines the four categories of invention that Congress deemed to be the appropriate subject matter of a patent: processes, machines, manufactures and compositions of matter. In this case independent claims 1 and all claims which depend from it are directed toward a method and independent claim 46 and all claims which depend from it are directed toward a system. As such, all claims fall within one of the four categories of invention deemed to be the appropriate subject matter.
Step 2A Prong 1, Under Step 2 A, Prong 1 of the 2019 Revised § 101 Guidance, it is determined whether the claims are directed to a judicial exception such as a law of nature, a natural phenomenon, or an abstract idea (See Alice, 134 S. Ct. at 2355) by identify the specific limitation(s) in the claim that recites abstract idea(s); and then determine whether the identified limitation(s) falls within at least one of the groupings of abstract ideas enumerated in the 2019 PEG.
Specifically, claim 1 comprises inter alia the functions or steps of “A method for electronically converting a data set into compatible data, the method comprising: providing a server in communication with a plurality of computing devices and multiple post-trade processing facilities, the server comprising non-transitory memory storing a trade transaction software application, executable by at least one processor; generating, by the server, on a display of one or more among the plurality of computing devices, an interactive graphical user interface (GUI), the interactive GUI having at least one window comprising a user input region comprising one or more fields for receiving input associated with structured products, and an interactive region configured to be dynamically populated; electronically receiving, by the server, via the user input region of the interactive GUI, an indicator from at least two devices of the plurality of computing devices associated with a first party and a second party for a trade transaction agreement; electronically receiving, by the server, via a message interface, one or more messages having a format of one or more of an email message, a text message, or an instant message;
analyzing, by the server, the one or more messages to identify trade information within the one or more messages that corresponds required information for one or more structured product types of a pre- defined product grouping, the required information corresponding to the one or more fields of the interactive GUI;
extracting, by the server, the trade information from the one or more messages, the trade information extracted from the one or more messages being a first data set in a first format that is incompatible for processing by downstream systems; automatically populating the one or more fields of the GUI displayed on the at least two devices with the first data set including the trade information extracted from the one or more messages mapping the extracted data set to the one or more product fields based on the required information identified for each structured product type; and converting, by the server, the first data set into a second data set that is in a second format that is compatible for processing by the downstream systems, said downstream systems comprising the multiple post-trade processing facilities, by: defining, by the trade transaction software application of the server, a plurality of structured products from the trade information such that each of the plurality of structured products independently complies with specification parameters defined by one or more from among the multiple post-trade processing facilities and received by the server, wherein at least two of the plurality of structured products are defined according to different specification parameters associated with different post-trade processing facilities, automatically populating, by the server, the interactive region displayed on the at least two devices with the plurality of structured products determined from the trade information in the first data set together with a confirmation button, verifying, by the trade transaction software application of the server, that each of the plurality of structured products is compatible for processing by said multiple post-trade processing facilities, for each structured product, assigning, by the trade transaction software application of the server, a value and assigning a volume extracted from the trade information in the first data set, wherein a sum of values of the plurality of structured products equals a transaction value of the trade transaction agreement, responsive to receiving, by the server, user input from the at least two devices of via the confirmation button, matching each of the plurality of structured products to a respective matching post-trade processing facility of the multiple post-trade processing facilities based on the verifying, determining processing capabilities of each of the multiple post-trade processing facilities to process structured products individually or as a bundle, determining a sequence of submission for each of the plurality of structured products to each respective matching post-trade processing facility based on the determined processing capabilities of the multiple post-trade processing facilities to process the structured products individually or as the bundle, for one or more first facilities of the multiple post-trade processing facilities that are programmed to process the structured products individually, determining the sequence of submission includes determining a sequential individual order of submission for respective ones of the plurality of structured products based on a likelihood of acceptance of said products by the respective matching post-trade processing facility, in accordance with predetermined characteristics of at least one of the first party and the second party, for one or more second facilities of the multiple post-trade processing facilities that are programmed to process the structured products as the bundle, determining the sequence of submission includes verifying that respective one or more bundles of the plurality of structured products are capable of being processing by the respective matching post-trade facility based on the predetermined characteristics of the first party and the second party, electronically submitting, by the server, according to the determined sequence of submission, each structured product with information identifying at least one of the first party or a representative thereof, and the second party or a representative thereof, to the respective matching post-trade processing facility of the multiple post-trade processing facilities in a respective data format for processing of the same, wherein two or more of the plurality of structured products are electronically submitted to the different one of the multiple post-trade processing facilities, processing, by the multiple post-trade processing facilities, each respective structured product submitted thereto, and in response to at least one indication from the multiple post-trade processing facilities of processing each respective structured product, presenting, by the server, to the at least two devices of the first party and the second party, via the GUI, a confirmation record indicating a status of each respective structured product”.
Claim 46 comprises inter alia the functions or steps of “A system for electronically converting a data set into compatible data, the system comprising: a server in communication with multiple post-trade processing facilities, the server comprising non-transitory memory storing a trade transaction software application executable by at least one processor; and a plurality of user third party terminals coupled to and in communication with the server, said plurality of user third party terminals each comprising a data interface configured for accessing the server and the trade transaction software application stored thereon; the trade transaction software application, when executed, causing the server to: generate an interactive graphical user interface (GUI) on a display of one or more among the plurality of user third party terminals, the interactive GUI having at least one window comprising a user input region comprising one or more fields for receiving input associated with structured products and an interactive region configured to be dynamically populated, electronically receive, via the user input region of the interactive GUI, an indicator from at least two terminals of the plurality of user third party terminals associated with a first party and a second party for a trade transaction agreement, electronically receive, via a message interface, one or more messages having a format of one or more of an email message, a text message, an instant message, or an instant message,
analyzing the one or more messages to identify a data set within the one or more messages that corresponds to required information for one or more structured product types of a pre-defined product grouping, the required information corresponding to the one or more product fields of the GUI,
extract the trade information from the one or more messages, the trade information extracted from the one or more messages being a first data set in a first data format that is incompatible for processing by downstream systems,
automatically populate the one or more fields of the GUI displayed on the at least two terminals with the first data set including the trade information extracted from the one or more messages mapping the extracted data set to the one or more product fields based on the required information identified for each structured product type,
convert the first data set into a second data set that is in a second format that is compatible for processing by the downstream systems, the downstream systems comprising the multiple post-trade processing facilities by: defining a plurality of structured products from the trade information such that each of the plurality of structured products independently complies with specification parameters defined by one or more from among the multiple post-trade processing facilities and received by the server, wherein at least two of the plurality of structured products are defined according to different specification parameters associated with different post-trade processing facilities, automatically populating the interactive region displayed on the at least two terminals with the plurality of structured products determined from the trade information in the first data set together with a confirmation button, verifying that each of the plurality of structured products is compatible for processing by said multiple post-trade processing facilities, for each structured product, assigning a value and a volume extracted from the trade information in the first data set, wherein a sum of values of the plurality of structured products equals a transaction value of the trade transaction agreement, responsive to receiving user input from the at least two terminals of via the confirmation button, matching each of the plurality of structured products to a respective matching post-trade processing facility of the multiple post-trade processing facilities based on the verifying, determining processing capabilities of each of the multiple post- trade processing facilities to process structured products individually or as a bundle, determining a sequence of submission for each of the plurality of structured products to each respective matching post-trade processing facility based on the determined processing capabilities of the multiple post- trade processing facilities to process the structured products individually or as the bundle, for one or more first facilities of the multiple post-trade processing facilities that are programmed to process the structured products individually, determining the sequence of submission includes determining a sequential individual order of submission for respective ones of the plurality of structured products based on a likelihood of acceptance of said products by the respective matching post-trade processing facility, in accordance with predetermined characteristics of at least one of the first party and the second party, for one or more second facilities of the multiple post-trade processing facilities that are programmed to process the structured products as the bundle, determining the sequence of submission includes verifying that respective one or more bundles of the plurality of structured products are capable of being processing by the respective matching post-trade facility based on the predetermined characteristics of the first party and the second party, electronically submitting according to the determined sequence of submission, each structured product with information identifying at least one of the first party or a representative thereof and the second party or a representative thereof to the respective matching post-trade processing facility of the multiple post-trade processing facilities in a respective data format for processing of the same, wherein two or more of the plurality of structured products are electronically submitted to the different one of the multiple post-trade processing facilities, processing, by the multiple post-trade processing facilities, each respective structured product submitted thereto, and in response to at least one indication from the multiple post-trade processing facilities of processing each respective structured product, presenting, by the server, to the at least two terminals of the first party and the second party, via the GUI, a confirmation record indicating a status of each respective structured product”.
Those claim limits in bold are identified as claim limits directed toward the abstract idea, while those that are un-bolded are identified as additional elements.
The cited limitations as drafted are systems and methods that, under their broadest reasonable interpretation, covers performance of a method of organizing human activity, but for the recitation of the generic computer components. Further, none of the limitations recite technological implementations details for any of the steps but, instead, only recite broad functional language being performed by the generic use of at least one processor. With regard to the claim limit “the data interface comprising at least one field for receiving data sets in a plurality of different data formats, said first type of data set being in a non-standardized format that is dependent upon a hardware and software platform used by a computing system of the first party or the second party, the non-standardized format being incompatible for processing by downstream systems”, paragraphs [0022-0023] make it clear that the format of the data received is not required to be in a specific format and that it’s the content of the data as it refers to the converting a trade transaction agreement that is incompatible for processing during trade processing. Thus, the claim limit is considered and extra-solution activity of receiving data. Converting a trade transaction agreement into one or more structured products is a fundamental economic practice long prevalent in commerce systems. If a claim limitation, under its broadest reasonable interpretation, covers a fundamental economic principle or practice but for the general linking to a technological environment, then it falls within the organizing human activity grouping of abstract ideas. Accordingly, the claim recites an abstract idea.
Step 2A Prong 2, Next, it is determined whether the claim is directed to the abstract concept itself or whether it is instead directed to some technological implementation or application of, or improvement to, this concept, i.e., integrated into a practical application. See, e.g., Alice, 573 U.S. at 223, discussing Diamond v. Diehr, 450 U.S. 175 (1981). The mere introduction of a computer or generic computer technology into the claims need not alter the analysis. See Alice, 573 U.S. at 223—24. “[T]he relevant question is whether the claims here do more than simply instruct the practitioner to implement the abstract idea on a generic computer.” Alice, 573 U.S. at 225.
In the present case, the judicial exception is not integrated into a practical application. The claim limitations are not indicative of integration into a practical application by claiming an improvement to the functioning of the computer or to any other technology or technical field. Further, the claim limitations are not indicative of integration into a practical application by applying or using the judicial exception in some other meaningful way. In particular the claim limits of displaying (GUI), receiving, storing, and transmitting data are claimed and described at a high level of generality and are functions any general purpose computer performs such that it amount no more than mere instruction to apply the exception to a particular technological environment. Further, none of the limitations recite technological implementations details for any of the steps but, instead, only recite broad functional language being performed by the generic use of at least one processor. The claim limits also recite the use of a processor, memory, and a network. However, the use of these additional elements described at a high level of generality and perform generic computer functions such that it amount no more than mere instruction to apply the exception to a particular technological environment. The phrase data format / non-standardized format are interpreted in view of the specification as forms by which data is received. The forms of data receive are claimed and described at high level of generality. Accordingly, these additional elements do not integrate the abstract idea into a practical application because it does not impose any meaning limits on practicing the abstract idea. Thus, the claim is directed toward an abstract idea.
Step 2B, the claim(s) does/do not include additional elements that are sufficient to amount to significantly more than the judicial exception because the additional elements when considered both individually and as an ordered combination do not amount to significantly more that the abstract idea(s). As discussed above with respect to integration of the abstract idea into a practical application, the additional element of using a processor to perform the abstract idea(s) amounts to no more than mere instructions to apply the exaction using a generic computer component. Mere instruction to apply an exertion using a generic computer component cannot provide an inventive concept. These generic computer components are claimed at a high level of generality to perform their basic functions which amount to no more than generally linking the use of the judicial exception to the particular technological environment of field of use (Specification [0016] [0018] [0022] [0023] [0024] [0040] [0058] [0062] [0071-0080]) and further see insignificant extra-solution activity MPEP § 2106.05 I. A. iii, 2106.05(b), 2106.05(b) III, 2106.05(g). Thus, the claims are not patent eligible.
As for dependent claims 2-10, 12-17, 19-24, 47-52, and 59-63, these claims recite limitations that further define the same abstract idea noted from the respective independent claims from which they depend. Therefore, the cited dependent claims are considered patent ineligible for the reasons given above.
Prior Art
The claims overcome the prior art of record such that none of the cited prior art reference’s disclosures can be applied to form the basis of a 35 USC § 102 rejection nor can they be combined to fairly suggest in combination, the basis of a 35 USC § 103 rejection when the limitations directed toward the abstract idea of converting a trade transaction agreement into one or more structured products are read in the particular environment of the claims. Therefore, the claims may be allowable if amended to overcome the rejection(s) under 35 U.S.C. 101, set forth in this Office action.
Response to Arguments
Applicant's arguments with regards to claims have been fully considered but they are not persuasive.
EXAMINER’S RESPONSE TO APPLICANT REMARKS CONCERNING Claim Rejections - 35 USC § 101: Applicant has provided not arguments with regards to 35 USC § 101. As such, the examiner maintains the rejection.
Conclusion
Any inquiry concerning this communication or earlier communications from the examiner should be directed to Gregory A Pollock whose telephone number is (571) 270-1465. The examiner can normally be reached M-F 8 AM - 4 PM.
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/Gregory A Pollock/Primary Examiner, Art Unit 3691
03/03/2026