35 Cardozo Arts & Ent. L.J. 303 (2016-2017)
From Hot News to Hot Data: The Rise of Fintech, the Ownership of Big Data, and the Future of the Hot News Doctrine

handle is hein.journals/caelj35 and id is 343 raw text is: 








      FROM HOT NEWS TO HOT DATA: THE RISE
   OF  FINTECH, THE OWNERSHIP OF BIG DATA,
 AND THE FUTURE OF THE HOT NEWS DOCTRINE*



                 VICTORIA  SMITH EKSTRAND,  PH.D.*

                       CHRISTOPHER  ROUSH*

INTRODUCTION                         .......................................... 303
I.  HISTORY  OF THE HOT NEWS  DOCTRINE  AND PROTECTIONS  FOR
      FINANCIAL  DATA       ............................. ...... 306
II.  THE HOT NEWS  DOCTRINE:  DEBATE  AND PROPOSALS  .............. 316
      A.  The  Dirge           ......................... ...... 317
      B.  Modifying the Doctrine               ...........3.8.........318
          1. Legislative Solutions  ..................   ..... 319
          2. Common Law Solutions     ............    ......... 324
      C.  Leaving the Doctrine in Place     .......   ............ 326
III.THE CURRENT  LANDSCAPE  OF BIG DATA OWNERSHIP   CASES..... 327
IV.THE OWNERSHIP   OF BIG DATA         ..................... ...... 331
      A.  Preemption and  the Nature ofData ...................... 332
      B.  Competition v. Market Failure...........    ................ 333
      C.  A Hot Data  Test    ...............   ............... 335
CONCLUSION.         ........................................................ 338


                           INTRODUCTION
     Nowhere   may  Big Data  be  worth more  than  in the financial
services and business news industries. According to Goldman Sachs, the
rise of the financial technology industry (Fintech) threatens to grab $4.7
trillion dollars in revenue and $470 billion dollars in profits from




* Permission is hereby granted for noncommercial reproduction of this Article in whole or in part
for education or research purposes, including the making of multiple copies for classroom use,
subject only to the condition that the name of the author, a complete citation, and this copyright
notice and grant of permission be included in all copies.
Assistant Professor, University of North Carolina at Chapel Hill.
  Walter E. Hussman Sr. Distinguished Professor in Business Journalism, University of North
Carolina at Chapel Hill.
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