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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. 303

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