In its suit, NYMEX claims that, without its permission, ICE used
NYMEX-created prices for natural gas and crude oil futures for its
on-line exchange. These prices, NYMEX argues, are copyrighted
material, since they are included in its automated database which
is registered with the US Copyright Office.
In the US, the registration of copyrights is normal practice,
but not something that is done in the UK. However, the UK is
familiar with the protection of databases – such as tables of
prices – under its 1997 implementation of a European Directive.
NYMEX alleges that, notwithstanding its registration of
copyright, its prices are protected by copyright laws as "original
works of authorship." Under copyright legislation, a work qualifies
for copyright protection if it is "original" or "expressive."
US courts have ruled that prices can be copyrighted. In two
earlier cases, appeal court judges ruled that projected used car
valuations and suggested wholesale prices for collectible coins
were copyrighted material, since they were the product of
"professional judgement and expertise."
NYMEX now argues that its prices were the product of "a
significant degree of educated judgement" of its employees.
The UK's Copyright and Rights in Databases Regulations are
available at:
www.hmso.gov.uk/si/si1997/1973032.htm#aofr
