Cases on the Law of Personal Property

Amram, David Werner; Bigelow, Harry A.

doi:10.2307/1114693

Cited by 2 publications

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“…For instance, Brown (1975) states: "The owner of land is considered to have special rights to the game found thereon. "Property ratione soli is the common law right which every owner of land has to kill and take all such animals ferae naturae as may from time to time be found on his land, and as soon as this right is exercised the animal so killed or caught becomes the absolute property of the owner of the soil .…”

Section: The Legal Basis For Transitory Real-time Property Rightsmentioning

confidence: 99%

Transitory real‐time property rights and exchange intellectual property

Webb

2003

Journal of Futures Markets

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American exchanges own the price quotations they generate. Access to real-time price information is highly valued by most market participants. This enables exchanges to exact royalties from the sale of such market information. In this sense, an exchange's ownership of its price quotations is akin to owning a property right in a perishable commodity (i.e., fresh market price quotations) that is most valuable for only a transitory or limited period of time. The implications of exchange ownership of price data extend beyond financial markets. Recently, Woodard (2000) has noted that some internet auction operators have asserted ownership over the prices they generate. This study reviews the legal origin and nature of the property right to price quotations generated on U.S. futures exchanges and assesses whether exchange ownership should be transitory. The legal basis for transitory real-time (real and personal) property rights is discussed and the economic implications are considered. Most users of real-time and delayed exchange market data information usually obtain it through a market data vendor like Reuters or Bloomberg rather than from the exchange itself. Technically, most futures exchanges only deliver real-time price quotations and leave it to their market data vendors to deliver delayed data to their customers that conforms to the exchange's required minimum temporal delay. Real-time price quotations are not strictly speaking real-time as it takes time, say a few nanoseconds, to deliver the information. Finally, real-time exchange market information is sometimes provided free of charge to the public for a limited time to encourage trading the instrument in question.

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Section: The Legal Basis For Transitory Real-time Property Rightsmentioning

confidence: 99%

Transitory real‐time property rights and exchange intellectual property

Webb

2003

Journal of Futures Markets

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“…While common law property rights generally include the right to possess and use, to transfer by sale or gift, and to exclude others from possession (15), few of these rights were applied to bodies: the theft of a cadaver was not larceny, the sale of a cadaver was a common law crime, the heirs had no right to repossess a body wrongfully taken from them, and a cadaver could not be the subject of a lien.…”

Section: Property Rights In Corpsesmentioning

confidence: 99%

Chapter 2 legal considerations

1978

Food and Cosmetics Toxicology

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Cases on the Law of Personal Property

Cited by 2 publications

References 0 publications

Transitory real‐time property rights and exchange intellectual property

Transitory real‐time property rights and exchange intellectual property

Chapter 2 legal considerations

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