Ticker symbols are essential for identifying publicly traded securities, but the question arises: are tickers subject to copyright? In this whitepaper, legal consultant Andrew Martin examines whether copyright laws apply to ticker symbols and challenges the widespread claims of exchanges to own these symbols.
For a broader perspective on stock exchange data and its intersection with copyright and competition law, explore Andrew Martin’s 2021 whitepaper on Closing Prices and Other Stock Exchange Data: Copyright and Competition Law Issues. This paper reviews the claims made by exchanges regarding the copyright ownership of trading data and the potential competition law issues that arise from attempts to control access and distribution.
Key Insights
- What is a Ticker?
A ticker is a unique set of letters or numbers used to identify publicly traded stocks on exchanges. These symbols, such as WMT for Walmart or AAPL for Apple, serve as shorthand for investors and the public. - Copyright issues explained:
Discover why tickers do not meet the necessary criteria for copyright protection, and why many common claims to ownership are legally flawed. - Legal Precedents:
The paper references important legal decisions that shape the understanding of copyright law and its limits. For instance, in November 2023, the UK Court of Appeal ruled in the case of
THJ v Sheridan, addressing copyright in graphical user interfaces (GUI). Additionally, the
Infopaq v Danske Dagblades Forening 2009 precedent reinforced that copyright applies only to original works that are the author’s own intellectual creation.
- Legal debate:
Many exchanges assert copyright claims over ticker symbols, but these claims are legally flawed. The whitepaper discusses the legal reasons why tickers are not copyrightable and how attempts to restrict their use could breach competition laws.
This whitepaper provides expert insights into the complex legal question of whether ticker symbols are copyrightable. It is a must-read for financial data providers, legal professionals, and anyone interested in the intersection of intellectual property law and financial markets.
Andrew Martin is an independent consultant based in Toronto, specializing in copyright law, policy, content licensing, and publishing contracts. He holds a law degree from the University of Cambridge and was called to the Bar of England & Wales.
Andrew’s career includes roles as Director at Butterworth Law Publishers, President of Butterworths Canada, Executive Director of Access Copyright, and General Manager at CanWest Interactive. Since 2004, he has worked as a consultant, advising clients in Canada, the Caribbean, the UK, and the US, including publishers, copyright organizations, universities, and government agencies. He is also a tutor and examiner for the World Intellectual Property Organisation (WIPO).