Judge HALL, Circuit Judge, filed a separate opinion concurring in part.
KATZMANN, Circuit Judge.
This case calls upon us to decide whether the New York Mercantile Exchange, Inc. ("NYMEX") can enforce a copyright in the settlement prices it produces to value customers' open positions. We hold that even if these prices are created by NYMEX—a question we do not resolve— there has been no infringement because enforcing the copyright here would effectively...
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