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Hedging (into) Property?—Invisible Trade Secrets and International Trade in Goods

Trade secrets can encompass all forms of intellectual property subject matter, as well as other types of data, information, and knowledge that may not meet the threshold of eligibility for intellectual property rights. Trade secret protection may be used to prolong existing exclusivity or to hedge the balance of interests that the law aims to seek through restrictions to such exclusivity. Against this backdrop, this chapter asks whether, and to what extent, the law of trade secrets can be used privately to create a regime of property rules in an age of digitised trading, using the recently adopted EU Directive on trade secrets as an example. It asks whether the forms of protection and enforcement required under the EU Directive make it a de facto property right, hedging a liability regime into a proprietary regime, which is created unilaterally by ensuring secrecy and by imposing a duty of confidence.