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Third Party Terms and Conditions

1.    General

Your use and receipt of the third party data and information (the “Third Party Materials”) made available to you on or through the Online Services is subject to the following additional terms and conditions (the “Third Party Terms and Conditions”).  You acknowledge and agree to comply with the Third Party Terms and Conditions and to indemnify, defend and hold us and our affiliates, partners, principals, officers, directors, personnel and licensors harmless from all Losses, arising from your use of the Third Party Materials or your breach of the Third Party Terms and Conditions.  We may discontinue making the Third Party Materials available on or through the Online Services without notice.

2.    CUSIP Database and CUSIP Information

You agree and acknowledge that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor’s CUSIP Service Bureau (“CSB”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. Any use by you outside of the clearing and settlement of transactions requires a license from CSB, along with an associated fee based on usage. You agree that misappropriation or misuse of such materials will cause serious damage to CSB and ABA, and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, you agree that in the event of any misappropriation or misuse, CSB and ABA shall have the right to seek injunctive relief in addition to any other legal or financial remedies to which CSB and ABA may be entitled.

You agree that you shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions. You further agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CSB.
NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO YOU ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY YOU FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

You agree that the foregoing terms and conditions shall survive any termination of your right of access to the materials identified above.

Your access to the CUSIP data is expressly conditioned on the effectiveness of BBH’s license from Standard & Poor’s CUSIP Service Bureau and all such access shall automatically terminate upon termination of the such license.

3.    DAX Index

The DAX index is used under license from Deutsche Börse AG. Further dissemination of the DAX index or any information contained therein is prohibited.

4.    Dow Jones Industrial Average

The Dow Jones Industrial Average (the “DJIA”) is used under license from CME Group Index Services LLC (“CME Indexes”). CME Indexes may direct us to terminate distribution of the DJIA (or any portion thereof) to you, for any reason, and pursuant to such license, we are obligated to promptly comply with such direction. CME INDEXES, ITS SOURCES, CO-LICENSORS, DISTRIBUTION AGENT, DOW JONES AND COMPANY, INC. AND THEIR RESPECTIVE AFFILIATES, AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES, AGENTS, REPRESENTATIVES (COLLECTIVELY, THE “CME INDEXES PARTIES”) SHALL NOT BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR ANY LOSS OR DAMAGE, DIRECT, INDIRECT OR CONSEQUENTIAL, ARISING FROM (i) ANY INACCURACY OR INCOMPLETENESS IN, OR DELAYS, INTERRUPTIONS, ERRORS OR OMISSIONS IN THE DELIVERY OF THE DJIA OR (ii) ANY DECISION MADE OR ACTION TAKEN BY YOU OR ANY THIRD PARTY IN RELIANCE UPON THE DJIA.

THE CME INDEXES PARTIES SHALL NOT BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR LOSS OF BUSINESS REVENUES, LOST PROFITS OR ANY PUNITIVE, INDIRECT, CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES WHATSOEVER, WHETHER IN CONTRACT, TORT OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

YOU EXPRESSLY ACKNOWLEDGE THAT THE CME INDEXES PARTIES DO NOT MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, TO YOU OR ANY THIRD PARTY WITH RESPECT TO THE DJIA, INCLUDING, WITHOUT LIMITATION: (i) ANY WARRANTIES WITH RESPECT TO THE TIMELINESS, SEQUENCE, ACCURACY, COMPLETENESS, CURRENTNESS, MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE DJIA OR (ii) ANY WARRANTIES AS TO THE RESULTS TO BE OBTAINED BY YOU OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE USE OF THE DJIA.

You acknowledge and agree that “CME”, “Dow Jones”, “Dow Jones Indexes” and the names identifying the Dow Jones-branded Indexes, including, without limitation, to the extent applicable, the marks “The Dow”, “The Dow [number]”, “The Global Dow” and “DJ” (collectively, the “Marks”) are famous, well-known and internationally recognized trade names, trademarks and service marks owned by CME Indexes or its licensors, as the case may be. You have no rights to such Marks. You recognize the great value of the reputation and goodwill associated with the Marks and agree that all goodwill associated with the Marks shall belong exclusively to CME Indexes and/or its licensors, as the case may be. You further acknowledge and agree that (i) the DJIA and the divisors, formulas and methods used to compute the DJIA, are the exclusive property of CME Indexes and/or its Co-Licensors, as the case may be, not within the public domain and are protected by intellectual property laws and (ii) but for this agreement or any written agreements between you and CME Indexes, you would have no rights with respect to, or rights to receive, any of the DJIA.

You agree that you will not copy, download, store, reproduce or further transmit or distribute the DJIA for commercial purposes in any type of format or by any means, including but not limited to the Internet, Intranet or other type of network.

You further agree that as a condition of your continued receipt of the DJIA and any other index data originating from CME Indexes or any of its affiliates or agents, you shall not create, issue, sponsor or manage any financial instruments or investment products (including, without limitation, derivatives, structured products, passively managed accounts, investment funds, investment portfolios or exchange-traded funds) where the price, return and/or performance of such instrument or product is based on, related to, or intended to track, any index published by CME Indexes or a proxy for such index, without a separate written agreement with CME Indexes for such purpose.

Dow Jones Industrial Average Futures Index, NASDAQ 100 Futures Index, S&P 500 Index, S&P 500 Futures Index

The Dow Jones Industrial Average Futures Index, NASDAQ 100 Futures Index, S&P 500 and S&P 500 Futures Index (the “CME-Licensed Information”) are used under license from the Chicago Mercantile Exchange, Inc. (the “CME”). The CME and its licensors retain and reserve all rights, including all intellectual property rights, to the CME-Licensed Information. CME disclaims all liability for the CME-Licensed Information and the use thereof, and any and all losses, damages or claims arising from use of the CME-Licensed Information. The CME may suspend or terminate receipt or display of the CME-Licensed Information by any party if CME has reason to believe CME-Licensed Information is being misused or misrepresented.

5.    FTSE® 100 Index

The FTSE 100 index and all data contained therein (“FTSE Data”) are the property of FTSE International Limited and used under license. You may use the FTSE Data only for your own internal business purposes (if you are a business) or your own individual purposes (if you are an individual). You may not redistribute FTSE Data to any third party.

6.    Hang Seng Index

The Hang Seng Index (the “Information”) is provided by Hang Seng Indexes Company Limited. Neither Hang Seng Indexes Company Limited nor any of its holding companies and subsidiaries nor BBH provides any warranties of any kind in relation to such Information (including, without limitation, that the Information is fit for a particular purpose) or accepts any responsibilities for its accuracy, completeness and/or consistency, or for any loss or damage whatsoever and howsoever suffered or incurred by any party. With the use of or the access to the Information referred to in this section, you irrevocably and unconditionally accept and agree to be bound by this disclaimer.

7.    Interactive Data

All information provided by Interactive Data Real Time Services (“Real-Time Services”) and its affiliates (the “Real-Time Services Information”) is owned by or licensed to Real-Time Services and its affiliates and any user is permitted to use such Real-Time Services Information only for such user’s personal use. All proprietary rights with respect to the Real-Time Services Information belong to Real-Time Services, its affiliates and third party licensors. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Real-Time Services Information in any format to anyone, and no user shall use any Real-Time Services Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Real-Time Services Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE REAL-TIME SERVICES INFORMATION IS PROVIDED TO THE USERS “AS IS.” NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE REAL-TIME SERVICES INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE REAL-TIME SERVICES INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

You may not use or permit anyone to use the Real-Time Services Information for any unlawful or unauthorized purpose. You may not furnish the Real-Time Services Information to any person or firm for reuse or retransmission without prior written approval of the third party data provider of such Real-Time Services Information.

NEITHER BBH, REAL-TIME SERVICES, THEIR AFFILIATES NOR ANY THIRD-PARTY LICENSOR SHALL HAVE ANY LIABILITY FOR THE ACCURACY OR COMPLETENESS OF THE REAL-TIME SERVICES INFORMATION FURNISHED THROUGH THE ONLINE SERVICE, OR FOR DELAYS, INTERRUPTIONS OR OMISSIONS THEREIN NOR FOR ANY LOST PROFITS, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES.

8.    Nikkei Indices

The Nikkei Indices, including, without limitation, the Nikkei 225, are owned by Nikkei, Inc. (“Nikkei”) and used under license from Nikkei Digital Media, Inc. (“NDM”). You acknowledge that all intellectual property rights and any other rights in and to the Nikkei Indices are solely owned by Nikkei. Neither Nikkei nor NDM warrant the accuracy or completeness of the Nikkei Indices, and shall not be liable for any decision made or action taken in reliance on the Nikkei Indices.

9.    SEDOL Masterfile and SEDOL Information

The SEDOL Masterfile and all information contained therein are the property of the London Stock Exchange plc (the “Exchange”) and/or its licensors and are used under license. You may not reproduce, extract or redistribute any SEDOL information without the prior written consent of the Exchange, except that you may reproduce, extract and/or redistribute SEDOL information available through the Online Services within your organization solely as reasonably necessary in connection with your receipt of services from us. You acknowledge that it is your responsibility to obtain all relevant licenses for reproduction, extraction and redistribution of the SEDOL information available through the Online Services, beyond that permitted by the preceding sentence.