CQG API SERVICES AGREEMENT
END USER LICENSE LANGUAGE
Customer acknowledges Customer will receive information from exchanges and other information sources ("Market Data") (such exchanges and other sources are collectively, "Exchanges") specified by Customer via CQG, Inc., and its subsidiaries (collectively, "CQG"). With regard to the receipt and use of Market Data, as well as any other CQG service, including, if applicable, order routing (collectively "the Services"), Customer agrees as follows:


1. Market Data Compliance.

a. Subscriber Agreements. Customer will execute all agreements (such as subscriber agreements) and other documents required by applicable Exchanges for receipt of Market Data. Customer will comply with subscriber agreements and Exchange rules, and assumes full financial and other responsibility for any violation of the same.
b. Restrictions. Customer may use the Market Data for its own internal business purposes only, and Customer will not transfer, transmit, display on any website, publish, redistribute or resell all or any part of the Services or Market Data, nor will Customer permit others to do the same or have access to the Services or Market Data. Customer is responsible for the payment of fees associated with the use of or subscription to any Market Data. If applicable, Customer is also responsible for the payment of any fees associated with any redistribution of Market Data, which must be approved and is also generally subject to Exchange approval. Subject to applicable limitations imposed by Exchanges, Customer may use limited and minor printed extracts of screen displays of Market Data in Customer’ business, if all proprietary notices including copyrights are properly included. Customer will be responsible for the persons having access to the Market Data by or through Customer and Customer will cause such persons to comply with this Agreement. Customer acknowledges and agrees that each of the Exchanges has exclusive and valuable property rights in and to its own Market Data, and that such Market Data constitutes confidential information, trade secrets and/or proprietary rights of each of the Exchanges. Exchanges retain all right, title and interest (except as otherwise licensed by the Exchanges) in and to the Market Data and any and all compilations thereof.
c. Inspection. Customer will allow CQG and Exchanges access to any Customer locations during normal business hours with reasonable advance notice to observe the use and status of the items provided by CQG and Customer’s compliance with this Agreement. CQG may monitor the number of terminals accessing the Services.


2. Personal Information.

a. Definition. CQG may collect personally identifiable information in order to effectively provide the Market Data and to identify or contact a particular person ("Personal Information"). This information may include name, address, email, and phone number. It may also include billing and credit card payment information.
b. Collection. CQG collects Personal Information to: (i) authenticate and verify authorized use of the Services provided; (ii) facilitate provision of the Services; (iii) enable CQG to meet its obligations to Exchanges and other execution partners to facilitate the provision of the Services; and (iv) comply with the rules and regulations of applicable regulatory entities governing the distribution of Market Data and order routing. Personal Information may also be used for internal analytic purposes.
c. Sharing. CQG does not disseminate to or share Personal Information with brokers or other third parties for direct marketing activities. CQG may provide Personal Information to regulatory authorities and other third parties as required by applicable law or regulation, including name and address information required for documentation such as the Uniform Subscriber Addendum. Statistical or general outcomes analytics may be shared with third parties but they are shared in such a way that Personal Information is not disclosed, unless consent for the same is provided. If a Customer provides Personal Information, the Personal Information may be transferred to any CQG facility, including facilities in the United States.
d. Retention. Personal Information may be retained by CQG until the provision of Services is terminated, or until retention is no longer required by applicable Exchanges or regulatory authorities, whichever is later.
e. Acknowledgement. Customer acknowledges CQG’s policy regarding the collection, use, and transfer of Personal Information and accepts CQG’s collection and processing of Personal Information. For questions about CQG’s policy, please contact [mailto:privacy@cqg.com privacy@cqg.com][mailto:privacy@cqg.com ,]


3. Warranties, Disclaimers and Limits of Liability.

a. Warranty. CQG will make commercially reasonable efforts to provide the Services in a prompt and accurate manner. If Customer notifies CQG of a defect in the Services, CQG will use reasonable efforts to try to correct it, giving due regard to the nature and extent of the defect. Customer acknowledges that: (i) it is not always possible to produce transmit Market Data which is free of error or defect; (ii) CQG is not the originator of Market Data and in a real-time information service environment, it is not possible to identify or remedy every error prior to transmission; (iii) the Services provided by CQG are complex and may conflict with or be degraded or corrupted by other software applications operated by Customer on the same computer system; (iv) the Internet is subject to inherent limitations due to many factors including overloads, delays, disconnections, conflicts and interruptions; and (v) any use of the Services via web and/or mobile connections may be subject to additional overloads, delays, disconnections, conflicts and interruptions; (vi) mobile connections may be subject to disruption or reduced speed, and may result in reduced functionality. CQG is not responsible for errors in transmission resulting from issues resulting from or in connection with Customer’s internet or mobile connection. Customer acknowledges CQG has no knowledge of and Customer is solely responsible for the use that Customer makes of Market Data and the reliance that Customer places on Market Data and Services.
b. DISCLAIMER. THE RIGHT TO THE SERVICES IS GRANTED "AS IS" AND "WITH ALL FAULTS". NEITHER CQG NOR ANY EXCHANGE MAKES ANY REPRESENTATIONS, GUARANTIES OR WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WHETHER EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT OR, IN THE CASE OF EXCHANGES, IN CUSTOMER’S AGREEMENTS WITH EXCHANGES. CUSTOMER ACKNOWLEDGES IT HAS NOT RELIED UPON ANY REPRESENTATION, GUARANTY OR WARRANTY MADE BY CQG EXCEPT AS EXPRESSLY STATED HEREIN.
c. No Liability for Losses. Customer acknowledges CQG, its employees, agents, contractors, and Exchanges, will not be liable for any loss (including without limitation trading losses and lost profits), cost or damage, suffered or incurred by Customer or any third party arising out of any lost data, faults, interruptions or delays in the Services, or inaccuracies, errors or omissions in the information contained in the Services as supplied to or contributed by Customer, however such matters arise, unless due to CQG’s gross negligence or willful misconduct.
d. Limit of Liability. Notwithstanding any provision hereof, in no event will (i) CQG or Exchanges, or their affiliates, be liable for any lost profits or indirect, incidental, special, punitive, consequential or similar damages with respect to the Services even if advised of the possibility of such damages; (ii) the aggregate liability of CQG and Exchanges, their affiliates, employees or agents, direct or indirect, arising out of or in connection with this Agreement, exceed an amount equal to the monthly charges paid by Customer in the month in which the claim against them arose, regardless of the cause or form of action, whether claims are grounded in contract or tort; nor (iii) CQG and Exchanges, nor their affiliates, be liable to Customer on any claim that arose more than one (1) year before the institution of a suit thereon. The parties agree this Agreement reflects a reasonable allocation of risk and limitation of liability. If some jurisdictions do not allow the exclusion or limitation of liability for certain damages, in such jurisdictions, the liability limits in this paragraph shall be limited in accordance with this Agreement to the extent permitted by law.


4. Indemnification.

a. By Customer. Customer will defend, indemnify and hold harmless CQG and the Exchanges, and their directors, employees, representatives, agents and contractors from and against any claim, loss, liability, cost or damage, including reasonable attorney’s fees, arising from (i) Customer’s breach of this Agreement; (ii) any third party accessing, or receiving advice based on, the Services or Market Data by or through Customer’s acts or omissions; or (iii) any distribution of Market Data by or through Customer’s acts or omissions.


5. Uniform Subscriber Agreement.

a. Customer acknowledges that he/she may receive Market Data from: CBOE FUTURES EXCHANGE (CFE), CBOT, CME, CME Europe, COMEX (div of NYMEX), DME (Dubai Mercantile Exchange), ICE ENDEX, ICE FUTURES CANADA, ICE FUTURES EUROPE, ICE FUTURES US, and/or NYMEX (collectively "Uniform Exchanges"), via CQG, where CQG is the Vendor of Market Data for said Uniform Exchanges. If Customer (also known as "Subscriber" for the purposes of this clause) receives data from any Uniform Exchanges, Customer agrees to the following terms and conditions, collectively known as the Uniform Subscriber Agreement, with regard to use of Market Data from Uniform Exchanges:

1. DEFINITIONS.
(a) "Device" means any unit of equipment, fixed or portable, that receives, accesses or displays Market Data in visible, audible or other comprehensible form.
(b) "Force Majeure Event" means any flood, extraordinary weather conditions, earthquake or other act of God, fire, war, terrorism, insurrection, riot, labor dispute, accident, action of government, communications or power failures, or equipment or software malfunctions.
(c) "Person" means any natural person, proprietorship, corporation, partnership, limited liability company or other organization.
(d) "Market Data" means information and data pertaining to futures contracts and options contracts or similar derivative instruments traded on the Exchanges as well as associated index data, that includes, without limitation, opening and closing range prices, high-low prices, settlement prices, current bid and ask prices, last sale prices, price limits, requests for quotations, estimated and actual contract volume data, text messages pertaining to market activity, contract specifications, fast or late messages and, as determined by each of the Exchanges, may include information respecting exchange-for-physical (EFP) or against actuals (AA) transactions. With respect to Subscriber’s obligations under this Addendum, Market Data includes information, data and materials that are derived from the foregoing and that convey information to Subscriber that is substantially equivalent to Market Data.

2. PROPRIETARY RIGHTS IN THE MARKET DATA.
(a) Subscriber acknowledges and agrees that each of the Exchanges has exclusive and valuable property rights in and to its own Market Data, that such Market Data constitute valuable confidential information, trade secrets and/or proprietary rights of each of the Exchanges, not within the public domain, that such Market Data shall remain valuable confidential information, trade secrets and/or proprietary rights of each of the Exchanges at least until the Exchanges place their respective Market Data in the public domain or authorize placement of their respective Market Data in the public domain, and that, but for this Addendum, Subscriber would have no rights or access to such Market Data. Whether or not a particular Exchange has placed its Market Data in the public domain or has authorized the placement of its Market Data in the public domain shall be determined according to the terms of such Exchange’s agreement with Vendor, which agreement is described in Section 3(a).
(b) Subscriber acknowledges and agrees that disclosure of any Market Data, or any breach or threatened breach of any other covenants or agreements contained herein, would cause irreparable injury to each of the Exchanges for which money damages would be an inadequate remedy. Accordingly, Subscriber further acknowledges and agrees that each of the Exchanges shall be entitled to specific performance and injunctive and other equitable relief from the breach or threatened breach of any provision, requirement or covenant of this Addendum (including, without limitation, any disclosure or threatened disclosure of Market Data) in addition to and not in limitation of any other legal or equitable remedies which may be available.

3. RECEIPT OF MARKET DATA BY SUBSCRIBER.
(a) Vendor and Subscriber have entered into an agreement by which Vendor will, among other things, provide Subscriber with Market Data. Vendor has entered into agreements with each of the Exchanges whereby Vendor has been granted the right to receive Market Data and to retransmit the same to Subscriber. This Addendum to the agreement between Vendor and Subscriber sets forth the terms and conditions upon which Subscriber may receive and use Market Data. Subscriber acknowledges that, notwithstanding such agreement, each of the Exchanges may, in its discretion, discontinue disseminating its own Market Data or change or eliminate its own transmission method, speed or signal characteristics. In addition, Subscriber acknowledges and agrees that the Exchanges reserve the right to disapprove any Subscriber and retain the right to direct Vendor to terminate any Subscriber’s receipt of Market Data for any reason or no reason, in which event the Exchanges shall so notify Vendor and Vendor shall cease providing Market Data to Subscriber as soon as practicable.
(b)(1) Except as provided in (2) below, Subscriber will use Market Data only for its own internal business activities and only at the offices and locations and on the Devices designated by Subscriber in writing to Vendor from time-to-time. (The term "for its own internal business activities", as used in the immediately preceding sentence herein, means for Subscriber’s (a) trading, for its own account or for the account of its customers, of commodity futures contracts, options on commodity futures contracts or similar derivative instruments, or (b) evaluating, for its own internal business decisions or advice to its customers, the movements or trends in markets for commodity futures contracts, options on commodity future contracts, or like derivative instruments, subject to all of the limitations set forth below in this sub-paragraph as to the telephonic disclosure to customers of a necessary and de minimis number of segments of Market Data.) Subscriber agrees that it will not communicate or otherwise furnish, or permit to be communicated or otherwise furnished, the Market Data, in any format, to any other party or any office or location other than that designated above, nor allow any other party to take, directly or indirectly, any of the Market Data from such offices or locations, and will adopt and enforce any policy that is reasonable to prevent the Market Data from being taken therefrom. Subscriber specifically agrees, without limiting or varying its obligations under paragraph 7 herein or otherwise set forth in this Addendum, that Subscriber shall not use or permit another person to use any Market Data for the purposes of determining or arriving at any price, including any settlement prices, for commodity futures contracts, options on commodity futures contracts, or like derivatives instruments traded on any exchange other than the Exchanges. Subscriber will abide by any other limitations on such use that any of the Exchanges may specify. Subscriber will use its best efforts to ensure that its partners, officers, directors, employees and agents maintain sole control and physical possession of, and sole access to, Market Data received through Devices in Subscriber's possession. (2) Notwithstanding
(1) above, Subscriber may, in the regular course of its business, occasionally furnish, to each of its customers, branch offices, and guaranteed introducing brokers, in a quantity restricted to that necessary to enable Subscriber to conduct its business, a de minimis number of segments of Market Data. Such redissemination must be strictly limited to telephonic communications not entailing the use of computerized voice synthesization or any other technology and must be strictly related to the trading activity of Subscriber or any such recipients. Any such recipients must be advised by Subscriber that such segments are proprietary and confidential information not to be disclosed or disseminated to other persons or entities. Subscriber agrees to make all reasonable efforts to ensure that such recipients abide by the provisions of this Addendum. Notwithstanding the foregoing, in the event that a Subscriber is a newspaper which reports on, among other things, exchanges on which commodity futures contracts or options on commodity futures are traded, such Subscriber shall be permitted to publish, in its newspaper published for the day following the receipt by such Subscriber of the Market Data, the Market Data received by Subscriber from Exchanges on the day prior to such publication.
(c) In the event that Vendor has agreed to permit Subscriber to receive, access or display Market Data through means other than a Vendor-provided Device, such as by means of: (i) the Internet, any Intranet or any other type of network; (ii) portable Devices (e.g., pocket pagers, personal digital assistants, laptop computers, etc.); and (iii) synthesized voice responses over telephones, Subscriber will use its best efforts to ensure that no other device, attachment or apparatus is used which may allow third parties not subject to Subscriber's reporting obligations under Section 3(b) above to access the Market Data.

4. REPORTING.
Subscriber agrees to furnish promptly to Vendor any information or reports that may be required by any of the Exchanges as applicable and that is reasonably related to Subscriber’s receipt of Market Data. Subscriber further agrees to furnish promptly to Vendor any additional information or reports that may be required by the agreement between Vendor and Subscriber referred to in Section 3(a) as it relates to Subscriber’s receipt of Market Data.

5. RIGHT OF INSPECTION AND AUDIT.
During regular business hours, any Persons designated by any Exchange may have access to Subscriber's offices or locations in order to observe the use made of the Market Data and to examine and inspect any Devices, attachments or apparatuses, as well as any books and records required to be maintained by Subscriber under Sections 3(b) and 4 in connection with its receipt and use of Market Data. Subscriber will make prompt adjustment (including interest thereon at the rate of 1½% per month), through Vendor, to compensate any Exchange that discovers an under-reported use of the Market Data by Subscriber. In addition, at the election of any such Exchange, Subscriber will be liable for the reasonable costs of any audit that reveals a discrepancy in such Exchange's favor of five percent (5%) or more of the amount of fees actually due such Exchange. Subscriber shall maintain the records and books upon which it bases its reporting for CBOE, CBOT, CME, NYMEX, COMEX or ONE CHICAGO Market Data for three (3) years following the period to which the records relate. Subscriber shall maintain the records and books upon which it bases the reporting for ICE FUTURES US, ICE FUTURES EUROPE, or ICE FUTURES CANADA Market Data for six (6) years following the period to which the records and books relate. In the event that Subscriber fails to retain such records and books as required above, Subscriber agrees to pay each Exchange's reasonable estimate of any discrepancy discovered pursuant to any such audit.

6. EXCHANGE FEES.
Subscriber will pay Vendor (unless Vendor has assumed Subscriber’s payment obligations hereunder), for and on behalf of each of the Exchanges (as applicable), for the right to receive Market Data in accordance with the then-current fee schedule published by each of the Exchanges from time- to- time (including any and all applicable federal, state or local taxes). Each Exchange's fees are subject to modification by each of them at any time, without prior notice to Subscriber. In addition, Subscriber agrees to pay Vendor any penalties assessed against Subscriber by Vendor on behalf of any Exchange. Nothing herein shall limit a Vendor’s obligation pursuant to separate agreement between Vendor and any of the Exchanges (as applicable) to pay Exchange fees.

7. COVENANTS, REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER.
Subscriber covenants, represents and warrants that it is not engaged in the business of distributing Market Data and that, to its knowledge after reasonable inquiry, it is receiving the Market Data from a Vendor that is authorized by the Exchanges to distribute the Market Data. Subscriber agrees that it will not use or permit any other Person to use Market Data for any illegal purpose. Subscriber agrees that it will not use Market Data in any way to compete with the Exchanges or Vendor, nor use the Market Data in any way so as to assist or allow a third party to compete with the Exchanges or Vendor. Subscriber agrees that the provision of Market Data by the Exchanges hereunder is conditioned upon Subscriber's strict compliance with the terms of this Addendum and that Vendor may, with or without notice and with or without cause, forthwith discontinue said service whenever in its judgment there has been any default or breach by Subscriber of the provisions hereof, or whenever directed to do so by any of the Exchanges.

8. DISCLAIMER OF WARRANTIES.
SUBSCRIBER AGREES THAT NEITHER VENDOR NOR THE EXCHANGES MAKE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE MARKET DATA, OR THE TRANSMISSION, TIMELINESS, ACCURACY OR COMPLETENESS THEREOF, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR ANY WARRANTIES OF MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, AND THOSE ARISING BY STATUTE OR OTHERWISE IN LAW OR FROM ANY COURSE OF DEALING OR USAGE OF TRADE.
9. 'LIMITATIONS OF LIABILITY AND DAMAGES.
Subscriber agrees that: (i) the provision of Market Data is made with equipment, communications devices, and/or leased lines not owned or operated solely by Vendor or the Exchanges; (ii) neither Vendor nor the Exchanges, nor their respective members, directors, officers, employees or agents, guarantees the sequence, accuracy or completeness of the Market Data, nor shall any of them be liable to Subscriber or any other Person for any delays, inaccuracies, errors or omissions in Market Data, or in the transmission thereof, or for any other damages arising in connection with Subscriber’s receipt or use of Market Data, whether or not resulting from negligence on their part, a Force Majeure Event or any other cause beyond their reasonable control; and (iii) if the foregoing disclaimer and limitation of liability should be deemed invalid or ineffective by a court of competent jurisdiction, neither Vendor nor the Exchanges, nor their respective members, directors, officers, employees or agents shall be liable for any of the foregoing beyond the actual amount of loss or damage, or the sum of fifty dollars ($50.00), whichever is less.

10. TERM AND TERMINATION.
Subject to Subscriber's strict compliance with the provisions of this Addendum, the provision of Market Data by any of the Exchanges hereunder will continue in force during the term of the agreement between Subscriber and Vendor and any renewal term thereof. In addition, it is understood that the provisions set forth in paragraphs 2(a) and 2(b) of this Addendum shall survive the termination of this Addendum.

11. INDEMNIFICATION.
Subscriber will indemnify, defend and hold Vendor and the Exchanges, and their respective members, directors, officers, employees and agents harmless from and against any and all claims arising out of or in connection with this Addendum, including, without limitation, any liability, loss or damages (including, without limitation, attorneys’ fees and other expenses) caused by any inaccuracy in or omission from, Subscriber's failure to furnish or to keep, or Subscriber's delay in furnishing or keeping, any report or record required to be kept by Subscriber hereunder.

12. MISCELLANEOUS.
In case of any breach by Subscriber of its obligations hereunder, each of the Exchanges will be considered to be a third-party beneficiary of this Addendum and may bring an action to enforce its terms directly against Subscriber. Any action arising out of this Addendum between the CFE, CBOT, CME, or ONE CHICAGO and Subscriber shall be governed and construed in accordance with the internal laws (and not the law of conflicts) of the State of Illinois. Any action arising out of this Addendum between the KCBOT and Subscriber shall be governed and construed in accordance with the internal laws (and not the law of conflicts) of the State of Missouri. Any action arising out of this Addendum between NYMEX, COMEX, ICE FUTURES US, ICE FUTURES EUROPE, or ICE FUTURES CANADA and Subscriber shall be governed and construed in accordance with the internal laws (and not the law of conflicts) of the State of New York. Subscriber may not assign all or any part of this Addendum without the prior written consent of the Exchanges (as applicable). Neither Vendor nor Subscriber may modify or amend the terms of this Addendum. In the event of any conflict between the terms and conditions of this Addendum and any other agreement relating to Subscriber's receipt and use of Market Data, including, without limitation, the agreement between Vendor and Subscriber referred to in Section 3(a), the terms and conditions of this Addendum will prevail. If, for any reason, one or more provisions of this Addendum is held invalid, the other provisions of the Agreement shall remain in full force and effect.


6. CBOE

a. If Customer receives Market Data from the CBOE via Options Price Reporting Authority, LLC ("OPRA"), Customer agrees that his/her receipt and use of OPRA Market Data is subject to OPRA Subscriber Agreement terms and conditions and agrees to comply with these terms and conditions. Customer further acknowledge and agrees that Customer must complete and submit an affirmation of Subscriber Status as either Professional Subscriber Agreement (currently available at: [https://www.opradata.com/agreements/professional_subscriber_agreement.pdf https://www.opradata.com/agreements/professional_subscriber_agreement.pdf]) or Nonprofessional Subscriber Agreement (currently available at: [https://www.opradata.com/agreements/hardcopy_subscriber_agreement.pdf ][https://www.opradata.com/agreements/hardcopy_subscriber_agreement.pdf https://www.opradata.com/agreements/hardcopy_subscriber_agreement.pdf]). Customer agrees that the status designation identified via such Subscriber Status Agreement, or other affirmation to CQG, is true and accurate and that Customer will update CQG and OPRA in the event of a change to such status. Customer understands that OPRA’s Subscriber Agreement can be obtained from CQG on the Customer’s request CQG. These terms and conditions of the Subscriber Agreement may be amended from time to time, the latest version will apply.


7. EURONEXT

a. If Customer receives Market Data from Euronext, Customer agrees that his/her receipt and use of Euronext Market Data is subject to Euronext’s Subscriber Terms and Conditions and agrees to comply with these terms and conditions. The Euronext Subscriber Terms and Conditions can be found at: [https://www.euronext.com/market-data/documentation/market-data-contracts https://www.euronext.com/market-] [https://www.euronext.com/market-data/documentation/market-data-contracts ][https://www.euronext.com/market-data/documentation/market-data-contracts data/documentation/market-data-contracts][https://www.euronext.com/market-data/documentation/market-data-contracts ]and on the Customer’s request CQG will send them to the Customer. These terms and conditions may be amended from time to time, the latest version will apply.


8. NYSE

a. If Customer receives Market Data from the New York Stock Exchange ("NYSE"), Customer agrees that his/her receipt and use of NYSE Market Data is subject to NYSE Subscriber Terms and Conditions and agrees to comply with these terms and conditions. Customer further acknowledge and agrees that Customer must complete and submit an affirmation of Subscriber Status as either Professional or Nonprofessional. Customer agrees that the status designation identified via such Subscriber Status Agreement, or other affirmation to CQG, is true and accurate and that Customer will update CQG and NYSE in the event of a change to such status. Customer understands that NYSE’s Subscriber Status Agreement can be obtained from CQG on the Customer’s request CQG. These terms and conditions of the Subscriber Status Agreement may be amended from time to time, the latest version will apply.


9. OTHER EXCHANGE AGREEMENTS.

a. If Customer receives Market Data from any other Exchange or data source, Customer also acknowledges he/she is bound by the terms of the said Exchange of data source contract. The terms of these agreements can be obtained from CQG on customer’s request, at any time. The terms and conditions associated with Market Data use from respective Exchanges or other data sources may change from time to time, and the latest versions of such terms and conditions will apply.