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PLEASE READ CAREFULLY.

THIS Terms of Service, as amended from time to time (the “AGREEMENT”) DESCRIBES THE TERMS OF ACCESS FOR THIS WEBSITE.  BY ACCESSING AND USING THE WEB SITE, YOU HAVE AGREED TO THESE TERMS.

THE RISK OF LOSS IN TRADING COMMODITY FUTURES, OPTIONS AND OTHER DERIVATIVES CONTRACTS CAN BE SUBSTANTIAL. YOU SHOULD, THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES.

1. Scope of Service: The contents of this website (the “Service”) are provided by ICAP Technical Analysis, a division of TP ICAP Global Markets Americas LLC, or its affiliates (collectively “ICAP”). You agree that nothing in the Service will be relied upon as investment advice or a trade recommendation. The technical research reports, market commentary and other information and analysis that comprise the Service (the “Commentary”) have not been tailored for personal or specific circumstances, and are for informational and educational purposes only. 

The trading of futures contracts, options on futures contracts, and other derivatives and financial instruments involves substantial risk and is not suitable for all potential users of the Service. You should be aware of the risks inherent in the futures and derivatives markets. Past results are not necessarily indicative of future results.  You cannot assume that profits or gains will be realized or that any transaction will be profitable. The purchase or sale of futures and/or options and/or other derivatives using information contained herein may result in the loss of some or all of or more than any investment made. You assume the entire cost and risk of any investing, hedging and/or trading you choose to undertake and You are responsible for any losses, damages or costs resulting from your reliance on any data or information that we may provide in connection with your use of the Commentary.

ICAP personnel may, for themselves, for ICAP or for customers, buy, hold, or sell a position in a futures or options contract or other derivative which is discussed, or whose market is discussed, by the Service. Such positions may be similar to, or opposite to, the positions or market movements discussed in the Service.

1. Scope of Agreement: Under this Agreement, ICAP furnishes the Service to registered subscribers or authorized users (“you” or “subscriber”). By selecting “I ACCEPT” when registering or if you use the Service, you agree to be bound by this Agreement. The term “use” means the use and availability of, access to, transmission to or from or any exchange of information or communication in connection with or arising from the Service.

This Agreement supersedes any prior agreements regarding its subject matter. Whenever new products or services become available, your use of them will be under this Agreement unless the terms of this Agreement are changed. You must comply with any additional terms which apply to third-party content, software or other services. ICAP may change this Agreement at any time it chooses. When the terms are changed, notice of the change(s) will be posted on our website or sent to you via electronic mail. Additionally, the new version of the Agreement will be posted on ICAP’s web site for your review. By continuing to use the Service, you agree to be bound by the changes in the new version of the Agreement. If any change is not acceptable, you may terminate your subscription.

1. Use of the Commentary: (a) ICAP grants you a professional, limited, non-exclusive, revocable, non-transferable and non-sublicensable license to use the Commentary pursuant to this Agreement.

(b) You agree not to use the Commentary to create derivative works of any kind.

(c) You agree to be bound by, and will comply with the disclaimer displayed on or linked to the Commentary.

1. Subscription Information: You will provide ICAP with accurate and complete registration information and advise ICAP promptly of any changes. If you do not, you will be in breach of this Agreement, allowing ICAP to immediately terminate your subscription and use of the Service. When you register, you will receive a user name and password which ICAP may assign or allow you to select. You may not select a user name which violates anyone’s rights or one, which in ICAP’s sole discretion, ICAP considers offensive, improper or inappropriate. If you do, ICAP can modify or delete it.
2. Fees and Costs: You are responsible for all fees, costs and expenses associated with your access to this website and use of the Commentary. 
3. Copyright and Limitations on Use: The Service is the property of ICAP and may only be displayed, formatted and printed for your own internal business use. You acknowledge that all proprietary rights in the Service and Commentary are owned by ICAP, and are protected under copyright, trademark and other intellectual property laws and other applicable law. You agree not to reproduce, distribute, sell, lease, assign, publish, broadcast, or circulate, directly or indirectly any information, charts, or drawings that you receive through the Service to any third party without ICAP’s prior written consent. You are not authorized to post any content from the Service to web page, news group, mail list or electronic bulletin board, without ICAP’s prior written consent.

You also agree that you will not give out your user name or password. ICAP will cancel any subscription, without refund, if ICAP discovers that a subscription account is being used by more than one person or firm, or if a user name or password is given to another person or firm.

1. Failure to Access Service: You agree that ICAP is not responsible for your inability to log on to the Service, either because of poor Internet connections, incorrect typing of user names or passwords, and/or browser incompatibility. ICAP will make every effort to ensure that its servers remain operational with adequate performance and response time. However, there may be times when ICAP’s servers are down or response time is slow due to power outages, network problems, regular maintenance, or high traffic volumes. You agree that neither ICAP, nor ICAP’s suppliers, are responsible or liable, for any loss or damage caused by your inability to use or access the Service, whether or not caused in whole or part by ICAP’s negligence.
2. Representations and Warranties: You represent and warrant to ICAP that (i) you have read and understood this Agreement; and (ii) your use of the Commentary will comply with applicable law (which includes, without limitation, this Agreement) and any agreement between you and ICAP, as may be amended from time to time.
3. Limitations of Liability: All information provided by the Service is obtained from sources believed to be accurate and reliable. However, ICAP has not audited or verified this information, and there may be delays, omissions, or inaccuracies in such information. You agree that ICAP is not responsible or liable if any data or information contained in the Service is inaccurate or incomplete in any respect and that ICAP is not responsible or liable, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, security, completeness, reliability, performance, timeliness, pricing or continued availability of the Commentary or for delays or omissions in the Commentary or for any actions that you take or do not take based on such data or information. ICAP does not warrant the accuracy, completeness, timeliness or utility of the information available through the Service. In no event will ICAP be liable for any direct, indirect, consequential, or incidental damages arising out of any decision made or action taken by you in reliance on the Service.
4. Indemnification; Governing Law; Jurisdiction: You agree to defend, indemnify, and hold ICAP, its employees, directors, officers and other representatives harmless from and against all liabilities, damages, claims, actions, costs, expenses (including attorney’s fees), resulting from or arising out of your breach of this Agreement or the use of the Commentary or the Service by you or your directors, partners, officers, affiliates, employees or agents.

This Agreement is personal to you, and you may not assign your rights or obligations to anyone else. If any provision of this Agreement is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. This Agreement shall be deemed to have been made in the State of New York, and shall be governed by the laws of the State of New York, exclusive of its rules governing choice of law and conflict of laws. The parties expressly stipulate to the exclusive jurisdiction of federal and state courts located in the Borough of Manhattan in New York, New York.

1. Survival. Each party’s continuing obligations under this Agreement, including those relating to indemnification will survive the termination of this Agreement.