Market Data Terms, Subscriber Agreement & Non-Display Use Notice

1. Market Data Definitions

“Market Data” includes real-time, delayed, historical, reference, derived and other exchange, SIP, broker, vendor or licensor data made available through the Platform.

2. Limited License / No Ownership

Market Data is licensed, not sold. Ownership and intellectual-property rights remain with the applicable exchange, securities information processor, broker, vendor or other licensor. Greeks Vault grants only the limited access permitted by the relevant license.

3. No Redistribution / Resale

You may not resell, redistribute, retransmit, publish, sublicense, lease, share, or make Market Data available to unlicensed persons or use it to operate a competing data service.

4. Non-Display and Automated Use

Use of Market Data in algorithmic trading, automated order generation, signal generation, order routing, risk management, valuation, AI systems, model training, internal calculations or other non-display use may require separate licensing. Access to a display license does not itself authorize non-display use.

5. Professional / Non-Professional Classification

Where a provider requires professional/non-professional classification, you must provide complete and accurate information, certify when requested, and promptly report a change in status. Greeks Vault may reclassify, restrict or terminate access based on provider rules.

6. Subscriber Assent and Flow-Down

Where a market-data provider requires subscriber agreements, click-through assent, audit rights, usage reporting, declarations, or third-party-beneficiary rights, Greeks Vault may incorporate those obligations and obtain your assent before data access.

7. Entitlement Controls and Audits

Greeks Vault may maintain records of data entitlements, user classifications, activations, deactivations and usage sufficient to administer licenses and respond to provider audits. You authorize disclosure of such information to providers where reasonably necessary for compliance.

8. Derived Data and Analytics

Greeks Vault analytics, indicators and derived values may remain subject to source-provider restrictions. You may not reverse engineer a provider’s raw feed from outputs or use outputs to circumvent entitlements.

9. Accuracy and Trading Risk

Market Data may be delayed, incorrect, incomplete or interrupted. Do not treat data availability or display as a guarantee of tradability, liquidity, execution price or market conditions.

10. Provider Changes and Termination

A provider may modify, suspend or discontinue data or licensing rights. Greeks Vault may immediately limit or remove affected data without liability to the extent required by the provider.

11. Current and Future Sources

NYSE, Nasdaq, OPRA, Cboe, CME Group and other exchanges or vendors may require different agreements, classifications or licenses. This Agreement does not grant any exchange-specific right beyond the licenses Greeks Vault actually holds.

12. Acceptance

By accepting this Agreement and any exchange-specific certification, you agree to comply with the applicable flow-down obligations to the extent presented to you.