FISD EXCHANGE CONTRACT GUIDE DISCLAIMER

The Exchange Contract Guide (ECG) is a reference guideline of market data contract provisions including commentary on the underlying business concepts and links to sample contract text from a variety of sources.

The ECG's purpose is to allow FISD members, and other industry participants, to draw on the collective experience of the global market data industry to assess market data policy recommendations and alternative points of view on important contract issues. Many FISD members have used the ECG as a starting point for new contracts, a point of comparison for existing contracts and as a completeness check on new business concepts. FISD hopes it will provide for administrative efficiency by simplifying and expediting the drafting and amending process, standardizing terminology and allowing participants to focus negotiation resources on key issues."

THE ECG HAS BEEN PRODUCED BY BOTH THE MEMBERS OF THE FISD's CONTRACT WORKING GROUP AND BY RIGHTS MANAGEMENT ASSOCIATES, LTD. IT HAS NOT BEEN SUBMITTED FOR ANY VOTE OR ADOPTED IN ANY OTHER WAY BY THE FISD. THE ECG IS BASED ON REVIEW OF CONTRACTS AND OTHER DOCUMENTATION FROM A NUMBER OF FISD MEMBERS AND THE SAMPLE CONTRACT TEXT PRODUCED BY THE FISD CONTRACTS WORKING GROUP.

EACH OF THE MEMBER ORGANIZATIONS REFERENCED IN THE ECG HAS AGREED IN ADVANCE TO THE USE OF THEIR DOCUMENTATION FOR THE ECG. EXCHANGES REFERENCED IN THE ECG HAVE GIVEN EXPLICIT PERMISSION ALLOWING USE OF THEIR REFERENCE DOCUMENTS. NO INDIVIDUAL MEMBER HAS ANY CONTROLLING INFLUENCE OVER THE VIEWS AND COMMENTS EXPRESSED BY RIGHTS MANAGEMENT ASSOCIATES LTD. THE COOPERATION OF THE PARTICIPATING EXCHANGES AND THEIR INPUT INTO THE ECG SHOULD NOT BE TAKEN AS AGREEMENT WITH THE COMMENTS IN THIS DRAFT.

FISD IS MAKING THIS DOCUMENT AVAILABLE AS AN INDUSTRY GUIDELINE AND MAKES NO CLAIM RELATED TO ITS ACCURACY OR VALIDITY. NEITHER FISD NOR RIGHTS MANAGEMENT ASSOCIATES, LTD. NOR ANY FISD MEMBER ACCEPT ANY LIABILITY FOR ANY LOSSES WHATSOEVER ARISING FROM THE ECG OR ITS PUBLICATION BY FISD.

The ECG covers definitions, scope of the agreement, supply of Information, quality, rights of Vendor and Subscriber, warranties, indemnity and liability, confidentiality, termination, general clauses, contract interpretation and associated schedules. Issues related to fees, reporting and audit terms have been identified as issues to be covered in a second part to the ECG.

This update provides commentary on and extracts from Bourse de Luxembourg, Chicago Board of Trade, London Stock Exchange, Nasdaq Stock Market, Oslo Stock Exchange, Paris Bourse, Primark, Reuters Ltd., Swiss Stock Exchange and Warsaw Stock Exchange. It also provides samples from the FISD Sample Exchange Contract.