Third Party Data Terms for the ETS Connect Plus service
The Client acknowledges that the ECP Connect Plus service and data may incorporate Redistributed Service Elements and other third-party data, which are subject to the Third-Party Terms. The Client agrees that it shall comply with all applicable Third-Party Terms, including any additional restrictions imposed by the relevant third-party provider or licensor.
Third-party data includes:
- ETS Connect UK post-trade bond data (from 22 June 2026)
- CUSIP/CINS identifiers, CGS ISINs, CUSIP descriptions and related information supplied by or derived from CUSIP Global Services
- S&P Global Limited Reference Data
Pass-through licence terms applicable to Users who are consuming data from ETS Connect UK via the ETS Connect Plus service:
Please see the ETS Connect UK website for the relevant terms, depending on the relevant licence type:
- Enterprise licence (also relevant for VASPs)
- Individual licence
- Redistributor licence
- Academic / Non-Commercial licence
Additional Contract Terms applicable to Users who use CUSIP/CINS:
Where the ETS Connect Plus service makes available CUSIP/CINS identifiers, CGS ISINs, CUSIP descriptions or other information supplied by or derived from CUSIP Global Services, such information is subject to additional restrictions imposed by CUSIP Global Services and/or the American Bankers Association.
Users may access and use such information solely as part of the ETS Connect Plus service and solely for the purpose for which it is made available within that service. Users may not extract, strip out, copy, download, store, manipulate, redistribute, publish, or otherwise use such information independently of the ETS Connect Plus service except to the extent expressly permitted under a separate license with CGS.
Without limiting the above, Users may not use CUSIP/CINS identifiers, CGS ISINs, CUSIP descriptions or related CGS information to create, populate, validate, enrich, maintain or support any security master, reference database, cross-reference database, identifier mapping table, data warehouse, API, bulk download, redistribution feed, derived data product or competing/substitute service unless the User has obtained all required licenses and permissions from CGS.
Where a User, redistributor, service provider or other recipient uses, receives, displays, distributes or makes available CUSIP/CINS identifiers, CGS ISINs, CUSIP descriptions or related CGS information in connection with any data feed, API, platform, portal, website, terminal, security master, data product, derived data product or redistribution service, that User is responsible for obtaining and maintaining all licenses, permissions and approvals required by CGS.
ETS may require a User to provide reasonable evidence that it holds any required CGS license or permission. ETS may suspend, restrict or remove access to CUSIP/CINS identifiers, CGS ISINs, CUSIP descriptions or related CGS information where ETS reasonably believes that the User does not hold the required license or where required by CGS, ABA, another third-party provider, applicable law or regulation.
The following additional CGS terms apply:
“Subscriber agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CUSIP Global Services (“CGS”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Any use by Subscriber outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, Subscriber agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.”
“Subscriber agrees that Subscriber 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. Subscriber further agrees 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, DATABASE, INTERNET, ELECTRONIC Services and/or any other future services developed by CGS.”
“NEITHER CGS, 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 SUBSCRIBER 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 CGS, 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 CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.”
“Subscriber agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.”
“In the event Subscriber has a CGS License Agreement that permits broader rights than those granted above, then the terms of that Subscriber’s CGS License Agreement shall govern such Subscriber’s use of the CUSIP Database and/or any information contained therein for so long as such agreement remains in effect.”
Additional Contract Terms applicable to Users who utilize S&P reference data within the ETS Connect Plus Services:
“S&P Services may be used for information and reference purposes only and cannot be used as (i) a functional substitute for or compete with S&P services or (ii) as the foundation for Company Customers own data model (and in the case of Company Customer who is a service provider, also any end customer’s own data model).”
Conflicts where multiple licenses exit
Where a User has entered into a separate written licence directly with CGS or another relevant third-party provider that permits broader use of the relevant third-party data, that separate licence shall govern the User’s rights as between the User and that third-party provider. However, such separate licence shall not expand the rights granted under the ETS Connect Plus service, or require Etrading Software Limited to provide any additional access, functionality, redistribution rights, data delivery method or service capability, unless Etrading Software Limited expressly agrees otherwise in writing.
Updates to Third-Party Terms
Etrading Software Limited reserves the right to update, amend or supplement these Third-Party Data Terms from time to time, including to reflect changes required by third-party data providers, licensors, applicable law, regulation, market practice or the operation of the ETS Connect Plus service. Etrading Software Limited will inform Subscribers to the ETS Connect Plus service of any material changes to these Third-Party Data Terms and may do so by email, service notice, publication on the ETS Connect Plus website or any other reasonable notification method.