Terms of Service

A. General Terms
B. Linking Terms and Conditions
C. Inquiries Regarding this Site's Content
D. Intellectual Property Issues:
• General Inquiries
• Copyright Agent for Copyright Infringement Claims
• Trademark Information

PLEASE READ ALL OF THE FOLLOWING TERMS AND CONDITIONS OF SERVICE FOR THIS WEB SITE ("TOS") BEFORE USING THIS SITE. By continuing to access, link to, or use this site, or any service on this site, you signify YOUR ACCEPTANCE OF THE TOS. Bloomberg Beta L.P. (“Bloomberg Beta”), a affiliate of Bloomberg L.P. ("BLP"), reserves the right to amend, remove, or add to the TOS at any time. Such modifications shall be effective immediately. Accordingly, please continue to review the TOS whenever accessing, linking to, or using this site. Your access, link to, or use of the site, or any service on this site, after the posting of modifications to the TOS will constitute YOUR ACCEPTANCE OF THE TOS, as modified. If, at any time, you do not wish to accept the TOS, you may not access, link to, or use the site. Any terms and conditions proposed by you which are in addition to or which conflict with the TOS are expressly rejected by BLP and shall be of no force or effect.

A. General Terms


1. User Consent to the TOS.


You represent that you have read and agree to be bound by the TOS.


2. Intellectual Property.

This Web site, including but not limited to text, content, photographs, video, audio and graphics, and goods (the "Service"), is protected by copyrights, trademarks, service marks, international treaties, and/or other proprietary rights and laws of the U.S. and other countries. The Service is also protected as a collective work or compilation under U.S. copyright and other laws and treaties. All individual articles, columns and other elements making up the Service are also copyrighted works. You agree to abide by all applicable copyright and other laws, as well as any additional copyright notices or restrictions contained in the Service. You acknowledge that the Service has been developed, compiled, prepared, revised, selected, and arranged by Bloomberg Beta and its affiliates (collectively “Bloomberg”) and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Bloomberg and such others. You agree to protect the proprietary rights of Bloomberg and all others having rights in the Service during and after the term of this agreement and to comply with all reasonable written requests made by Bloomberg Beta or its suppliers and licensors of content, equipment, or otherwise ("Suppliers") to protect their and others' contractual, statutory, and common law rights in the Service. You agree to notify Bloomberg Beta in writing promptly, by contacting ried@bloomberg.net, upon becoming aware of any unauthorized access or use of the Service by any individual or entity or of any claim that the Service infringes upon any copyright, trademark, or other contractual , statutory, or common law rights. To notify Bloomberg of any claim, you should contact William Ried, Bloomberg, 731 Lexington Ave, New York, NY 10022, email: ried@bloomberg.net, telephone (212) 318-2000, facsimile (917) 522-2600, or any other party as specified by Bloomberg Beta from time to time. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, including rights in and to all applications and registrations relating to the Service (the "Intellectual Property Rights") shall, as between you and Bloomberg, at all times be and remain the sole and exclusive property of Bloomberg. All present and future rights in and title to the Service (including the right to exploit the Service and any portions of the Service over any present or future technology) are reserved to Bloomberg for its exclusive use. Except as specifically permitted by the TOS, you may not copy or make any use of the Service or any portion thereof. Except as specifically permitted herein, you shall not use the Intellectual Property Rights or the Service, or the names of any individual participant in, or contributor to, the Service, or any variations or derivatives thereof, for any purpose, without Bloomberg Beta’s prior written approval.

3. Restrictions on Use.

YOU MAY NOT USE THE SERVICE FOR ANY ILLEGAL PURPOSE OR IN ANY MANNER INCONSISTENT WITH THE TOS. YOU AGREE TO USE THE SERVICE SOLELY FOR YOUR OWN NONCOMMERCIAL USE AND BENEFIT, AND NOT FOR RESALE OR OTHER TRANSFER OR DISPOSITION TO, OR USE BY OR FOR THE BENEFIT OF, ANY OTHER PERSON OR ENTITY. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY INFORMATION CONTAINED IN THE SERVICE IN ANY MANNER THAT COULD COMPETE WITH THE BUSINESS OF BLOOMBERG OR ANY OF ITS SUPPLIERS. YOU MAY NOT COPY, REPRODUCE, RECOMPILE, DECOMPILE, DISASSEMBLE, REVERSE ENGINEER, DISTRIBUTE, PUBLISH, DISPLAY, PERFORM, MODIFY, UPLOAD TO, CREATE DERIVATIVE WORKS FROM, TRANSMIT, OR IN ANY WAY EXPLOIT ANY PART OF THE SERVICE, EXCEPT THAT YOU MAY DOWNLOAD MATERIAL FROM THE SERVICE AND/OR MAKE ONE PRINT COPY FOR YOUR OWN PERSONAL, NONCOMMERCIAL USE, PROVIDED THAT YOU RETAIN ALL COPYRIGHT AND OTHER PROPRIETARY NOTICES. YOU MAY NOT RECIRCULATE, REDISTRIBUTE OR PUBLISH THE ANALYSIS AND PRESENTATION INCLUDED IN THE SERVICE WITHOUT BLOOMBERG BETA’S PRIOR WRITTEN CONSENT. MODIFICATION OF THE SERVICE'S CONTENT WOULD BE A VIOLATION OF THE COPYRIGHTS AND OTHER PROPRIETARY RIGHTS OF BLOOMBERG BETA, BLP, AND/OR BLOOMBERG FINANCE L.P. OR ITS LICENSORS. ADDITIONALLY, YOU MAY NOT OFFER ANY PART OF THE SERVICE FOR SALE OR DISTRIBUTE IT OVER ANY OTHER MEDIUM INCLUDING BUT NOT LIMITED TO OVER-THE-AIR TELEVISION OR RADIO BROADCAST, A COMPUTER NETWORK OR HYPERLINK FRAMING ON THE INTERNET WITHOUT THE PRIOR WRITTEN CONSENT OF BLP. THE SERVICE AND THE INFORMATION CONTAINED THEREIN MAY NOT BE USED TO CONSTRUCT A DATABASE OF ANY KIND. NOR MAY THE SERVICE BE STORED (IN ITS ENTIRETY OR IN ANY PART) IN DATABASES FOR ACCESS BY YOU OR ANY THIRD PARTY OR TO DISTRIBUTE ANY DATABASE SERVICES CONTAINING ALL OR PART OF THE SERVICE. YOU MAY NOT USE THE SERVICE IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED BY YOU TO ANY THIRD PARTY. FURTHERMORE, YOU MAY NOT USE ANY OF THE TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF BLOOMBERG BETA, BLP AND/OR BLOOMBERG FINANCE L.P. OR ITS LICENSORS IN ANY MANNER WHICH CREATES THE IMPRESSION THAT SUCH ITEMS BELONG TO OR ARE ASSOCIATED WITH YOU OR, EXCEPT AS OTHERWISE PROVIDED HEREIN, ARE USED WITH BLOOMBERG BETA’S CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. YOU WILL NOT USE THE SERVICE OR THE INFORMATION CONTAINED THEREIN IN UNSOLICITED MAILINGS OR SPAM MATERIAL. YOU MAY NOT USE ANY TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF BLOOMBERG BETA, BLP, AND/OR BLOOMBERG FINANCE L.P. OR ITS LICENSORS IN UNSOLICITED MAILINGS OR SPAM MATERIAL. YOU AGREE TO COMPLY WITH ANY OTHER APPLICABLE TERMS AND CONDITIONS OF SERVICE SET FORTH ON THE SERVICE.

YOU WILL NOT SPAM OR SEND UNSOLICITED MAILINGS TO ANY PERSON OR ENTITY USING THE SERVICE. YOU MAY USE THE SHARING FUNCTIONS SOLELY TO INFORM OTHERS ABOUT CONTENT ON THIS SERVICE, AND YOU SHALL IMMEDIATELY CEASE USING THESE FUNCTIONS WITH REGARD TO RECIPIENTS WHO HAVE REQUESTED NOT TO RECEIVE SUCH INFORMATION. WHEN USING THE SERVICE, YOU SHALL REMAIN FRIENDLY AND CIVIL AND TREAT ALL USERS AND RECIPIENTS WITH RESPECT AND SINCERITY.

You shall not: (i) use this site in any manner that could harm, take over, disable, overburden, or otherwise impair any of Bloomberg's computer systems; (ii) interfere with any other party's use and enjoyment of this site, or any of the content, information or services provided on this site; (iii) access, monitor or copy any content or information on this site, including but not limited to user information, or this site's architecture, using any robot, spider, scraper, web crawler, or other automated means or any similar manual process or any software; (iv) violate the restrictions in any robot exclusion headers of this site, if any, or bypass or circumvent other measures employed to prevent or limit access to the Services; (v) attempt to gain unauthorized access to any services, servers, or networks used by this site through any means; (vi) attempt to gain access to the Service through any means not intentionally made available by Bloomberg; (vii) use the Service, or the information contained therein, for any illegal or unlawful purpose, including, but not limited to, engaging in (or attempts to engage in) stalking, fraud, harassment, any criminal activity, and conspiracy to commit any criminal activity; (viii) use the Service, or the information contained therein, for any discriminatory purpose or in any discriminatory manner; (ix) impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with a person or entity, including, but not limited to, by using another person's username, password, name, likeness, voice, or photograph; (x) use the Service, or the information contained therein, to sell or promote any products or services; or (xi) use the Service, or the information contained therein, to respond to or contact others in any manner or for any purpose other than that which is expected.

Do not provide confidential or material non-public information, including but not limited to, information about your business or any people within it.

4. License.

(i) You acquire absolutely no rights or licenses in or to the Service and materials contained within the Service other than the limited right to utilize the Service in accordance with the TOS. Should you choose to download content from the Service, you must do so in accordance with the TOS. Such download is licensed to you by Bloomberg ONLY for your own personal, noncommercial use in accordance with the TOS and does not transfer any other rights to you.

(ii) If you submit material to this site or to Bloomberg Beta or its representative, unless Bloomberg Beta specifies otherwise, you grant Bloomberg a nonexclusive, royalty-free, perpetual, irrevocable, and fully sublicensable right to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, copy, and display such content throughout the world in any form, media, or technology now known or hereafter developed. You also permit any other user to access, store, or reproduce such material for that user's personal use. You grant Bloomberg the right to use the name that you submit in connection with such content. You represent and warrant that you own or otherwise control all of the rights to the material that you submit; that the material you submit is truthful and accurate; that use of the material you supply does not violate this TOS and will not cause injury to any person or entity; and that you will indemnify Bloomberg and its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns for all claims resulting from material you supply. Bloomberg and its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns disclaim any responsibility and assume no liability for any material submitted by you or any third party. Any material you submit to the Service or to Bloomberg Beta or its representative is not confidential or proprietary and Bloomberg shall be under no obligation to maintain the confidentiality of any material that you submit.

(iii) When using the Service, you shall not send, submit, upload, post, or other otherwise make available any material that: (a) infringes any patent, trademark, trade secret, copyright or other proprietary rights of any party; (b) is unlawful, harassing, libelous, slanderous, offensive, obscene, hateful, pornographic, violent, insulting, threatening, abusive, misleading, deceptive, or racially, ethnically, or otherwise objectionable; (c) contains software viruses, worms, or any other harmful, invasive, or corrupted files, including but not limited to those designed to interrupt, destroy, or limit the functionality of any computer; (d) you do not have the right to make available under law or under contractual or fiduciary duties (such as inside information, proprietary and confidential information learned or disclosed as part of employment relationships or nondisclosure agreements); or (e) contains personally identifiable information of another person. In addition to all other rights and remedies, Bloomberg Beta reserves the right to terminate access to the Service, in whole or in part, for any user that Bloomberg Beta, in its sole discretion, determines has submitted any inappropriate or unacceptable material.

5. Fees and Payments.

Bloomberg Beta reserves the right at any time to charge fees for access to portions of the Service or the Service as a whole. If at any time Bloomberg Beta requires a fee for portions of the Service or the Service as a whole, Bloomberg Beta will require you to register and create an account. You shall pay all fees and charges incurred through your account at the rates in effect for the billing period in which such fees and charges are incurred, including but not limited to charges for any products or services offered for sale through the Service by Bloomberg or by any other vendor or service provider. All fees and charges shall be billed to you, and you shall be solely responsible for their payment. You shall pay all applicable taxes relating to the use of the Service through your account, and the purchase of any other products or services. Certain portions of the Service or the Service as a whole may require a prepaid fee ("Prepaid Fee"), which may be modified from time to time in BLP’s sole discretion. The Prepaid Fee, and all taxes and other fees related thereto will be paid by you in advance. In no event will you receive any portions of the Service or the Service as a whole if a Prepaid Fee is required unless Bloomberg Beta receives all fees and charges payable by you, including the Prepaid Fee.

6. Registration and Account Creation.

As part of the registration and account creation process which may be necessary to obtain access to certain portions of the Service, including those portions that require a fee or payment for access, you will select a username and a password. You will provide Bloomberg Beta with certain registration information, all of which must be accurate, truthful, and updated. You shall not: (i) select a username already used by another person; (ii) use a username in which another person has rights without such person's authorization; or (iii) use a username or password that BLP, in its sole discretion, deems offensive or inappropriate. Bloomberg Beta reserves the right to deny creation of your account based on BLP’s inability to verify the authenticity of your registration information. You shall be solely responsible for maintaining the confidentiality of your password. You shall immediately notify Bloomberg Beta at permissions@bloomberg.net of any known or suspected unauthorized use(s) of your account, or any known or suspected breach of security, including loss, theft, or unauthorized disclosure of your password or credit card information. You are fully responsible for all usage and activity on your account, including, but not limited to, use of the account by any third party authorized by you to use your username and password. The use of your account by any individual under age eighteen (18) is strictly prohibited. If the computer system on which you accessed the Service is sold or transferred to another party, you warrant and represent that you will delete all cookies and software files obtained by or through use of the Service. Bloomberg Beta reserves the right to terminate your account, in its sole discretion, at any time without notice. You may terminate your account at any time by notifying Bloomberg Beta. You are responsible for all charges incurred up to the time the account is terminated. Notwithstanding anything else herein, Bloomberg Beta reserves the right to pursue any and all claims against any user of your account. You agree to maintain only one account with the Service at any time and certify that you currently have no other account(s) with the Service.

7. Disclaimer and Limitation of Liability.

(i) YOU AGREE THAT YOUR USE OF THE SERVICE IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE SERVICE AND ANYTHING CONTAINED WITHIN THE SERVICE, INCLUDING, BUT NOT LIMITED TO, CONTENT, SERVICES, GOODS, OR ADVERTISEMENTS ARE PROVIDED "AS IS" AND "AS AVAILABLE," AND THAT BLOOMBERG MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE SERVICE, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE.

(ii) Bloomberg does not warrant that the Service is compatible with your equipment or that the Service, or e-mail sent by Bloomberg or its representative, is free of errors or viruses, worms or "Trojan horses," or any other harmful, invasive, or corrupted files, and is not liable for any damage you may suffer as a result of such destructive features. You agree that Bloomberg and its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns shall have no responsibility or liability for: (i) any injury or damages, whether caused by the negligence of Bloomberg, its parent, or their respective affiliates, Suppliers, agents, directors, officers, employees, representatives, general partner, subsidiaries, successors, and assigns, or otherwise arising in connection with the Service and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages, or any claim against Bloomberg by any other party; or (ii) any fault, inaccuracy, omission, delay, or any other failure in the Service caused by your computer equipment or arising from your use of the Service on such equipment. The content of other Web sites, services, goods, or advertisements that may be linked to the Service is not maintained or controlled by Bloomberg. Bloomberg is therefore not responsible for the availability, content, or accuracy of other Web sites, services, or goods that may be linked to, or advertised on, the Service. Bloomberg does not: (a) make any warranty, express or implied, with respect to the use of the links provided on, or to, the Service; (b) guarantee the accuracy, completeness, usefulness or adequacy of any other Web sites, services, goods, or advertisements that may be linked to the Service; or (c) make any endorsement, express or implied, of any other Web sites, services, goods, or advertisements that may be linked to the Service. Bloomberg is also not responsible for the reliability or continued availability of the telephone lines, wireless services, communications media, and equipment you use to access the Service. You understand that Bloomberg and/or third-party contributors to the Service may choose at any time to inhibit or prohibit their content from being accessed under the TOS.

(iii) You acknowledge that: (i) the Service is provided for information purposes only and is not intended for trading purposes; (ii) the Service may include certain information taken from stock exchanges and other sources from around the world; (iii) Bloomberg does not guarantee the sequence, accuracy, completeness, or timeliness of the Service; (iv) the provision of certain parts of the Service is subject to the terms and conditions of other agreements to which Bloomberg is a party; (v) none of the information contained on this site constitutes a solicitation, offer, opinion, or recommendation by Bloomberg to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services regarding the profitability or suitability of any security or investment; and (vi) the information provided on this site is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. Accordingly, anything to the contrary herein set forth notwithstanding, Bloomberg, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from the Service including, but not limited to, quotes and financial data; (b) delays, errors, or interruptions in the transmission or delivery of the Service; or (c) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

(iv) UNDER NO CIRCUMSTANCES, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL BLOOMBERG, ITS SUPPLIERS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS, OR ASSIGNS BE LIABLE TO YOU FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF BLOOMBERG HAS BEEN ADVISED SPECIFICALLY OF THE POSSIBILITY OF SUCH DAMAGES, ARISING FROM USE OF OR INABILITY TO USE THE SERVICE OR ANY LINKS OR ITEMS ON THE SERVICE OR ANY PROVISION OF THE TOS, SUCH AS, BUT NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS. APPLICABLE LAW MAY NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES. IN NO EVENT SHALL BLOOMBERG'S TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING BUT NOT LIMITED TO, NEGLIGENCE) EXCEED THE AMOUNT PAID BY YOU, IF ANY, FOR ACCESSING THIS SITE.

vi) Remedies. If you breach or threaten to breach any provision of the TOS, Bloomberg shall be entitled to seek injunctive relief to enforce the provisions hereof, but nothing herein shall preclude Bloomberg from pursuing any action or other remedy for any breach or threatened breach of these TOS, all of which shall be cumulative. If Bloomberg prevails in any such action, Bloomberg shall be entitled to recover from you all reasonable costs, expenses, and attorneys' fees incurred in connection therewith. Bloomberg retains the right temporarily or permanently to block access to the Service if Bloomberg, in its sole discretion, believes the Service has been or may be used for an improper purpose or in violation of the terms of the TOS or the rights of any third party.

vii) Third-Party Communications. Bloomberg disclaims all liability for any third-party communication you may receive or any actions you may take or refrain from taking as a result of any communication directed to you from any third party, directly or indirectly, in connection with this site and the Service provided herein ("Third-Party Communication"). You are solely responsible for assessing and verifying the identity and trustworthiness of the source and content of any Third-Party Communication. Bloomberg Beta assumes no responsibility for verifying, and makes no representations or warranties regarding, the identity or trustworthiness of the source or content of any Third-Party Communication.

viii) You recognize that Bloomberg Beta, its affiliated entities, its Suppliers, and their affiliated entities (together, the “Covered Entities”), each have rights with respect to the Services. Section 7 shall be for the benefit of the Covered Entities and the respective affiliates, successors, assigns, officers, directors, employees and representatives of the Covered Entities.

8. Your Authority to Agree to this TOS.

You represent, warrant and covenant that: (i) you have the power and authority to enter into this agreement; (iii) you have completed any registration process necessary to use the Service, if required; and (iii) you are at least eighteen (18) years old. If you are at least eighteen (18) years of age and have not reached the age of majority in your jurisdiction, you may only use the Service if your parent or guardian consents to your use of the Service, assumes the obligations provided in the TOS, and assumes full responsibility for your use of the Service.

9. Indemnification.

You agree, at your own expense, to indemnify, defend and hold harmless Bloomberg, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys’ and experts’ fees, arising out of or in connection with the Service, or any links on the Service, including, but not limited to: (i) your use or someone using your computer's use of the Service; (ii) use by someone using your account; (iii) a violation of the TOS by you or anyone using your computer (or account, where applicable); (iv) a claim that any use of the Service by you or someone using your computer (or account, where applicable) infringes any intellectual property right of any third party, or any right of privacy or publicity, is libelous or defamatory, or otherwise results in injury or damage to any third party; (v) any deletions, additions, insertions or alterations to, or any unauthorized use of, the Service by you or someone using your computer (or account, where applicable); (vi) any misrepresentation or breach of representation or warranty made by you contained herein; or (vii) any breach of any covenant or agreement to be performed by you hereunder. You agree to pay any and all costs, damages, and expenses, including, but not limited to, reasonable attorneys' fees and costs awarded against or otherwise incurred by or in connection with or arising from any such claim, suit, action, or proceeding attributable to any such claim. Bloomberg reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with Bloomberg in asserting any available defense. You acknowledge and agree to pay Bloomberg's reasonable attorneys’ fees incurred in connection with any and all lawsuits brought against you by Bloomberg under the TOS and any other terms and conditions of service on this site, including without limitation, lawsuits arising from your failure to indemnify Bloomberg pursuant to the TOS.

10. Termination.

(a) You may terminate the TOS, with or without cause and at any time, by discontinuing your use of the Service and destroying all materials obtained from the Service. (b) You agree that, without notice, Bloomberg Beta may terminate the TOS, or suspend your access to the Service, with or without cause at any time and effective immediately. The TOS will terminate immediately without notice from Bloomberg Beta if you, in Bloomberg Beta’s sole discretion, fail to comply with any provision of the TOS. (c) Bloomberg shall not be liable to you or any third party for the termination or suspension of the Service, or any claims related to the termination or suspension of the Service. Upon termination of the TOS by you or Bloomberg Beta, you must discontinue your use of the Service and destroy promptly all materials obtained from the Service and any copies thereof.

11. Governing Law.

The TOS shall be governed and construed in accordance with the laws of the United States and the State of New York, without giving effect to conflicts-of-law principles thereof. You agree to submit to the personal jurisdiction of the state and federal courts located in New York County in the State of New York with respect to any legal proceedings that may arise in connection with the Service or from a dispute as to the interpretation or breach of the TOS.

12. United States Export Control & Foreign Assets Control Regulations.

Bloomberg does not represent that materials in the Service are appropriate or available for use in any particular location. Those who choose to access the Service do so on their own initiative and are responsible for compliance with all applicable laws. Software from the Service is subject to U.S. export controls and may not be downloaded, exported or re-exported: (i) into (or to a national or resident of) Cuba, Iran, North Korea, Sudan, Syria, or any other country with respect to which the United States maintains trade sanctions prohibiting the shipment of goods; or (ii) to anyone on or acting on behalf of an entity on the U.S. Treasury Department's list of Specially Designated Nationals and Blocked Persons or the U.S. Commerce Department's Denied Persons List or Entities List or included in General Order 3 (15 C.F.R. Part 736, Supplement 1), which prohibits exports to Mayrow General Trading, affiliated entities and persons, and specified persons involved in the manufacture or sale of Improvised Explosive Devices (together referred to as "U.S. Prohibited Party Lists"). By downloading or using such software, you represent and warrant that you are not (a) located in or a national or resident of any country noted above that is subject to U.S. trade sanctions, or (b) on any U.S. Prohibited Party List or acting on behalf of any person or entity on any such list.

13. Miscellaneous.

You accept that Bloomberg Beta has the right to change the content or technical specifications of any aspect of the Service at any time in Bloomberg Beta’s sole discretion. You further accept that such changes may result in your being unable to access the Service. The failure of Bloomberg to exercise or enforce any right or provision of the TOS shall not constitute a waiver of such right or provision. Sections 2 through 9, 10(c), and 11 through 18 shall survive any termination of the TOS.

14. Headings.

The section titles in the TOS are used solely for the convenience of you and Bloomberg and have no legal or contractual significance.

15. Severability.

If any provision of the TOS is found invalid or unenforceable, that provision will be enforced to the maximum extent permissible, and the other provisions of the TOS will remain in force.

16. Entire Agreement.

The TOS and any other terms and conditions of service on this site, and its successor, constitute the entire agreement between you and Bloomberg Beta and govern your use of the Service.

17. Assignment/Delegation.

You may not assign the TOS or the rights hereunder, including but not limited to, your license to access and use the Service, without the prior written consent of BLP. Bloomberg Beta may assign the TOS to an affiliate. You acknowledge and agree that Bloomberg Beta may delegate certain of its responsibilities, obligations, and duties under or in connection with the TOS to a third party or affiliate, which may discharge those responsibilities, obligations, and duties on behalf of Bloomberg Beta.

18. Electronic Communications.

When you visit this site and when you communicate with Bloomberg electronically, you consent to receive communications from us electronically. You agree that all notices, disclosures, and other communications that Bloomberg provides to you electronically satisfy any legal requirement that such communications be in writing. You agree that you have the ability to store such electronic communications such that they remain accessible to you in an unchanged form. You are responsible for retaining a copy of any agreement you sign through this site.

B. LINKING AND FRAMING TERMS AND CONDITIONS

YOU MAY NOT LINK TO OR FRAME THIS WEB SITE, OR ANY PORTION THEREOF, EXCEPT AS PROVIDED HEREIN.

1. Intellectual Property.

Upon linking to this Web site pursuant to the TOS, you will be granted a non-exclusive, non-transferable, royalty-free sub-license to use the BLOOMBERG mark owned by Bloomberg Finance L.P. or its licensors solely for providing an underlined, textual link from your Web site to BloombergBeta.com. No other use of Bloomberg's marks, names or logos is permitted without express written permission from Bloomberg Beta.

2. Restrictions on Linking to this Web Site.

Without limiting other provisions contained in our TOS, you may include a link(s) on your Web site to BloombergBeta.com's publicly accessible Web pages (i.e., any Web page which does not require a login and password and/or restrict access). You may not link to BloombergBeta.com any site containing an inappropriate, profane, defamatory, infringing, obscene, indecent or unlawful topic, name, material or information that violates any applicable intellectual property, proprietary, privacy or publicity rights.

3. Restrictions on Framing Activities.

Bloomberg Beta is concerned about the integrity of this Web site when it is accessed in a manner solely determined by third parties or viewed in a setting solely created by third parties. Specifically, Bloomberg Beta is concerned with activities such as bringing up or presenting content of this Web site within another Web site ("framing"). In this regard, without limiting the provisions contained in our TOS, you may not frame any Web page from BloombergBeta.com, except with our express written permission. Further, you may not archive, cache, or mirror any BloombergBeta.com Web page or portions of a Web page. If you would like to use, reprint, frame, or redistribute any Bloomberg.com content other than as permitted herein, you must request permission from Bloomberg Beta by writing to permissions@bloomberg.net. Please include: (a) your name, e-mail address, and telephone number; (b) the name of your company; (c) the Web site address(es) where the proposed use will occur; and (d) specific details about the contemplated linking or framing activities, including the content or Web page(s) of this Web site which you would like to use.

C. INQUIRIES REGARDING THIS SITE'S CONTENT

For inquiries regarding this site's content, please contact permissions@bloomberg.net.

D. INTELLECTUAL PROPERTY ISSUES

1. General Inquiries:
Please send general inquiries regarding intellectual property issues to permissions@bloomberg.net.

2. Copyright Agent for Copyright Infringement Claims (Digital Millennium Copyright Act):
The designated agent to receive notification of claimed infringement under Title II of the Digital Millennium Copyright Act is: William Ried, Bloomberg L.P., 731 Lexington Avenue, New York, NY 10022, telephone (212) 318-2000, facsimile: 917-522-2600, e-mail: ried@bloomberg.net.

3. Trademark Notice:
• BLOOMBERG

• BLOOMBERG PROFESSIONAL

• BLOOMBERG MARKETS

• BLOOMBERG NEWS

• BLOOMBERG ANYWHERE

• BLOOMBERG TRADEBOOK

• BLOOMBERG BONDTRADER

• BLOOMBERG TELEVISION

• BLOOMBERG RADIO

• BLOOMBERG PRESS

• BLOOMBERG.COM

• BLOOMBERG LAW

are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. All rights reserved.

Bloomberg Beta Privacy Policy

Date: June 5, 2013

Bloomberg Beta L.P. ("Bloomberg Beta"), an affiliate of Bloomberg L.P., respects the privacy rights of our users and is strongly committed to protecting your privacy. This Privacy Policy applies to this Web site, any newsletters subscribed to via this Web site, information collected and provided to Bloomberg Beta but does not apply to any other products or services or to information collected in any other way (whether offline or online) by Bloomberg L.P. , its general and limited partners, and its subsidiaries, and their respective general partners and affiliates (collectively "Bloomberg"), unless expressly indicated by Bloomberg (such as by including a link to this Privacy Policy on other Bloomberg websites or on Bloomberg mobile applications).

Collection and Use of Personal Information

Bloomberg Beta or a designated service provider collects personal information that you voluntarily provide on this Web site, which may include your name, address, e-mail address, etc. For example, Bloomberg Beta or a designated service provider collects personal information when you register on this Web site, request certain Bloomberg services or products, or submit the information to enter a sweepstakes, contest, or other promotion. This information is used to provide you your requested service or product and to communicate with you.

Bloomberg Beta may use your personal information to provide you with special offers and promotions via various means including e-mail. You may instruct Bloomberg Beta at any time not to use your personal information covered by this Privacy Policy to provide you with special offers, and promotions by contacting privacy@bloomberg.com and indicating "Bloomberg Beta" in the subject line. Please note that if you exercise choice in this manner, you will continue to receive communications concerning your account and products and services you requested, and in response to any requests for information by you. Your choice does not apply to any other Bloomberg products or services to which you may subscribe or purchase. Please also note that this opt-out process may take some time to complete, consistent with applicable law.

Do not provide information about others unless you are authorized to do so and consent to have all information used, disclosed, and transferred in accordance with this Privacy Policy. By submitting the information about others, you represent and warrant that you are authorized to do so and that you have received authorization from the person about whom you are providing the information and that person has consented to have all information used, disclosed, and transferred in accordance with this Privacy Policy.

Use of Cookies and Other Electronic Tools

Bloomberg Beta and the parties with whom we work (e.g., service providers, business partners) may place, view, and/or use "cookies," Web server logs, Web beacons, or other electronic tools to collect statistical and other information about your use of this Web site and other websites. This information may include information about the IP address of your computer, browser type, language, operating system, your mobile device, geo-location data, the state or country from which you accessed this Web site, the Web pages visited, the date and the time of a visit, and the websites you visited immediately before and after visiting this Web site.

Bloomberg Beta and the parties with whom we work may use the information collected for various reasons, either on behalf of Bloomberg or for the other parties’ own purposes, including research, analysis, to better serve visitors to this Web site (such as by enabling log-in, providing access to certain sections of this Web site, providing customized content, or presenting online advertising on this Web site or other websites tailored to your interests as described further below), to compile aggregate and anonymous information about usage of this Web site and other websites, other statistics, etc. However, if you have deleted and disabled cookies, these uses will not be possible to the extent they are based on cookie information.

To assist us with the uses described in this Privacy Policy, information collected about you and/or your use of this Web site or other websites may be combined with personal or other information about you from other online or offline sources. If you prefer that we not combine non-personal information that has been collected, through cookies, about your use of this Web site or other websites with personal or other information about you, then please delete and disable cookies for each browser, on each computer you use to surf the Web.

Most browsers are set to accept cookies by default. If you prefer, you can usually set your browser to disable cookies, or to alert you when cookies are being sent. Likewise, most mobile devices allow you to disable the ability for geo-location information to be collected from your mobile device. The help function on most browsers and mobile devices contains instructions on how to set your browser to notify you before accepting cookies, disable cookies entirely, or disable the collection of geo-location data. You need to set each browser, on each device you use to surf the Web. Thus, if you use multiple browsers (e.g., AOL, Safari, Internet Explorer, Firefox, etc.), you should repeat this procedure with each one. Similarly, if you connect to the Web from multiple devices (e.g., work and home), you need to set each browser on each device. However, if you disable cookies or refuse to accept a request to place a cookie, it is possible that some parts of this Web sitewill not function properly, and the advertising you receive when you visit this Web site may not be advertisements tailored to your interests.

We may use your personal and other information to respond to your inquiries, enforce any terms of service on this Web site and its Privacy Policy, enhance our services to you, compile aggregate statistics, and improve this Web site. We may also use your personal and other information as otherwise permitted or required by law or with your consent.

Advertisements

Bloomberg Beta, its designated service providers, or third-party advertisers or their advertising servers may also place or recognize unique cookies on your computer or use other electronic tools in order to help display advertisements that you see on this Web site or on other websites. Information about your visits to, and activity on, this Web site and other websites, an IP address, the number of times you have viewed an advertisement, and other such usage information is used, alone or in combination with other information, to display on your device screen advertisements that may be of particular interest to you. We may use Web beacons, provided by third-party advertising companies, to help manage and optimize our online advertising and product performance. Web beacons enable us to recognize a browser’s cookie when a browser visits this Web site, and to learn which banner ads bring users to this Web site. The use and collection of your information by these third-party service providers, and third-party advertisers and their advertising servers is not covered by this Privacy Policy.

Bloomberg adheres to the industry’s Self-Regulatory Principles for Online Behavioral Advertising located here. To "opt out" of advertising cookies placed by participating companies in the Self-Regulatory Program for Online Behavioral Advertising, and thereby limit the tracking of your online activity and the targeted advertising you receive, please click here. To "opt out" of advertising cookies placed by the Network Advertising Initiative’s ("NAI") online behavioral advertising member networks, and thereby limit the tracking of your online activity and the targeted advertising you receive, please click here. Note that even if you opt out of cookies placed by such member networks and participating companies, you will still receive online advertising.

Bloomberg Beta may use designated service providers to assist Bloomberg Beta with advertisement display functions and related analytics for this Web site.

Disclosure of Personal Information and Other Information

Bloomberg Beta may share your personal and other information with our affiliates (including affiliated websites under common ownership or control) and designated service providers. Bloomberg Beta may share with other third parties information about our Web site users, such as your use of this Web site or other websites, and the services provided on this Web site or other websites, but only on an anonymous and aggregate basis. Bloomberg Beta may also share your personal information with a sponsor or other third party ("Third-Party Provider") that provides you with special offers or promotions that may be of interest to you. You may instruct Bloomberg at any time not to share your personal information covered by this Privacy Policy with such Third-Party Providers by contacting privacy@bloomberg.com and indicating "Bloomberg Beta" in the subject line. Please note that (i) this opt-out process may take some time to complete, consistent with applicable law; and (ii) even after such opt-out process is completed, your personal and other information may continue to be shared with our affiliates (including affiliated websites under common ownership or control) and designated service providers.

If you participate in certain features of this Web site, please note that any information you or others voluntarily disclose through use of these features, becomes available to the public and/or other users whom you have designated. If you choose to provide access to designated individuals, please be aware that any information you post will be visible to such individuals for their use. Bloomberg Beta is not responsible for the information that you or others choose to disclose publicly on this Web site, and neither Bloomberg Beta’s nor others’ use of such information is subject to this Privacy Policy. We may use or disclose on this Web site or elsewhere the information and contents of the material you submit, post, upload, or otherwise make available on this Web site. You understand and agree that such information and contents of the material will not be treated as confidential by us.

Bloomberg Beta may also disclose your personal and other information to unaffiliated third parties if we believe in good faith that such disclosure is necessary: (a) to comply with the law or in response to a subpoena, court order, government request, or other legal process; (b) to produce relevant documents or information in connection with litigation, arbitration, mediation, adjudication, government or internal investigations, or other legal or administrative proceedings; (c) to protect the interests, rights, safety, or property of Bloomberg Beta or others; (d) to enforce any terms of service on this Web site; (e) to provide you and other users of this Web site with the services or products requested by you and/or the other users (including allowing a purchaser of Bloomberg Beta or a Bloomberg Beta division to continue to serve you), and to perform other activities related to such services and products, including billing and collection; (f) to provide you with special offers or promotions from Bloomberg that may be of interest to you; or (g) to operate Bloomberg Beta's systems properly.

The collection, further use, and/or disclosure of your information by Third-Party Providers or by other third parties is not the responsibility of Bloomberg Beta. Rather, such collection, use, and/or disclosure is governed by the third parties' privacy policies.

Accuracy and Security of Personal Information

Any personal information you provide to Bloomberg Beta is kept on secure servers. Bloomberg Beta uses reasonable administrative, technical, personnel, and physical measures (a) to safeguard personal information against loss, theft, unauthorized use, disclosure, or modification; and (b) to ensure the integrity of the personal information. To help us protect your privacy, you should maintain the secrecy of the logon ID and password you may have set up in connection with your participation in this Web site's service.

Accessing and Updating Your Personal Information

To access, review, rectify, or delete your personal information covered by this Privacy Policy, please contact us at privacy@bloomberg.com and indicating "Bloomberg Beta" in the subject line. All requests must include the following information: first name, last name, and e-mail address. While Bloomberg Beta will make reasonable efforts to accommodate your request, we also reserve the right to impose certain restrictions and requirements on such access requests, if allowed or required by applicable laws.

Transfer of Personal Information To Other Countries

Some of the uses and disclosures mentioned in this Privacy Policy may involve the transfer of your personal information to various countries around the world that may have different levels of privacy protection than your country. By submitting your personal information, you consent to such transfers.

Links To Third-Party Websites

Bloomberg Beta may provide links to third-party websites, including social networking websites. Since we do not control third-party sites and are not responsible for any information you may provide while on such sites, we encourage you to read the privacy policies on those websites before providing any of your information on such sites.

Questions Regarding This Privacy Policy

If you have questions regarding this Privacy Policy, please contact us at privacy@bloomberg.com and indicating "Bloomberg Beta" and "Privacy" in the subject line of your inquiry.

Your California Privacy Rights

If you are a California resident, California Civil Code Section 1798.83 permits you to request information regarding the disclosure of your personal information by Bloomberg Beta to its affiliates and/or third parties for their direct marketing purposes. To make such a request, please send an email with your first name, last name, mailing address, email address and telephone number to privacy@bloomberg.com. Please include “California Privacy Rights” and "Bloomberg Beta" in the Subject line of your email. You may also make such a request by writing to us at the following address and including "Bloomberg Beta" in your request:

Bloomberg Beta L.P.

c/o Bloomberg L.P.
Attn: Legal Department
731 Lexington Avenue
New York, NY 10022

Modifications To This Privacy Policy

Bloomberg Beta reserves the right to change this Privacy Policy at any time by posting revisions on this Web page. Such changes will be effective upon posting.