Public Markit LCH.Clearnet Settlement Prices

LCH.Clearnet establishes a daily settlement price for all cleared CDS instruments using a pricing process developed specifically for the CDS market by LCH.Clearnet in partnership with Markit. Members are required to contribute prices each day wherever they have open positions. This process determines the daily settlement prices, which are used for daily mark-to-market valuations.

Markit LCH Settlement Prices TERMS OF USE

This document details the terms of a legal agreement (the "Terms of Use") between you, Markit Group Limited ("Markit") and LCH Clearnet SA ("LCH"). By accessing the Markit LCH Settlement Prices, you acknowledge that you have read and understood these Terms of Use and, having read and understood the Terms of Use, you voluntarily agree to be bound by the Terms of Use, in addition to being bound by the general terms of use governing your use of the LCH website) in the event of inconsistency between the two, these Terms of Use shall prevail. You also agree to comply with all laws and regulations applicable to the use of this Website, the use of the Internet, and to the activities involved in using this Website. If you do not agree with these Terms of Use, then do not view the Markit LCH Settlement Prices.

1. CONTENT

  • 1.1 USE OF CONTENT. UNLESS PROVIDED OTHERWISE IN ANY ADDENDUM OR OTHER AGREEMENT (IN EACH CASE WITH MARKIT, LCH CLEARNET SA YOU HEREBY AGREE AND ACKNOWLEDGE THAT YOU ARE EXPRESSLY PROHIBITED FROM (I) MAKING AVAILABLE ALL OR ANY PORTION OF THE MARKIT LCH SETTLEMENTS AVAILABLE TO ANY OTHER PERSON OR ENTITY, EXCEPT AS EXPRESSLY PERMITTED IN THIS TERMS OF USE OR IN AN ADDENDUM; AND (II) CREATING DERIVATIVE WORKS FROM THE MARKIT LCH SETTLEMENTS; AND (III) USING THE MARKIT LCH SETTLEMENTS IN THE PROVISION OF ANY SERVICES TO THIRD PARTIES. IN ADDITION, YOU SHALL NOT (I) DISTRIBUTE, TRANSFER, SUB-LICENSE, RENT, LEND, TRANSMIT, SELL, RE-CIRCULATE, REPACKAGE, ASSIGN, LEASE, RESELL, PUBLISH, COPY, TRANSLATE, CONVERT, DECOMPILE, ALTER, ENHANCE, DISASSEMBLE, MODIFY, OR CHANGE ALL OR ANY PORTION OF THE MARKIT LCH SETTLEMENTS; (II) USE THE MARKIT LCH SETTLEMENTS FOR ANY ILLEGAL PURPOSE OR IN ANY MANNER INCONSISTENT WITH THE PROVISIONS OF THIS TERMS OF USE.
  • 1.2 No Advice. The Markit LCH Settlement Prices are intended only for professionals in the financial markets and are not, and should not be construed as financial, legal or other advice of any kind, nor should they be regarded as an offer or as a solicitation of an offer to buy, sell or otherwise deal in any investment. You may not use the Markit LCH Settlement Prices in, or generate, any advice, recommendations, guidance, publications or alerts made available to your clients or other third parties. Nothing in the Markit LCH Settlement Prices constitutes a solicitation by Markit or LCH of the purchase or sale of loans, securities or any investment.
  • 1.3 Limited Use. You shall not use the Markit LCH Settlement Prices to develop, support, create or provide pricing for (i) any database or product that competes directly with the Markit LCH Settlement Prices or any other Markit or LCH product or service offered in the marketplace or would create a functional substitute for any such Markit or LCH products or Markit LCH Settlement Prices; or (ii) any index (e.g., any composite financial index).
  • 1.4 Delivery and Security. You shall solely be responsible for any and all necessary equipment and connections from your own computer systems to the Markit or LCH systems that will allow for the delivery of the Markit LCH Settlement Prices. Markit and LCH shall have no responsibility for any such equipment or connections. You shall ensure that you have implemented security systems and procedures to prevent the unauthorized access to or misuse or disruption of the Markit LCH Settlement Prices.

 

2. Intellectual Property

  • 2.1 Intellectual Property. The ownership and intellectual property rights of the Markit LCH Settlement Prices, including but not limited to the design, structure, selection, coordination, expression "look and feel" and arrangement of the Markit LCH Settlement Prices, and enhancements and modifications thereto shall be the sole and exclusive property of Markit and you shall not copy or rely upon such material for any purpose including reverse engineering or disclose it to any third party for any purpose whatsoever. '
  • 2.2 Trade Marks. You shall not use any of the trademarks, trade names or service marks embodied in or on the Markit LCH Settlement Prices in any manner, and in no event in a manner accessible by or available to any third party. You acknowledge that you have no ownership or license rights in or to any of these names or marks. 3. Disclaimer of Warranties and Limitation of Liability

3. Disclaimer of Warranties and Limitation of Liability

  • 3.1 Disclaimer of Warranties. The Markit LCH Settlement Prices provided to you by Markit and LCH shall be on an "as is" basis. Neither Markit or LCH nor any of their respective affiliates nor any Data Provider (being a third party provider of data) make any warranty, express or implied, as to the accuracy, timeliness or completeness of the Markit LCH Settlement Prices or as to the results to be attained by you or others from the use of the Markit LCH Settlement Prices. You hereby acknowledge that there are no express or implied warranties of title, merchantability or fitness for a particular purpose or use, and that you have not relied upon any warranty, guaranty or representation made by Markit or LCH or any of their respective affiliates or any Data Provider.
  • 3.2 No Liability. Neither Markit or LCH nor any of their respective affiliates nor any Data Provider shall in any way be liable to you or any client of yours for any inaccuracies, errors or omissions, regardless of cause, in the Markit LCH Settlement Prices provided hereunder or for any damages (whether direct or indirect) resulting therefrom. Without limiting the foregoing, Markit and LCH and their respective affiliates shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any client of you, whether or not based on the Markit LCH Settlement Prices.
  • 3.3 Consequential Damages. Under no circumstances will Markit or LCH or any of their respective affiliates have any liability arising from contract (including under any indemnity, in tort (including negligence), under any warranty (express or implied) under statute or otherwise, in each case for any indirect, incidental, special or consequential damages with respect to the subject matter of this Terms of Use, including lost of profits, regardless of whether such damages could have been foreseen or prevented.

4. Indemnification

  • 4.1 You will indemnify, defend and hold harmless Markit and LCH and their respective affiliates, directors, officers, agents employees, successors, and assigns and all Data Providers, and each of their respective affiliates directors, officers, agents, employees, members, partners, successors and assigns ("Indemnitees") from and against any and all losses, liabilities, damages, costs (including reasonable attorneys’ fees) and expenses arising as a result of any claims, suits or proceedings (collectively, "Claims") brought by any third party against any Indemnitees arising from your use of this Markit LCH Settlement Prices.

5. Violation of These Terms of Use

  • 4.1 You will indemnify, defend and hold harmless Markit and LCH and their respective affiliates, directors, officers, agents employees, successors, and assigns and all Data Providers, and each of their respective affiliates directors, officers, agents, employees, members, partners, successors and assigns ("Indemnitees") from and against any and all losses, liabilities, damages, costs (including reasonable attorneys’ fees) and expenses arising as a result of any claims, suits or proceedings (collectively, "Claims") brought by any third party against any Indemnitees arising from your use of this Markit LCH Settlement Prices.
  • 5.1 You agree that any violation by you of these Terms of Use will constitute an unlawful and unfair business practice, and will cause irreparable harm to Markit and LCH, for which monetary damages would be inadequate, and you consent to Markit or LCH obtaining any injunctive or equitable relief that Markit or LCH deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies Markit or LCH may have at law or in equity.
  • 5.2 If Markit or LCH does take any legal action against you as a result of your violation of these Terms of Use, Markit or LCH will be entitled to recover from you, and you agree to pay, all reasonable legal costs of such action, in addition to any other relief granted to Markit or LCH. You agree that neither Markit nor LCH will be liable to you or to any third party for termination of your access to the Markit LCH Settlement Prices as a result of any violation of these Terms of Use.

6. General

6.1 Variation to Terms of Use. Each of Markit and LCH reserve the right to change any or all of their Terms of Use at any time, for any reason or without reason. Your use of this Website following any change in the Terms of Use will constitute your agreement to be bound by the new Terms of Use, as changed.

6.2 Relationship between the Parties. There is no joint venture, partnership, agency or fiduciary relationship existing between the parties and the parties do not intend to create any such relationship by this Terms of Use.

6.3 Invalidity. If any provision in or any part of this Terms of Use shall be found to be illegal or unenforceable under any enactment or rule of law then that provision or part shall to that extent be deemed not to form part of this Terms of Use and the remaining provisions shall continue in full force and effect.

6.4 Governing Law. Your access to and use of Markit LCH Settlement Prices is governed by and will be construed in accordance with laws of England and Wales, without regard to the principles of conflicts of laws of other jurisdictions. Each party submits to the exclusive jurisdiction of the courts of England and Wales, United Kingdom, for the purposes of determining any dispute arising out of the Terms of Use, its construction or the transactions contemplated by it.

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