FINRA Bond Facts Tool Terms and Conditions

Last modified: August 28, 2018

The Financial Industry Regulatory Authority, Inc. (“FINRA”) provides investor education content, security-specific product data (described below) and publicly disseminated trade report on transactions in TRACE-eligible, fixed income securities through the bond facts tool. The data accessed through the tool and the bond facts tool are herein after referred to as the “Bond Facts Tool". The Bond Facts Tool is designed to provide the typical, retail investor with the necessary information to understand the quality of his or her fixed income securities transaction before and after their trade. Users who follow this link will be presented with a short web page that provides key, basic data (security and pricing history) associated with a specific TRACE-eligible security and short education materials to assist in understanding the fixed income product.

The security-specific product data on the Bond Facts Tool site may include:

Reference information (security name, CUSIP);
Bond Characteristics (Coupon, maturity date, call provisions);
Recent Trade History (transactions details; inclusive of price history);
Fee information (Context for Markup/Markdown, Other Transaction Expense);
Yield; and
Credit Ratings.

1. Agreement.

These Bond Facts Terms and Conditions govern access and use of the Bond Facts Tool. By accessing and using the Bond Facts Tool, you, as a user of this site, certify that (1) you have read and understand these Terms and Conditions, (2) you agree to these Terms and Conditions and the terms and conditions displayed at http://www.finra.org/legal-notices, and (3) you agree to the third party disclaimers in Exhibit A . By agreeing to these Terms and Conditions on behalf of an organization, you certify that you have the authority of that organization to enter into these Terms and Conditions. If you do not agree to these Terms and Conditions, you must cease all use of the Bond Facts Tool. FINRA reserves any rights, privileges, or immunities not expressly granted under these Terms and Conditions.
FINRA reserves the right to change these Terms and Conditions from time to time at its sole discretion. Your access and use of the Bond Facts Tool constitutes your acknowledgement of and agreement to the updated Terms and Conditions. Your access and use of the Bond Facts Tool will be subject to the most current version of the Terms and Conditions posted on the home page of the Bond Facts Tool at the time of such use. You should periodically check the "Terms and Conditions" link on the home or login page of the Bond Facts Tool to view the then-current Terms and Conditions.

2. Changes to the Bond Facts Tool.

FINRA reserves the right to modify or discontinue the Bond Facts Tool with or without notice to you. FINRA will not be liable to you or any third party should it exercise its right to modify or discontinue the Bond Facts Tool. If you object to any such changes, your sole recourse will be to cease access to the Bond Facts Tool and any data accessed through the Bond Facts Tool. Continued use of the Bond Facts Tool following notice of any such changes will indicate your acknowledgement of such changes and satisfaction with the Bond Facts Tool as so modified.

3. Ownership.

The Bond Facts Tool is a proprietary product and employs proprietary software. FINRA reserves all intellectual property and proprietary rights in and to the Bond Facts Tool. You acknowledge and agree that FINRA is the exclusive and rightful owner of, and shall retain all worldwide right, title and interest in and to, all registered and unregistered, and any future registered, names, trademarks, trade dress, service marks, domain names, and logos, or any derivation thereof, and all goodwill therein, of FINRA and its affiliates ("Licensed Marks"). Nothing contained in these Terms and Conditions shall serve to transfer to you any ownership or proprietary interest in the Licensed Marks.

4. Permitted Uses.

Subject to Section 5 (Restrictions) and any other restrictions in these Terms and Conditions, the data provided through the Bond Facts Tool shall be used ONLY for your own personal or professional use, and in accordance with these Terms and Conditions:

for providing specific fund content to specific clients, but in no event any other commercial purpose, including as part of a service bureau or similar arrangement;
for noncommercial educational and research purposes consistent with the protection of investors and the public interest; and
for distribution of the output of the Bond Facts Tool via the email function. By using the email function you acknowledge that FINRA may collect report and email-related data for the purposes of improving the tool, traffic analysis, troubleshooting and other purposes. FINRA does not sell personal content to third parties for commercial purposes.

All other uses are prohibited.

5. Restrictions.

Notwithstanding the permitted uses of the Bond Facts Tool described in Section 4 of these Terms and Conditions, in no case may you:

decompile, reverse engineer, disassemble, modify, distribute, or create derivative works or improvements from the Bond Facts Tool or any portion thereof, or attempt to discover any source code, protocols, or other trade secrets in the Bond Facts Tool;
obtain or attempt to obtain unauthorized access to FINRA’s network;
incorporate the Bond Facts Tool into any hardware or software device;
use, export, or re-export the Bond Facts Tool in violation of applicable laws or regulations;
sell, lease, loan, distribute, transfer, or sublicense the Bond Facts Tool or the data contained therein or access thereto or derive income from the use or provision thereof, whether for direct commercial or monetary gain or otherwise;
develop or create a database of data using the Bond Facts Tool or the data contained therein;
use any process to monitor or copy the Bond Facts Tool in bulk, or to make voluminous, excessive or repetitive requests for data, or use any data mining, scraping or harvesting tools (including robots) or any similar data gathering or extraction tools;
use any device, software or routine to bypass any software or hardware that prohibits volume, excessive or repetitive requests for data;
attempt to interfere or interfere with the proper working of the Bond Facts Tool, including taking any action that imposes an unreasonable or disproportionately large load on the Bond Facts Tool or FINRA;
alter or modify, or create derivative works or improvements from, the Bond Facts Tool data;
use the Bond Facts Tool or the data contained therein in any unlawful, fraudulent, misleading, obscene, harmful, threatening, harassing, defamatory or hateful manner, that invades the privacy of any third party, for any unlawful purpose, or in any manner inconsistent with these Terms and Conditions;
use the Bond Facts Tool or Licensed Marks in a manner that infringes, violates or misappropriates FINRA’s, its affiliates, or a third party’s intellectual property rights;
display the Bond Facts Tool or the Licensed Marks on any website or in any manner that disparages FINRA or is otherwise threatening, vulgar or inappropriate as FINRA determines, in its sole discretion; or
use the Bond Facts Tool for any purposes for which you have not been granted written permission by FINRA.

FINRA reserves the right to suspend or terminate your access to the Bond Facts Tool with or without notice to you, in the event that FINRA believes that you have violated any provision of these Terms and Conditions.

6. Requests.

All requests for permission to access or use the Bond Facts Tool for a purpose or in a manner not otherwise permitted under these Terms and Conditions must be made in writing to FINRA, clearly stating the proposed purpose and manner of the use. Requests must be submitted to FINRA at FINRA, Market Operations, 9509 Key West Ave., Rockville, MD 20850. FINRA, in its sole discretion, may approve or reject any request.

7. Disclaimers; Limitation of Liability.

YOU ACKNOWLEDGE AND AGREE THAT THE BOND FACTS TOOL IS PROVIDED "AS IS" AND "AS AVAILABLE" WITH ALL FAULTS AND THAT YOUR USE OF THE BOND FACTS TOOL SHALL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, FINRA, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AFFILIATES, AND LICENSORS (THE “FINRA PARTIES”) DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE BOND FACTS TOOL AND YOUR USE THEREOF. FINRA MAKES NO WARRANTIES OR REPRESENTATIONS ABOUT THE QUALITY, ACCURACY OR COMPLETENESS OF THE BOND FACTS TOOL AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY: (I) ERRORS OR OMMISSIONS IN ANY CONTENT; (II) TECHNICAL ERRORS AFFECTING THE BOND FACTS TOOL IN ANY WAY; (III) BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH THE BOND FACTS TOOL BY ANY THIRD PARTY; AND/OR (IV) LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE BOND FACTS TOOL.
NO ADVICE, INFORMATION, OR DATA, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM FINRA OR THROUGH OR FROM USE OF THE BOND FACTS TOOL SHALL BE INTENDED TO PROVIDE ANY LEGAL, TAX, INVESTMENT OR FINANCIAL ADVICE OR TO BE COMPLETE ON ANY SUBJECT MATTER CONTAINED THEREIN.
IN NO EVENT WILL THE FINRA PARTIES BE LIABLE TO YOU FOR ANY DIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING LOSS OF USE, DATA, BUSINESS OR PROFITS) OR FOR THE COST OF PROCURING SUBSTITUTE PRODUCTS ARISING OUT OF OR IN CONNECTION WITH THESE TERMS AND CONDITIONS OR THE USE OR DISTRIBUTION OF THE BOND FACTS TOOL, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED THE BOND FACTS TOOL UPON CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, AND WHETHER OR NOT FINRA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. SOME JURISDICTIONS MAY NOT ALLOW LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THIS RESTRICTION MAY NOT APPLY.

8. Privacy.

In consideration of your use of the Bond Facts Tool, you agree that FINRA may collect generic tracking data related to your or your end users’ use of the Bond Facts Tool in accordance with the FINRA website Privacy Policy found at http://www.finra.org/privacy-policy.

9. Severability.

If a court of competent jurisdiction holds any provision of these Terms and Conditions to be unenforceable, then that provision is to be construed either by modifying it to the minimum extent necessary to make it enforceable (if permitted by law) or disregarding it (if not). If an unenforceable provision is modified or disregarded in accordance with this Section, all other provisions of these Terms and Conditions are to remain in effect as written.

10. Governing Law.

These Terms and Conditions constitute the entire agreement between you and FINRA with respect to the subject matter hereof, and supersede all previous agreements between you and FINRA with respect to such subject matter. These Terms and Conditions shall be construed in accordance with the laws of the State of New York, without regard to its conflict of laws rules. You and FINRA agree that any claim arising under these Terms and Conditions shall only be brought in the state or federal courts located in the County and State of New York. You and FINRA agree to submit to personal jurisdiction in that court and expressly waive any right to a jury trial.

By selecting the Terms and Conditions box, you certified that you have read and understand the Terms and Conditions set forth above and intend to form a binding agreement with FINRA. If you are accepting these Terms and Conditions on behalf of an organization, you certified that you have the authority of that organization to enter into these Terms and Conditions.

Exhibit A

CUSIP Global Services

Visitor 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 Visitor in such materials or in any of the information contained therein. Any use by Visitor outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. Visitor 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, Visitor 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.

Visitor agrees that Visitor 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. Visitor 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 TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the 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 VISITOR 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 VISITOR 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.

Visitor agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

Moody’s^®Disclaimer

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

Standard and Poor's Financial Services LLC Disclaimer

Ratings are opinions and not recommendations to purchase, hold or sell securities, and they do not address the market value of securities or their suitability for investment purposes. Ratings should not be relied on as investment advice. Please read important disclaimer information.

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