Deutsche Börse AG ("DBAG") makes available market data - subject to Art. 13(1) of Regulation (EU) No. 600/2014
("MiFIR") - 15 minutes after its initial creation by Frankfurt Stock Exchange (Frankfurter Wertpapierbörse "FWB") or
I. Licence Grant
1. Subject to paragraph 2 below, DBAG grants the user who is accessing and using Delayed Data
("Delayed Data User") a non-exclusive, non-transferable and non-sublicensable right with respect to
the Delayed Data free of charge.
2. Any access to and use of the Delayed Data is subject to a licence which is only granted free of charge
if the Delayed Data User does not commercialize the Delayed Data. In particular, a commercialization of
Delayed Data takes place in the following events (and a licence fee applies):
Delayed Data User onward disseminates Delayed Data to third parties for a fee (including a general fee for accessing its services);
Delayed Data User creates and offers value-added services using Delayed Data which are then sold for a fee to third parties, trading venues, APAs and CTPs
The Delayed Data User acknowledges and accepts that in the event a commercialization takes place a licence subject
to the Market Data Dissemination Agreement is required and any usage without a licence in place is strictly prohibited.
II. Liability Limitation, No Representation
DBAG or, in general, Deutsche Börse Group do not:
Provide any financial advice or to make recommendations to invest in financial instruments or any other kinds of securities.
Assume any responsibility or liability for products or services offered by third parties which are based on Delayed Data.
DBAG and Deutsche Börse Group give no warranty and exclude any liability (whether in negligence or
otherwise), in connection with the provision of Delayed Data.
DBAG does not assume any contractual relationship with the purchasers of products or services offered by
third parties which are based on Delayed Data.
Specifically, DBAG and Deutsche Börse Group do not give any warranty, express or implied, and exclude, in particular, any liability about:
The accuracy, timeliness, and completeness of Delayed Data.
The merchantability and the fitness for a particular purpose or use of Delayed Data.
Products or services offered by third parties which may be based on Delayed Data.
DBAG and Deutsche Börse Group give no warranty and exclude any liability, for any errors, omissions or interruptions in publishing of the Delayed Data.
Under no circumstances will DBAG or Deutsche Börse Group be liable (whether in negligence or otherwise) for any lost profits or indirect,
punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in publishing of the
Delayed Data or generally in relation to products or services which may be based on Delayed Data, even in circumstances where DBAG or
Deutsche Börse Group are aware that such loss or damage may occur.