Disclosures

Privacy Policy

Protecting the confidentiality of your nonpublic personal information is of paramount importance to Pershing. As such, Pershing maintains high industry standards in protecting and safeguarding such nonpublic personal information.

To what does this Online Privacy Statement apply?
This Online Privacy Statement applies to the personal information that we collect from or about you via this Pershing website (this "Site"). This Site may contain links to other websites, and this Online Privacy Statement does not apply to those sites. If you link to any of those sites, we recommend that you review their privacy policies. If we materially change our privacy policies or practices, we will also change this Online Privacy Statement to notify you of such changes.

What personal and technical information do we collect via this Site?
This Site will collect personal information that you voluntarily provide, such as your name, address, telephone number or e-mail address. This Site may collect information on what country you are accessing this Site from; information on which pages within this Site you visit; and certain technical information regarding your computer and operating systems, such as your Internet protocol address, domain name and system configurations and settings. We will not know who you are unless you tell us. Additionally, if this Site is a password-protected site, then (a) once you submit your password and enter, this Site will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from this Site may be associated with other identifying information that we have about you.

On this Site, Pershing may use "cookies" in order to provide better service, to facilitate its customers' use of the website, to track usage of the website, and to address security hazards. A cookie is a small piece of information that a website stores on a personal computer, and which it can later retrieve. Pershing may use cookies for some administrative purposes; for example, to store its customers' preferences for certain kinds of information. None will contain information that will enable anyone to contact its customers via telephone, e-mail, or any other means. You can set your Web browser to prompt you before you accept a cookie, accept cookies automatically, or reject all cookies. However, if you choose not to accept cookies from this Site, then you may not be able to access and use all or part of this Site or benefit from the information and services which it offers.

How does Pershing use, share and secure the information collected via this Site?

Pershing uses the information collected via this Site in accordance with our Privacy Policy.

How does Pershing protect your personal information?

  • Internal data security policies restrict access to nonpublic personal information to authorized associates. Pershing maintains physical, electronic, and procedural safeguards that are designed to comply with federal standards to guard nonpublic personal information. Associates who violate these policies are subject to disciplinary action, up to and including termination.

  • Pershing trains and educates our employees in the handling and safeguarding of personal information in accordance with applicable laws, rules, and regulations.

Margin Disclosures

The Margin Disclosure Statement is intended to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, it is important to carefully review the Margin Account Agreement provided by Pershing LLC ("Pershing"), and to consult with your Investment Advisor regarding any questions or concerns you may have regarding margin accounts.

When you purchase securities, you have the option of paying for them in full or borrowing part of the purchase price from Pershing. If you choose to borrow funds from Pershing, you will need to open a margin account with Pershing. The securities purchased are used as collateral for the loan that was made to you or any other indebtedness arising after the initial transaction. If the securities in your brokerage account decline in value, so does the value of the collateral supporting your loan. As a result, Pershing can take action. For instance, Pershing can issue a margin call and/or sell securities or liquidate other assets in any of your brokerage accounts held with Pershing, in order to maintain the required equity in the margin account.

It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

You can lose more funds or securities than you deposit in the margin account.
A decline in value of securities that are purchased on margin may require you to provide additional funds to Pershing to avoid the forced sale of those securities or other securities or assets in your account(s).

Pershing can force the sale of securities or other assets in your account(s).
If the equity in your account falls below Pershing's maintenance margin requirements, Pershing can sell the securities or other assets in any of your accounts held at Pershing to cover the margin deficiency. You also will be responsible for any short fall in the account after such a sale.

Pershing can sell your securities or other assets without contacting you.
Some investors mistakenly believe that a financial organization must contact them for a margin call to be valid, and that the financial organization cannot liquidate securities or other assets in their accounts to meet the call unless the financial organization has contacted them first. This is not the case. Most financial organizations will attempt to notify their clients of margin calls, but they are not required to do so. However, even if a financial organization has contacted a client and provided a specific date by which the client can meet a margin call, the financial organization can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client.

Pershing may change margin requirements or margin call time periods without notice to you.
In regard to house, maintenance, and other margin calls, in lieu of immediate liquidations, Pershing may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Pershing's right in its sole discretion, to shorten the time period in which you may satisfy a call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Pershing to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Pershing in its sole discretion and judgment.

You are not entitled to choose which securities or other assets in your brokerage account(s) are liquidated or sold to meet a margin call.
Because the securities are collateral for the margin loan, Pershing has the right to decide which security to sell in order to protect its interests. Pershing can increase its "house" maintenance margin requirements at any time and is not required to provide you with advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Pershing to liquidate or sell securities in your brokerage account(s).

You are not entitled to an extension of time on a margin call.
While an extension of time to meet margin requirements may be available to clients under certain conditions, a client does not have a right to the extension.

Your written Margin Agreement with Pershing provides for certain important obligations by you.
The Margin Agreement is a legally binding agreement, cannot be modified by conduct, and no failure on the part of Pershing at any time to enforce its rights under the Margin Agreement to the greatest extent permitted shall in any way be deemed to waive, modify, or relax any of the rights granted Pershing, including those rights vested in Pershing to deal with collateral on all loans advanced to you.

Also, the Margin Agreement constitutes the full and entire understanding between the parties with respect to the provision of the Margin Agreement, and there are no oral or other agreements in conflict with the Margin Agreement unless you have advised in writing to Pershing of such conflict. Any future modification, amendment, or supplement to the Margin Agreement or any individual provision of the Margin Agreement can only be in writing signed by a representative of Pershing. You should carefully review your Margin Agreement for the rights and limitations governing your margin account relationship.

Exchange Agreements


Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
Before reviewing the agreements, please let us know if you are a professional or a non-professional (as defined by the exchanges).

Please read the definition of a non-professional and select the appropriate button below.

Non-Professional Definition:
A non-professional refers to a natural person, who is applying/acting in a personal capacity, as neither a principal, officer, partner, employee, nor agent of any business, nor on behalf of any individual. A non-professional is a person who obtains information for their own investment purposes and not for any business purposes.

The person cannot be registered or qualified with*: The Securities Exchange Commission (SEC) in any capacity; The Commodities Futures Trading Commission; Any state securities agency; Any securities exchange or association; Any commodities or futures contract market or association.
* Or foreign organizational equivalents.

Furthermore, a non-professional person can be neither (a) an investment advisor (as that term is defined in Section 201(II) of the Investment Advisors Act of 1940, whether or not registered or qualified under that Act); (b) a person employed by a bank, or other organization exempt from registration under federal and/or state securities laws, to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or (c) a person engaged as a consultant, independent contractor, software developer, or other person that uses market information for any purpose for profit other than the trading of that person's own personal account(s).

If you are a non-professional as defined above, please answer "I am NOT a Professional". If you are not a non-professional as defined above, you should answer "I Am a Professional". Please note that if for any reason your status as a non-professional changes, you are required to notify us. You may access this agreement online and make changes to your responses at any time should your circumstances change.

Exchange Agreements


Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
New York Stock Exchange ("NYSE") Subscriber Agreement

AGREEMENT FOR MARKET DATA DISPLAY SERVICES
(Electronic Version)

Pershing LLC ("Vendor") agrees to make "Market Data" available to you pursuant to the terms and conditions set forth in this agreement. By manifesting your assent in the space indicated below, you ("Subscriber") agree to comply with those terms and conditions. Section 1 sets forth terms and conditions of general applicability. Section 2 applies insofar as Subscriber receives and uses Market Data made available pursuant to this Agreement as a Nonprofessional Subscriber.

SECTION 1: TERMS AND CONDITIONS OF GENERAL APPLICABILITY

1. MARKET DATA DEFINITION - For all purposes of this Agreement, "Market Data" means (a) last sale information and quotation information relating to securities that are listed on a national securities exchange, (b) such bond and other equity last sale and quotation information, and such index and other market information, as United States-registered national securities exchanges and national securities associations (each, an "Authorizing SRO") may make available and as the New York Stock Exchange ("NYSE") may from time to time designate as "Market Data"; and (c) all information that derives from any such information.

2. PROPRIETARY NATURE OF DATA - Subscriber understands and acknowledges that each Authorizing SRO and Other Data Disseminator has a proprietary interest in the Market Data that originates on or derives from it or its market(s).

3. ENFORCEMENT - Subscriber understands and acknowledges that (a) the Authorizing SROs are third-party beneficiaries under this Agreement and (b) the Authorizing SROs or their authorized representative(s) may enforce this Agreement, by legal proceedings or otherwise, against Subscriber or any person that obtains Market Data that is made available pursuant to this Agreement other than as this Agreement contemplates. Subscriber shall pay the reasonable attorney's fees that any Authorizing SRO incurs in enforcing this Agreement against Subscriber.

4. DATA NOT GUARANTEED - Subscriber understands that no Authorizing SRO, no other entity whose information is made available over the Authorizing SROs' facilities (an "Other Data Disseminator") and no information processor that assists any Authorizing SRO or Other Data Disseminator in making Market Data available (collectively, the "Disseminating Parties") guarantees the timeliness, sequence, accuracy or completeness of Market Data or of other market information or messages disseminated by any Disseminating Party. Neither Subscriber nor any other person shall hold any Disseminating Party liable in any way for (a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message or (ii) the transmission or delivery of any such data, information or message, or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance or (iii) interruption in any such data, information or message, due either to any negligent act or omission by any Disseminating Party, to any "force majeure" (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction) or to any other cause beyond the reasonable control of any Disseminating Party.

5. PERMITTED USE - Subscriber shall not furnish Market Data to any other person or entity and, subject to Paragraph 10, shall use Market Data only for its individual use in its business.

6. DISSEMINATION DISCONTINUANCE OR MODIFICATION - Subscriber understands and acknowledges that, at any time, the Authorizing SROs may discontinue disseminating any category of Market Data, may change or eliminate any transmission method and may change transmission speeds or other signal characteristics. The Authorizing SROs shall not be liable for any resulting liability, loss or damages that may arise therefrom.

7. DURATION; SURVIVAL - This Agreement remains in effect for so long as Subscriber has the ability to receive Market Data as contemplated by this Agreement. In addition, Vendor may terminate this Agreement at any time, whether at the direction of the Authorizing SROs or otherwise. Paragraphs 2, 3 and 4, and the first two sentences of Paragraph 8, survive any termination of this Agreement.

8. MISCELLANEOUS - The laws of the State of New York shall govern this Agreement and it shall be interpreted in accordance with those laws. This Agreement is subject to the Securities Exchange Act of 1934, the rules promulgated under that act, and the joint-industry plans entered into pursuant to that act. This writing contains the entire agreement between the parties in respect of its subject matter. Subscriber may not assign all or any part of this Agreement to any other person. The person manifesting assent to this agreement below represents and warrants that it has legal capacity to contract and, if that person is manifesting assent on behalf of a proprietorship or a business, partnership or other organization, represents and warrants that he or she has actual authority to bind the organization.

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 1, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:

  I Agree

SECTION 2: NONPROFESSIONAL SUBSCRIBER

9. NONPROFESSIONAL SUBSCRIBER DEFINITION - "Nonprofessional Subscriber" means any natural person whom Vendor has determined to qualify as a "Nonprofessional Subscriber" and who is not:

(a) registered or qualified with the Securities and Exchange Commission (the "SEC"), the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.

(b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor

(c) employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

10. PERMITTED USE - If Subscriber is a Nonprofessional Subscriber, he or she shall receive Market Data solely for his or her personal, non-business use.

11. PERSONAL AND EMPLOYMENT DATA - As a prerequisite to qualifying as a "Nonprofessional Subscriber", Subscriber shall provide the following information:

(a) Subscriber's name and address:
(b) Occupation:
(c) Employer Name:
(d) Position/Title:
(e) Employee Function:
(f) Employer Address:
(g) City:
(h) State:
(i) Postal Code:
(j) Country:
Subscriber shall notify Vendor promptly in writing of any change in his or her circumstances that may cause him or her to cease to qualify as a Nonprofessional Subscriber.

12. CERTIFICATION - By clicking on the following box, Subscriber hereby certifies that he or she falls within Paragraph 9's definition of "Nonprofessional Subscriber" and that the personal and employment information that he or she has included in Paragraph 11 is truthful and accurate.

  I Agree

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 2, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:


Type in 'I Agree':

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement
DISCLOSURE - PLEASE READ

Subscribers to the Information must sign The NASDAQ OMX Group, Inc. ("NASDAQ OMX") Subscriber Agreement ("Agreement") or its equivalent in order to receive the Information (Refer to definition in Section 12). While all terms are important, NASDAQ OMX asks that you pay particular attention to the following conditions. For additional information, refer to the sections referenced at the end of each condition.

Restrictions on uses and transfers: The subscriber ("Subscriber") may not provide access to information described herein ("Information") or transfer this Agreement to others. The Information is only for use as described by the Non-Professional or Professional Subscriber (for U.S. Information) and Business or Private (for non-US. Information) definitions. [Section 12]

Most types of damages are excluded and remaining damages are limited: NASDAQ OMX is not liable for trading losses, lost profits or incidental, consequential or other indirect damages, even if the Information is untimely or incorrect. Other damages (if any) are strictly limited (in contract, tort or otherwise) to a capped amount. [Section 6 and Section 7]

No implied or statutory warranties or duties: All warranties and duties (if any) are eliminated. There are no express warranties, except for a Limited Warranty regarding efforts only. Stock quotes might not be current and/or accurate. [Section 7]

Subscriber provides an indemnity: Subscriber indemnifies NASDAQ OMX and holds NASDAQ OMX harmless for any Claims or Losses (as described in Section 9) resulting from Subscriber's breach of the Agreement, from Subscriber's infringement of a third-party's intellectual property rights or from any third-party lawsuit related to Subscriber's use or receipt of Information. [Section 9]

Governing Law; Construction: Everything relating to this Agreement is governed by the laws as detailed in per Appendix 1. For Information received, this Agreement shall be deemed to have been made in the jurisdiction of the applicable NASDAQ OMX Market as detailed in Appendix 1. [Appendix 1]

No oral amendments and only NASDAQ OMX may amend: The Agreement may not be altered orally and may only be altered by NASDAQ OMX pursuant to an agreement procedure which includes notice to either the Subscriber or the Distributor. Failure to terminate the Agreement before, or use of Information thereafter, an amendment will be the Subscriber's consent (or confirmation of earlier consent) to the amendment. [Section 10 and Section 11]

Distributors can impact Subscriber's rights but not NASDAQ OMX's rights: A Distributor does not have the authority to change the Agreement. Distributors are obligated to provide notice of NASDAQ changes to the Subscriber. However, if they do not, NASDAQ OMX's notice to the Distributor is still effective, as to Subscriber including notice of cancellation. [Section 10 and Section 12].

Requirements of Self-Regulatory Organization; Actions To Be Taken In Fulfillment of Statutory Obligations. Distributor acknowledges that NASDAQ OMX may be under certain restrictions when offering the Information, as detailed in Appendix 1. [Section 1]

Please review the following terms and conditions of the NASDAQ OMX Global Subscriber Agreement before you complete the Signature Section: You must be 18 years of age and must designate yourself as either a Non-Professional or Professional and Business or Private Subscriber in the following section, based on the definitions provided in Section 12. To qualify as Non-Professional or Private Subscriber, you must meet all the terms set forth in Section 12.

By completing this section, I agree to the terms and conditions set forth in this NASDAQ OMX Global Subscriber Agreement.

The Agreement appears below. If you are at least 18 years old, sign it as either a Professional or a Non-Professional Subscriber by clicking on the "Signature Confirmed" button below.

SIGNATURE SECTION: This section incorporates all terms of The Nasdaq Subscriber Agreement by this reference.
Do you qualify as a non-professional as defined in Section 1(a) of the Agreement?  Yes No
 
A. MANDATORY FOR ALL SUBSCRIBERS
Subscriber:  "Enter your name, example "John Doe"."
Signature:  "Enter Name or Other Symbol of your Signature"
Date:
 
B. AGENT USE ONLY (complete only if you signed on behalf of the Subscriber)
Print Name:  "Enter Name of person signing for Subscriber"
Title: Other Chief Executive Officer Chief Operating Officer
Managing Director  President  Senior Vice-President Vice-President
Other:
("Enter Title only if you have the same contracting authority as the listed titles but your title is different")

If you signed the Agreement, make a copy for your records (electronically or otherwise). If you did not intend to sign, or signed electronically in error, click on "Cancel". To confirm your signature and the accuracy of the information above click on "Signature Confirmed" which will submit the Agreement and legally bind Subscriber to the Agreement.

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement

OPTIONS PRICE REPORTING AUTHORITY

ELECTRONIC FORM OF SUBSCRIBER AGREEMENT

IMPORTANT NOTICE: THIS SUBSCRIBER AGREEMENT (THIS "AGREEMENT") IS AN AGREEMENT BETWEEN YOU AND PERSHING LLC FOR YOU TO RECEIVE INFORMATION PUBLISHED BY THE OPTIONS PRICE REPORTING AUTHORITY ("OPRA"). PLEASE READ THIS AGREEMENT CAREFULLY. AFTER YOU HAVE READ THIS AGREEMENT, PLEASE INDICATE YOUR AGREEMENT TO BE BOUND BY ITS TERMS AND CONDITIONS BY CLICKING ON THE "I AGREE" BUTTON AT THE END. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU WILL BE UNABLE TO RECEIVE THE INFORMATION.

By completing and submitting this Agreement, you are applying to receive from Pershing LLC ("Pershing") a market data service (the "Service") providing access to current options last sale and quotation information and related information ("OPRA Data") published by OPRA pursuant to a Plan declared effective by the Securities and Exchange Commission. In reviewing and approving this Agreement, Broker/Dealer is authorized to act on behalf of the "OPRA Participants", which are those national securities exchanges who, from time to time, are parties to this Plan. The person who acts from time to time as data processor on behalf of OPRA is referred to herein as "OPRA's Processor".

By completing and submitting this Agreement and clicking on the "I agree" button at the end of this Agreement, you are consenting to enter into this Agreement in electronic form. You have the right to withdraw your consent by terminating this Agreement and your receipt of the OPRA Data. Your right to terminate this Agreement and your receipt of the OPRA Data, and the procedure you must follow to do so, are described in paragraph 6 below. If any information needed to contact you electronically changes, the procedure for notifying Broker/Dealer is described in paragraph 11 below. If you wish to have a copy of this Agreement in paper form and you are unable to print a copy on your own computer system, Broker/Dealer will provide you with a paper copy at no charge upon its receipt of your request transmitted as described in paragraph 11. You may access a copy of this Agreement electronically at no charge, if your access to OPRA Data is from a device capable of receiving text, by following the steps below:

  • Go to the site login page where you will find a disclaimer that reads: "As your agreement for the receipt and use of market data provides..."
  • Click on the underlined word "agreement"
  • Click on the Options Price Reporting Authority link, this will bring up the text of the OPRA agreement
  • Print the agreement either by right-clicking directly in the window or going to File | Print in the top menu bar

At the beginning of the exchange agreement process you were provided with a definition of the term "Nonprofessional". If you are a Nonprofessional under this definition, OPRA's charges to Broker/Dealer for your use of the OPRA Data may be subject to a cap, and you may be entitled to pay lower fees to Broker/Dealer.

You hereby represent and agree as follows:

1. Your full name and address are:


2. You shall receive the Service and the OPRA Data included therein solely for your own business or personal use, and you shall not retransmit or otherwise furnish the OPRA Data to any person, other than your own employees on devices that are subject to the control of Broker/Dealer. If you are a Nonprofessional and have completed the Addendum for Nonprofessionals, you are only permitted under this Agreement to use the OPRA Data for your own personal investment activities.

3. You acknowledge that OPRA Data is and shall remain the property of the OPRA Participant on which a reported transaction took place or a reported quotation was entered.

4. DISCLAIMER OF LIABILITY -- NEITHER BROKER/DEALER, OPRA, OPRA'S PROCESSOR NOR ANY OPRA PARTICIPANT GUARANTEES THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF ANY OF THE OPRA DATA SUPPLIED TO YOU HEREUNDER AND NEITHER VENDOR, OPRA, OPRA'S PROCESSOR NOR ANY OPRA PARTICIPANT SHALL BE LIABLE IN ANY WAY, TO YOU OR TO ANY OTHER PERSON, FOR ANY LOSS, DAMAGES, COST OR EXPENSE WHICH MAY ARISE FROM ANY FAILURE OF PERFORMANCE BY VENDOR, OPRA, OPRA'S PROCESSOR OR ANY OPRA PARTICIPANT, OR FROM ANY DELAYS, INACCURACIES, ERRORS IN OR OMISSIONS OF, ANY OF THE OPRA DATA OR IN THE TRANSMISSION OR DELIVERY THEREOF, WHETHER OR NOT DUE TO ANY NEGLIGENT ACT OR OMISSION ON THE PART OF BROKER/DEALER, OPRA, OPRA'S PROCESSOR OR ANY OPRA PARTICIPANT. IN NO EVENT SHALL BROKER/DEALER, OPRA, OPRA'S PROCESSOR OR ANY PARTICIPANT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, OR DAMAGES RESULTING FROM INCONVENIENCE OR LOSS OF USE OF THE SERVICE.

5. The terms of this Agreement may be modified at any time upon notice to you. If you do not assent to this Agreement as modified at or prior to the time you next attempt to access the Service, this Agreement shall automatically be terminated. This Agreement as modified shall apply to your use of the Service from and after the date of the modification.

6. Your receipt of the OPRA Data hereunder may be terminated at any time by you or by Broker/Dealer upon 30 days notice from the terminating party to the other party, and may be terminated immediately upon a determination by Broker/Dealer or OPRA that you are not in compliance with this Agreement.

7. Nothing herein shall be deemed to prevent or restrict OPRA, OPRA's Processor or any OPRA Participant from discontinuing to furnish OPRA Data for dissemination or from making such changes in the speed of transmission, the characteristics of the electrical signals representing the OPRA Data or the manner of disseminating the same, as OPRA shall from time to time determine to be appropriate, with or without notice to you. You shall not hold OPRA, OPRA's Processor, or any OPRA Participant liable for any resulting liability, loss or damage that may arise therefrom.

8. You agree to notify Broker/Dealer promptly of any changes in the information provided herein and to furnish Broker/Dealer any additional information requested by it in connection with your receipt of the OPRA Data.

9. The parties acknowledge and agree that this Agreement is for the express benefit of OPRA, OPRA's Processor and each OPRA Participant.

10. The provisions of Sections 3, 4 and 9 will survive any termination of this Agreement and will remain in full force and effect.

11. All notices under this Agreement will be provided in writing. All written notices to Broker/Dealer shall be sent to your financial advisor, who is your Broker/Dealer and all such notices to you shall be sent to the street address that you provide in paragraph 1.

IF YOU AGREE TO THE TERMS AND CONDITIONS SET FORTH ABOVE, PLEASE CLICK ON THE "I AGREE" BUTTON BELOW. By clicking on the "I AGREE" button below and typing in your name as indicated above, you agree that:

    i) you have read and you understand all of the terms and conditions set forth above; and

    ii) you intend to form a legally binding and valid contract under which you will be bound by all of the terms and conditions set forth above.

Exchange Agreements


Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
PHILADELPHIA BOARD OF TRADE

ELECTRONIC FORM OF SUBSCRIBER AGREEMENT

IMPORTANT NOTICE: THIS SUBSCRIBER AGREEMENT (THIS "AGREEMENT") IS AN AGREEMENT BETWEEN YOU, AND PERSHING LLC ("THE PARTIES") FOR YOU TO RECEIVE INFORMATION PUBLISHED BY THE PHILADELPHIA BOARD OF TRADE. PLEASE READ THIS AGREEMENT CAREFULLY. AFTER YOU HAVE READ THIS AGREEMENT, PLEASE INDICATE YOUR AGREEMENT TO BE BOUND BY ITS TERMS AND CONDITIONS BY CLICKING ON THE "I AGREE" BUTTON AT THE END. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU WILL BE UNABLE TO RECEIVE THE INFORMATION.

By completing and submitting this Agreement, you are applying to receive from Pershing LLC ("Pershing") a market data service (the "Service") providing access to Philadelphia Stock Exchange Proprietary Sector Index Spot and Settlement Values ("Index Data") published by the Philadelphia Board of Trade. In reviewing and approving this Agreement, Pershing is authorized to act on behalf of the "PBOT"

By completing and submitting this Agreement and clicking on the "I agree" button at the end of this Agreement, you are consenting to enter into this Agreement in electronic form. You have the right to withdraw your consent by terminating this Agreement and your receipt of the PBOT data. Your right to terminate this Agreement and your receipt of the PBOT Data, and the procedure you must follow to do so, are described in paragraph 5 below. If any information needed to contact you electronically changes, the procedure for notifying Pershing is described in paragraph 8 below. If you wish to have a copy of this Agreement in paper form and you are unable to print a copy on your own computer system, Pershing will provide you with a paper copy at no charge upon its receipt of your request transmitted as described in paragraph 8. You may access a copy of this Agreement electronically at no charge, if your access to PBOT Data is from a device capable of receiving text, by following the steps below:

  • Go to the web page where the exchange agreements are found
  • Click on the underlined word "agreement"
  • Click on the Philadelphia Board of Trade link, this will bring up the text of the PBOT agreement
  • Print the agreement either by right-clicking directly in the window or going to File | Print in the top menu bar

1. You hereby represent and agree as follows:

Your full name and address are:


2. LICENSE

PERSHING LLC ("Pershing") has obtained the right to receive and retransmit Market Data of the Philadelphia Board of Trade, Inc. ("PBOT") as Market Data may be added or deleted from time to time by PBOT. The Parties agree that the term "Designated Market Data" shall be synonymous with "Market Data," as that term is defined in the PBOT Market Data Subvendor Agreement and includes, but is not limited to, bids, asks, and market prices of futures or options, opening and closing range prices, high-low prices, settlement prices, estimated and actual contract volume, and information regarding market activity. Pershing hereby grants Subscriber a non-exclusive and non-transferable License to receive Designated Market Data. Pershing shall furnish the Designated Market Data to Subscriber via the Internet or Pershing's private network. Subscriber agrees and acknowledges that PBOT reserves the right to disapprove any Subscriber and retains the right to direct Pershing to terminate any Subscriber's receipt of Market Data for any reason or no reason, in which event the PBOT shall so notify Pershing and Pershing shall cease providing Market Data to that Subscriber as soon as practicable. Subscriber represents and warrants that he or she is a non-professional, making this agreement in his or her own individual capacity and not on behalf of a firm, corporation, partnership, trust, or association, and that the receipt of the Designated Market Data shall be via the internet. The Parties acknowledge and agree that the Designated Market Data are and do constitute valuable confidential information, copyrighted materials and proprietary rights of PBOT, not within the public domain, and that, but for this Agreement, Subscriber would have no access or rights with respect thereto.

3. SUBSCRIBER'S RESTRICTIONS AND OBLIGATIONS

Subscriber agrees that the Designated Market Data are solely for Subscriber's private and individual receipt and use. In addition, Subscriber may, occasionally furnish a de minimis number of segments of Designated Market Data. Such redissemination must be strictly limited to telephonic communications not entailing the use of computerized voice synthesization or any other technology and must be strictly related to the trading activity of Subscriber or any such recipients. Any such recipients must be advised by Subscriber that such segments are proprietary and confidential information not to be disclosed or disseminated to other persons or entities. Subscriber agrees to ensure that such recipients abide by the provisions of this Agreement. Subscriber shall not, except as provided in Paragraph 2, redistribute, sell, license, retransmit or otherwise provide Market Data in any format by electronic or other means, including but not limited to the Internet, any Intranet or other networks except with the express written authorization of PBOT. Subscriber shall not reproduce, misappropriate, market or store the Designated Market Data in a retrieval system. Subscriber shall not use the Designated Market Data in any way so as to assist or allow a third party to compete with PBOT or Pershing. Subscriber shall safeguard the confidentiality of the Designated Market Data, and shall not communicate or otherwise furnish, or permit to be communicated or otherwise furnished, said Designated Market Data, in any format, to any news distributing company, or to any other location than that above designated, or allow any person, firm or corporation whatsoever to take, directly or indirectly, any of said Designated Market Data, from said offices or locations, and Subscriber will comply with any requirement respecting the location in its place of business of its blackboards, tickers, telephones and instrumentalities, and will adopt and enforce, with respect to persons entering its place of business, any regulation which PBOT or Subvendor may deem it advisable to prescribe in order to prevent the Designated Market Data from being improperly taken from Subscriber's place of business. Subscriber further agrees to protect the confidentiality of the Designated Market Data through the use of passwords, account numbers, access numbers, and any other security measures Pershing or PBOT shall require to prevent unlicensed or unauthorized parties from gaining access to the Designated Market Data, and Subscriber agrees that the passwords, account numbers, access numbers, and the other security measures are non-transferable. Subscriber shall not use, or allow any other person to use, the Designated Market Data for any illegal purpose or otherwise engage in, permit, or in any way assist in or promote the illegal use of the Designated Market Data. Subscriber shall promptly notify Pershing and PBOT if it knows of or learns of any person or persons having unauthorized or unlawful access to the Designated Market Data. Upon request, Subscriber agrees to provide to Pershing the information or reports requested by Pershing that is related to Subscriber's receipt of the Designated Market Data. Where Subscriber is a business, Subscriber agrees that during regular business hours and upon reasonable oral or written notice and to ensure compliance with this Agreement, any person or persons designated by PBOT or Pershing shall have access to the Subscriber's offices or places and shall have the right to observe the use made of the Designated Market Data and to examine and inspect any device, attachment, or apparatus within such office or place, as well as any books and records required to be maintained by Subscriber in connection with its receipt and use of Market Data.

4. PAYMENT

Not Applicable.

5. TERMINATION

Subscriber agrees that Pershing may, with or without notice, terminate the license of the Designated Market Data granted hereunder (and the furnishing of Designated Market Data) at any time for any reason whatsoever, including, but not limited to, whenever directed to do so by PBOT, or whenever in Pershing's judgment there shall have been any breach by Subscriber of the provisions of this Agreement.

6. DISCLAIMER OF WARRANTIES AND LIABILITY: INDEMNITY

SUBSCRIBER AGREES THAT NEITHER PBOT NOR PERSHING, OR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, GUARANTEE THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF THE DESIGNATED MARKET DATA, MARKET INFORMATION OR OTHER INFORMATION FURNISHED OR THAT THE DESIGNATED MARKET DATA HAVE BEEN VERIFIED. SUBSCRIBER AGREES THAT THE DESIGNATED MARKET DATA AND OTHER INFORMATION PROVIDED HEREUNDER IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS AN OFFER OF SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR COMMODITY AND THAT THE DESIGNATED MARKET DATA AND OTHER INFORMATION SHOULD NOT SERVE AS THE BASIS FOR ANY INVESTMENT DECISION. SUBSCRIBER AGREES THAT NEITHER PBOT NOR PERSHING, OR THEIR RESPECTIVE MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO SUBSCRIBER OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY LOSSES, DAMAGES, CLAIMS, PENALTIES, COSTS OR EXPENSES (INCLUDING LOST PROFITS) ARISING OUT OF OR RELATING TO THE DESIGNATED MARKET DATA IN ANY WAY, INCLUDING BUT NOT LIMITED TO ANY DELAY, INACCURACIES, ERRORS OR OMISSIONS IN THE DESIGNATED MARKET DATA OR IN THE TRANSMISSION THEREOF OR FOR NONPERFORMANCE, DISCONTINUANCE, TERMINATION OR INTERRUPTION OF SERVICE OR FOR ANY DAMAGES ARISING THEREFROM OR OCCASIONED THEREBY, DUE TO ANY CAUSE WHATSOEVER, WHETHER OR NOT RESULTING FROM NEGLIGENCE ON THEIR PART. IF THE FOREGOING DISCLAIMER AND WAIVER OF LIABILITY SHOULD BE DEEMED INVALID OR INEFFECTIVE, NEITHER PBOT NOR PERSHING, NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL BE LIABLE IN ANY EVENT, INCLUDING THEIR OWN NEGLIGENCE, BEYOND THE ACTUAL AMOUNT OF LOSS OR DAMAGE, OR THE AMOUNT OF THE MONTHLY FEE PAID BY SUBSCRIBER TO VENDOR OR SUBVENDOR, WHICHEVER IS LESS. SUBSCRIBER AGREES THAT NEITHER THE MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO SUBSCRIBER OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, COSTS OF DELAY, OR COSTS OF LOST OR DAMAGED DATA EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

  1. Indemnity. Subscriber shall indemnify and hold (and at PBOT's and Pershing's option, defend) PBOT and Pershing and their members, shareholders, directors, officers, employees and agents harmless and shall pay all losses, damages, expenses and costs (including reasonable attorneys' fees) incurred by them based upon any claim or action: (a) arising from Subscriber's breach of its obligations, representations, warranties or covenants hereunder; (b) relating to any delay, inaccuracies, errors, or omissions in the Designated Market Data or (c) any use of the Market Data. PBOT and Pershing shall have the right (but not the obligation) to participate in any defense or settlement, in which event each Party shall pay for its respective attorneys' fees.

7. GENERAL

This Agreement between Pershing and Subscriber embodies the entire agreement between the Parties with respect to the subject matter hereof. The failure or inability of Pershing to verify or check any information or activity required by Pershing, or the failure or inability of Pershing to perform any activity relating to the verification or checking of any information supplied by Subscriber or any activity relating to the verification or checking of any information supplied by Subscriber or any activity of Subscriber will not be deemed to constitute a waiver of any right on the part of Pershing or PBOT to enforce the provisions of this Agreement. No waiver, alteration, or modification of any of the provisions, except as provided in Paragraphs 2 through 4 shall be binding unless in writing and signed by a duly authorized representative of each Party and PBOT. Neither the course of conduct between the Parties nor trade usage shall act to modify or alter the provisions of this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, U.S.A., to the exclusion of the Courts of any other state or country , without regard to its conflict of law principles. Subscriber agrees that all disputes and matters whatsoever arising under, in connection with, or incident to this Agreement shall be litigated, if at all, in and before a Court located in the Commonwealth of Pennsylvania, U.S.A, to the exclusion of the Courts of any other state or country. Subscriber acknowledges that its breach of this Agreement would cause immediate and irreparable harm to Pershing and PBOT for which money damages would be inadequate. Pershing and PBOT shall have the right to enforce their rights against the Subscriber under this Agreement, not only by an action for damages, but also by an action for injunctive or other equitable relief in order to enforce this Agreement, without proof of actual damages or the posting of a bond or other security. Subscriber acknowledges that PBOT is an intended third-party beneficiary of the rights of Pershing under the Agreement. The illegality or unenforceability of any part of this Agreement shall not affect the remainder of this Agreement. If any part of this Agreement is found to be illegal or unenforceable, this Agreement shall be given the meaning as would give effect to the intent of the Parties.

8. All written notices to Pershing shall be sent to Pershing LLC, Attention Market Data Management Services, One Pershing Plaza, Jersey City, NJ 07399.

IF YOU AGREE TO THE TERMS AND CONDITIONS SET FORTH ABOVE, PLEASE CLICK ON THE "I AGREE" BUTTON BELOW. By clicking on the "I AGREE" button below and typing in your name as indicated above, you agree that:
    i) you have read and you understand all of the terms and conditions set forth above; and

    ii) you intend to form a legally binding and valid contract under which you will be bound by all of the terms and conditions set forth above.

Copyright/Terms of Use

© 2013 Pershing LLC. All Rights Reserved. Notices
Interactive Data Corporation Terms & Conditions of Use
Dow Jones Indexes Terms of Use

© 2013 Pershing LLC. All Rights Reserved. Notices

Except with respect to information about your financial organization and unless otherwise specified, the content of this service is owned or licensed by Pershing LLC and is protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries. Certain materials are used by permission of their respective owners. Certain specified content is the property of your financial organization.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.com.

The material provided in this service, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of Pershing LLC, except that you may download, display, or print one copy of the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices. Modification of the materials or use of the materials for any other purpose is a violation of Pershing LLC's or its third-party information providers' copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Pershing LLC or any third party. Pershing LLC acts solely as clearing agent for your financial organization. Pershing LLC is not an affiliate nor does it exercise supervisory authority over your financial organization or its employees.

PERSHING LLC, YOUR FINANCIAL ORGANIZATION AND OTHER PROVIDERS OF MATERIALS ON THIS SITE DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. REFERENCE TO A FUND OR SECURITY INCLUDED ANYWHERE IN THIS SERVICE IS NOT A RECOMMENDATION TO BUY, SELL, OR HOLD THAT, OR ANY OTHER SECURITY.

No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and neither Pershing LLC nor your financial organization take any responsibility therefore. A link from this service to another service or site outside of your financial organization is not an endorsement of the service or site, its content, or its sponsoring organization.

By using this service, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of Pershing LLC, your Internet service provider and you.

If you have questions about these Notices contact Pershing LLC at:
brokerage.info@pershing.com .

© 2013 Pershing LLC.

Interactive Data Corporation Terms & Conditions of Use

All information provided by Interactive Data Real Time Services ("Real-Time Services") and its affiliates (the "Real-Time Services Information") is owned by or licensed to Real-Time Services and its affiliates and any user is permitted to use such Real-Time Services Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Real-Time Services Information in any format to anyone, and no user shall use any Real-Time Services Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Real-Time Services Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE REAL-TIME SERVICES INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE REAL-TIME SERVICES INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE REAL-TIME SERVICES INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Dow Jones Indexes Terms of Use

Pershing LLC, at our discretion, provide you with services including, but not restricted to, news and information services. You agree to comply with the conditions imposed on your use of the services, as set out in these Terms and Conditions of Access and elsewhere in our services. These services may be outside our control or provided by a third party in which in case we cannot take responsibility for their content, or for any delays, interruptions or errors in the provisions of these additional services, provided we have exercised reasonable care and diligence in the selection of such providers.

Certain data accessible on our services is the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or us. The data is protected by copyright and other intellectual laws and all ownership rights remain with the information service provider or the third party or us, as the case may be.

You may only use the data retrieved from our services for your own personal and non-commercial purposes while accessing our services. Such use will be in accordance with these Terms and Conditions of Access and the requirements set out elsewhere on our services. You may not copy, distribute or redistribute the data, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make the data retrieved from our services available in any manner to any third party. You may not store the data for the purposes of creating a historical database or historical data product. You may not use any of the data in connection with the issuance, trading, marketing or promotion of investment products (e.g., derivatives, structured products, investment funds, investment portfolios, etc. where the price, return and/or performance of the investment product is based on or related to the data) without a separate written agreement with us, the information service provider or third party, as the case may be, that has ownership rights to the data (e.g. Dow Jones & Company, Inc., S&P, etc.).

The data is provided "as is." We, any information service provider or any third party shall not be liable to you or any third party for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the data or any other information supplied to you through our services or (ii) any decision made or action taken by you or any third party in reliance upon the data. Nor shall we, any information service provider or any third party be liable for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages incurred by you or any third party.

Where the information consists of pricing or performance data, the data contained therein has been obtained from sources believed reliable. Data computations are not guaranteed by any information service provider, third party or us or any affiliates and may not be complete. Neither we, any information service provider, nor any third party give any warranties, as to the accuracy, adequacy, quality or fitness, timeless, non-infringement, title, of any information for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risk from any use or results of using any information. You are responsible for validating the integrity of any information received over the Internet.

Transmission may be subject to arbitrary delays beyond our control, which may delay the provision of our services and the execution of your orders. You acknowledge that neither we, any information service provider, nor any third party will be liable to you or any third party for any losses arising from such delay.

You understand and acknowledge that confirmations of executions or cancellations may be delayed or may be erroneous (e.g. due to computer system issues) or may be cancelled/adjusted by an exchange, market center or executing broker. Any reporting or posting errors, including errors in reporting or posting execution prices or cancellations, will be corrected to reflect what actually occurred in the marketplace.

You understand and acknowledge that when you place a request to cancel an order, the cancellation of that order is not guaranteed. The order will only be cancelled if the request is received by the market center to which the order was routed and matched with the order to be canceled before it is executed. During market hours, it is rarely possible to cancel market orders or marketable limit or as such orders are subject to immediate execution. You should not assume that any order has been executed or canceled until you have received a transaction or cancellation confirmation.

In no event will we, any information provider, or third party be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of our services. We are not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of our services.

Systems Requirements


  Windows Mac
Operating Systems Supported Windows 7, XP and Vista OS X (10.5.x or higher)
Browsers Supported  IE 7, 8 and 9
 Firefox 3.6.x and 9.0.x
 with JRE plugin 1.4x or higher 		Safari 4.x and 5.x
with JRE plugin 1.4x or higher

Terms and Conditions of Use

© 2011 Northwestern Mutual Investment Services, LLC. All Rights Reserved.

Please carefully read the following Terms and Conditions of Use ("Terms of Use") before using this website ("Site").

All information on this Site is provided by Northwestern Mutual Investment Services, LLC ("NMIS"), Pershing LLC, and their third-party information providers subject to the following Terms of Use. By using this Site, you agree to follow and be bound by these Terms of Use, which govern your use of the Site. These Terms of Use govern solely your use of the Site and nothing contained in the Terms of Use is intended to modify or amend any other agreement that is currently in effect between you and NMIS or any of NMIS's affiliates. If you do not agree in full to these Terms of Use, you must immediately stop your use of this Site.

By using this Site, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of NMIS, Pershing LLC, your Internet service provider and you.

This is not an official account statement, and has not been audited. The information on this Site does not in any way alter or supersede the terms of any confirmation or statement received from NMIS, its subsidiaries and affiliates, or other organizations, and it has not been audited. This report should not be used as a source document for tax or other purposes. Forms 1099 should be relied on when preparing tax returns. We encourage you to review and maintain the original, official reporting documents relating to the assets you hold with NMIS (account statements, confirmations, etc.). You should refer to these official documents when referring to the value of your assets.

Site Content - General Information, Not an Offer
The information contained in this Site, including any links to other web sites, is intended to provide NMIS clients and other investors with general information regarding investing, and other specific information and data such as stock quotes, research reports, commentary regarding specific securities and information pertaining to NMIS client accounts. This Site is provided for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or insurance product referenced on this Site. The information provided on this Site is for personal, non-commercial use. Reference to a mutual fund, insurance product or security included anywhere in this service is not a recommendation to buy, sell, or hold that, or any other security or insurance product. NMIS does not represent that the securities or services described on the Site are suitable for any specific investor. Investors are advised not to rely on any information contained in this Site in the process of making a fully informed investment decision. Users of the Site should contact a NMIS Registered Representative ("Representative") before making any investment decisions.

Timeliness and Accuracy of Content
Information contained on this Site, including pricing, valuation, and commentary on specific securities, reflects the authors' analysis and other information available as of the publication date indicated. NMIS and Pershing LLC do not guarantee the accuracy, completeness or timeliness of such information and such information is subject to change. NMIS and Pershing LLC are under no obligation to update the information to reflect changes after the publication date. Furthermore, quotations, news, opinions, commentary, recommendations, data, pricing and all other information contained on this Site is believed to be reliable, but NMIS and Pershing LLC cannot and do not guarantee its accuracy, timeliness or completeness.

NMIS is a member of SIPC (Securities Investor Protection Corporation), which protects the value of securities in customers' NMIS accounts up to $500,000 (including up to $250,000 for claims for cash). Direct to Fund assets held by outside mutual fund families are not covered by NMIS’ SIPC coverage. In addition, NMIS' clearing firm, Pershing LLC (Pershing), carries excess SIPC insurance coverage. Assets held at a custodial institution other than Pershing or other assets "not held" at Pershing, including but not limited to Direct to Fund assets, are not protected by the excess SIPC insurance policy. Information about SIPC is available upon request, or at www.northwesternmutual.com and at www.sipc.org. For answers to any questions regarding an outside mutual fund family’s SIPC coverage, you may either contact your Financial Representative or the appropriate mutual fund family, or refer to the mutual fund family’s statement regarding SIPC membership. SIPC coverage does not protect against potential losses due to market fluctuation.

Not Legal or Tax Advice
NMIS is not providing specific investment advice to any individual viewing the content of the Site. The information on this Site is not intended and should not be construed as legal or tax advice.

Accessing Your Account(s)
Certain parts of this Site may be protected by passwords or require a login. And, for authentication purposes, certain features on this Site may require you to answer a designated security question. You agree to provide NMIS with true, accurate and complete information as prompted by the Site registration processes and agree to regularly update this information to maintain its completeness and accuracy. You agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this Site, or to any other protected Site information, through any means not intentionally made available to you by NMIS.

You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords, and security questions and answers that you use to access any page or feature on this Site, and for logging off of your account and any protected areas of the Site. You are fully responsible for all activities occurring under your accounts, user names, logins, passwords, and security questions and answers that result from your negligence, carelessness, misconduct, or failure to use or maintain reasonable security measures. If you become aware of any suspicious or unauthorized conduct concerning your accounts, user names, logins, passwords, or security questions and answers, you agree to contact NMIS immediately. NMIS will not be liable for any loss or damage arising from your failure to comply with the above conditions.

Electronic Transmission
Services provided to you through this Site may involve the electronic transmission, including via any e-mail address you provide to us, of information that you may consider to be personal information or promotional or marketing materials. By using this Site to gain access to your accounts, you consent to electronic transmission of such personal information or promotional or marketing materials.

Warranty Disclaimer
NMIS AND OTHER PROVIDERS OF MATERIALS ON THIS SITE DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT.

No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and NMIS does not take any responsibility therefore. A link from this service to another service or site outside of this Site is not an endorsement of the service or site, its content, or its sponsoring organization.

Notice for Non-U.S. Investors
This Site has been published in the United States for residents of the United States. This Site is not intended for use by, or to provide any information to, investors outside of the United States. Investors outside of the United States may be subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this Site. No security, investment advisory service, or other product or service will be offered or sold in any jurisdiction in which such offer, solicitation, purchase or sales would be unlawful under the laws of the jurisdiction. United States investors should be advised that not all investments, products, product features, or underlying investment options may be available in all states. NMIS reserves the right to require proof of residence from any user accessing the Site and requesting information.

Nothing on this Site shall be construed to be a solicitation to buy or an offer to sell any security, product, or service to any non-U.S. investor, nor shall any such security, product or service be solicited, offered or sold in any jurisdiction where such activity would be unlawful under the laws of the jurisdiction, or would subject NMIS, any of NMIS's affiliates to any registration requirement within such jurisdiction.

Copyright Information, Site Ownership, and Restrictions on Use
The material provided in this service, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of NMIS and/or Pershing LLC, except that you may download, display, or print the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices. Modification of the materials or use of the materials for any other purpose is a violation of copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of the material providers.

Relationship of Parties
Pershing LLC acts solely as clearing agent for NMIS. Pershing LLC is not a NMIS affiliate nor does it exercise supervisory authority over NMIS or its employees.

NMIS Customer Privacy Notice
NMIS's Customer Privacy Notice is available via the link below:
http://www.nmfn.com/tn/global--customer_privacy_pg#SH3

Contact Information
Contact Northwestern Mutual Investment Services, LLC at:
https://service.nmfn.com/webforms/pershing/techSupportForm.html

In writing at:

Northwestern Mutual Investment Services, LLC
Suite 600
611 East Wisconsin Avenue
Milwaukee, WI 53202

Modification and Termination
NMIS reserves the right to modify these Terms of Use, modify the information contained on this Site, or modify the availability of any features or functionality of the Site at any time, without notice or liability. Any such modifications will be effective immediately upon posting to the Site and you are responsible for checking the Site periodically for modifications to these Terms of Use or the Site. The rights granted to you by these Terms of Use terminate immediately upon any violation by you of the Terms of Use. NMIS further reserves the right, in its sole discretion, to temporarily or permanently discontinue your electronic access to your account and use of the Site at any time, without notice or liability. NMIS will not be liable to you or any third party for any termination of your access to or use of this Site.

Pershing LLC Terms and Conditions of Access
Pershing LLC, at its discretion, imposes terms and conditions on your use of the Site as set out in a separate terms and conditions disclosure provided to you via a link elsewhere in this Site. Such terms and conditions may include conditions related to services provided through the Site by Pershing LLC and third parties including, but not limited to, news and information services. You agree to comply with Pershing's terms and conditions in addition to these Terms of Use. In the event there is a conflict between Pershing LLC's terms and conditions and these Terms of Use, NMIS's Terms of Use govern your use of the Site.


12/2010

Account Protection

Securities Account Protection

NMIS is a member of SIPC (Securities Investor Protection Corporation), which protects the value of securities in customers&rsquo accounts up to $500,000 (including $250,000 for claims for cash), in the unlikely event of a broker dealer liquidation. An explanatory brochure concerning SIPC is available upon request or at www.sipc.org or call SIPC at 202-371-8300.

In addition, NMIS' clearing firm, Pershing LLC (Pershing) carries excess SIPC insurance coverage through a private insurer, Lloyds of London. This excess SIPC insurance coverage provides account protection for assets held in custody with Pershing LLC for 1) An aggregate loss limit of $1 billion for eligible securities on Pershing's Platform 2) A per client loss limit of $1.9 million for cash awaiting reinvestment - within the aggregate loss limit of $1 billion. Assets held at a custodial institution other than Pershing or other assets "not held" at Pershing are not protected by the excess SIPC insurance policy. The availability of excess SIPC coverage is not guaranteed and coverage limits may change from time to time based on commercial availability. Please see your Northwestern Mutual Registered Representative for additional information.

What investments are covered?
All stocks, bonds, mutual funds, notes, options, certificates of deposit, money market funds, debentures, warrants and rights held in your NMIS account maintained at Pershing are protected up to the coverage limits of SIPC and the excess SIPC Insurance Bond coverage. Just as the FDIC insures bank deposits against bank failure, SIPC protects investments from a brokerage firm's insolvency or liquidation. SIPC does not protect investments against potential losses from market fluctuations.

What is SIPC?
SIPC is a non-profit organization of broker-dealers created in 1970 by an act of Congress. It protects client assets of member broker-dealers who cannot meet their financial obligations to their clients. For details, please see www.sipc.org, or call SIPC at 202-371-8300.

Where does SIPC get the funds to protect accounts?
SIPC maintains a fund from member contributions and interest earned from U.S. government securities. If necessary, it can also draw from a $1 billion line of credit with a bank consortium and borrow up to another $1 billion from the U.S. Treasury.

Where does the excess SIPC protection come from?
Besides the protection you receive from SIPC, our clearing firm, Pershing LLC, carries an excess SIPC Insurance Bond providing coverage in excess of the protection provided by SIPC through a private insurer, Lloyds of London.

Are my cash and IRA accounts protected separately?
Each account you have with NMIS in which you act in a different capacity is protected. This means that if you act as sole owner of one account and custodian of another, each of these accounts retains separate protection.

If I were to file a claim, how would SIPC satisfy it?
First, SIPC would recover as much of your cash and securities as possible from your broker-dealer (often by liquidating the assets of the failed firm). Then, SIPC would use its own funds to satisfy any additional claims subject to its $500,000 per account and $250,000 cash limits.

What if I have more than $500,000 in securities and cash at risk?
After all recovered securities and cash are returned to you, if your remaining claim exceeds the $500,000 SIPC limit, Pershing's excess SIPC Insurance Bond provides coverage up to 1) An aggregate loss limit of $1 billion for eligible securities on Pershing's Platform 2) A per client loss limit of $1.9 million for cash awaiting reinvestment - within the aggregate loss limit of $1 billion. The availability of excess SIPC coverage is not guaranteed and coverage limits may change from time to time based on commercial availability.

What if I need more information?
Simply contact SIPC at www.sipc.org, or call 202-371-8300. We will be happy to answer any additional questions about the protection of your investments you may have.

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