Kapolly Market Data Terms

1. What these terms cover

These terms apply to market information made available by Kapolly through Kapolly.com, approved APIs, downloadable files, feeds or other interfaces. Market information may include prices, bids, offers, order book depth, volume, open interest, contract descriptions, market status, settlement information, timestamps, indices, reference values and related metadata.

2. Ownership and licences

Kapolly and its licensors retain their rights in the platform, compilation, presentation, schemas, software, original contract materials and proprietary data products. Public facts and third party source material remain subject to the rights that apply to those materials.

Access to market information does not transfer ownership. A user receives only the limited permission stated in these terms or in a separate written data licence.

3. Ordinary permitted use

• View market information for personal or internal business use.
• Use information to understand, place and manage orders on Kapolly.
• Quote limited factual values in ordinary commentary with fair attribution, where lawful.
• Use approved API access within the documented rate limits and licence scope.

4. Uses that require a separate written licence

• Redistributing a real time, delayed or historical Kapolly feed to customers or the public.
• Operating a commercial terminal, data product, database or analytics service that substantially reproduces Kapolly market information.
• Using Kapolly information as a pricing, valuation, settlement or reference source for another tradable financial product.
• Creating bulk historical archives for resale, licensing or third party distribution.
• Using Kapolly market information to train, fine tune or evaluate a commercial machine learning model where the use is not otherwise expressly authorised.
• Systematic commercial extraction beyond the public or API access granted to the user.

5. Prohibited conduct

• Bypass rate limits, access controls, security controls or technical restrictions.
• Scrape, harvest or copy the platform through automated means where Kapolly has not authorised that access method.
• Reverse engineer protected data interfaces or manipulate the presentation or functioning of the platform.
• Remove proprietary notices or falsely state that Kapolly sponsors, endorses or guarantees a third party product.
• Publish information in a way that is knowingly false, misleading, stale or likely to confuse users about current market status.
• Use data in support of manipulation, market abuse, unlawful trading or another violation of the Kapolly Rulebook.

6. API and automated access

Automated access must use an approved interface, credentials and security method. Users must protect access keys, follow documented request limits, identify their application where required and stop access when credentials are revoked.

Kapolly may apply technical controls to protect fair access, resilience and market integrity. Repeated requests that threaten platform stability or circumvent published limits may be blocked.

7. Data quality and corrections

Market information may change rapidly. Screens, public pages and noncontractual exports are provided for information and may contain delays, interruptions or errors. The authoritative state for an order, fill, balance or settlement is the relevant Kapolly system of record and official confirmation.

If an authoritative source corrects a value or Kapolly corrects a market record under the Rulebook, downstream users are responsible for handling the correction in accordance with their own obligations.

8. No investment advice or outcome guarantee

Market prices reflect participant orders and transactions. They are not a promise that an event will occur, an investment recommendation, a credit rating, professional advice or a guarantee of future performance.

9. Suspension and termination of data access

Kapolly may limit or suspend access where necessary for security, abuse prevention, licensing compliance, market integrity, maintenance or legal obligations. Where commercially reasonable and lawful, Kapolly will provide notice for material changes to licensed data services.

10. Liability

To the maximum extent permitted by applicable law, Kapolly is not responsible for loss caused solely by a user relying on a delayed, interrupted or nonauthoritative display where the authoritative platform record is available. Nothing in these terms excludes liability that cannot lawfully be excluded.

11. Relationship with other Kapolly terms

Trading activity remains governed by the Participant Agreement, Market Rulebook, contract specific rules and any applicable API or institutional agreement. If those documents conflict on a trading or settlement matter, the Market Rulebook and contract specific rules govern.