THIS AGREEMENT REQUIRES THE USE OF ARBITRATION ON AN INDIVIDUAL BASIS TO RESOLVE DISPUTES, RATHER THAN JURY TRIALS OR CLASS ACTIONS, AND ALSO LIMITS THE REMEDIES AVAILABLE TO YOU IN THE EVENT OF A DISPUTE.
Unless otherwise specified, Quantopian grants to you a non-exclusive and non-transferable limited right and license to access the Site and use the Services for your personal use or for your internal business purposes (but not on behalf of any third party) provided that you agree with and comply fully with the provisions of this Agreement. Certain features of the Site or Services are available only to users who register for a Quantopian account (“Registered Users”).
You acknowledge and understand that we provide tools and infrastructure that allow you to learn, create, test, and use your algorithms and algorithmic trading strategies. To be clear, we do not provide the algorithms and strategies, but rather the tools to create them and the data with which you can test and use them. You can create your own algorithms or use algorithms made available on the Site as Shared Content. We have no responsibility for your algorithms or your use of algorithms provided as Shared Content.
We use the term “Content” to mean entire or partial algorithms, code and code segments, trading strategies, data transformations, data analysis and manipulation functions, tools, software, data, databases, text, messages, images, graphics, video files, audio files, ideas and other information and materials. We use the term “Shared Content” to mean the Content that we, you, or other Registered Users of Quantopian post in publicly accessible areas of the Site and Services. Other than as provided at the end of this Section in respect of Shared Content, you acknowledge and agree that you will not:
copy, modify, publish, transmit, distribute, transfer or sell, create derivative works of, or in any way exploit, any of the Content accessible through the Site not submitted or provided by you, including by use of any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, program, algorithm or methodology, unless you obtain our prior written consent;
use the Site or Services to advertise, market or otherwise promote any commercial enterprise that you own, are employed by or are otherwise compensated by, either directly or indirectly;
use any engine, software, tool, agent or other device or mechanism to navigate or search the Site, other than the search engines and agents available through the Service and other than generally available third party web browsers;
copy, reverse engineer, reverse assemble, otherwise attempt to discover the source code, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell any information, software, products or services obtained through the Site or the Services;
access the Site or use the Services by any means other than through [the standard industry-accepted or] Quantopian-provided interfaces;
transmit any Content that is unlawful, harmful, threatening, abusive, harassing, tortious, defamatory, vulgar, obscene, libelous, or otherwise objectionable or which may invade another's right of privacy or publicity;
post or transmit any material that contains a virus, worm, Trojan horse, or any other contaminating or destructive feature;
post or transmit information protected under any law, agreement or fiduciary relationship, including but not limited to proprietary or confidential information of others;
use any of the Site’s or Service's communications features in a manner that adversely affects the availability of its resources to other users;
post or transmit any unsolicited advertising, promotional materials, "junk mail", "spam," "chain letters," "pyramid schemes" or any other form of solicitation or any non-resumé information such as opinions or notices, commercial or otherwise;
access or use the Site or Services to intentionally or unintentionally violate any applicable local, state, national or international law, including, but not limited to, regulations promulgated under any such law;
upload or transmit any material that infringes, violates or misappropriates any patent, trademark, service mark, trade secret, copyright or other proprietary rights of any third party or violates a third party’s right of privacy or publicity;
manipulate or otherwise display the Site and/or the Services by using framing or similar navigational technology;
register, subscribe, attempt to register, attempt to subscribe, unsubscribe, or attempt to unsubscribe, any party for any Quantopian product or Service if you are not expressly authorized by such party to do so;
use the Site and/or the Services for any purpose that is unlawful or prohibited by these terms and conditions;
use the Site or the Services in any manner that could damage, disable, overburden or impair Quantopian’s servers or networks, or interfere with any other user's use and enjoyment of the Site and/or the Services;
attempt to gain unauthorized access to any of the Site, Services, accounts, computer systems or networks connected to Quantopian through hacking, password mining or any other means;
obtain or attempt to obtain any Content through any means not intentionally made available through the Site or the Services; or
knowingly provide any Content that is false or inaccurate or will become false or inaccurate at any time.
Notwithstanding the prohibition on any of the above activities, we want to foster a community where Registered Users exchange and share Content. Accordingly, you are permitted to copy, modify, use, comment on and / or republish, both on and off the Site and Services, Shared Content. If you do copy, modify, comment on or republish Shared Content posted by another Registered User or Quantopian, you must (a) attribute authorship of that Shared Content to such Registered User or Quantopian and (b) provide the link to the appropriate URL on the Site at which you accessed the Shared Content. All comments that you post to the Site should be respectful of others and in all cases subject to the restrictions and guidelines of good behavior outlined in this Section 3. To be clear, the license to copy, modify and / or republish any Content that you have not authored is limited to the Shared Content. You are not permitted, and are expressly prohibited from copying, modifying, and republishing the Content of Quantopian and its other Registered Users unless expressly stated otherwise. We also reserve the right to cancel your account with us if you violate any of the terms of this Agreement.
A portion of the Content contained on the Site or Services not in the nature of Shared Content may be supplied by third parties (“Third Party Content”), including, without limitation, information providers, advertisers, and Registered Users. Quantopian is a distributor (and not a publisher) of such Third Party Content. Except to the extent that Quantopian seeks to enforce its rights under any of the terms of this Agreement, Quantopian does not have editorial control over any Shared Content or Third Party Content. Any reliance you place on Shared Content or Third Party Content is therefore at your own risk. Any Shared Content, Third Party Content, including, without limitation, such Content in the nature of opinions, advice, statements, services, offers, or other information, expressed or made available on the Site or through the Services are those of the respective authors or distributors thereof, and not Quantopian. Neither Quantopian nor any third-party provider or distributor of information on or through the Site or Services guarantees, endorses, or is otherwise responsible or liable for the accuracy, completeness, timeliness, reliability, availability, or usefulness of any Content accessible through the Site or Services..
You retain ownership of all Content you submit, post, display, or otherwise make available on the Site or Services.
Quantopian is seeking high-quality strategies to invest in. Towards that end, we may review the results of your backtests and live trading. We may review the performance and other "data exhaust" of your Content. Such performance information includes, but is not restricted to, returns and risk measurements of any backtest or live trading executed with the Content. We may generate additional performance data from your Content for the purposes of (a) verifying that software platform changes do not change or break your algorithm or (b) analyzing standardized performance results. We may share anonymized and/or aggregated algorithm performance statistics with third parties. Any usage of performance data will not be made when such usage of performance data would reveal the details and workings of the underlying Content. Any testing or evaluation will be done with the spirit and intent of protecting your Content.
You understand and acknowledge that (i) the software, code, proprietary methods and systems used to provide the Site or Services, (ii) the design, look and feel of our template reports, (iii) the graphical elements of our template reports, (iv) the Content other than the Content submitted by you or on your behalf and (v) any intellectual property therein (collectively, "Our Intellectual Property") may not be copied, modified, reproduced, republished, posted, transmitted, sold, offered for sale, or redistributed in any way without our prior written permission and the prior written permission of our applicable licensors (if applicable). You acknowledge and agree that Our Intellectual Property is the sole property of Quantopian or its licensors. You must abide by all copyright notices, information, or restrictions contained in or attached to any of Our Intellectual Property. Nothing in this Agreement grants you any right to receive delivery of a copy of Our Intellectual Property or to obtain access to Our Intellectual Property except as generally and ordinarily permitted through the Site according to this Agreement. Furthermore, nothing in this Agreement will be deemed to grant, by implication, estoppel or otherwise, a license to Our Intellectual Property. Certain of the names, logos, and other materials displayed on the Site or in the Services constitute trademarks, tradenames, service marks or logos ("Marks") of Quantopian or other entities. You are not authorized to use any such Marks. Ownership of all such Marks and the goodwill associated therewith remains with us or those other entities. Any use of third party software provided in connection with the Site or Services will be governed by such third parties’ licenses and not by this Agreement.
In the event that you provide us any ideas, thoughts, criticisms, suggested improvements or other feedback related to our Site or Services (collectively "Feedback"), you agree we may use the Feedback to modify our products and services and that you will not be due any compensation, including any royalty related to the product or service that incorporates your Feedback. You grant to us a worldwide, sublicensable, assignable, royalty-free, fully paid, perpetual, irrevocable right and license to use, reproduce, modify, translate, distribute, create derivative works of, perform, display, import, sell, offer for sale, make, have made and otherwise exploit, without the requirement to make any payment to you or to any third party or the need to seek any third party permission, the Feedback in any form, media, or technology, whether now known or hereafter devised or developed, and to allow others to do the same. This is true whether you provide the Feedback in any Content submitted publicly or privately, email or any other method of communication with us unless we have entered into a separate agreement with you that provides otherwise.
THE SITE AND THE SERVICES, AND ANY CONTENT, TOOLS, PRODUCTS OR SERVICES DISPLAYED, ACCESSED OR OBTAINED ON OR THROUGH THE SITES AND SERVICES ARE PROVIDED "AS IS", "AS AVAILABLE", AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, NON-INFRINGEMENT, SYSTEM INTEGRATION, AVAILABILITY, INTEGRITY, RELIABILITY OR TRANSMISSION OR RESPONSE TIME, DATA ACCURACY, AVAILABILITY, COMPLETENESS, RELIABILITY OR TIMELINESS, SUITABILITY OF CONTENT OR SERVICES, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, QUANTOPIAN AND ITS AFFILIATES, SUPPLIERS, AND AGENTS DO NOT WARRANT AND EXPRESSLY DISCLAIM THAT: (i) YOUR USE OF THE SITES AND/OR SERVICES AND ACCESS TO AND USE OF ALL OF THE TOOLS AND FEATURES THEREON WILL BE UNINTERRUPTED, TIMELY, ERROR-FREE, OR SECURE, (ii) THAT ANY INFORMATION OBTAINED THEREIN IS ACCURATE, RELIABLE, COMPLETE OR TIMELY, (iii) THAT DEFECTS WILL BE CORRECTED, OR (iv) THAT ANY SOFTWARE, SERVICES, SITES OR SERVER(S) ON WHICH THE SERVICES AND SITES ARE HOSTED ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOUR USE OF THE SITE AND THE SERVICES AND ANY CONTENT PROVIDED ON OR THROUGH THE SITES AND SERVICES ARE ENTIRELY AT YOUR OWN RISK, AND YOU SHALL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR PROPERTY OR PERSON, INCLUDING, BUT NOT LIMITED TO, YOUR COMPUTER SYSTEM AND ANY DEVICE YOU USE TO ACCESS THE BROKERAGE CONNECTION SERVICES, OR ANY OTHER LOSS THAT RESULTS FROM ACCESSING SUCH CONTENT. From time to time, we may offer new “beta” features or tools with which Registered Users may experiment. Such features or tools are offered solely for experimental purposes and without any warranty of any kind, and may be modified or discontinued at our sole discretion. The provisions of this Section apply with full force to such features or tools.
YOU ACKNOWLEDGE AND AGREE THAT WE ARE NOT LIABLE, AND YOU AGREE NOT TO SEEK TO HOLD US LIABLE, FOR THE CONDUCT OF THIRD PARTIES, INCLUDING OPERATORS OF OTHER SITES ACCESSIBLE THROUGH THE SITE OR SERVICES, AND THAT THE RISK OF INJURY FROM SUCH THIRD PARTIES RESTS ENTIRELY WITH YOU. WE MAKE NO WARRANTY THAT ANY GOODS OR SERVICES PROVIDED BY THIRD PARTIES IN CONNECTION WITH YOUR ACCESS AND USE OF THE SITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR BE AVAILABLE ON AN UNINTERRUPTED, SECURE, OR ERROR-FREE BASIS. WE MAKE NO WARRANTY REGARDING THE QUALITY OF ANY SUCH GOODS OR SERVICES, OR THE ACCURACY, TIMELINESS, TRUTHFULNESS, COMPLETENESS OR RELIABILITY OF ANY USER CONTENT OBTAINED THROUGH THE SITE AND/OR THE SERVICES.
YOU ARE SOLELY RESPONSIBLE FOR ALL OF YOUR CONTENT AND COMMUNICATIONS AND INTERACTIONS WITH OTHER USERS OF THE SITE AND SERVICES. YOU UNDERSTAND THAT WE DO NOT MAKE ANY ATTEMPT TO VERIFY ANY CONTENT POSTED ON THE SITE BY YOU OR ANY OTHER USERS.
THE DISCLAIMERS SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE BASIS OF THE BARGAIN BETWEEN US AND YOU.
You acknowledge and understand that the Services are not intended to supply investment, financial, tax or legal advice. The Services are not investment advice and any observations concerning any security, trading algorithm or investment strategy provided in the Services is not a recommendation to buy, sell or hold such investment or security or to make any other investment decisions. We offer no advice regarding the nature, potential value, risk or suitability of any particular investment strategy, trading algorithm, transaction, security or investment. You acknowledge and agree that any use of the Services, any decisions made in reliance on the Services, including any trading or investment decisions or strategies, are made at your own risk.
If investment, trading or other professional advice is required, the services of a competent, licensed professional should be sought. No employee, agent or representative of Quantopian is authorized to provide any such advice of any nature whatever, and any such advice, if given, is in violation of Quantopian's policies, is unauthorized and may not be relied upon.
Any order and/or execution trading services you may use in connection with the Services are provided by independent broker-dealers and not by us. In order to use the Services to enter orders for the purchase and sale of securities and/or to implement any investment strategy or trading algorithm, you must have an existing brokerage account with such a broker-dealer or establish one. We are not a broker-dealer and we are not affiliated with any broker-dealer, further, we do not endorse or recommend the services of any broker-dealer. We can provide you with information about broker-dealers that will allow order entry and trading by customer accounts that use our services. The broker-dealer where you maintain an account is solely responsible for its services to you and you agree that we are not liable for any damages or costs of any type whatsoever connected with those services including, but not limited to, trading losses.
You are Solely Responsible for Input Correctness and Accuracy. The quality of the product's analysis and optimization depends on the user's inputs. While automated guidance and value generation has been made available in the product to ease and expedite your entry of the parameters required for the product's analysis and optimization, you, as Registered User of the system, are solely responsible for ensuring the quality of all its inputs. As such, you must carefully review all input parameters and modify their values in all ways necessary to ensure their accuracy and fidelity. While there are other factors governing analysis and optimization accuracy, the quality of the product outputs depends on the accuracy of your inputs. For the avoidance of doubt, Quantopian makes no representations or warranties regarding the accuracy of its reverse-engineered inputs, nor for its automated input generation (auto-generate function). Complex Trade Risk: This tool is capable of generating custom solutions of arbitrary complexity (arbitrary contract types, numbers of legs, and leg quantities). The trades generated by the Service may increase beyond what is practical to execute, due to broker execution limits and the difficulties in executing a complex trade in an all-or-none fashion. Moreover, once the trade is executed, the management of a complex trade becomes more difficult than is normally the case. Another factor is that you may not be authorized to execute all contract types found in the solutions generated. Quantopian makes no representation that a solution generated by the Service can be executed and effectively monitored and managed in practice. It is entirely your responsibility to assess the appropriateness and practicality of the solutions generated by the optimizer. It is your responsibility to ensure the trade is executable and manageable, and appropriate for your needs.
Certain of the information contained in the Quantopian Site and Services: (1) is proprietary to Morningstar Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Our Services are meant as an aid to assist you in organizing and managing your financial information. NEITHER QUANTOPIAN NOR THE SERVICE IS INTENDED TO PROVIDE LEGAL, TAX OR FINANCIAL ADVICE. QUANTOPIAN IS NOT A FINANCIAL PLANNER, BROKER OR TAX ADVISOR. The Service is intended only to assist you in your financial organization and decision-making and is broad in scope. Your financial situation is unique, and any information and advice obtained through the Service may not be appropriate for your situation. The use and interpretation of the Services requires skill and judgment, and you shall at all times exercise your own judgment in the use of the Services.
YOU ACKNOWLEDGE AND AGREE THAT WE ARE ONLY WILLING TO PROVIDE ACCESS TO THE SITE AND TO PROVIDE THE SERVICES IF YOU AGREE TO CERTAIN LIMITATIONS OF OUR LIABILITY TO YOU AND TO THIRD PARTIES. NEITHER QUANTOPIAN NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, AGENTS OR SPONSORS ARE RESPONSIBLE OR LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS OR INJURY OR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY ARISING OUT OF OR RELATING IN ANY WAY TO (i) THE USE OF, DELAYS IN OPERATION, TRANSMISSION OR RESPONSE OF, OR INABILITY TO USE THE SITE OR THE SERVICES; (ii) ANY CONTENT CONTAINED ON THE SITES AND/OR THE SERVICES; (iii) STATEMENTS OR CONDUCT POSTED OR MADE PUBLICLY AVAILABLE ON THE SITES AND/OR THE SERVICES; (iv) ANY PRODUCT OR SERVICE PURCHASED OR OBTAINED THROUGH THE SITES; (v) ANY ACTION TAKEN IN RESPONSE TO OR AS A RESULT OF ANY INFORMATION AVAILABLE ON THE SITES OR THE SERVICES; (vi) ANY DAMAGE CAUSED BY MISTAKES, INACCURACIES, OMISSIONS, ERRORS, INTERRUPTIONS OR LOSS OF ACCESS TO, DELETION OF, FAILURE TO STORE, FAILURE TO BACK UP, OR ALTERATION OF ANY CONTENT ON THE SITES OR THE SERVICES, OR (vii) ANY OTHER FAILURE OF PERFORMANCE OF THE SITE OR SERVICES OR OTHER MATTER RELATING TO THE SITE AND/OR THE SERVICES, IN EACH CASE WHETHER OR NOT CAUSED BY EVENTS BEYOND THE CONTROL OF OUR DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, AGENTS OR SPONSORS, INCLUDING, BUT NOT LIMITED TO, ACTS OF NATURE, COMMUNICATIONS LINE FAILURE, THEFT, DESTRUCTION, OR UNAUTHORIZED ACCESS TO THE SITE OR SERVICES OR CONTENT STORED THEREIN. IN NO EVENT SHALL QUANTOPIAN'S TOTAL LIABILITY TO YOU FOR ANY AND ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT, TORT, STATUTORY, OR OTHERWISE) EXCEED THE GREATER OF: (i) ONE HUNDRED DOLLARS ($100.00) OR (ii) THE TOTAL AMOUNT PAID OR PAYABLE BY YOU TO US, IF ANY, FOR USING ANY OF THE SERVICES OR THE SITE IN THE THREE (3) MONTHS PRIOR TO THE DATE ON WHICH YOU FIRST ASSERT A CLAIM. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF CERTAIN TYPES OF LIABILITY. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS AND DISCLAIMERS MAY NOT APPLY TO YOU. TO THE EXTENT THAT WE MAY NOT, AS A MATTER OF APPLICABLE LAW, DISCLAIM ANY IMPLIED WARRANTY OR LIMIT LIABILITIES, THE SCOPE AND DURATION OF SUCH WARRANTY AND THE EXTENT OF OUR LIABILITY WILL BE THE MINIMUM PERMITTED UNDER SUCH APPLICABLE LAW.
You agree to indemnify, defend, and hold Quantopian and its subsidiaries, affiliates, officers, directors, agents, co-branders, sponsors, distributors, or other partners, employees, and representatives harmless from and against any and all claims, demands, actions, causes of action, damages, losses, costs or expenses (including reasonable attorneys' fees and disbursements) which arise or relate, directly or indirectly, out of, from or to (i) your breach of this Agreement or violation of any applicable law or regulation, (ii) any allegation that any materials that you submit to Quantopian infringe or otherwise violate the copyright, trade secret, trademark or other intellectual property rights, or any other rights of a third party, or (iii) access or use of the Site and/or the Services by you or anyone using your Quantopian account. This Section shall survive in the event this Agreement is terminated for any reason.
To the extent permitted under applicable laws, you hereby release Quantopian from any liability related to: (a) any incorrect or inaccurate Content posted on the Services, whether caused by any user of the Services (including, without limitation, any Registered User) or by any of the equipment or programming associated with or utilized in the Services; (b) the conduct, whether online or offline, of any user of the Services (including, without limitation, any Registered User); (c) any loss or damage caused by Content posted on the Services or transmitted by and to Registered Users, or any interactions between users of the Site (including, without limitation, any Registered User), whether online or offline; and (d) any error, omission, interruption, deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorized access to, or alteration of, user or Registered User communications. If you are a California resident, you hereby waive California Civil Code Section 1542, which states: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which, if known by him must have materially affected his settlement with the debtor."
If you believe that your work has been copied in a way that constitutes copyright infringement, please provide our copyright agent identified below the following information:
An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest;
A description of the copyrighted work that you claim has been infringed;
A description of where the material that you claim is infringing is located on the Site or Services;
Your address, telephone number, and email address;
A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; and
A statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf.
Our copyright agent for notice of claims of copyright infringement on the Site or the Services can be reached by mail at: Copyright Agent, Quantopian, Inc., Attn: Copyright Agent, 100 Franklin St., 5th Floor, Boston MA 02110, or via email at [email protected]
Quantopian makes no representation or warranty that the content and materials on the Site and/or the Services are appropriate or available or appropriate for use in locations outside the United States. Those who choose to access the Site or use the Services from other locations do so on their own initiative and at their own risk, and are responsible for compliance with local laws, if and to the extent applicable. Quantopian reserves the right, at any time in its sole discretion, to limit the availability and accessibility of the Site and/or the Services to any person, geographic area, or jurisdiction it so desires, and to limit the quantities of any such Service or products that it provides.
This Agreement shall remain effective until terminated in accordance with its own terms and conditions. You agree that Quantopian, in its sole discretion, may terminate your password, account (in whole or in part), or use of the Site or Services, and remove and discard any Content within the Sites, at any time and for any reason. You agree that any actions taken under this Section may be effective without prior notice to you. YOU AGREE THAT WE WILL NOT BE LIABLE TO YOU OR ANY OTHER PARTY FOR ANY TERMINATION OF YOUR ACCESS TO THE SITE OR SERVICES OR DELETION OF YOUR ACCOUNT OR YOUR SUBMISSION MATERIALS. In the event of termination, however, those Sections in this Agreement which, by their nature, survive termination of the Agreement shall so survive. Specifically, and without limitation, the license you have granted to use any Shared Content in the third paragraph of Section 3 survives the termination of this Agreement.
This Agreement constitutes the entire agreement and understanding between you and Quantopian and governs your use of the Site and the Services, superseding any prior agreements between you and Quantopian. This Agreement and the relationship between you and Quantopian shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of law provisions. The failure of Quantopian to exercise or enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision. If any provision of this Agreement is found by a court of competent jurisdiction to be unlawful, void or for any reason unenforceable, then that provision shall be deemed severed herefrom and shall not affect the validity and enforceability of any remaining provisions. The section titles in this Agreement are for convenience purposes only and have no legal or contractual effect. This Agreement is not assignable, transferable or sub-licensable by you except with our prior written consent. However, we may assign this Agreement to any third party whom we choose without your consent. No waiver by Quantopian of any breach or default hereunder shall be deemed a waiver of any preceding or subsequent breach or default. You acknowledge that we have the right hereunder to seek an injunction, if necessary, to stop or prevent a breach of your obligations hereunder.
You acknowledge and understand that (a) we can only give you the benefits of accessing the Site and using the Services by conducting business through the Internet, and therefore we need you to consent to our giving you Communications (defined below) electronically, and (b) this Section 20 informs you of your rights when receiving Communications from us electronically. For contractual purposes, you: (i) consent to receive communications from us in an electronic form and (ii) agree that all terms and conditions, agreements, notices, documents, disclosures, and other communications (“Communications”) that we provide to you electronically satisfy any legal requirement that such Communications would satisfy if they were in writing. Your consent to receive Communications and do business electronically, and our agreement to do so, applies to all of your interactions and transactions with us. The foregoing does not affect your non-waivable rights. You may also receive a copy of this Agreement. You may withdraw your consent to receive Communications electronically by contacting us in the manner described below. If you withdraw your consent, from that time forward, you must stop using the Site and Services. The withdrawal of your consent will not affect the legal validity and enforceability of any obligations or any electronic Communications provided or business transacted between us prior to the time you withdraw your consent. Please keep us informed of any changes in your email or mailing address so that you continue to receive all Communications without interruption.
We reserve the right to modify or discontinue the Site and any or all of the Services with or without notice to you. We will not be liable to you or any third party should we exercise our right to modify or discontinue the Site and/or any or all of the Services. If you object to any such changes, your sole recourse will be to cease access to the Site and/or Services, as applicable. Continued access to the Site and/or Services, as applicable, following notice of any such changes will indicate your acknowledgment of such changes and satisfaction with the Site and/or Services, as applicable, as so modified.
Quantopian may amend or modify this Agreement and any Supplemental Terms from time to time and at any time. If any such amendment or modification is material, we will post notice of it on the Site’s home page or by email to Registered Users. Your access of the Site and use of the Services following any such amendment or modification shall be deemed your acceptance of such amendment and modification. You agree to review the Agreement periodically to be aware of such amendments and modifications.
Our Services and Site are not directed to children and children are not eligible to use our Services. Protecting the privacy of children is very important to us. We do not collect or maintain Personal Information from people we actually know are under 13 years of age, and no part of our Site or Services is designed to attract people under 13 years of age. If we later learn that a user is under 13 years of age, we will take steps to remove that user's Personal Information from our databases and to prevent the user from utilizing the Site and the Services.
So that we are clear about the terminology we are using, when we refer to "Personal Information" we mean information that allows someone to identify or contact you, including, for example, your name, address, telephone number, e-mail address, as well as any other non-public information about you that is associated with or linked to any of the foregoing information. When we refer to "Anonymous Information" we mean information that is not associated with or linked to your Personal Information. Anonymous Information does not enable identification of or contact with individual persons.
To make our Site and Services more useful to you, our servers (which may be hosted by a third party service provider) collect information from you, including your browser type, operating system, Internet Protocol (IP) address (a number that is automatically assigned to your computer when you use the Internet, which may vary from session to session), and domain name.
We collect and store performance data generated by your algorithms when you use the platform to backtest, paper trade, and live trade.
We may generate additional performance data from your algorithms for the purposes of (a) verifying that software platform changes do not change or break your algorithm and/or (b) analyzing standardized performance results.
We have created and may offer you interfaces that allow you to connect with social networking websites such as Facebook ("SN Site") through our Site. We will work with the SN Site’s application protocol interface (better known as their developer API) in a way that allows you to authorize us to access your account on that SN Site on your behalf. In order to provide this authorization, you will not provide us with your user name or password to the SN Site, but you will need to log-in to that SN Site directly through our Site. Once authorized by you, the SN Site will provide us a token that allows the SN Site to recognize us when we ask, on your behalf, for access to your account information or to post information. You will be able to revoke our access to any SN Site at any time by amending the appropriate settings from within your account settings on the applicable SN Site, though such revocation may limit the Services we are able to provide you.
Creation of Anonymous Information. We may create Anonymous Information records from Personal Information by excluding information (such as the name) that makes the information personally identifiable to the data subject. We use this Anonymous Information to analyze request and usage patterns so that we may enhance the content of our Services and improve Site navigation. Quantopian reserves the right to use Anonymous Information for any purpose and disclose Anonymous Information to third parties at its sole discretion.
As noted above in the How We Use Your Personal Information Section, we publish your Personal Information on the Site and Services on public areas of the Site and Services and facilitate communication with other Members of the Site as you direct us through the Services.
Members have the opportunity to create a Profile on the Site and Services. Basic Profiles are available to all Visitors. Advanced profile features may permit the ability to make your advanced Profile available to all Visitors, to only Members or keep your Profile so it is not displayed to Visitors or Members.
We may share your Personal Information with third party service providers to: provide you with the Services that we offer you through our Site; conduct quality assurance testing; facilitate creation of accounts; process any payments; provide technical support; and/or provide other services to the Quantopian. These third party service providers are required not to use your Personal Information other than to provide the services requested by Quantopian. We may disclose certain Personal Information to third parties to whom you ask us to send Personal Information, including to other Members or Visitors with whom you are collaborating.
You may change any of the Personal Information in your Account that you provide to us by editing your profile within your Account or by sending an e-mail to us at the e-mail address set forth below. If you wish to change the Personal Information we have received through an SN Site, you must change such Personal Information on the SN Site. After a short period of time, changes in your Personal Information made on the SN Site will appear on the Site and the Services. You may request deletion of your Personal Information by us, but please note that we may be required to keep this information and not delete it (or to keep this information for a certain time, in which case we will comply with your deletion request only after we have fulfilled such requirements). When we delete any information, it will be deleted from the active database, but may remain in our archives. We may retain your information for fraud investigation or similar purposes.
Quantopian is committed to protecting the security of your Personal Information. We use a variety of industry-standard security technologies and procedures to help protect your Personal Information from unauthorized access, use, or disclosure. No method of transmission over the Internet, or method of electronic storage, is 100% secure, however. Therefore, while Quantopian uses reasonable efforts to protect your Personal Information, Quantopian cannot guarantee its absolute security. We also require you to enter a password to access your Account information. Please do not disclose your Account password to unauthorized people.
Quantopian Attn: Member Support 100 Franklin St., 5th Floor Boston MA 02110
Welcome to Quantopian. Quantopian is both a web-based platform and a community. As a platform, it’s a place to write and test securities trading algorithms. As a community, it’s a place to meet other algorithm writers and to share algorithms, tools, ideas, strategies, and trading experiences. By sharing algorithms and other content, members of the Quantopian community can use, adapt, and learn from each other.
In addition to basic services that allow you to write and test trading algorithms, Quantopian also provides a set of supplemental services, called Brokerage Connection Services, that allow you to engage in live trading through an unaffiliated registered broker-dealer based on the use of your algorithms and trading strategies.
Using Quantopian’s Services, including its Brokerage Connection Services, presents several different types of risk. We have summarized these below. You should read and understand these risks before you use any of Quantopian’s services.
The risks that can arise from using Quantopian’s Site and Services fall into three broad categories:
risks inherent generally in using Internet-based technology;
risks inherent in writing, testing, and running trading algorithms; and
risks inherent in engaging in live algorithmic trading.
ANY PERMUTATION OR COMBINATION OF THE OCCURRENCE OF THE POTENTIAL EVENTS THAT DEFINE THE RISKS DESCRIBED IN THIS DISCLOSURE STATEMENTS CAN LEAD TO A TOTAL OR PARTIAL LOSS OF OPERABILITY, RESPONSIVENESS, FUNCTIONALITY, AND FEATURES THAT COULD MATERIALLY AND ADVERSELY EFFECT YOUR USE OF QUANTOPIAN.
The Internet-related technological risks arising from using Quantopian’s Site and Services to write, test, analyze, and run trading algorithms and related trading strategies fall into three categories: (a) risks related to Quantopian’s software; (b) risks related to Quantopian’s computing and communications infrastructure; and (c) risks related to your software, hardware, and Internet connectivity. It is your obligation to thoroughly and appropriately test any trading algorithm before you put it in production and to continually monitor the operation of any trading algorithm in production to ensure it is running properly and in compliance with any applicable rules.
The operation of Quantopian’s Site and Services depend heavily on our infrastructure of computing and communications systems. The operation of this infrastructure is subject to several risks:
Writing, testing, and running computer-based trading algorithms is subject to several risks, any of which can cause your algorithms to not function as you had intended or fail to achieve one or more of the objectives of your algorithms. Algorithmic trading is rapidly changing as a practice and as an industry. Models of markets used to write and test trading algorithms are inherently limited and often fail to perform as expected. In addition, trading algorithms are implemented in software programming code, and no matter how well designed and thoroughly tested, any such code can have logical errors and bugs that cause the algorithms to malfunction or suggest trades that, if executed, would result in losses. It is your obligation to thoroughly and appropriately test any trading algorithm before you put it in production and to continually monitor the operation of any trading algorithm in production to ensure it is running properly and in compliance with any applicable rules
Quantopian’s Brokerage Connection Services allows you to engage in live trading through an unaffiliated, registered broker-dealer based on the trades suggested by running your algorithms. Engaging in live trading subjects you to (a) the risks associated with trading generally, and (b) the risks associated with live algorithmic trading using Quantopian’s Brokerage Connection Services.
THE OCCURRENCE OF ANY OF THE EVENTS ASSOCIATED WITH THESE RISKS, ALONE OR IN COMBINATION WITH ANY OF THE OTHER RISKS DESCRIBED IN THIS DISCLOSURE STATEMENT, COULD RESULT IN THE LOSS OF ALL OF THE MONEY YOU HAVE DEPOSITED IN THE BROKERAGE ACCOUNT YOU USE FOR LIVE TRADING BASED ON THE ALGORITHMS YOU WRITE, TEST, AND RUN ON QUANTOPIAN. LOSSES CAN HAPPEN MORE QUICKLY WHEN USING ALGORITHMIC TRADING THAN OTHER FORMS OF TRADING. YOU SHOULD DISCUSS WITH AN INVESTMENT PROFESSIONAL THE RISKS OF TRADING IN GENERAL AND ALGORITHMIC TRADING IN PARTICULAR. YOU USE ANY ALGORITHM IN LIVE TRADING AT YOUR OWN RISK AND IT IS YOUR OBLIGATION TO THOROUGHLY AND APPROPRIATELY TEST ANY TRADING ALGORITHM BEFORE YOU PUT IT IN PRODUCTION AND TO CONTINUALLY MONITOR THE OPERATION OF ANY TRADING ALGORITHM IN PRODUCTION TO ENSURE IT IS RUNNING PROPERLY AND IN COMPLIANCE WITH ANY APPLICABLE RULES.
You may incur losses (or fail to gain profits) while trading securities. You should discuss the risks of trading with the broker-dealer where you maintain an account or other investment professional. Quantopian provides you only with trading technology and can provide no investment, financial, regulatory, tax or legal advice.
In addition to all of the risks described above, live algorithmic trading is subject to the following types of types of risk:
It is not possible for a computer model to truly predict what might have happened if an algorithm-based trading strategy was in play in a live trading environment. For example, the implementation of such a strategy can itself have an impact on the market, and the model may fail to account for real-life factors that impact the model. Moreover, the model may fail to account for execution costs including broker commissions, fees, and trading slippage. And, in a live trading mode, your broker may not permit orders or actions that were executed in the model.
A promising model result does not necessarily predict a successful strategy. Execution of the code comprising the algorithm and the performance of that code may prove to be impossible in a live trading environment. Changes in various market factors not foreseen in a model can change, causing a strategy to fail. A backtest might be over-fitted to past data, and fail when the strategy is applied to new, live data. Orders that were executed correctly in the backtesting environment may be disallowed or rejected by your broker, causing the algorithm to fail or otherwise not perform as expected. Attempts to place, edit, or cancel orders might fail, or might result in unexpected outcomes. Moreover, your algorithm might not handle market conditions that cannot be reasonably anticipated, i.e., a “flash crash” or an exchange outage. These market conditions, by definition, will not have been tested.
Market centers in which you seeking to implement your trading strategy may fail or behave incorrectly because of technical reasons relating to infrastructure, connectivity, and similar factors.
Your algorithm might suffer from adverse market conditions. Those conditions can include lack of liquidity, and abrupt and unwarranted price swings. Also possible are late market openings, early market closings, market chaos, and mid-day trading pauses, and other such disruptive events.
Your broker’s infrastructure and/or applications program interface (API) to which you connect the system on which you are running your algorithm might fail. In addition, even if your broker’s infrastructure and API are working correctly, your broker may reject orders in error or by design, incorrectly execute orders, or induce errors through unexpected behavior (such as returning messages out of sequence, incorrectly acknowledging orders, or posting incorrect execution reports). You should refer to the brokerage agreement between your broker and you for how, if at all, any losses arising from these risks are allocated between your broker and you. Quantopian bears no responsibility for this.
If your broker fails to comply with laws and regulations applicable to trading in general and algorithmic trading in particular, trades for your account that were previously permitted may be disallowed without warning. The Financial Industry Regulatory Authority (FINRA) is engaged in increasing its surveillance of algorithmic trading and could promulgate rules that increase the risk of compliance failure by your broker.
The substance of your orders to buy, sell, correct, or cancel might not be what you desired because of errors in the algorithmic trading system that you are using. Such errors could include various incorrect parameters. Even if the substance of your orders is correct, because of errors in your system, your desired orders might not be placed at all or might be placed too early or too late. Latency (i.e., delays) within and between your system, as well as those of your broker and the market in which you seeking to effect trades, might cause orders, corrections, and cancels to be placed or not placed in ways that are not desired. You may receive incorrect information, or be unable to get information, about your orders, your positions, or market conditions. Incorrect actions may be taken, or correct actions may not be taken, because of inaccurate or missing information. In addition, you may be unable to terminate or edit your algorithm.
Algorithmic trading depends on the availability of various services from third parties in addition to your algorithm services provider and broker. These, for example, include providers of data services, computational services, and network connectivity. The operations of these third parties are beyond all of our reasonable control. Regardless of the reason for any failure by your broker, the market in which you seek to have trades executed, or these other third parties, we will not have any liability for any such failure.
Accurate and complete real-time price data is critical for the success of algorithmic trading. The systems of these data providers could experience failures, errors, and latency, which could result in missing, incorrect, or stale market data.
In some cases, providers of algorithmic services may rely on third parties to meet the computational needs entailed by algorithmic trading.
Your ability to engage in algorithmic trading through Internet-based services depends critically on network connectivity between you, your broker, the other third party service providers described above, and the applicable markets.
Any failures or delays in the third party data, computational, and connectivity services described here could materially and adversely affect your ability to successfully engage in algorithmic trading.
Welcome to Quantopian’s Brokerage Connection Services, a set of services that allow you as a Quantopian Registered User to link your Quantopian account to certain brokers to whom you can send trading orders for live trading. We bear no responsibility or liability for any such use of these services.
We have not made a determination of your suitability to participate in the Brokerage Connection Services. The fact that we have made the data and services provided on the Brokerage Connection Services available to you constitutes neither a recommendation that you enter into a particular transaction or investment strategy, nor a representation that any product described on this Site is suitable or appropriate for you. You should not enter into any transactions or investment strategies unless you have fully understood all such risks and have independently determined that such transactions or strategies are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned. You should consult your private advisor to the extent that you have any questions on anything herein.
Certain of our Brokerage Connection Services require the payment of fees as set forth on the Site.
The protection of our members' intellectual property is one of our core promises. Our success and the success of our members hinge on us keeping that promise. Our members have run millions of years worth of backtests and directed millions of dollars in assets through Quantopian live-trading algorithms, and we have never suffered a security breach which compromised their algorithms. We intend to keep it that way.
We always appreciate your input and feedback on our security practices. To report any possible security issues or other questions, please email us at [email protected]. Please see below for additional information about vulnerability reporting.
Here's how we think about and maintain the security of our application.
There's no one trick that makes a web site secure, no wall one can erect that will completely keep out the bad guys. Effective security requires multiple layers of controls and precautions, so that even if one layer is compromised, overall security remains intact. For example, the environment in which we execute each trading algorithm is isolated from the rest of our application, and from all the other executing algorithms, in at least three different, independent ways. Even if there were a flaw in one of those isolation strategies which allowed it to be compromised, the others would remain intact.
We employ many industry best practices to maintain our application's security. For example:
Members of our team maintain their security expertise by subscribing to industry security periodicals and email lists and participating in various security forums.
Keeping our application secure is a continuous effort. Our ongoing security activities include:
We value transparency in all we do, and we think it is particularly important when it comes to security. We have been always been, and will continue to be, honest and forthcoming about the security of our application. When it comes to the security of your data, we don't expect you to take us at our word; we know we need to earn your trust.
We appreciate help from our community in responsibly identifying security vulnerabilities in our application. Though we do not have a formal "bug bounty" program, we evaluate on a case-by-case basis the severity and scope of vulnerabilities disclosed to us and provide compensation when appropriate. To be eligible for such compensation, reporters should provide details of the vulnerabilities in private correspondence to [email protected] or [email protected].
We are grateful to the following individuals for helping us to make Quantopian better by identifying and reporting issues to us.