Quantopian Terms Of Use

Last revised: September 16, 2016

INTRODUCTION

Welcome to Quantopian. Quantopian is both a web-based platform and a community. As a platform, it’s a place to write and test 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. Your access and use of Quantopian, including your use and adaptation of algorithms and other content accessible shared by other members of the Quantopian community are subject to the Terms of Use set forth below.

We encourage you to share your algorithms and other content you own, and we encourage you to use, adapt, and learn from others’ shared algorithms and other content. You may, however, decide to keep private some or all of the algorithms that you write and test on Quantopian. If you choose to keep some or all of your algorithms private, we will respect that decision, subject to our Privacy Policy and these Terms of Use. You can access our Privacy Policy through the privacy policy link posted at the bottom of our home page https://www.quantopian.com or by going directly to https://www.quantopian.com/policies#privacy.

AGREEMENT

These Terms of Use constitute a legally binding agreement between Quantopian Inc. ("Quantopian", "us" or "we") and you (“you”), the individual listed in the account registration form the completion of which requires you to click the applicable “I Agree” box, and sets forth the terms and conditions that govern your use of Quantopian.com (the "Site") and/or any related services (the "Services") accessed through the Site. Through the Quantopian platform, we intend to provide supplemental services (“Supplemental Services”) in addition to the basic Services available to all registered users of Quantopian (“Basic Services”). In these Terms of Use we use the term “Services” to also include both the Basic Services and any Supplemental Services for which you register. Your use of any Supplemental Services may be subject to additional terms (“Supplemental Terms”). We will list any Supplemental Terms in these Terms of Use or will present to you for your consideration and, if satisfactory to you, acceptance when you register to use the applicable Supplemental Services. If any of these Terms of Use are inconsistent with any Supplemental Terms applicable to any Supplemental Services, the Supplemental Terms will take precedence with respect to your use of such Supplemental Services.

We refer to these Terms of Use and any applicable Supplemental Terms as the “Agreement.” We may update or amend these Terms of Use and any applicable Supplemental Terms from time to time by posting such updates or amendments to the Site. Your use of the Site or any applicable Supplemental Services after we post any such updates or amendments will constitute your agreement to those updates or amendments.

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.

PLEASE CAREFULLY READ THESE TERMS OF USE AND ANY SUPPLEMENTAL TERMS BEFORE ACCESSING THE SITE OR USING ANY OF THE SERVICES. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS AND CONDITIONS OR IF YOU CANNOT REMAIN IN COMPLIANCE WITH SUCH TERMS AND CONDITIONS, YOU MAY NOT ACCESS THE SITE OR USE ANY OF THE SERVICES AND SHOULD IMMEDIATELY CEASE SUCH ACCESS AND USE. IF YOU DO NOT AGREE WITH THE SUPPLEMENTAL TERMS APPLICABLE TO ANY SUPPLEMENTAL SERVICES, YOU MAY NOT ACCESS THE SITE TO USE SUCH SUPPLEMENTAL SERVICES AND SHOULD IMMEDIATELY CEASE SUCH ACCESS AND USE.

1. Limited License; Use of Services.

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 designed to 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 (as defined below). Our responsibility for your algorithms or your use of algorithms provided as Shared Content is only as provided herein.

2. Accounts, Passwords and Security.

To become a Registered User, you must complete the registration process by providing Quantopian with current, complete and accurate personally identifiable information, including, without limitation, your real name and the email address through which we can correspond with you, as prompted by the applicable registration form. You further agree to keep any registration information you provide to Quantopian current, complete and accurate. Please read our Privacy Policy, which is available at https://www.quantopian.com/policies#privacy, for more information about our information collection and use practices. Individuals under the age of 13 are not permitted to register for any account or use other interactive features of the Site. As part of the registration process, you are asked to select a username and password. You are entirely responsible for maintaining the security and confidentiality of your account information, including your username and password. FURTHERMORE, YOU ARE ENTIRELY RESPONSIBLE FOR ANY AND ALL ACTIVITIES AND CONDUCT, WHETHER BY YOU OR ANYONE ELSE, THAT ARE CONDUCTED THROUGH YOUR ACCOUNT. We may hold you liable for any losses incurred by Quantopian or any other party due to someone else’s use of your account or password. You agree to notify Quantopian immediately upon your becoming aware of any unauthorized use of your account or any other breach of security involving your account. Quantopian will not be liable for any loss that you or any other party may incur as a result of someone else’s use of your password or account, either with or without your knowledge.

3. Prohibited Activities.

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 (other than third party data) that we, you, or other Registered Users of Quantopian post in publicly accessible areas of the Site and Services. Third party data is subject to the terms and conditions of the provider of such data. 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, scripting, deep link or other similar automated data gathering or extraction tools, program, algorithm or methodology, unless you obtain Quantopian’s prior written consent;

  • use the Site or Services to advertise, market, sell, 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 Quantopian-provided or approved 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 or obstruct portions of 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 as Shared Content 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 that they have the right to make public. Accordingly, you are permitted to copy, modify, use, comment on and / or republish, both on and off the Site and Services, reasonable amounts of Shared Content for purposes consistent with our mission to help people write, test and improve their algorithms or for other personal use (unless Quantopian has expressly agreed to other use in writing.) 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 for the above-stated purposes and use. You are not permitted, and are expressly prohibited from copying, modifying, and republishing the Content of Quantopian and its other Registered Users except as expressly permitted above. Should a question arise in the future as to what does or does not constitute Shared Content, or how it may be used, you may contact us per the last bullet of Section 16 of this Agreement. We also reserve the right to provide public or individual notice about this issue and in any case Quantopian’s decision about Shared Content will control.

We reserve the right to cancel your account with us, without any notice to you as provided in Section 19, if we suspect any violation of any of the terms of this Agreement.

4. No Liability for Shared Content or Third Party Content.

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. Quantopian may remove any Content suspected to be in violation of the terms of this Agreement.

5. Proprietary Rights.

You retain ownership of all Content you submit, post, display, or otherwise make available on the Site or Services.

Unless you choose to share your Content, we will use reasonable best efforts to keep your Content private. Quantopian will not review, share, or otherwise make use of private Content except as specifically provided in our Privacy Policy or this Agreement. With respect to this Agreement, Quantopian may access, review, share, or otherwise make use of private Content in the following circumstances (including in source code or similar form):

  • If necessary in the course of providing technical support or other maintenance of the Services; provided that, wherever possible, any access by Quantopian for technical support or maintenance purposes will be restricted to the very specific technical purpose relevant to such support or maintenance;

  • In order to comply with any applicable legal or regulatory requirements or court order;

  • In the event that we consider, in our discretion, that such Content may present a security risk;

  • In the event that we consider, in our discretion, that such Content may constitute an infringement or misappropriation of any third party right; or

  • In the event that we consider, in our discretion, that such Content may be relevant to Quantopian’s defense in any legal proceeding.

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. Any testing or evaluation will be done with the spirit and intent of protecting your Content.

We may share anonymized and/or aggregated algorithm performance statistics with third parties. Any such external or third party usage of performance data will not be made when such usage of performance data would reveal the details and workings of the underlying Content.

You may choose to share your Content on the Site and Services by posting it in public areas of the Site and Services. By so posting any of your Content in public areas of the Site and Services, you hereby grant to us and other Registered Users a worldwide, sublicensable, assignable, royalty-free, fully paid, perpetual, irrevocable right and license to make, have made, use, reproduce, modify, translate, distribute, transmit, create derivative works of, perform, display, import, and otherwise exploit, without the requirement to make any payment to you or the need to seek any third party permission, such Content in any form, media, or technology, whether now known or hereafter devised or developed, and to allow others to do the same, but at all times, in accordance with Quantopian’s Privacy Policy. You represent that (i) you have the legal right to provide the Content to Quantopian for purposes of your grant of the license you have granted to Quantopian and other Registered Users in the preceding sentence of this paragraph and (ii) all Content is true, accurate, current and complete, including the information about your accounts maintained at other web sites, as requested in our “add account” setup forms.

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 or Shared Content owned by you or other Registered Users), and (v) any intellectual property therein (collectively, "Our Intellectual Property") may not be copied, modified, reproduced, republished, posted, or transmitted unless it is Shared Content, and no Content (other than Content submitted by you or on your behalf) may be sold, offered for sale, or redistributed in a commercial manner 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, trade names, 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.

6. Feedback.

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 make, have made, use, reproduce, modify, translate, distribute, transmit, 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 written mutual agreement with you that provides otherwise.

7. Social Networks.

In using certain Services, you authorize us to act on your behalf to access and interact with social networking sites such as Facebook and Twitter (any such site, a "SN Site") to retrieve Content and information from, and/or submit information to, such SN Sites at your request. We will not collect your username and password for any such SN Site, and we will instead store the unique authorization code (or a “token”) provided to us by the SN Site to access it on your behalf. You can revoke our access to an SN Site at any time by amending the appropriate settings from within your account settings on that site and/or on our Site. You should note that an SN Site may change or amend its guidelines and our access to it at any time, and we cannot guarantee that our Services will always include a connection to such SN Site. Further, you may be able to edit your privacy settings for the Content that you post which appears on SN Site by making selections in your “Edit Profile” settings via the Site and Services. You represent and warrant that you will comply at all times with the relevant terms and conditions of any SN Site in using our Site and Services. You also agree to follow each SN Site’s code of conduct (where applicable) when interacting with content from and posting Content to such SN Site and to file an abuse report with the applicable SN Site for Content which violates the code of conduct or terms of use for that third party site.

8. Privacy and Security.

We are committed to your privacy and security. For more information, you should review our Privacy Policy at https://www.quantopian.com/policies#privacy. By agreeing to these Terms of Use, you acknowledge that you understand that "perfect security" cannot be attained on the Internet, and that you understand and agree that we only agree to take reasonable steps to help ensure the security of your personal information and that such steps do not guarantee that the Site and the Services are invulnerable to all security breaches or immune from viruses, security threats or other vulnerabilities. We do not warrant that your information will be secure.

9. Disclaimer of Warranties.

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 QUANTOPIAN SITE, SERVICES OR 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. OTHER THAN TO EVALUATE THE PERFORMANCE OF ALGORITHMS FOR COMPLIANCE WITH OUR CONTEST RULES AND POSSIBLE ALLOCATION TO YOU UNDER SEPARATE LICENSE, 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.

10. Investment Disclaimer.

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 pursuant to this Agreement, 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 Quantopian. 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. Upon your request, 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. Please refer to Quantopian Supplemental Terms of Use for Brokerage Connection Services for more information, located here: https://www.quantopian.com/policies#live_trading.

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, suitability, 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.

11. Morningstar Fundamental Data and other Data Disclaimer.

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. Other third party data providers have similar limitations and their own terms and conditions of use. By using such data at the Quantopian Site or with the Services you are agreeing to be bound by their applicable terms and conditions.

12. Professional Advice Disclaimer.

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. Your financial situation is unique, and any information 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.

13. Limitation of Liability.

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 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.

14. Indemnification.

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, misappropriate, 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.

15. Release.

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."

16. Copyright Violations.

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]

17. Jurisdictional Issues.

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.

18. Arbitration Agreement And Jury Trial Waiver, Class Action Waiver, And Forum Selection Clause.

All controversies, disputes, demands, counts, claims, or causes of action between you and Quantopian arising out of, under, or related to these Terms of Use or our privacy practices (including any action we take or authorize with respect to information about or provided by you) shall be settled exclusively through binding arbitration.

  1. Arbitration shall be subject to the Federal Arbitration Act and not any state arbitration law. The arbitration shall be conducted before one commercial arbitrator with substantial experience in resolving commercial contract disputes from the American Arbitration Association (“AAA”). As modified by these Terms of Use, and unless agreed upon by the parties in writing, the arbitration will be governed by the AAA’s Commercial Arbitration Rules and, if the arbitrator deems them applicable, the Supplementary Procedures for Consumer Related Disputes (collectively “Rules and Procedures”).
  2. You are thus GIVING UP YOUR RIGHT TO GO TO COURT to assert or defend your rights under this contract EXCEPT for matters that may be taken to small claims court. Your rights will be determined by a NEUTRAL ARBITRATOR and NOT a judge or jury. You are entitled to a FAIR HEARING, BUT the arbitration procedures are SIMPLER AND MORE LIMITED THAN RULES APPLICABLE IN COURT. Arbitrator decisions are as enforceable as any court order and are subject to VERY LIMITED REVIEW BY A COURT.
  3. You and Quantopian must abide by the following rules: (i) for any claim that could otherwise be brought in small claims court, the arbitration shall be conducted solely based on written submissions and, if the arbitrator deems it appropriate, a telephonic hearing; (ii) if the claim exceeds what can be recovered in a small claims court, the arbitration shall be conducted solely based on written submissions or a telephonic hearing, unless the arbitrator deems a face-to-face hearing is appropriate, in which case one should be held at a location agreed to by you and Quantopian, and if the parties cannot agree on a location for the hearing, the arbitrator will determine a location for the proceedings which is reasonably convenient to both parties with due consideration of their ability to travel and other pertinent circumstances; (iii) the arbitrator’s ruling is binding and not merely advisory; (iv) ANY CLAIMS BROUGHT BY YOU OR QUANTOPIAN MUST BE BROUGHT IN THE PARTIES’ INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING; (v) THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING; (vi) in the event that you are able to demonstrate that the costs of arbitration will be prohibitive as compared to costs of litigation, Quantopian will pay as much of your filing and hearing fees in connection with the arbitration as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive as compared to the cost of litigation; (vii) Quantopian also reserves the right in its sole and exclusive discretion to assume responsibility for all of the costs of the arbitration; (viii) the arbitrator shall honor claims of privilege and privacy recognized at law; (ix) a decision by the arbitrator (including any finding of fact and/or conclusion of law) against either you or Quantopian shall be confidential unless otherwise required to be disclosed by law or by any administrative body and may not be collaterally used against either of them in existing or subsequent litigation or arbitration involving any other person/Quantopian customer; and (x) each side pays its own attorneys’ fees and expenses unless there is a statutory provision that requires the prevailing party to be paid its fees and litigation expenses.
  4. Notwithstanding the foregoing, either you or Quantopian may bring an individual action in small claims court. In addition, if you are a Registered User outside of the United States, the dispute resolution provision in our Privacy Statement (if any), and not this arbitration provision, shall apply to any disputes related to privacy. Further, claims of defamation, violation of the Computer Fraud and Abuse Act, and infringement or misappropriation of the other party’s patent, copyright, trademark, or trade secret shall not be subject to this arbitration provision. Such claims shall be exclusively brought (unless such courts do not have personal jurisdiction in the dispute) in the courts located in New York, New York. Additionally, notwithstanding this arbitration provision, either party may seek emergency equitable relief before such courts in order to maintain the status quo pending the arbitrator’s ruling, and hereby agree to submit to the personal jurisdiction of such courts. A request for interim measures shall not be deemed a waiver of the right to arbitrate.
  5. With the exception of subparts (iv) and (v) in the paragraph above (prohibiting arbitration on a class or collective basis), if any part of this arbitration provision is deemed to be invalid, unenforceable or illegal, or otherwise conflicts with the Rules and Procedures, then the balance of this arbitration provision shall remain in effect and shall be construed in accordance with its terms as if the invalid, unenforceable, illegal or conflicting provision were not contained herein. If, however, either subpart (c) or (d) is found to be invalid, unenforceable or illegal, then the entirety of this arbitration provision shall be null and void, and neither you nor Quantopian shall be entitled to arbitration. In the event this arbitration provision is held unenforceable by a court, or in the event AAA refuses to arbitrate the dispute, all controversies, disputes, demands, counts, claims, or causes of action between you and Quantopian shall be exclusively brought in the state or federal courts specified in subsection “(d)” above.
  6. For more information on AAA, its Rules and Procedures, and how to file an arbitration claim, you may call AAA at 800-778-7879 or visit the AAA website at http://www.adr.org.

19. Termination.

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 Quantopian and to third parties to use any Shared Content survives the termination of this Agreement.

20. General Information.

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. However, we may assign this Agreement to any third party whom we choose without your consent and/or without notice to you. 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.

21. Electronic Communications.

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 21 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.

22. Modification to Services.

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.

23. Amendments and Modifications of this Agreement.

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.

Privacy Policy

Last revised: September 16, 2016.

Quantopian is both a platform and a community. It's a place to write and test trading algorithms. It's a place to meet other algorithm writers, to share algorithms, ideas, strategies, and trading experiences. Quantopian, Inc. ("Quantopian", "we" or "us") is committed to protecting your privacy. We have prepared this Privacy Policy to describe to you our practices regarding the Personal Information (as defined below) we collect from users of our website, located at quantiopian.com, ("Site") and related Services (as defined in the Terms of Use). If you simply browse the Site, you are referred to in this Privacy Policy as a "Visitor". If you have registered with the Site and receive Services, you are referred to in this Privacy Policy as a "Member". Capitalized terms not defined in this Privacy Policy have the meanings given in our Terms of Use located at https://www.quantopian.com/policies/terms.

1. User Consent

By submitting Personal Information through our Site or Services, you agree to the terms of this Privacy Policy and you expressly consent to the collection, use and disclosure of the Personal Information in accordance with this Privacy Policy.

2. A Note to Users Outside of the United States.

If you are a non U.S. user of the Site or Services, by visiting the Site and/or providing us with information, you acknowledge and agree that your Personal Information may be processed for the purposes identified in the Privacy Policy. In addition, your Personal Information may be processed in the country in which it was collected and in other countries, including the United States, where laws regarding processing of Personal Information may be less stringent than the laws in your country. By providing your information, you consent to such transfer.

3. Children

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.

4. Types of Information We Collect.

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.

  1. Information You Provide to Us.
    1. Visitors and Members
      • If you provide us feedback or contact us via e-mail, we will collect your name and e-mail address, as well as any other content included in the e-mail, in order to send you a reply.
      • When you participate in one of our surveys, we may collect additional information.
      • We may also collect Personal Information on the Site or through the Services when we make clear that are we are collecting it and you voluntarily provide it, for example when you submit an application for employment.
    2. Members Only
      • We may collect Personal Information from you, such as your first and last name, physical mailing address, phone, e-mail address, age, credit card number, ethnicity, gender, marital status, education level, interests, hobbies and password when you create an account on the Site **("Account")**.
      • In order to receive certain Services, you may provide a credit card number or other payment card information. Quantopian uses Stripe, Inc. to process orders for such services that are made through the Site. Therefore, such information will also be governed by Stripe, Inc.’s privacy policy, which can be viewed at https://stripe.com/us/privacy.
      • In order to provide our Services, you may also provide us with Content (as defined in the Terms of Use)
      • We retain information on your behalf, such as files and messages that you store using your Account and/or when you create a profile (your “Profile”).

  2. Information Collected via Technology.
    • 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 also use cookies and URL information to gather information regarding the date and time of your visit, the website URL you were visiting immediately before you came to our Site and the website URL you visit as you leave our Site and the information for which you searched and which you viewed. "Cookies" are small pieces of information that a website sends to your computer’s web browser while you are viewing a website. We may use both session Cookies (which expire once you close your web browser) and persistent Cookies (which stay on your computer until you delete them) to provide you with a more personal and interactive experience on our Site. Persistent Cookies can be removed by following Internet browser help file directions; please note that certain aspects of the Site or Services may not be available if the Persistent Cookies are removed.

    • We may use third party service providers to help us analyze certain online activities. For example, these service providers may help us analyze visitor activity on the Site. We may permit these service providers to use cookies and other technologies to perform these services for us.

    • If you are logged into the Site or Services, the information collected via technology as described in this Section may be associated with your Personal Information and will, accordingly, be treated as Personal Information in accordance with this Privacy Policy.

    • 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.

5. Our Relationship with Social Networking Sites

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.

6. Use of Personal Information

  1. Your Personal Information.
  2. In general, Personal Information you submit to us regarding you or your company is used either to respond to requests that you make, or to aid us in serving you better. We use such Personal Information in the following ways:
    • to publish such Personal Information to Visitors and other Members of the Site and Services, but only when you make such Personal Information available in public areas of the Site and Services
    • to facilitate communication with other Members of the Site and Services that you designate to receive your Personal Information when you communicate with them through the Site and Services
    • to facilitate the creation of and secure your Account on our network;
    • to identify you as a user in our system;
    • to provide improved administration of our Site and Services;
    • to provide the Services you request;
    • to improve the quality of experience when you interact with our Site and Services;
    • to send you a welcome e-mail to verify ownership of the e-mail address provided when your Account was created;
    • to send you administrative e-mail notifications, such as security or support and maintenance advisories;
    • to respond to your inquiries related to employment opportunities or other requests;
    • to make telephone calls to you, from time to time, as a part of secondary fraud protection or to solicit your feedback;
    • to suggest contacting (or friending) other Members of the Site that you may know;
    • to send newsletters, surveys, offers, and other promotional materials related to our Services and for other marketing purposes;
    • to contact you regarding opportunities to compensate you for your algorithm's performance;
    • to share anonymized and/or aggregated algorithm performance statistics with third parties, for example potential investors or for marketing purposes;
    • if you have opted in, to share with other organizations to help them contact you for marketing purposes;
    • to share with our affiliates as permitted by applicable law; and
    • to market products, services and events to you that we believe may be of interest, both on and off the Site.

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.

7. Disclosure of Your Personal Information.

We disclose your Personal Information as described below and as described elsewhere in this Privacy Policy.

  1. Visitors and Members of the Site.
  2. 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.

  3. Profile.
  4. 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.

  5. Third Party Service Providers.
  6. 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.

  7. Third Party Brokers.
  8. In addition, some of our Services may enable you to use third party APIs to make securities trades. If you choose to do this, we will provide information to such APIs in accordance with your elections. You acknowledge and agree that you are solely responsible for your use of those websites and that it is your responsibility to review the terms of use and privacy policy of the third party provider of such APIs. We will not be responsible or liable for: (i) the availability or accuracy of such APIs; (ii) the content, products or services on or availability of such APIs; or (iii) your use of any such APIs.

  9. Affiliates and Acquisitions.
  10. We may share some or all of your Personal Information with our subsidiaries, joint ventures, or other companies under a common control ("Affiliates"), in which case we will require our Affiliates to honor this Privacy Policy. If another company acquires our company, business, or our assets (including in connection with a bankruptcy proceeding), that company will possess the Personal Information collected by us and will assume the rights and obligations regarding the Personal Information as described in this Privacy Policy. We may share some or all of your Personal Information in connection with or during negotiation of any merger, financing, acquisition or dissolution, transaction or proceeding involving sale, transfer, divestiture, or disclosure of all or a portion of our business or assets.

  11. Other Disclosures.
  12. Regardless of any choices you make regarding your Personal Information (as described below), Quantopian may disclose Personal Information if it believes in good faith that such disclosure is necessary (i) in connection with any legal investigation; (ii) to comply with relevant laws or to respond to subpoenas or warrants served on Quantopian; (iii) to protect or defend the rights or property of Quantopian or users of the Services; and/or (iv) to investigate or assist in preventing any violation or potential violation of the law, this Privacy Policy, or Terms of Use.

8. Third Party Websites.

When you click on a link to any other website or location, you will leave our Site and go to another site and another entity may collect Personal Information or Anonymous Information from you. We have no control over, do not review, and cannot be responsible for, these outside websites or their content. Please be aware that the terms of this Privacy Policy do not apply to these outside websites or content, or to any collection of information after you click on links to such outside websites.

9. Control of Your Personal Information

  1. Choice.
  2. We will periodically send you free newsletters and e-mails that directly promote the use of our Site or Services. When you receive newsletters or promotional communications from us, you may indicate a preference to stop receiving further communications from us and you will have the opportunity to "opt-out" by following the unsubscribe instructions: (i) provided in the e-mail you receive, (ii) on the Site or (iii) by contacting us directly (please see contact information below). Even if you opt-out of receiving marketing related email messages, we will continue to send you Service related communications, including notices related to your Account or any updates to our Terms of Use or Privacy Policy.

  3. Changes to Personal Information.
  4. 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.

  5. Termination.
  6. If you choose to close your Account, your profile and other public Personal Information will be removed from the site. Some public activity, such as sharing of algorithms, will not be removed automatically and will only be removed at the discretion of Quantopian, as covered in the Terms of Use (Proprietary Rights and other sections).

10. Security of Your Personal Information.

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.

11. Response to “Do Not Track” Signals

Some Internet browsers include the ability to transmit “Do Not Track” signals. Since uniform standards for “Do Not Track” signals have not yet been adopted, Quantopian does not process or respond to “Do Not Track” signals.

12. Contact Information.

Quantopian welcomes your comments or questions regarding this Privacy Policy. Please e-mail us at [email protected] or contact us at the following address:

Quantopian
Attn: Member Support
100 Franklin St., 5th Floor
Boston MA 02110

13. Changes to This Privacy Policy.

This Privacy Policy is subject to occasional revision, and if we make any substantive changes in the way we use your Personal Information, we will notify you by sending you an e-mail to the last e-mail address you provided to us and/or by prominently posting notice of the changes on our Site. Further, if the changes are material, we will give you the opportunity to affirmatively consent to such changes. Any other changes to this Privacy Policy will be effective upon the earlier of thirty (30) calendar days following our dispatch of an e-mail notice to you or thirty (30) calendar days following our posting of notice of the changes on our Site. These changes will be effective immediately for new users of our Service. Please note that at all times you are responsible for updating your Personal Information to provide us with your most current e-mail address. In the event that the last e-mail address that you have provided us is not valid, or for any reason is not capable of delivering to you the notice described above, our dispatch of the e-mail containing such notice will nonetheless constitute effective notice of the changes described in the notice. In any event, changes to this Privacy Policy may affect our use of Personal Information that you provided us prior to our notification to you of the changes. Unless affirmative consent is requested, if you do not wish to permit changes in our use of your Personal Information, you must notify us prior to the effective date of the changes that you wish to deactivate your Account with us or that you desire a specific opt-out of disclosed uses in this Privacy Policy. Some opt-out requests may require Quantopian to deactivate your Account in its sole discretion. Continued use of our Site or Service, following notice of such changes shall indicate your acknowledgment of such changes and agreement to be bound by the terms and conditions of such changes.

Quantopian Risk Disclosure Statement

Last revised: January 5, 2014

INTRODUCTION

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.

RISKS

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.

Risks of Using Internet-based Technology - Generally

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.

  1. Quantopian’s software might fail or work properly.
    1. All software is subject to inadvertent programming errors and bugs embedded in the code comprising that software. Any of these errors and bugs can cause the software in which they are located to fail or not work properly. The applications software used to operate Quantopian’s Site and Services depends is subject to this risk. Despite testing and on-going monitoring and maintenance, inadvertent errors and bugs may still cause a failure in Quantopian’s applications software.
    2. We may update or revise our applications software in ways that cause some of its functionality or features to be lost or diminished. Any such loss or diminution could make Quantopian less valuable to you, cause certain functions and features in your algorithms to fail, and require you to change your algorithms and related trading strategies.

  2. Quantopian’s computing and communications infrastructure may fail.
  3. 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:

    1. Any or all of the systems comprising our infrastructure could entirely or partially fail, function erratically, or function very slowly (thereby leading to latency, i.e., delays in receipt of and response to user requests).
    2. We may inadvertently cause a systems failure during planned or unplanned system maintenance.
    3. We may undertake software upgrades, either planned or unplanned, that take longer to implement or that causes your computer system or Internet connectivity to fail.
    4. We may change or remove functions and features whose change or removal causes your system to fail, function erratically, or function very slowly.
  4. Your computer system and your Internet connectivity may fail.
  5. Any of the components of your computer system and/or your Internet connectivity could fail entirely, function erratically, or function very slowly. The result of any of these occurrences could make it difficult or impossible for you to access the Quantopian Site or use the Quantopian Services.

Risks in Writing, Testing, and Running Trading Algorithms

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

  1. Your algorithm may be designed on the basis of an incorrect understanding of: how the platform on which it is written, tested, or run works; how your algorithm works; the operation of the trading markets for the securities to which your algorithm is addressed and how the different systems comprising those markets interact; the costs of executing the trades suggested by your algorithm; and how much market opportunity you can capture with computer-based trading algorithms.
  2. Your algorithm may contain logical errors in the code you write to implement it or in the code of the model of the market with which you test your algorithm.
  3. Errors may exist in the data used for testing your algorithm or the applicable model of the market.
  4. Your algorithm might appear to succeed in a backtesting environment using historical data, but fail when using live data.Your algorithm might appear to succeed with some data sources, but fail when using other data sources, including live data sources.
  5. Your algorithm may not achieve the returns you anticipate. There are no guarantees, or even expectations, that can be made about the future behavior of an algorithm.

Risks of Engaging in Live Algorithmic Trading and Related Strategies

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.

  1. Risks of Trading, Generally
  2. 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.

  3. Certain Risks of Live Algorithmic Trading
  4. In addition to all of the risks described above, live algorithmic trading is subject to the following types of types of risk:

    1. Backtesting and Paper Trading Cannot Assure Actual Results.
    2. 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.

    3. The relevant market might fail or behave unexpectedly.
    4. 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.

    5. Your broker may experience failures in its infrastructure, fail to execute your orders in a correct or timely fashion, reject your orders, or fail to comply with applicable laws and regulations.
    6. 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.

    7. The system you use for generating trading orders, communicating those orders to your broker, and receiving queries and trading results from your broker may fail or not function in a correct or timely manner.
    8. 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.

    9. The systems of third parties in addition to those of the provider from which you obtain algorithm writing, testing, and implementation services, your broker, and the applicable securities market may fail or malfunction.
    10. 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.

    11. Malicious and criminal activities might cause your algorithms and strategy to fail or your brokerage account to be compromised.
    12. All computers and networks are subject to malicious “hacking” attacks and criminal activities designed to misappropriate intellectual property, compromise personally identifiable information, steal funds, or any combination of such purposes. These attacks might be attacks on a target of opportunity or specifically targeted. Each of the various systems described above that are necessary for you to engage in live algorithmic trading is subject to such attack. Any such attack could cause the system so attacked to function improperly or not at all and could result in the misappropriation of your intellectual property, the compromise of your personally identifiable information and personal financial information, and the theft of your funds.

Quantopian Supplemental Terms of Use for Brokerage Connection Services

Last Revised: July 14, 2016

INTRODUCTION

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.

Your access and use of Quantopian’s Brokerage Connection Services will be subject to the general Terms of Use for accessing and using the Quantopian Site and Services to which you have previously agreed, as supplemented by the terms of use that are set forth below.

AGREEMENT

These Supplemental Terms of Use for Brokerage Connection Services (the “BCS Terms of Use”) are intended to govern your access and use of Quantopian’s Brokerage Connection Services (the “BC Services”) and to supplement for such purpose the Terms of Use to which you have previously agreed and that in general govern your access and use of the Quantopian Site and Services (the “General Terms of Use”). Together with such General Terms of Use, these BCS Terms of Use constitute a binding, contractual agreement between Quantopian Inc. (hereinafter, "Quantopian", "us" or "we") and you (“you”), the individual listed on the BC Services account registration form the completion of which requires you to click the applicable “I Agree” box.

Capitalized terms used but not otherwise defined in these BCS Terms of Use shall have the meanings ascribed to them in the General Terms of Use.

To the extent that there is any conflict between these BCS Terms of Use and the General Terms of Use, the provision(s) in these BCS Terms of Use take precedence, but solely to the extent such conflict exists. Otherwise, the General Terms of Use shall apply to your access and use of the BC Services.

THESE BCS TERMS OF USE GOVERN YOUR USE OF THE BROKERAGE CONNECTION SERVICES. EVERY TIME YOU USE THE BROKERAGE CONNECTION SERVICES, YOU ACKNOWLEDGE AND AGREE TO THESE BCS TERMS OF USE.

We may amend or modify these BCS Terms of Use at any time and from time to time in accordance with Section 22 of the General Terms of Use. 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 who are registered for use of the BC Services. Your access of the Site and use of the Services following any such amendment or modification shall be deemed your acceptance of such amendment or modification. You agree to review the Agreement periodically to be aware of such amendments and modifications.

YOU ACKNOWLEDGE AND AGREE THAT ANY DISPUTE ARISING BETWEEN YOU AND US IN RESPECT OF THE BC SERVICES AND THE APPLICABILITY TO SUCH DISPUTE OF THE GENERAL TERMS OF USE AND/OR THESE BCS TERMS OF USE REQUIRE THE USE OF ARBITRATION, RATHER THAN JURY TRIALS OR CLASS ACTIONS, AND ALSO LIMIT THE REMEDIES AVAILABLE TO YOU IN THE EVENT OF SUCH A DISPUTE. The Site and the Brokerage Connection Services are not intended to provide any tax, legal, financial planning, insurance, accounting, investment, or any other kind of professional advice or services, and nothing on the Site should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security, insurance policy, or investment strategy. To make sure that any information or suggestions on this site fit your particular circumstances, you should consult with an appropriate investment, financial, tax and/or legal professional before taking action based on any suggestions or information on this site. Unless otherwise specified, you alone are solely responsible for determining whether any financial strategy, product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. Without limiting the foregoing, no product or service offered or set forth on this Site, nor any analysis, commentary, or otherwise (whether oral or written), provided in conjunction with the foregoing shall be deemed to constitute: (1) investment advice under applicable state or federal law, including, but not limited to, the Investment Advisers Act of 1940; or (2) any sort of transaction in securities for the account of others, including, but not limited to, any solicitation, negotiation or execution of the transaction. Neither we nor any of our representatives, sublicensees, or assigns shall be responsible for any investment decisions or damages or losses resulting from the use of such product(s) or service(s) or any information provided in conjunction with same. You also acknowledge and agree that we are not a “broker”, or a “dealer”, as such terms are defined under the federal Securities Exchange Act of 1934.

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.

1. Use of the Brokerage Connection Services.

  1. 1.1 Algorithms and Trading. Through the Brokerage Connection Services, we provide tools and infrastructure that allow you to connect to certain registered broker-dealers so that you can send them instructions for live trading determined by running your algorithms and trading strategies through use of the Services. To be clear, we have no responsibility for your algorithms, your use of your algorithms or those available to you on the Site as Shared Content, or any trading instructions you generate through such use or the execution of such instructions. All brokerages or broker-dealers do not provide access to our services. You should note that any or all Third Party Sites may change or amend their guidelines and your access to such Third Party Sites at any time, and we cannot guarantee that our Services will always include a connection to any or all Third Party Sites. If you use your own algorithms or another user’s algorithms for live trading, you should understand the risks arising from that trading, including, by way of example only, those set forth in our Risk Disclosure Statement accessible through the home page of the Site (https://www.quantopian.com/home) or at https://www.quantopian.com/policies/risks_disclosure_statement.
  2. 1.2 Updates.You understand that the Site and Services are evolving. You acknowledge and agree that we may update the Site and Services with or without notifying you. You may need to update third-party software from time to time in order to use the Site and Services.
  3. 1.3 Third-Party Materials.As a part of the Site and Services, you may have access to materials that are hosted by another party, including Third Party Sites. You agree that it is impossible for us to monitor such materials and that you access these materials at your own risk.
  4. 1.4 Limit to Computation and Storage.You agree that we retain the right to create reasonable limits on the use and storage of Content, including your Content, such as limits on file size, storage space, processing capacity, and similar limits described in the web pages accompanying the Services and as otherwise determined by us in our sole discretion.
  5. 1.5 Limit to open beta.You understand that the open beta is limited to accounts with a portfolio value of less than $1,000,000.

2. Fees and Purchase Terms.

Certain of our Brokerage Connection Services require the payment of fees as set forth on the Site.

  1. 2.1 General Purpose of Terms: Sale of Services. The purpose of the Terms is for you to secure access to the Brokerage Connection Services. All fees set forth within and paid by you under the Terms shall be considered solely in furtherance of this purpose.
  2. 2.2 Payment. You agree to pay all fees or charges to your account in accordance with the fees, charges and billing terms in effect at the time a fee or charge is due and payable. You must provide us with a valid credit card (Visa, MasterCard, or any other issuer accepted by us) or some other acceptable payment method (“Payment Provider”), as a condition to signing up for the Brokerage Connection Services. Your Payment Provider agreement governs your use of the designated credit card or other payment method, and you must refer to that agreement and not the Terms to determine your rights and liabilities. By providing us with your credit card number or other payment method and associated payment information, you agree that we are authorized to immediately invoice your account for all fees and charges due and payable to us hereunder and that no additional notice or consent is required. You agree to immediately notify us of any change in your billing address or the credit card or other payment method used for payment hereunder. We reserve the right at any time to change our prices and billing methods, either immediately upon posting on the Site and Brokerage Connection Services or by e-mail delivery to you.
  3. 2.3 Taxes. Our fees are net of any applicable Sales Tax. If any Services, or payments for any Services, under the Terms are subject to Sales Tax in any jurisdiction and you have not remitted the applicable Sales Tax to us, you will be responsible for the payment of such Sales Tax and any related penalties or interest to the relevant tax authority, and you will indemnify us for any liability or expense we may incur in connection with such Sales Taxes. Upon our request, you will provide us with official receipts issued by the appropriate taxing authority, or other such evidence that you have paid all applicable taxes. For purposes of this section, “Sales Tax” shall mean any sales or use tax, and any other tax measured by sales proceeds, that we are permitted to pass on to our customers, that is the functional equivalent of a sales tax where the applicable taxing jurisdiction does not otherwise impose a sales or use tax.
  4. 2.4 Disputes. You must notify us in writing within seven (7) days after receiving your credit card statement, if you dispute any of our charges on that statement or such dispute will be deemed waived. Billing disputes should be notified to the following address: Quantopian; Billing Disputes; 100 Franklin Street 5th Floor; Boston MA 02110.

3. Disclaimer.

  1. 3.1 Disclaimer of Warranties. IN ADDITION TO THE DISCLAIMER OF WARRANTIES SET FORTH IN SECTION 9 OF THE GENERAL TERMS OF USE, YOU ACKNOWLEDGE AND AGREE THAT: WE MAKE NO WARRANTY, REPRESENTATION OR CONDITION THAT: (1) THE BROKERAGE CONNECTION SERVICES WILL MEET YOUR REQUIREMENTS; (2) YOUR USE OF THE BROKERAGE CONNECTION SERVICES WILL BE UNINTERRUPTED, TIMELY, ERROR-FREE, OR SECURE; (3) THE RESULTS THAT MAY BE OBTAINED FROM USE OF THE BROKERAGE CONNECTION SERVICES WILL BE ACCURATE, RELIABLE, COMPLETE, OR TIMELY; OR (4) ANY INTERRUPTIONS, DELAYS, MALFUNCTIONS, ERRORS, OR OTHER PROBLEMS IN THE BROKERAGE CONNECTION SERVICES WILL BE CORRECTED. ANY CONTENT DOWNLOADED FROM OR OTHERWISE ACCESSED THROUGH THE BROKERAGE CONNECTION SERVICES IS ACCESSED 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. THE BROKERAGE CONNECTION SERVICES MAY BE SUBJECT TO DELAYS, CANCELLATIONS AND OTHER DISRUPTIONS. YOU ALSO ACKNOWLEDGE AND AGREE THAT WE MAKE NO WARRANTY, REPRESENTATION OR CONDITION WITH RESPECT TO SERVICES, INCLUDING BUT NOT LIMITED TO, THE QUALITY, EFFECTIVENESS, REPUTATION AND OTHER CHARACTERISTICS OF BROKERAGE CONNECTION SERVICES. FROM TIME TO TIME, WE MAY OFFER NEW “BETA” FEATURES OR TOOLS WITH WHICH OUR 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.
  2. 3.2 Limitation of Liability. TO THE FULLEST EXTENT PERMITTED BY LAW, YOU ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL QUANTOPIAN OR ITS OFFICERS, DIRECTORS, OWNERS, AGENTS AND EMPLOYEES (THE “QUANTOPIAN PARTIES” ) HAVE ANY LIABILITY TO YOU OR ANY OTHER PERSON FOR ANY COSTS, LIABILITIES OR DAMAGES OF ANY KIND, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR PUNITIVE (TOGETHER, “COSTS”), ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR THE PERFORMANCE OR BREACH OF THIS AGREEMENT, OR YOUR OR ANY OTHER PERSON’S USE OF, OR INABILITY TO USE, THE BROKERAGE CONNECTION SERVICES. THESE LIMITATIONS SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER BASED ON STATUTE OR ARISING IN CONTRACT, INDEMNITY, WARRANTY, STRICT LIABILITY OR TORT (INCLUDING NEGLIGENCE), AND REGARDLESS OF WHETHER ANY QUANTOPIAN PARTY KNOWS OR HAS REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES.
  3. 3.3 No Liability for Conduct of Third Parties. 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 EXTERNAL SITES, AND THAT THE RISK OF INJURY FROM SUCH THIRD PARTIES RESTS ENTIRELY WITH YOU. YOU ACKNOWLEDGE AND AGREE THAT: (1) WE MAKE NO WARRANTY THAT THE GOODS OR SERVICES PROVIDED BY THIRD PARTIES WILL MEET YOUR REQUIREMENTS OR BE AVAILABLE ON AN UNINTERRUPTED, SECURE, OR ERROR-FREE BASIS; AND (2) 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 BROKERAGE CONNECTION SERVICES.
  4. 3.4 No Liability for Conduct of Other Users. YOU ARE SOLELY RESPONSIBLE FOR ALL OF YOUR COMMUNICATIONS AND INTERACTIONS WITH OTHER USERS OF THE BROKERAGE CONNECTION SERVICES. YOU UNDERSTAND THAT WE DO NOT MAKE ANY ATTEMPT TO VERIFY THE STATEMENTS OF USERS OF THE BROKERAGE CONNECTION SERVICES.
  5. 3.5 Basis. THE DISCLAIMERS SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE BASIS OF THE BARGAIN BETWEEN US AND YOU.

4. Term and Termination.

  1. 4.1 Term. The effectiveness of these BCS Terms of Use shall commence on the date when you first accept them by clicking the “I Agree” box in the registration form for subscribing to the BC Services and will remain in full force and effect while you use any of the BC Services, unless terminated earlier in accordance with these BCS Terms or Use or the General Terms of Use. For any Registered User who was granted access and use of the BC Services prior to the date that these BCS Terms of Use were posted on the Site, you hereby acknowledge and agree that these BCS Terms of Use shall be deemed to have become effective as applied to your use of the BC Services on the date you first used the BC Services and will remain in full force and effect while you use any of the BC Services, unless earlier terminated in accordance with the these BCS Terms of Use or the General Terms of Use.
  2. 4.2 Termination of Services by Quantopian. We reserve the right to terminate our provision of any or all of the Brokerage Connection Services with or without notice to you. We will not be liable to you or any third party should we exercise our right to terminate any or all of the Brokerage Connection Services. We, in our sole discretion, may immediately suspend or terminate any Brokerage Connection Services or your access to the Brokerage Connection Services at any time, for any reason, in our sole discretion, including if you have materially breached any provision of the Agreement, or if we are required to do so by law (e.g., where the provision of the Brokerage Connection Services is, or becomes, unlawful).
  3. 4.3 Termination of Services by You. If you want to terminate your access and use of any or all of the Brokerage Connection Services, you may do so by (a) notifying us at any time and (b) closing your account for any or all of the Brokerage Connection Services that you access and use. Your notice should be sent, in writing, to the following address: Quantopian; Termination Notices; 100 Franklin Street 5th Floor; Boston MA 02110.
  4. 4.4 Effect of Termination. Termination of all or any Brokerage Connection Services includes removal of access to such Brokerage Connection Services and barring of further use of such Brokerage Connection Services. We will not have any liability whatsoever to you for any such termination, including liability for deletion of your Content. All provisions of these BCS Terms of Use which by their nature should survive, shall survive termination of Brokerage Connection Services.

5. Robinhood.

  1. 5.1 U.S. Location. You agree to only make use of the Brokerage Connection Services to Robinhood while located in the United States of America.
  2. 5.2 Beneficiary. Robinhood is a third party beneficiary of this Terms of Use for Brokerage Services, and that, upon acceptance of these terms, Robinhood will have the right (and will be deemed to have accepted the right) to enforce the terms of use against such End User as a third party beneficiary thereof.

Quantopian Security

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.

Our approach to security

Here's how we think about and maintain the security of our application.

Layers of security

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.

Best practices

We employ many industry best practices to maintain our application's security. For example:

  • We are protected by CloudFlare, the industry leader in detecting and preventing DDoS and similar attacks.
  • We support two-factor authentication and strongly encourage members trading real money through Quantopian to use it.
  • Sensitive data in our databases are protected with strong encryption.
  • Member passwords are stored securely as salted, one-way hashes.
  • All application network traffic is encrypted in transit, including not only the traffic between your browser and Quantopian, but also all the data that travels between our internal application components.
  • We use the principles of separation of privileges and least privileges to minimize the potential impact of compromises.
  • We employ automated triggers to detect and block attempts to compromise our application.

Members of our team maintain their security expertise by subscribing to industry security periodicals and email lists and participating in various security forums.

Constant vigilance

Keeping our application secure is a continuous effort. Our ongoing security activities include:

  • We periodically engage external security-industry professionals to perform active white-hat penetration testing of our application, and to review our architecture and implementation in depth to look for potential security concerns.
  • We subscribe to relevant security notices and alerts, and act quickly to secure our site from any newly announced vulnerabilities that might impact it.
  • Virtually every line of code added to our application is reviewed in depth by a developer other than its author.
  • We employ extensive, real-time, 24x7 monitoring of our application's performance and of anomalous application behavior.
  • We have engineers on-call 24x7 to respond to alerts about potential security issues.

Maximum transparency

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.

Vulnerability disclosure

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].

Contributors

We are grateful to the following individuals for helping us to make Quantopian better by identifying and reporting issues to us.