Morgan Stanley Smith Barney LLC ("Morgan Stanley") distributes to E*TRADE from Morgan Stanley customers quotes, last sale prices, volume, depth-of-book, other current and historical pricing information, and other data (collectively, "Market Data") that it receives from so-called Securities Information Processors ("SIPs") (e.g., the Unlisted Trading Privileges Operating Committee, the Consolidated Tape Association, and the Options Price Reporting Authority), other U.S. securities and commodities futures exchanges (including the New York Stock Exchange, The Nasdaq Stock Market, CME Group, Inc., ICE Futures U.S., Inc., Cboe Futures Exchange, LLC, and LMX Labs, LLC), certain market data consolidators (including, but not limited to, S&P Dow Jones Indices LLC, S&P Global Market Intelligence LLC, and Moody’s Research (and any successors or assigns)), and CUSIP Global Services (collectively, "Market Data Providers"), in accordance with the terms set forth in E*TRADE from Morgan Stanley’s various subscription agreements with the Market Data Providers. Subject to certain eligibility requirements and fees, E*TRADE from Morgan Stanley customers may receive Market Data on either a real-time or delayed (by at least 15 minutes) basis. Equities data is either real-time Nasdaq Basic or Consolidated Tape Association and Unlisted Trading Privileges data from the SIPs depending on your market data subscriptions and preferences. Options data is consolidated Options Price Reporting Authority data. OTCQX, OTCQB and OTC Pink data is provided by OTC Markets Group. The Market Data that E*TRADE displays is the exclusive property of the respective Market Data Providers. Market Data may not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, without prior written consent by the appropriate Market Data Providers.
The Market Data Providers reserve all rights to the Market Data they distribute to Morgan Stanley and which we make available to you. You understand and acknowledge that such Market Data does not constitute investment advice and that any reference to a particular investment, security, futures contracts, or futures option is not a recommendation to buy, sell, or hold any investment or security or to make any other investment decision. Past performance is not a guarantee of future results.
By using any of E*TRADE from Morgan Stalney's trading platforms or mobile applications, you understand and acknowledge that neither E*TRADE from Morgan Stanley nor any participating Market Data Provider guarantees or makes any warranty of any kind, express or implied, no warranties of merchantability or fitness for a particular purpose, or use, or regarding the timeliness, sequence, accuracy, or completeness of the Market Data you receive. You further acknowledge that the Market Data Providers and Morgan Stanley are not liable for any losses arising out of or relating to: (i) any inaccuracy, defect, or omission of Market Data; (ii) any error or delay in the transmission of Market Data; or (iii) any interruption in Market Data due to any cause beyond the control of Morgan Stanley or the Market Data Providers respectively.
Additionally, you understand and acknowledge that Morgan Stanley may, at any time and for any reason, without notice to you, to the extent permissible under relevant rules and/or regulations, terminate or otherwise restrict your access to any or all Market Data services provided by the Market Data Providers through E*TRADE from Morgan Stanley, including real time and/or consolidated SIP data services.
Unless otherwise noted, news, commentary, Market Data, and research reports are from third-party sources unaffiliated with Morgan Stanley and are provided for informational purposes only. Morgan Stanley does not endorse or adopt third-party content. Neither the Market Data Providers nor Morgan Stanley guarantee the adequacy, accuracy, timeliness, or completeness of the Market Data, nor will they be liable to any user or anyone else for any interruption, inaccuracy, error, or omission, regardless of cause, or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting therefrom.
Organizations such as corporations, limited liability companies, partnerships and any account where the data is used for more than personal investment purposes will be deemed to be Professional real-time market data subscribers.
A "Non-professional Subscriber" refers to any natural person (the definition of a natural person excludes corporations, trusts, organizations, institutions and partnership accounts) who receives market data solely for his/her personal, non-business use and who is not a "Securities Professional" meaning that the person is:
a. Not registered or qualified with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association;
b. Not engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); and
c. Not employed by a bank or another organization exempt from registration under Federal and/or state securities laws to perform functions that would require him/her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.