CBOE Futures Exchange: Derivative works – limitation of Use of Information

Effective 1 October 2014, CFE a new provision will be added to the CFE Market Data Policies (“Policies”) that apply to the use and redistribution of Information under the CFE Vendor Agreement (“Agreement”). The provision will specifically limit your use of Information for the creation of indexes and financial products, and will require you to impose the same limitations on your Subscribers.

The new provision will state substantially, as follows: you are authorized to process Information, with or without other input data, for the purpose of creating or calculating new original works, provided that: (1) any works so created that display, represent or recreate any Information, or from which the Information can be readily recalculated, will constitute Information for purposes of this Agreement and will be subject to applicable fees; and (2) no new works may be created that use any Information (i) as input data in the creation or calculation of any index or similar work, or (ii) to create any financial instrument or investment product that is based on, or seeks to match the performance of, values included in the Information, in each case unless and until such use is expressly authorized in a separate license agreement with CFE or, with respect to any Information owned by a third party, the applicable provider of such Information to CFE.