Data Subscriptions

The PRIBOR data is provided by a variety of sources in either live or delayed quality.

• • • Live data means data from time of publication up to 24-hours delayed.
    • Delayed data has a minimum of 24-hours delay from publication.

Regardless of where the PRIBOR data is accessed from, terms of use always apply as per the type of licence you have in place with CFBF.

If you do not have a licence in place, all data is provided for your internal or personal use only. This means any kind of redistribution of the raw or derived data (even on an infrequent basis) to clients/third parties or commercial exploitation is strictly prohibited.

The base level of licences covering both internal usage and some types of use which would be considered as commercial utilisation (specified further down) is offered in the form of the End User Subscription.

The End User Subscription is standardized and the available options are divided by Organisation type (financial or non-financial/corporate), by Licence Type (Single Site, Country, Global licence) and by the required type of access (Display Subscription and/or Non-Display Application Subscription.

The End User Subscription allows for:

• • • Access to and internal usage[1] of the live PRIBOR data (both raw and derived) within the bounds of the chosen licence type
    • Internal usage of the delayed (historical) PRIBOR data
    • Use of data limited to:
      • Using the Benchmark data as reference rate in traded financial instruments or in bilateral financial contracts (including FRA, IRS, mortgages, loans, etc.).
      • Using the data for bond and structured products issuance, bond administration or other bond-related activities.
      • Using the Benchmark data in valuation and pricing (including, but not limited to, collateral calculations, creation of pricing, discount and forward curves) as part of the organisation’s ordinary course of business, with the exclusion of those types of use where the licensee benefits from including the data as part of their provision of service to third parties.
      • Using the data to support various types of leasing (car, aircraft, etc.).
      • Incorporating insubstantial amounts of data in value added reports supplied to clients on an ad hoc non-systematic basis as part of their ordinary course of business (such as communications and disclosures in connection with performance measurement, money market and return calculations, market research, etc.).
    • Use of CFBF marks with respect to the above-listed usage.

“Internal use” means use of the data by the Subscriber to support their organization’s internal operations, such as strategic planning, market analysis, and performance tracking in the ordinary course of Subscriber’s business; provided that such use does not permit further redistribution or access to the data by unauthorized persons outside of the Subscriber’s organization even on an infrequent or ad hoc basis.

Aside from the above-listed, all other commercial utilisation is subject to a licence separate from the End User Subscription.

Commercial utilisation licences cover (among others) those types of use where the licensee benefits from including the data as part of their provision of service to third parties. To give clear examples, this category includes but is not limited to:

• • • Index creation
    • Risk management, Treasury management, Analytics services
    • Pricing services, NAV calculations, Asset management services
    • Creation of tradeable or structured products
    • Investment or pension fund administration
    • Provision of custodian, depository or ancillary services to third parties
    • Use of the CFBF data for operating exchanges, provision of trading and post-trade services for financial instruments, clearing-related activities, or for provision of other ancillary services.

Lastly, a standalone category is distribution of raw data to clients/third parties. Information vendors or other organisations interested in distributing live or delayed data are required to have a distribution licence in place.

While the End User Subscription is standardized and all available subscription categories and their associated fees, or the applicable Terms and Conditions are available via the links referenced in the steps below, all other commercial utilization or data distribution licences are customized on an individual basis to cover each specific use case.

Please don’t hesitate to contact the CFBF subscriptions team to assist with reviewing your specific use case and advise what type of licence will best suit your needs.