Please read these terms of use carefully.

By accessing this web site located at mscibarra.com, msci.com, barra.com and other domains operated by MSCI Inc. and/or its subsidiaries (collectively, "MSCI"), collectively the "web site", you are indicating that you have read, acknowledge and assent to be bound by these terms of use. MSCI reserves the right to change these terms of use and you are responsible for regularly reviewing these terms of use. Your continued use of this web site constitutes your agreement to all such terms of use. If, at any time, you do not wish to accept these terms of use, you may not access, link to or use this web site for any purpose. Any terms and conditions proposed by you which are in addition to or which conflict with these terms of use are expressly rejected by MSCI and shall be of no force or effect.

Your use of this web site may be monitored by MSCI, and the resultant information may be used by MSCI for its internal business purposes or in accordance with the rules of any applicable regulatory organization.

Information made Available through this Service

Certain sections of or pages on this web site may contain separate terms and conditions, which are in addition to these terms of use. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional terms and conditions. In the event of a conflict, those additional terms and conditions will govern for your use of those sections or pages.

Unauthorized use of the web site and MSCI’s systems, including, but not limited to, unauthorized entry into MSCI's systems, misuse of passwords or misuse of any other information, is strictly prohibited. You may not use the web site in any manner that could damage, disable, overburden, or impair the web site or service or interfere with any other party's use and enjoyment of the web site or service. You may not attempt to gain unauthorized access to the web site or service, computer systems or networks connected to any the web site or service, through hacking, password mining or any other means. You may not use any system or software to extract data from the web site.

Without limiting the generality of the foregoing, the information and other MSCI materials you access via the web site may not be used as a basis for any financial instruments or products (including, without limitation, passively managed funds and index-linked derivative securities) or other products or services, may not be used to manage any funds or portfolios, to verify or correct data in any other compilation of data or index, to create any derivative works nor to create any other data or index (custom or otherwise), without MSCI's prior written permission.

The information and materials on this web site may contain typographical errors or inaccuracies. MSCI reserves the right, in its sole discretion, without any obligation and without any notice requirement and for any reason, to change, improve or correct the information and materials on this web site and to suspend and/or deny access to this web site or portions thereof for scheduled or unscheduled maintenance, upgrades, improvements, corrections or otherwise. Any dated information is published as of its date only, and MSCI does not undertake any obligation or responsibility to update or amend any such information. MSCI may discontinue or change any product, service, information or material described in or offered on this web site at any time.

These terms of use are not intended to, and will not, transfer or grant any rights in or to the information or material available on the web site other than those which are specifically described herein, and all rights not expressly granted herein are reserved by MSCI or the third party providers from whom MSCI has obtained the information or materials.

You agree that you will not engage in any activities related to this web site that are contrary to applicable laws or regulations.

Unless expressly included in any other agreement between MSCI and you, you agree that the requirements of the E-Commerce Directive (2000/31/EC) as implemented are excluded to the fullest extent permissible by law with respect to your access to and use of the web site.

Disclaimer of Warranties

NO WARRANTY AS TO CONTENT: ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN THE SERVICE FROM SOURCES THAT MSCI CONSIDERS RELIABLE, THE SERVICE IS PROVIDED TO LICENSEE "AS IS" AND NEITHER MSCI, ANY OF ITS AFFILIATES, ANY OF ITS OR THEIR DIRECT OR INDIRECT INFORMATION PROVIDERS NOR ANY THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING THE SERVICE (COLLECTIVELY, THE "MSCI PARTIES") MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND TO LICENSEE OR ANY THIRD PARTY, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICE, THE TIMELINESS THEREOF, THE RESULTS TO BE OBTAINED BY THE USE THEREOF OR ANY OTHER MATTER. FURTHER, THE MSCI PARTIES EXPRESSLY DISCLAIM, AND LICENSEE WAIVES, ANY AND ALL IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, TIMELINESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
NO WARRANTY AS TO SECURITY: MSCI WILL NOT BE RESPONSIBLE FOR ANY LOSS OR DAMAGE THAT COULD RESULT FROM INTERCEPTION BY THIRD PARTIES OF ANY INFORMATION MADE AVAILABLE TO YOU VIA THIS WEB SITE.

Limitation of Liability

No Liability for Content; No Liability Arising from Use: Although the information provided to you on this web site is obtained or compiled from sources we believe to be reliable, MSCI cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither MSCI, nor any of its affiliates, directors, officers or employees, nor its successors or assigns, nor any third-party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur, arising from any failure or interruption of this web site, or resulting from the act or omission of any other party involved in making this web site, the data contained herein or the products or services offered on this web site available to you, or from any other cause relating to your access to, inability to access, or use of the web site or the data contained herein, whether or not the circumstances giving rise to such cause may have been within the control of MSCI or of any vendor providing software or services. In no event will MSCI or any such parties be liable to you for any direct, special, indirect, consequential, punitive, exemplary or incidental damages or any other damages of any kind even if MSCI or any other such party has been advised of the possibility thereof.

This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user's equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g. you cannot access your Internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

Where any applicable law does not allow the limitation of liability in the manner described above, MSCI’s total liability to you for all damages, loss and causes of action (whether in contract or in tort, including gross negligence) shall not exceed the amount paid by you, if any, for accessing the website.

No Representations made as to Other Sites or Links

This web site may contain links to and be linked from third-party web sites (the "sites"). These links are provided only as a convenience. Accordingly, MSCI has not tested any information, software or product found on any of the sites and therefore makes no representations concerning the content of the sites. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by MSCI of any information contained in any site. In no event shall MSCI be responsible for the information contained on any other site or for your use of or inability to use such sites. You should also be aware that the terms and conditions of such sites and the sites' privacy policies may be different from those applicable to your use of this web site.

Content not to be construed as solicitation or recommendation; no determination of suitability; not all risk disclosed

The material on the web site is for informational purposes only, and is not an offer or recommendation to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Further, none of the information and material on the web site is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction.

System Outages, Slowdowns, and Capacity Limitations

As a result of high Internet traffic, transmission problems, systems capacity limitations, and other problems, you may at times experience difficulty accessing the web site or communicating with MSCI through the Internet or other electronic or wireless services. Any computer system or other electronic device, whether it is yours, an Internet service provider's or MSCI's, can experience unanticipated outages or slowdowns, or have capacity limitations. MSCI cannot and does not guarantee continuous, uninterrupted or secure access to the web site.

Proprietary Rights

All right, title and interest in this web site and all content contained herein is the exclusive property of MSCI, except as otherwise stated. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, frame, decompile, recompile, reverse engineer, upload to, create derivative works from, transfer, or otherwise use or exploit in whole or in part any information, software, products or services obtained from this web site, except for the purposes expressly provided herein, without MSCI's prior written approval. If you download any information or software from this web site, you agree that you will not remove or obscure any copyright or other notices or legends contained therein.

MSCI, Barra, RiskMetrics, ISS, FEA, EAFE and all other marks and logos used on the web site (including the names of all MSCI indexes and products) are trademarks and service marks of MSCI or its subsidiaries. The names of other companies and third-party products or services mentioned herein may be the trademarks or service marks of their respective owners. You are prohibited from using any marks for any purpose including, but not limited to, use as metatags on other pages or sites on the Internet without the written permission of MSCI or such third party which may own the marks.

Global Industry Classification Standard (GICS), GICS and GICS Direct are service and/or trademarks of MSCI and Standard and Poor's.

Termination

You agree that, without notice, MSCI may terminate these terms of use, or suspend your access to the web site and/or the Index Data, with or without cause at any time and effective immediately, subject to any applicable law or regulation. These terms of use will terminate immediately without notice from MSCI if you, in MSCI’s sole discretion, fail to comply with any provision of these terms of use or with any applicable law or regulation. Upon such termination, you must discontinue your use of the website and the Index Data and promptly destroy all materials obtained via the website and any copies thereof.

Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial

These terms of use shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws provisions. Sole and exclusive jurisdiction for any suit, action or proceeding arising out of or related to these terms of use shall be in an appropriate state or federal court located in the County of New York, State of New York, and the parties irrevocably waive any objection they may now or hereafter have to the laying of venue of any such suit, action or proceedings in such a court, and irrevocably waive any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum.

The parties unconditionally waive their respective rights to a jury trial. Any cause of action you may have arising out of your use of this site must be commenced within one (1) year after the claim or cause of action arises. If for any reason a court of competent jurisdiction finds any provision of these terms of use to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of these terms of use, and the remainder of the terms of use shall continue in full force and effect. The terms of use constitute the terms between MSCI and you arising out of this site and it supersedes all prior or contemporaneous communications, agreements and understandings between MSCI and you arising out of the subject matter hereof. A printed version of these terms of use shall be admissible in judicial or administrative proceedings.

You represent, warrant and covenant that (i) you have the power and authority to enter into this agreement; and (ii) you are at least eighteen (18) years of age.

Designated Agent

Pursuant to Section 512(c)(2) of the Copyright Act, MSCI designates the following agent to receive notifications of claimed infringement: Robert Gutowski, MSCI, 7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York, 10007, USA; fax: +1 212 804-3910;

Resources

Browse our Resource Center for more information.