Please read the following terms and conditions carefully before continuing to use this Web site. By using this Web site or any service of this Web site, you signify your acceptance of the Terms of use.

General Legal Information

This Web site is for informational purposes only. None of the information contained on this Web site constitutes a solicitation, offer, opinion or recommendation by Archipelago^® to buy or sell any securities or other financial instruments or to provide legal, tax, accounting or investment advice or services regarding the suitability or profitability of any security or investment. Archipelago has not made any recommendations regarding the merit of any company identified on the Web site, made any recommendation regarding the purchase or sale of any security, or endorsed or sponsored any company identified on the Web site. Advice from a securities professional is strongly advised.

Proprietary rights

This Web site, including but not limited to the text, content, photographs, images, video, audio and graphics contained in the Web site is protected by copyright, trademark, international treaties and other proprietary rights and laws of the United States and other countries. You agree to abide by all applicable intellectual property laws, as well as any additional notices or restrictions contained in the Web site. Unauthorized use of this Web site and the materials contained on this Web site may violate applicable copyright, trademark or other intellectual property laws or other laws.

The trademarks, service marks, copyrights, and other proprietary materials (collectively, the "Proprietary Rights") displayed on this Web site are registered and common law trademarks, copyrights, and proprietary material of Archipelago and various third parties. Unless expressly stated on this Web site, Archipelago does not sponsor, affiliate, or endorse the products and/or services represented by the third party trademarks displayed on this Web site nor is it sponsored by, affiliates with, or endorsed by the third parties owning the trademarks displayed on this Web site. Nothing contained on this Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of the Proprietary Rights without the written permission of Archipelago or such other party that may own the Proprietary Rights. Statutory trademark notice contained on this Web site represents trademark status in the United States.

Restrictions on use

The information provided on this Web site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Archipelago or its affiliates to any registration requirement within such jurisdiction or country. You may not use this Web site for any illegal purpose or in any manner inconsistent with the Terms of use. You agree not to use, transfer, dispose or distribute any information on the Web site in any manner that could compete with Archipelago's business. Except for one temporary copy in a single computer’s memory and one unaltered permanent copy to be used for your own personal, noncommercial use, you may not copy, reproduce, republish, recompile, redeliver, decompile, disassemble, reverse engineer, distribute, publish, display, modify, upload, post, transmit, create derivative works from, use "frame" technology on or in any other way create a misimpression or confusion among users with respect to sponsorship or affiliation or exploit in any way material from Archipelago's Web site. You agree that any copy you make pursuant to this paragraph shall include Archipelago copyright notice.

Downloading software

Software made available for downloading on this Web site is solely for the use by end users according to the License Agreement. Users must obtain a Username, Domain Name and Password to complete the downloading process. All software made available on this Web site is licensed "as is" and "with all faults." Neither Archipelago nor any of its third party providers warrant that the software will be error-free or that any provided services will be uninterrupted. Archipelago and its third party providers retain any and all rights and title, including proprietary rights therein. Any reproduction or redistribution of the software not in accordance with the License Agreement is expressly prohibited by law, and may result in severe civil and criminal penalties.

Disclaimer of warranty

DATA AND INFORMATION PROVIDED BY ARCHIPELAGO HOLDINGS, L.L.C., OR ANY OF ITS AFFILIATES, THEIR MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, AND CONTRACTORS IS FOR INFORMATIONAL PURPOSES ONLY, AND IS NOT INTENDED FOR TRADING PURPOSES.

AS SUCH, THE DATA, INFORMATION, AND WEB SITE PROVIDED BY ARCHIPELAGO IS ON AN "AS IS" BASIS, AND ARCHIPELAGO EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND A WARRANTY FOR NON-INFRINGEMENT, WITH RESPECT TO THE DATA, INFORMATION, AND WEB SITE. ARCHIPELAGO DOES NOT WARRANT THAT FUNCTIONS CONTAINED ON THIS SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THIS SITE OR THE SERVER ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. ARCHIPELAGO DOES NOT WARRANT OR REPRESENT THE USE OF THE MATERIALS ON THIS SITE IN TERMS OF THEIR CORRECTNESS, ACCURACY, RELIABILITY, OR OTHERWISE. FINALLY, THE USER, AS A CONDITION TO VIEWING THE DATA AND INFORMATION AND ACCESSING THE WEB SITE, EXPRESSLY WAIVES ANY CLAIM IT MAY HAVE AGAINST ARCHIPELAGO.

Limitation of liability

In no event shall Archipelago or its third party providers be liable to you for any direct, special, incidental, indirect, punitive, consequential damages or any other damages of any kind (including, but not limited to, lost profits, trading losses and damages that may result from the use of the data and information, any delay or interruption of service, or omissions or inaccuracies in the information) even if Archipelago or any other party have been advised of the possibility thereof with respect to this Web site. Any material downloaded or otherwise obtained through the use of this Web site is done at your own discretion and risk and you will be solely responsible for any damage to your computer system or loss of data that results from the download of such material.

Use of links

Unless you have a written agreement with Archipelago which states otherwise, you may only provide a link to the Archipelago Web site on another Web site, provided that: (a) the link "points" to the URL http://www.archipelago.com and not to other pages within the Archipelago Web site, (b) the link appears in a simple list of companies or in a list of companies that offers descriptions along with links, provided that you provide the following statement when linking:

The Archipelago ECN was formed in Dec. 1996 with software developer Townsend Analytics. It is one of the four original ECNs approved in Jan. 1997 by the U.S. Securities and Exchange Commission (SEC). Archipelago has major investors in both institutional and retail financial services sectors. The SEC approved Archipelago Exchange, the equity trading arm of the Pacific Exchange (PCX), began trading listed stocks on March 22, 2002 and OTC stocks in February 14, 2003. Archipelago uses a proprietary algorithm to find the best price for orders and provides an open limit order book for OTC and listed stocks. Its leading-edge technology, open architecture and innovations, facilitate the best execution for investors.

(c) the appearance, position, and other aspects of the link may not create a false appearance that an entity is associated with or sponsored by Archipelago, (d) the link, when activated by a user, must display the Archipelago full-screen and not within a "frame" on the linked website, and (e) Archipelago reserves the right to revoke its consent to the link at any time in its sole discretion.

This Web site may be linked to other sites which are not maintained by Archipelago. Archipelago has not developed, checked for accuracy, or otherwise reviewed other Web sites linked to this Web site and is not responsible for the content of any other Web site. Archipelago provides links to other Web sites solely as a convenience to its users. By providing access to the linked Web sites, neither Archipelago nor its third party providers are recommending the purchase or sale of the stock nor endorsing the services provided by the Web sites' sponsoring organization. Archipelago reserves the right in its sole discretion to discontinue links to other sites at any time and for any reason. Archipelago makes no guarantees, representations or warranties as to and disclaims any and all liability for links: (i) from another Web site to Archipelago, (ii) to another Web site from Archipelago, and (iii) the content of any Web site linked to or from Archipelago. ARCHIPELAGO DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANITIBILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT WITH RESPECT TO THE INDEPENDENT SITES AND THE MATERIALS AND INFORMATION THEREIN CONTAINED OR EXPRESSED.

Privacy policy

This Web site does not require registration from users. Archipelago receives names, contact information and e-mail addresses only when personally submitted by users through the optional Contact feature. This feature allows Archipelago to respond to user inquiries and to provide marketing information to users. This information is not gathered by Archipelago without users' knowing, active permission and participation. Archipelago respects the privacy of its users and does not share any personally identifiable information with any third party not affiliated with Archipelago except when required to do so by law. If you would like to change or delete any information that you have submitted, please contact: info@tradearca.com.

Archipelago may also receive information about your session or about you when IP addresses are logged to track a user's session (the user remains anonymous). We may use it for research, regulatory purposes, or to improve our site. In general IP addresses are logged to track a user's session while the user remains anonymous. This data is analyzed for certain trends and statistics, such as which parts of our site users are visiting and how long they spend there, as an example.

The Username, Domain Name and Password assigned to you for downloading Archipelago software are for your personal use only. You are responsible if they are lost, stolen or misused, and you must notify Archipelago immediately if any of these events happen. You may not use the Contact feature to enter an order to buy or sell a security, to send us time-sensitive instructions, or to give us personal credit information or an address change.

Archipelago has taken certain steps to provide a secure environment for your personal information on this Web site. All customer data is stored on secure servers behind a firewall. However, Archipelago cannot guarantee that any information is totally secure because of the nature of the Internet.

Modification and monitoring of Web site

Archipelago reserves the right, in its sole discretion, to change, modify, add or remove portions of these terms and conditions at any time and to monitor any and all use of this Web site. Accordingly, please check the Terms of use periodically for any changes. Your use of the Web site or any service on this Web site after the posting of such modifications will constitute your acceptance of the modified Terms of use. Any terms and conditions proposed by you which are in addition to or which conflict with the Terms of use are expressly rejected by Archipelago and shall be void.

Jurisdiction and applicable law

Unless otherwise specified, Archipelago controls and operates this site from our offices within the State of Illinois. Archipelago does not claim that materials in this site are appropriate or available for use in locations other than Illinois. If you choose to access this site from other locations, you do so on your own initiative and you are responsible for compliance with any applicable local laws. The laws of the State of Illinois govern the Terms of use without regard to its conflict of law provisions. If you take legal action relating to the Terms of use, you agree to file such action only in the federal or state courts located within Cook County, Illinois, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action. The failure of Archipelago to exercise or enforce any right or provision of these Terms of use shall not constitute a waiver of such right or provision.

Headings

The section titles in the Terms of use are used solely for your convenience and have no legal or contractual significance.

Severability

If any provision of the Terms of use is deemed unlawful, void or unenforceable for any reason, that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions.

Entire agreement

The Terms of use constitutes the entire agreement between you and Archipelago relating to the use of this Web site. You may also be subject to additional terms and conditions that may apply when you use affiliate services, third-party content or third-party software.

Any rights not expressly granted herein are reserved.

Contact webmaster@tradearca.com with questions or comments, as appropriate.