Canadian Derivatives Exchange*

Terms of Use – Website and RSS feeds of Bourse de Montréal Inc.

Please read this agreement of use (the agreement) carefully; it establishes the relationship between you and Bourse de Montréal Inc. (the Bourse) concerning the access and use of its website www.m-x.ca (Website) and the consultation and use of one or more RSS/XML newsfeeds produced by the Bourse (RSS feed(s)). Access to and use of this website or consultation and use of the RSS feeds are subject to the terms of this agreement which are posted on this website. By accessing and using this website or consulting and using one or more of the RSS feeds, you acknowledge that you have read, understood and accepted the terms of this agreement and that you agree to be bound by these terms of use. If you do not agree with these terms of use, please do not enter or use this website and/or consult and use the RSS feeds.

Modifications

Please note that the Bourse reserves the right to modify or revise this agreement at any time and without prior notice. You are therefore responsible for consulting on a regular basis the most current version of the agreement posted on this website. By continuing to access and use this website and/or consult and use the RSS feeds, after this agreement is modified in whole or in part, you acknowledge that you have accepted the most current version of the agreement posted on this website.

Undertaking

By accessing and using this website or consulting and using one or more of the RSS feeds, you acknowledge and agree that: (1) you have the power to enter into an agreement with the Bourse by accepting these terms of use; (2) you assume any risks related to the use of this website and its content as well as the RSS feeds and their content; (3) you will use this website, its content and/or the RSS feeds and their content in accordance with this agreement and not for any illegal purposes or for purposes prohibited by this agreement; (4) you will not use this website and/or the RSS feeds in a manner that damages, shuts down or overloads any of the Bourse's servers or the networks connected to any of the Bourse's servers, or that impedes the use of this website or the RSS feeds by other users; and (5) you will not, through pirating or otherwise, illegally access or attempt to access this website, the RSS feeds, any service, material or information offered through this website, a user account other than yours and a computer or network connected to any of the Bourse's servers. The Bourse reserves the right to monitor any use you make of its website or of its RSS feeds at any time and at its full and complete discretion.

No advice

This website is managed by the Bourse and its sole purpose is to inform participants of the Bourse and the general public about its market and the products traded on its exchange. The information and data contained on this website or available through an RSS feed, including any information or data on the Bourse's stock price, is not intended for trading purposes and shall not be interpreted in any jurisdiction as constituting a recommendation, advice, opinion or endorsement concerning the purchase or sale of derivative instruments, underlying securities or any other financial instrument or as constituting legal, accounting, tax, financial, investment or other advice. Past performance is not necessarily indicative of future performance. Therefore, the Bourse recommends that you consult your own advisors in accordance with your needs.

Hours

All times indicated in this website are Eastern Time (ET).

Software and spreadsheets

The software and spreadsheets available on this website, including the options calculator, the covered call calculator, the ONX and OIS simulators, are provided as an indication to illustrate and help you learn about options. They are not intended to provide investment advice or recommendations. You should not make any investment decision based solely on the calculations or values generated using these software and spreadsheets. The theoretical calculations produced by these software and spreadsheets may vary according to the model used.

Any software or spreadsheet available on this website is protected by copyright, among others. You are hereby authorized to access and use these software and spreadsheets, subject to (1) the terms of this agreement; and (2) other terms of access and use of the software and spreadsheets that may be imposed. To the extent that this website offers the possibility of downloading software and spreadsheets, you are hereby granted, subject to the terms of this agreement and other terms that may apply to the downloading and use of these software and spreadsheets, a non-exclusive, non-transferable and personal license to: (a) install and use a copy of these software and spreadsheets on a computer outside a network for personal and non-commercial purposes, and (b) reproduce these software and spreadsheets in order to be able to reasonably install, use and create a backup copy of these software and spreadsheets.

Ownership, copyright and trademarks

This website and everything available thereon, including, among others, quotes, data, reports, graphics, texts, files, software, spreadsheets, products, drawings, pictures, photographs, audio clips, video clips, RRS Feeds and their content, logos, trade names, business names, trademarks and any other material or element (collectively, the "Content"), including the manner in which the Content is presented or appears and all related information, belongs to, is used under license or is controlled by the Bourse or by a third party recognized as a Content supplier (the Content Supplier), as the case may be.

The Bourse grants to you a royalty-free, limited, personal, non-exclusive, non-transferable, revocable license to access, view and download or print a copy of the Content for your strict personal, private and non-commercial use only. All copies you make must retain all notices relating to trademarks and/or copyright. You agree and acknowledge that you do not acquire any title of any kind over this website and its Content or over the Content downloaded or printed from this website or an RSS feed. Unless stipulated otherwise herein, it is forbidden for you to use, modify, reverse engineer, decrypt, retrieve, distribute, transmit, broadcast, post on the Internet, represent, reproduce, publish, perform publicly or provide to the public, license, transfer, lease or sell the Content in whole or in part or create works derived from the Content, among others, without the prior authorization of the Bourse. The Content is protected by copyright, trademarks, patents or other types of intellectual property rights belonging to the Bourse or to third parties, as the case may be. In this regard, it is forbidden to use any trademark displayed on this website or available through an RSS feed without the prior written authorization of the Bourse or of the third party that owns the trademark.

Bourse's trademarks:

Analyste attitré en instruments dérivés (AAID); BAX; Bourse de Montréal et logo; CADC; Canadian Annual Derivatives Conference (CADC); CAREX; CAREX Canadian Resources Exchange; CAREX Marché Canadien de Ressources; CCAD; Certified Derivatives Analyst (CDA); CGB; CGF; CGZ; Conférence canadienne annuelle des dérivés (CCAD); Converge; Converge et logo; Dessin étoile (logo); Indice MX de volatilité implicite; Indice MX des ventes de straddles couverts; Indice MX des ventes d'options d'achat couvertes; Les options, ça compte; LGB; MCWX; Montréal Exchange et logo; MPCX; MVX; MX; MX Implied Volatility Index; MX Covered Call Writers' Index; MX Covered Straddle Writers' Index; OBX; OGB; OIS-MX; ONX; Option Matters; SAM; SOLA; SOLA et logo; SCF; SXA; SXB; SXF; SXH; SXM; SXO; SXY; Système automatisé de Montréal SAM Montreal Automated System (logo); WCH; WCZ; USX.

Bourse's official marks:

Bourse canadienne de produits dérivés; CADC; Canadian Annual Derivatives Conference; Canadian Annual Derivatives Conference (CADC); Canadian Derivatives Exchange; CCAD; Conférence canadienne annuelle des dérivés; Conférence canadienne annuelle des dérivés (CCAD); Dessin étoile (logo); Montreal Automated System (SAM); Système automatisé de Montréal (SAM).

Canadian Securities Administrators' trademark:

SEDAR®.

Barclays Global Investors, N.A.'s trademark:

iShares.

Chicago Climate Exchange, Inc.'s trademarks:

Marché climatique de Montréal, Montreal Climate Exchange, MCeX.

Canadian Derivatives Clearing Corporation's trademark:

CDCC.

Standard & Poor's Financial Services LLC trademark:

The "S&P" component in the "S&P/TSX" indices.

TSX Inc.'s trademark:

The "TSX" component in the "S&P/TSX" indices.

Content suppliers

Certain content is licensed from third parties. All rights reserved. Third party providers of content and their affiliates shall not be responsible for content contained on the Bourse's website or other Bourse materials.

Any information provided by a Content supplier (the Information) belongs to such Content supplier. Except with regard to the downloading of Information for viewing and the printing of a copy of the downloaded Information as expressly authorized by the Content supplier on an ad hoc basis, it is forbidden for you to reproduce, modify, transmit or distribute the Information without the prior written consent of the Content supplier.

Entry and processing of personal information

In order to use certain functions of this website, such as the online purchase of products or services offered by the Bourse, you may be prompted to enter and provide your personal information. If you access such a request, you agree to be bound by the terms of the Privacy Policy of the Bourse posted on its website at http://www.m-x.ca/accueil_politique_en.php. By registering on this website, you agree: (a) to provide the Bourse with truthful, accurate, up-to-date and complete information about yourself; and (b) to maintain and promptly update the information you provide to the Bourse. If the Bourse has reasonable grounds to believe that this information is false, inaccurate, not up-to-date or incomplete, it reserves the right to suspend your right to access and use this website and/or RSS feeds, in whole or in part, or to terminate such right.

Username and password

To use certain functions of this website, you may need to provide a username and a password. You agree to keep your password and username confidential, and that you are solely responsible for any activities undertaken using your password or username. You also agree to immediately notify the Bourse of any unauthorized use of your password or username. You should also ensure to log out at the end of each session.

Confidentiality

Although the Bourse and its service suppliers have taken reasonable security measures to prevent the loss of your personal information, its use or interception by a dishonest third party, you acknowledge that there are limits to security and privacy on the Internet, that such limits are beyond the control of the Bourse and that the security, integrity and confidentiality of any information and data exchanged between you and the Bourse through this website or by email cannot be guaranteed. Consequently, the Bourse shall not be liable for any damage, loss or cost you may incur following the interception and dishonest use of your personal information or data transmitted over the Internet.

E-business

You may purchase some of the Bourse's products and services online. The prices of such products and services are shown in Canadian dollars, and applicable taxes must be added. Any order, regardless of its origin, is payable in Canadian dollars. You acknowledge and agree that the Bourse may change its prices at any time without prior notice. Moreover, the Bourse may, at any time after receiving your order and at its full and complete discretion, refuse the order for any reason whatsoever. The products will always be billed based on the prevailing fees when the order was taken. Your purchases will be settled by credit card. The proposed fees will have to be paid according to the payment procedure described during the ordering process. You agree to defray the total cost and related charges for the product or service purchased, including applicable taxes. You are solely responsible for the effective payment for the product or service purchased and for the payment by credit card for the proposed product or service. The Bourse and its service suppliers are not liable for any payment problems related to the operations of the e-business service.

RSS feeds

You may access one or more RSS feeds through this Web site. In so doing, you agree to use any RSS feed produced by the Bourse and its content exclusively for your personal, private and non-commercial use for consultation purposes only and in accordance with this agreement. The Bourse has full control over its RSS feeds and their content. The Bourse has the exclusive right to modify, correct, withdraw or remove any RSS feed and its content integrated into your Web site or computer, and you agree to modify, correct, withdraw or remove any RSS feed and its content from your Web site or computer in accordance with the decisions taken by the Bourse from time to time and at its full and complete discretion. You agree to: (1) show the content of any RSS feed as provided to you by the Bourse, without you being able to modify or manipulate such content, unless you obtain indications to the contrary from the Bourse or you obtain the prior written consent of the Bourse; (2) indicate clearly and at all times that any RSS feed has been provided by the Bourse; (3) respect the integrity of the RSS feeds produced by the Bourse, their content as well as the trademarks and copyright notices, and to not remove, mask or modify in any manner whatsoever any reference to copyright, trademark or other notice of title indicated in any RSS feed produced by the Bourse and its content; (4) place these RSS feeds and their content in a manner that does not distort their meaning; (5) show the content of any RSS feed produced by the Bourse in a manner that allows for successful hyperlinks and forwarding at all times to the appropriate website and Web page of the Bourse when a user clicks on the content of the RSS feed; and (6) not to insert an intermediary page or any other content between the RSS feed and the appropriate Web page of the Bourse.

Furthermore, when you use one of the RSS feeds of the Bourse, you undertake: (a) to not use the RSS feeds for commercial purposes; (b) to not impede or attempt to impede the proper operation of the RSS feeds; and (c) to not impede or prevent another user from consulting or using the RSS feeds. The Bourse reserves the right at any time to prohibit or to refuse to accept any link to the RSS feeds and/or their content, including without limitation a link to the RSS feeds displayed on a site containing or offering content or information that: (i) is illegal, violent, racist, injurious, defamatory, discriminatory, obscene, vulgar, pornographic or blasphemous in any way whatsoever, or is likely to hurt and harm the activities, credibility and integrity of the Bourse; or (ii) violates or transgresses the rights of another, including without limitation information that is protected by intellectual property rights. You acknowledge and agree that the Bourse may, at its full and complete discretion, monitor the RSS feeds on a regular basis and disclose to governmental and regulatory bodies the necessary information for compliance with any legislation, regulation or other government or judicial request, for the proper operation of the RSS feeds or to protect yourself or other users of the RSS feeds, in accordance with the Privacy Policy of the Bourse posted on its website at http://www.m-x.ca/accueil_politique_en.php.

Communications transmitted to the Bourse

If you transmit to the Bourse or post any type of communication, comment, idea or non-personal document on this website, the Bourse will consider such communication, comment, idea or non-personal document as being non-exclusive and non-confidential. In so doing regard, you grant to the Bourse, its wholly owned subsidiaries and affiliates a royalty-free, unlimited, irrevocable, non-exclusive and perpetual worldwide license to use, store, modify, reproduce, display, transmit, distribute, publish or broadcast your communication, comment, idea or document for any purpose whatsoever. You agree to waive all your moral rights in your communications, comments, ideas or documents in favor of the Bourse, its wholly owned subsidiaries and affiliates. The Bourse will not publish any of your personal information, including your name, and will not disclose the fact that you submitted documents or other information to it, unless: (1) you have given the Bourse permission to do so; (2) the Bourse informs you that the document or information submitted through this website will be used in association with your name; and (3) the Bourse is obliged to do so under the law.

Warranty disclaimer

ALTHOUGH THE BOURSE HAS TAKEN ALL NECESSARY MEASURES TO ENSURE THE ACCURACY AND COMPLETENESS OF THE CONTENT AND TO ENSURE THAT THE CONTENT WAS OBTAINED FROM SOURCES DEEMED RELIABLE, THE CONTENT IS PROVIDED "AS IS".

NOTWITHSTANDING ANY STIPULATION TO THE CONTRARY, THE BOURSE, ITS LICENSORS, CONTENT SUPPLIERS AND SERVICE SUPPLIERS MAKE NO REPRESENTATION OF ANY KIND AND DISCLAIM ALL WARRANTIES AND CONDITIONS, EXPRESS OR IMPLIED OF ANY NATURE WHATSOEVER, WITH REGARD TO THIS WEB SITE AND THE CONTENT, INCLUDING WITHOUT LIMITATION, DECLARATIONS, WARRANTIES AND CONDITIONS REGARDING THE SEQUENCE, ACCURACY, COMPLETENESS, RELIABILITY, SUITABILITY OR TIMELINESS OF THIS WEB SITE AND THE CONTENT; MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE CONTENT; OPERATION OF THIS WEB SITE OR RSS feedS WITHOUT INTERRUPTION OR ERROR; CORRECTION OF DEFECTS, INACCURACIES OR ERRORS ON THIS WEB SITE OR THE RSS feedS; FREEDOM FROM VIRUSES OR HARMFUL COMPONENTS ON THIS WEB SITE OR THE RSS feedS; SAFE TRANSMISSION THROUGH THIS WEB SITE OR THE RSS feedS; OR THOSE ARISING FROM THE LAW OR OTHERWISE.

WHEN YOU ACCESS AND USE THIS WEB SITE, OR WHEN YOU CONSULT AND USE THE RSS feedS, YOU ACKNOWLEDGE AND AGREE THAT YOU DO SO ENTIRELY AT YOUR OWN RISK.

Limitation of liability

UNDER NO CIRCUMSTANCES WILL THE BOURSE, ITS WHOLLY OWNED SUBSIDIARIES, AFFILIATES, LICENSORS, CONTENT SUPPLIERS AND SERVICE SUPPLIERS AS WELL AS THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS BE LIABLE TOWARD YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND OR FOR ANY OTHER DAMAGES OR LOSSES WHATSOEVER, INCLUDING WITHOUT LIMITATION, THOSE ARISING FROM ANY DELAYS, INACCURACIES, ERRORS OR OMISSIONS OF THE BOURSE, ITS WHOLLY OWNED SUBSIDIARIES, AFFILIATES, LICENSORS, CONTENT SUPPLIERS AND SERVICE SUPPLIERS AND/OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS; OR THOSE ARISING FROM ANY DECISION MADE OR ACTION TAKEN BY YOU OR A THIRD PARTY IN RELIANCE ON INFORMATION AVAILABLE ON THIS WEB SITE OR THROUGH AN RSS feed; OR ARISING FROM THE LOSS OF USE, DATA OR PROFITS, WHETHER RESULTING FROM THE USE BY YOU OR A THIRD PARTY OF ANY PORTION OF THIS WEB SITE, PRODUCTS AND SERVICES AVAILABLE THROUGH THIS WEB SITE OR THE CONTENT OR FROM THE INABILITY TO USE THIS WEB SITE OR THE CONTENT; OR THOSE ARISING FROM VIRUSES, CORRUPTED DATA, ABORTED MESSAGES, THE FAILURE OF THE BOURSE OR YOUR FAILURE TO PROTECT YOUR PASSWORD OR USERNAME; OR THOSE ARISING FROM YOUR ACTIVITY RELATED TO THE RSS feedS AND THEIR CONTENT OR RESULTING FROM THE NON-EXECUTION, INTERRUPTION OR TERMINATION FOR ANY REASON WHATSOEVER OF THE DISPLAY OF A PORTION OR ALL OF THE CONTENT; OR FOR DAMAGES OR LOSSES ARISING FROM TRANSMISSION PROBLEMS OR ERRORS; OR FOR DAMAGES OR LOSSES ARISING FROM THIRD-PARTY SUPPLIERS OF PRODUCTS OR SERVICES; OR FOR DAMAGES OR LOSSES CAUSED BY YOU; OR FOR DAMAGES OR LOSSES ARISING FROM THE ACTIONS OR OMISSIONS OR CONDUCT OF A THIRD-PARTY USER OF THIS WEB SITE OR THE RSS feedS; OR FOR DAMAGES OR LOSSES ATTRIBUTABLE TO OTHER EVENTS BEYOND THE REASONABLE CONTROL OF THE BOURSE, ITS WHOLLY OWNED SUBSIDIARIES, AFFILIATES, LICENSORS, CONTENT SUPPLIERS AND SERVICE SUPPLIERS, WHETHER ARISING IN CONTRACT, CIVIL LIABILITY (INCLUDING NEGLIGENCE) OR OTHERWISE, AND EVEN IF THE BOURSE KNEW OR SHOULD HAVE KNOWN ABOUT THE POSSIBILITY OF SUCH DAMAGES.

CERTAIN JURISDICTIONS FORBID THE EXCLUSION OR LIMITATION OF LIABILITY FOR CERTAIN TYPES OF DAMAGES. IT IS POSSIBLE THAT ONE OR MORE OF THE EXCLUSIONS OR LIMITATIONS MENTIONED ABOVE MAY NOT APPLY. THE FULL LIABILITY OF THE BOURSE, ITS WHOLLY OWNED SUBSIDIARIES, AFFILIATES, LICENSORS, CONTENT SUPPLIERS AND SERVICE SUPPLIERS AS WELL AS THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS TOWARD YOU ARISING FROM ANY CAUSE, INCLUDING WITHOUT LIMITATION, NEGLIGENCE, GROSS FAULT, WILLFUL MISCONDUCT OR ANY OTHER CAUSE SHALL NOT, UNDER NO CIRCUMSTANCES, EXCEED THE AMOUNT THAT YOU HAVE PAID FOR THE SPECIFIC PRODUCT OR SERVICE OFFERED BY THE BOURSE WHICH IS THE SUBJECT OF THE CLAIM.

Indemnity

You agree to indemnify, defend and hold harmless the Bourse, its wholly owned subsidiaries, affiliates, licensors, Content suppliers and service suppliers as well as their respective officers, directors, employees and agents from and against any and all claims, demands, liabilities, costs or expenses of any kind, including legal fees and disbursements resulting directly or indirectly from: (1) your breach of any of the terms of this agreement; (2) your visit, use or inability to visit or use this website or any site to which this website is or may be linked from time to time; (3) your consultation, use or inability to consult or use an RSS feed of the Bourse; (4) your use of any software, spreadsheet, publication, communication, distribution or download of any kind, be it through this website or through an RSS feed, or from your reliance thereon; and/or (5) your violation of any applicable legislation or regulation.

Hyperlinks to other sites

For the sake of convenience and information, the Bourse offers you hyperlinks to other sites. The Bourse has not examined all the sites that have a link with this website and is not responsible for the content or use of sites which you may access through this website or any RSS feed. The Bourse does not make any representation or warranty whatsoever in respect of these sites and does not endorse them in any way whatsoever. You use such other site at your own risk.

Hyperlinks to the Bourse's site

It will be possible for you to provide a hyperlink to the website of the Bourse, provided the link is established with the address http://www.m-x.ca only and the appearance and position of the link do not create the false impression that an entity is associated with or is sponsored by the Bourse.

Although the Bourse encourages hyperlinks on this website, it does not wish to be bound to a site containing information that is illegal, violent, racist, injurious, defamatory, discriminatory, obscene, vulgar, pornographic or blasphemous in any way whatsoever, including without limitation any content: (1) constituting or encouraging conduct that would be considered a violation of any local, provincial, state, national or international legislation or regulation; (2) that is likely to hurt or harm the activities, credibility or integrity of the Bourse; or (3) that violates or transgresses the rights of another, including without limitation content that is protected by copyright, trademark or right of title. The Bourse reserves the right to refuse to accept a hyperlink on this website at any time and at its full and complete discretion, including a link to this website displayed on a website containing or offering the type of content or information mentioned above. You agree to immediately remove any hyperlink that you may have on this website at the request of the Bourse.

Advertisements

The Bourse does not in any way support companies, products or services advertised on this website.

Termination

The Bourse may at any time and without notice, with or without cause and at its full and complete discretion, terminate this agreement in whole or in part. The Bourse reserves the right to seek any legal remedy available in the event that you violate this agreement. If this agreement is terminated or cancelled, you shall immediately remove from your website or your computer any RSS feed belonging to the Bourse as well as its content, any hyperlink and any other mention of the Bourse.

Other countries

This website and its Content can be accessed from countries other than Canada. The Bourse makes no representation that the content of this website is appropriate or available for use outside Canada, and you undertake not to access this website from territories where its content is illegal or banned. Those who choose to access this website from other locations do so on their own initiative and of their full volition and are responsible for compliance with all local laws.

Applicable laws

This website and the RSS feeds are administered by the Bourse from its offices located in the Province of Quebec, Canada. By accessing and using this website or by consulting and using the RSS feeds, you agree that all matters relating to access, consultation or use of this website, the RSS feeds and/or the Content shall be interpreted and governed by the laws of the province of Quebec and the federal laws of Canada that are applicable in Quebec, without regard to conflict of law principles. You hereby agree and submit to the exclusive jurisdiction of the courts located in the province of Quebec regarding any action related to this agreement.

General

Consent or renunciation by the Bourse in case of express or implied breach of this agreement by you shall not constitute consent or renunciation in the event of any different or future breach. If a condition or provision of this agreement is found to be invalid by a competent court, such condition or provision shall be dissociated from the agreement and the other provisions shall remain in full force without being invalidated in any way whatsoever. You may not assign or transfer this agreement or any right and/or obligation arising therefrom. This agreement constitutes the full and entire agreement between you and the Bourse concerning the subject hereof.