Terms and Conditions

These terms govern your use of this website and, unless a signed agreement says otherwise, your access to Vanda Research Limited's data products, research publications and advisory services. By using the site or the products you accept them.

Where your firm has a signed subscription or license agreement with us, that agreement takes precedence over these terms to the extent of any inconsistency. These terms are not intended to reduce rights your firm has negotiated.

Vanda products are provided to institutions and to investment professionals acting in a professional capacity. They are not directed at, and are not suitable for, retail investors or members of the public seeking investment advice.

You are responsible for ensuring that your access to and use of our products is lawful in your jurisdiction, and that you are permitted by your own firm to receive them.

Access to the platform and to data delivery is granted by named user or by entitled system, according to your subscription. Credentials and API keys are personal to the user or system they are issued to and must not be shared, resold, or used to provide access to anyone who is not entitled.

You must tell us promptly if you believe credentials have been compromised or if an entitled user leaves your firm. We may suspend access where we reasonably believe credentials are being misused, and we will tell you when we do.

Subject to your subscription, we grant your firm a non-exclusive, non-transferable, revocable license to use Vanda data and research for its own internal investment and risk-management purposes, for the term of the subscription.

That includes internal analysis, internal modeling and internal reporting, and, where your subscription permits it, limited quotation of our published research to your own clients with attribution to Vanda. Everything else needs our written agreement.

Without our prior written consent, you must not:

All intellectual property rights in our datasets, methodologies, research, software, the platform and the content of this website remain with us or our licensors. Nothing in these terms transfers ownership of anything.

The names Vanda, VandaTrack, VandaXAsset, VandaMacro and Vanda SingleStock, and our logos, are ours. You may use them only to attribute material to us as these terms permit.

Our products incorporate data and identifiers licensed from third parties. Your use of them may be subject to the terms those third parties impose, and we will tell you where a specific restriction applies to a dataset you are entitled to.

Third-party rights are reserved to their owners, and nothing in these terms grants you a license to third-party material beyond what your subscription conveys.

Our data and research are provided for information. They are not investment advice, not a personal recommendation, and not an offer or solicitation to buy or sell anything. They do not take account of your objectives, your circumstances or your constraints.

Positioning and flow data describe activity that has already taken place. They are not a forecast and they do not indicate a future outcome. You are responsible for your own investment decisions and for obtaining your own advice.

Data is delivered by the routes your subscription provides, REST API, AWS S3, SFTP, Excel export, and through the Vanda Analytics platform. We aim to make these available continuously, but we do not warrant uninterrupted or error-free availability, and access may be interrupted for maintenance, for a third-party failure, or for reasons outside our control.

We continue to develop our datasets and our methodology. Where a change materially affects the continuity or interpretation of a series, we document it and tell entitled clients rather than applying it silently. We may add, change or withdraw features of the website and the platform.

Fees, the subscription term, the products in scope and the number of entitled users are set out in your order or subscription agreement. Unless that agreement says otherwise, fees are non-refundable once a subscription period has begun.

Each party will keep the other's confidential information confidential and use it only for the purposes of the relationship. Our unpublished research, our methodology documentation and our pricing are our confidential information.

We prepare our data and research with care and using sources we consider reliable, and we apply documented quality controls. We do not warrant that the data is complete, accurate or fit for a particular purpose, and to the extent permitted by law we exclude implied warranties.

Nothing in these terms limits liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, or for any liability that cannot lawfully be limited. Subject to that, neither party is liable for loss of profit, loss of trading revenue, loss of anticipated saving, loss of data, or indirect or consequential loss; and our total liability arising in connection with the products is limited to the fees paid by your firm in the twelve months before the claim arose.

We may suspend or terminate access where fees are unpaid, where these terms or a license restriction are breached, or where we are required to do so by law, by a regulator, or by our principal firm. On termination the license ends and you must stop using our data, subject to any retention obligation your firm has under law or regulation.

You must comply with applicable laws in your use of our products, including data protection, market abuse, export control and sanctions requirements. We screen for sanctions exposure and may decline or withdraw access where provision would be unlawful.

These terms and any dispute arising from them are governed by the laws of England and Wales, and the courts of England and Wales have exclusive jurisdiction, unless your signed agreement provides otherwise.

We may update these terms. The date at the head of the page is the date of the current version, and material changes affecting subscribers will be notified to them. If you have a question about these terms, write to sales@vanda.com.