Terms of Use for the Effective Federal Funds Rate and Overnight Bank Funding Rate

Last Modified: March 2, 2016

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING FEDERAL RESERVE BANK OF NEW YORK (“NEW YORK FED”) EFFECTIVE FED FUNDS RATE DATA (“EFFR Data”) OR OVERNIGHT BANK FUNDING RATE DATA (“OBFR Data” and, together with the EFFR Data, the “Rate Data”).

Acceptance of Rate Data Terms of Use
The following terms and conditions, together with any documents or terms that are expressly incorporated by reference (collectively, these “Rate Data Terms of Use”) govern your use of the Rate Data.

Please read these Rate Data Terms of Use carefully before you access, download or use the Rate Data. By accessing, downloading or using the Rate Data, you accept and agree to be bound and abide by these Rate Data Terms of Use. If you do not agree to these Terms of Use, do not access, download or use the Rate Data.

No Reliance on Information Posted

The New York Fed publishes the Rate Data available for general information purposes as described on the EFFR Data page and the OBFR Data page. You assume the entire risk related to your reliance on and use of the Rate Data for yourself or on behalf of any other person, including use of the Rate Data as the basis for a financial instrument or transaction or any other commercial activity. As further stated below, the New York Fed disclaims all liability and responsibility arising from reliance on or use of Rate Data by you or anyone with whom you share the Rate Data. The Rate Data is not investment advice and the New York Fed does not endorse, promote, or participate in the pricing of any financial instrument or transaction that references the Rate Data.

The New York Fed may alter the methods of calculation, publication schedule, rate revision practices or availability of the Rate Data at any time without notice. The New York Fed may withdraw, modify or amend published Rate Data in its sole discretion and without notice.

No Endorsement

You may use, reproduce, publish, distribute or reference the Rate Data for your personal or business purposes only if you do not state or imply that the New York Fed endorses any use, reproduction or publication of the Rate Data or any product, service or financial instrument that you create or derive based on the Rate Data

Acceptable Use

You may not use the name of the New York Fed or any Federal Reserve trade names, trademarks, service marks, or product names related to the Rate Data, except to identify the Rate Data.

You may use the Rate Data only for lawful purposes and in accordance with these Rate Data Terms of Use. You agree not to use the Rate Data in any way that violates any applicable federal, state, local or international law or regulation. You are responsible for your use, reproduction, publication or distribution of the Rate Data, including any errors, modifications or alterations you introduce, whether intentional or inadvertent.

You must not attempt to gain unauthorized access to, interfere with, damage or disrupt the New York Fed’s publication of the Rate Data, or any computing device or electronic service the New York Fed uses to calculate, process, store, transmit or display the Rate Data (the “Rate Data Resources”). The New York Fed monitors the Rate Data Resources and will take appropriate action, including referral to law enforcement, for any illegal or unauthorized access or use or attempted access or use of the Rate Data Resources.

No Warranties
RATE DATA IS PROVIDED ON AN "AS IS", "AS AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND. The New York Fed disclaims all warranties, express or implied, to the fullest extent permitted by law, including all warranties as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose, title, quality or non-infringement of the Rate Data and the results attained from use of the Rate Data. The New York Fed does not warrant that publication or availability of the Rate Data will be free from interruption or that the Rate Data is accurate, complete, reliable, or useful.
Changes to the Rate Data Terms of Use
Only the New York Fed may amend these Rate Data Terms of Use, and the New York Fed reserves the right to update, modify or change them from time to time without notice. You understand and agree that your continued use of the Rate Data after the date on which these Rate Data Terms of Use have changed constitutes your acceptance of the new Rate Data Terms of Use. If a modification is unacceptable to you, do not use the Rate Data.
Limitation of Liability
EXCEPT AS EXCLUDED OR LMITED BY APPLICABLE LAW, THE NEW YORK FED IS NOT, UNDER ANY CIRCUMSTANCES, LIABLE TO YOU OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH USE OF OR INABILITY TO USE THE RATE DATA, INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION, OR ATTORNEYS' FEES), PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, TORT OR OTHER LEGAL OR EQUITABLE THEORY, EVEN IF THE NEW YORK FED HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS AND REGARDLESS OF WHETHER SUCH DAMAGES OR LOSS IS FORESEEABLE. UNDER NO CIRCUMSTANCES IS THE NEW YORK FED LIABLE TO YOU OR ANY OTHER PERSON FOR ANY AMOUNT AS A RESULT OF YOUR USE OF THE RATE DATA.
Release and Waiver
To the maximum extent permitted by law, you hereby release and waive all claims against the New York Fed, and its officers, agents, and employees from any and all liability for claims, damages, costs and expenses (including litigation costs and attorney’s fees) of every kind and nature, arising from or in any way related to your use of the Rate Data. You understand that any fact relating to any matter covered by this release may be found to be other than now believed to be true and you accept and assume the risk of such possible differences in fact. In addition, you expressly waive and relinquish, to the maximum extent permitted by law, any and all rights and benefits which you may have under any other state or federal statute or common law principle of similar effect.
Indemnification
You agree to indemnify and hold harmless the New York Fed and its officers, agents, and employees from and against any and all third party claims, damages, liabilities, costs and expenses (including litigation costs and attorneys' fees) arising from or in any way related to your use, reproduction or distribution of the Rate Data, your commercial activities using the Rate Date or your violation of these Rate Data Terms of Use.

The New York Fed may participate in the defense of any third-party claim at its expense. You may not settle a third-party claim without the written consent of the New York Fed except that written consent will not be required if the settlement (a) contains no finding or admission of fault or violation of law or rights of any person, (b) provides for monetary damages to be paid in full by you as the sole relief, and (c) includes a complete and unconditional release of the New York Fed from all liability in any way related to the third-party claim.

Severability
If any provision of these Rate Data Terms of Use is found by a court of competent jurisdiction to be invalid, you agree that the other provisions remain in full force and effect.
Entire Agreement
The Rate Data Terms of Use and the Terms of Use for the New York Fed’s website constitute the sole and entire agreement between you and the New York Fed with respect to the Rate Data and supersede all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the Rate Data except for a written agreement signed by you and the New York Fed that references the Rate Data. If there is any inconsistency between the New York Fed’s website Terms of Use and these Rate Data Terms of Use, these Rate Data Terms of Use prevail.
Location of Lawsuit and Choice of Law
These Rate Data Terms of Use and the relationship between you and the New York Fed are to be construed and enforced in accordance with the federal law of the United States and, in the absence of controlling federal law, with the laws of the State of New York. The exclusive jurisdiction for any legal action or proceeding regarding these Rate Data Terms of Use or arising in any respect from your use of Rate Data shall be the United States district court for the Southern District of New York located in New York, New York, and you agree to irrevocably submit to the jurisdiction and venue of that court in any such action or proceeding.