Terms of Use

FX Fair Values – B2B research platform

Provider

QIO – Quantitative Investment Office AG

Website

https://fx.fair-value.investments

Version

Version 1.1 | 6 July 2026

Intended users

Business, professional and institutional users

Core positioning

Research and analytics only; no investment advice; no recommendations; no execution

1. Scope and acceptance

These Terms of Use govern access to and use of the FX Fair Values website, platform, dashboard, model outputs, research content, downloadable materials, APIs, data feeds and related services made available by QIO (together, the “Service”).

By accessing the Service, creating an account, accepting an order form, executing a subscription agreement, using login credentials or otherwise using the Service, the user and the legal entity on whose behalf the user acts accept these Terms of Use.

If a separate written agreement, order form, enterprise licence or data licence has been concluded with QIO, that agreement prevails in case of conflict. These Terms of Use apply supplementarily.

2. B2B use and user eligibility

The Service is intended for business-to-business use by professional, institutional, corporate, treasury, research, risk management, asset management, banking, advisory, family office or comparable business users.

Users must have sufficient professional knowledge and experience to assess foreign exchange research, financial models, valuation outputs and related risks independently.

The Service is not designed as a retail-investor advisory tool. Natural persons accessing the Service do so in a professional or business capacity and not as private retail clients seeking personal investment advice.

Professional, institutional and business users may include banks, securities firms, asset managers, pension funds, sovereign wealth funds, family offices, corporates, treasury departments, financial advisers, consultants, research teams and other market participants acting in a professional capacity.

QIO may verify the user’s professional or business status and may refuse, suspend or terminate access if such status cannot be confirmed or if the Service is used for private consumer purposes. Where the user authenticates via a supported third-party identity provider under Section 7, profile information received from that provider (e.g. employer or professional role, where made available) may also be used to help verify professional or business status.

3. Description of the Service

The Service provides quantitative research, fair-value estimates, valuation signals, model-based outputs, historical analyses, charts, tables and related information concerning foreign exchange markets and, where applicable, macroeconomic or capital-market variables relevant to FX valuation.

The Service may include static reports, dynamic dashboards, downloadable data, API access, model descriptions, methodological explanations or other analytical content. The exact functionality depends on the subscription package, order form or service description applicable to the user.

QIO may modify, expand, reduce, suspend or discontinue features, datasets, models or delivery channels where this is reasonably required for operational, methodological, regulatory, data-licensing, security or commercial reasons.

For illustrative purposes, the Service may display, per currency pair, the deviation between the current market price and QIO’s model-based fair value estimate, including in dashboard, ranking or screening form (e.g. ranking currency pairs by magnitude of deviation). Such deviation displays are descriptive analytical output only. They do not imply that a currency is expected to converge toward fair value within any horizon, and do not constitute a trading signal, entry/exit indicator, or recommendation to buy, sell, hedge or hold the currency pair concerned. See also Section 9 (Data, models and methodological limitations).

4. Research only – no investment advice or recommendation

The Service is provided exclusively for research, information and analytical purposes. It does not constitute investment advice, portfolio advice, personal recommendation, investment recommendation, financial analysis prepared for distribution as a recommendation, suitability assessment, appropriateness assessment, solicitation, offer or instruction to enter into any transaction.

QIO does not recommend that users buy, sell, hold, hedge, borrow, lend, subscribe for, redeem, issue or otherwise transact in any currency, derivative, security, fund, structured product or other financial instrument through the Service.

No content is tailored to the individual financial situation, balance sheet, liabilities, risk capacity, risk appetite, investment objectives, regulatory constraints, accounting treatment, tax position or internal policies of a specific user unless this is expressly agreed in a separate written mandate.

Any interpretation of the research outputs and any investment, hedging, trading, accounting, treasury, risk management or business decision remain the sole responsibility of the user.

5. No asset management, execution, custody or fiduciary duty

QIO does not provide discretionary asset management, brokerage, order execution, custody, deposit-taking, payment services or transaction implementation through the Service.

QIO does not receive power of attorney over user assets, does not execute transactions for users, does not monitor user portfolios or hedging books, and does not owe any fiduciary duty by virtue of providing the Service.

The user is solely responsible for arranging execution, custody, settlement, risk controls, compliance approval and operational implementation with appropriately authorised third parties.

6. User responsibilities

Users must independently verify whether the Service is suitable for their intended purpose and whether they are permitted to use it under applicable laws, regulations, contractual restrictions, data-licensing obligations, internal policies and professional duties.

Users are responsible for their own investment, hedging, treasury, risk management, accounting, valuation and compliance decisions. Users should obtain independent professional advice where required.

Users must not present QIO research outputs as QIO recommendations, must not imply that QIO has approved any user transaction, strategy, product or communication, and must not use the Service in a misleading or unlawful manner.

7. Accounts, access credentials and security

Access to the Service is provided exclusively via single sign-on (SSO) through supported third-party identity providers (currently Google and LinkedIn). QIO does not issue or store an independent password for the Service; authentication is performed and confirmed by the relevant identity provider. QIO relies on the authentication confirmation and the basic profile information (e.g. name, business email address and, where made available by the provider, employer or professional role) received from the identity provider to create and administer the user’s account. Users are responsible for the security of the Google or LinkedIn account used to access the Service and for compliance with that provider’s own terms of use.

Access to the Service may require registration, authentication and allocation of an authenticated user account. Users must provide accurate business and contact information and keep it up to date.

User accounts are personal to the authorised user or limited to the authorised legal entity, as specified in the applicable subscription or order form. Accounts and the underlying third-party identity-provider login must not be shared, transferred, resold or made available to unauthorised persons.

Users must promptly notify QIO of any suspected unauthorised access, data leakage, account or identity-provider compromise or security incident relating to the Service.

8. Permitted use and restrictions

Subject to these Terms of Use and any applicable order form, QIO grants the user a limited, non-exclusive, non-transferable, revocable right to access and use the Service for the user’s internal business, research, risk management and decision-support purposes.

Unless expressly permitted in writing, users may not: (i) redistribute, resell, sublicense or publish Service content; (ii) use Service content to create a competing product, index, benchmark, signal service or data product; (iii) scrape, bulk-download, reverse engineer or attempt to extract models, source code or methodologies; (iv) remove proprietary notices; (v) circumvent technical restrictions; or (vi) use the Service for unlawful, manipulative, abusive or misleading market conduct.

Any external use, client reporting use, white-labelling, integration into third-party products, API redistribution, systematic data extraction or commercial redistribution requires a separate written licence.

9. Data, models and methodological limitations

Foreign exchange fair values and related signals are model-based estimates. They depend on data availability, data quality, transformations, estimation windows, assumptions, calibration choices, economic regimes and methodological judgement.

Model outputs may differ materially from spot rates, forward rates, market consensus, accounting valuations, broker quotes or realised future exchange rates. Fair value does not mean that a currency must converge to the model estimate within any specific time horizon.

Past relationships, backtests, statistical significance, historical correlations and historical valuation gaps are not reliable indicators of future results. Market prices may deviate from estimated fair values for prolonged periods or permanently.

QIO does not guarantee correctness, completeness, timeliness, continuity, performance, profitability, risk reduction, regulatory compliance or fitness for any particular purpose.

10. Third-party data and services

The Service may incorporate, reference or link to third-party data, software, infrastructure, analytics, authentication, hosting, market data or other services, including public or commercial sources such as LSEG Datastream, the Federal Reserve Bank of St. Louis (FRED), the OECD, central banks, statistical offices, third-party identity providers used for sign-in (Google, LinkedIn) and other data providers, where applicable. Third-party components may be subject to separate licence terms, availability restrictions and usage limitations.

Users may not extract, redistribute, resell, publish or commercially exploit third-party data separately from the Service, except to the extent expressly permitted by the relevant third-party provider’s terms and the applicable agreement with QIO.

QIO is not responsible for third-party content, data errors, delays, interruptions, licence restrictions or changes in third-party services, except to the extent mandatory law provides otherwise.

11. Fees, invoicing and taxes

Fees, billing cycles, payment terms, trial periods, cancellation rules and included service levels are set out in the applicable order form, subscription confirmation, online checkout, invoice or separate written agreement.

All fees are exclusive of VAT, withholding taxes, bank charges and other taxes or public charges unless expressly stated otherwise. Users are responsible for taxes, charges and duties applicable to their use of the Service.

QIO may suspend access to the Service in case of late payment, suspected misuse, security risk or material breach of these Terms of Use.

12. Availability, maintenance and support

QIO aims to provide reliable access to the Service but does not guarantee uninterrupted, error-free or real-time availability. The Service may be unavailable due to maintenance, upgrades, data-source disruptions, security measures, force majeure or other operational reasons.

Support channels and response times are provided on a commercially reasonable basis unless specific service levels are agreed in writing.

13. Intellectual property and confidentiality

All intellectual property rights in the Service, including models, methodologies, algorithms, research content, charts, datasets, compilations, documentation, software, interfaces, trademarks and design, belong to QIO or its licensors.

Users must treat non-public Service content, pricing, documentation, technical information and access account and identity-provider details as confidential. QIO will treat user non-public business information as confidential, subject to disclosure required by law, professional advisers, service providers or enforcement of these Terms of Use.

14. Data protection and cookies

QIO processes personal data in accordance with the Data Protection Declaration applicable to the Service. The Data Protection Declaration explains what data is processed, for which purposes, on what basis, with whom it may be shared and what rights data subjects have.

The Service does not display a separate cookie-consent banner. The Service uses (i) technically necessary/functional cookies for login, security, session management, load balancing and consent management, and (ii) optional analytics and session-monitoring/UX-analytics tools (such as Microsoft Clarity) used to understand and improve product usage. By creating an account and/or logging in via a supported identity provider (Google or LinkedIn) under Section 7, the user acknowledges and consents to QIO’s use of the cookies and monitoring tools described in the Data Protection Declaration for as long as the user maintains an account. Users who do not wish to consent should not create an account. Further detail on the specific tools used and on how consent is obtained is set out in the Data Protection Declaration.

15. Liability

To the maximum extent permitted by applicable law, QIO is liable only for direct damage caused intentionally or by gross negligence. Liability for simple negligence, indirect damage, consequential damage, loss of profit, loss of revenue, loss of data, loss of goodwill, trading losses, hedging losses, missed opportunities and pure financial losses is excluded to the maximum extent permitted by law.

Nothing in these Terms of Use excludes liability where exclusion is not permitted under mandatory law.

16. Indemnity

The user shall indemnify and hold QIO harmless from claims, losses, liabilities, costs and expenses arising from unauthorised use of the Service, breach of these Terms of Use, unlawful redistribution of content, misleading external use of outputs, infringement of third-party rights or violation of applicable laws or internal authorisation requirements.

17. Term, suspension and termination

The duration of access is determined by the applicable order form, subscription confirmation or separate agreement. QIO may suspend or terminate access if the user breaches these Terms of Use, fails to pay fees, creates security or legal risks, misuses the Service or if continued provision becomes commercially, technically, legally or regulatorily unreasonable.

Upon termination, the user must cease using the Service and delete or return confidential materials where required. Provisions concerning intellectual property, confidentiality, restrictions on use, liability, indemnity, governing law and jurisdiction survive termination.

18. Amendments

QIO may amend these Terms of Use from time to time. Updated terms will be published on the website or otherwise communicated to users. Continued use after the effective date constitutes acceptance, unless mandatory law or a separate written agreement requires a different process.

19. Governing law and jurisdiction

These Terms of Use are governed by Swiss substantive law, excluding conflict-of-law provisions and the United Nations Convention on Contracts for the International Sale of Goods. Subject to mandatory legal venues, the exclusive place of jurisdiction is the ordinary courts at the registered office of QIO.

QIO – Quantitative Investment Office AG | 6 July 2026