In the interest of ensuring clients understand their rights and obligations, Nasdaq today communicated its expectation that customers using Nasdaq data in artificial intelligence technologies evaluate its use in the following core areas: AI model training; operational controls; licensing and use of Nasdaq data; and use of 3rd party tools.

This policy does not amend the terms of any existing agreement(s) in place with Nasdaq. This is merely a clarification as clients have been asking about usage of AI with Nasdaq data.

Any use of or access to Nasdaq Information including for training of AI models must strictly adhere to the terms of the license governing access to such Nasdaq Information, including maintaining appropriate licenses with redistributors and service facilitators. This includes any use that would subject the data to the following environments outside the license.

Granting access to Nasdaq Information in an open-source AI model is prohibited, unless otherwise agreed to by Nasdaq in writing, as is exposure of data where the risk level of the AI model is prohibited by applicable law.

Dissemination of Nasdaq Information, including when used in large language models (LLM), retrieval-augmented generation (RAG), or other AI functionality, must be controlled through a technical entitlement system that can be interrogated for audit and compliance purposes.

All models trained on Nasdaq Information may be fee-liable and require the Nasdaq client to obtain additional licenses. Failure to control access will cause the Nasdaq client to be fee liable for all Information on the network.

When using a third party AI tool, recipients must make sure they have the appropriate permission or license to use Nasdaq Information in the AI tool for that use case. Historically, third party software-as-a-service or other tools have traditionally been distinguishable from AI tools in the manner in which they collect, store, or continue to access Nasdaq Information.

Recipients of Nasdaq Information must ensure they have implemented adequate controls to adhere to the terms of their license to Nasdaq Information, including in connection with any use of Artificial Intelligence. These controls must be maintained at each downstream access point where the Information may be accessed.