Hunterson Data Licence

Version 1.0, October 2026

The Hunterson figures are free to read, copy, quote and use. This licence asks one thing more of anyone who builds a contract, a financial product, an index or a data service on them: to tell us. Registration is free. It means everyone relying on the figures can be told directly when the rules change, and it protects them from any later change in these terms.

1. Who grants this licence

Malcolm Hunter (a pen name), trading as Hunterson, in the United Kingdom ("we", "us"). Contact: malcolm@hunterson.org.

2. What it covers

"The figures" means every price assessment Hunterson publishes, for every grade: the output, input and blended prices, the same prices with discounts removed, the count of contributors, the daily table of providers, the history, the downloadable data files, and any series we publish that is calculated from them.

This licence does not cover:

1. the methodology, the census tracker, and the written material in the public repository, which are released under the Creative Commons Attribution 4.0 licence;
2. the fingerprints and timestamp proofs, which are dedicated to the public domain under CC0 1.0, so that anyone may copy and keep them anywhere;
3. the code, which has its own licence.

3. Free use

Anyone may do the following without registering and without charge, provided the source is credited:

1. view, download, copy and keep the figures;
2. quote and chart them in any medium, including articles, research, reports, presentations, posts and newsletters, whether or not that medium is sold;
3. use them in research, teaching and journalism, including publishing a copy of the history with a piece of research so that others can check it;
4. use them in any organisation's own analysis, planning, budgeting, negotiation or decisions, including a business's.

The credit is: "Source: Hunterson Standard Inference, Europe, hunterson.org", with the date of the figure where one is given. For another grade, its name replaces "Standard".

4. Benchmark uses: free, on registration

The following uses need a registration under section 6:

1. using a figure to set an amount paid or delivered under a contract, including a price, a price adjustment, a cap or a floor;
2. using a figure in the terms, valuation or settlement of a financial instrument or derivative that refers to it;
3. using a figure to measure the performance of a fund, or to decide the make-up of an index or another benchmark.

A registered benchmark use is licensed free of charge, under the commitments in section 7.

5. Distribution: by agreement

The following need a written agreement with us:

1. making the figures available to others, in whole or in substantial part, or as a continuing feed, through a data terminal, data platform, interface, dataset or similar service, whether or not a fee is charged;
2. publishing the history, or a continuing run of the figures, as part of another price assessment or index, or joined to one so that the two read as a single series.

Quoting and charting under section 3, and a copy of the history published with research under section 3, are not distribution.

6. How to register

Email malcolm@hunterson.org with: the organisation's name; a contact; which benchmark use in section 4; the contract, instrument, fund or index, described in general terms; and the date the use begins. The licence for that use takes effect when the email is sent. We acknowledge it within five working days.

Registrations are kept private. We publish only the number of registered uses.

Each registered user is told by email of every change to the methodology, every change of reference model with its conversion ratio, every correction, and every day on which no price is published.

7. Our commitments

1. A benchmark use registered before any fee is announced stays free for as long as the contract, instrument, fund or index it was registered for continues.
2. Any fee for new benchmark uses will be announced at least twelve months before it applies, and will be the same for every user in the same class.
3. The free uses in section 3 will never be narrowed for figures already published.
4. Any other change to this licence applies only to figures published after it takes effect, and is announced at least 90 days before. A change that only adds to what is free may apply at once.
5. If Hunterson stops publishing, every registered user is told, and this licence continues without end for the figures already published.

8. No promise and no liability

The figures are produced by the published methodology, and corrected only under it. They are provided as they are, with no promise that they suit any purpose. They are not advice on any investment, purchase or contract. As far as the law allows, we are not liable for any loss arising from their use. Nothing in this licence limits any liability that the law does not allow to be limited.

9. When a licence ends

A licence under section 4 or 5 ends if its terms are broken and the breach is not put right within 30 days of our written notice. The free uses in section 3 cannot be withdrawn.

10. Law

This licence is governed by the law of England and Wales, and its courts have jurisdiction.

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