Form 144 CELLEBRITE DI LTD. For: 26 August

Fusion Media's risk disclosure emphasizes the significant inherent risks in trading financial instruments and cryptocurrencies, including capital loss and extreme volatility. The disclosure explicitly states that its market data is indicative, not guaranteed real-time or accurate, and unsuitable for direct trading, while disclaiming liability for losses based on this information. This underscores the critical importance for institutional investors to verify data sources and fully comprehend the substantial risks associated with market engagement.

Analysis

The provided text is a standard risk disclosure from Fusion Media, which outlines significant operational and legal considerations for investors. The document explicitly warns of the high-risk nature of trading financial instruments and cryptocurrencies, noting the potential for total capital loss and extreme price volatility. A critical point for any quantitative or systematic fund is the disclaimer on data integrity; Fusion Media states its data is 'not necessarily real-time nor accurate' and is provided by market makers, making it 'indicative and not appropriate for trading purposes.' This effectively positions the service as an informational tool rather than a source for trade execution. The firm's explicit disclaimer of liability for any trading losses and its reservation of all intellectual property rights reinforce the need for investors to conduct their own due diligence and source primary, exchange-level data for any market activity.

Key Decisions for Investors

• Investors relying on third-party data providers like Fusion Media must ensure they have a primary, exchange-sourced data feed for trade execution to avoid acting on indicative and potentially inaccurate pricing.
• It is critical to review and stress-test risk management protocols, particularly for strategies involving cryptocurrencies or leverage, given the explicit warnings on extreme volatility and heightened financial risk.
• From a legal and compliance standpoint, any fund using this data must acknowledge the provider's full disclaimer of liability and ensure their operational models do not create dependencies that could lead to losses from data inaccuracies.