Form 13F Ameritas Investment Partners For: 12 August

Fusion Media's comprehensive risk disclosure outlines the significant inherent risks of trading financial instruments and cryptocurrencies, including potential total capital loss, and explicitly states that its provided market data is not guaranteed real-time or accurate, serving solely as indicative pricing. The disclosure further disclaims liability for any trading losses incurred based on reliance on its information, underscoring the critical need for users to exercise independent due diligence and seek professional financial advice.

Analysis

The Fusion Media risk disclosure serves as a critical operational and legal advisory for any fund utilizing its data. The explicit statement that data is not necessarily real-time nor accurate, and is provided by market makers, renders it unsuitable for high-frequency trading, algorithmic execution, or any strategy demanding precise, low-latency market information. The prices are categorized as indicative, meaning they may not reflect tradable levels on any given exchange, a crucial distinction for valuation, risk modeling, and backtesting. Furthermore, the complete disclaimer of liability for trading losses shifts the entire burden of data verification and risk assessment onto the end-user. The document underscores the legal and financial risks associated with relying on non-guaranteed data sources, particularly in volatile asset classes like cryptocurrencies where pricing discrepancies can be significant.

Key Decisions for Investors

• Investors and quantitative teams must not use data from sources with such disclaimers for live trading execution or time-sensitive risk management systems without robust, independent verification against a primary exchange feed.
• Legal and compliance departments should review all data vendor agreements to fully understand the limitations on liability and data usage rights, as the provider explicitly absolves itself of responsibility for financial losses.
• Portfolio managers should ensure their strategies rely on premium, guaranteed data providers for mission-critical functions, treating indicative data sources like this strictly as supplementary or for general market awareness only.