Contractual agreement for Users of Markets Recon. Last updated: August 2026.
Welcome to Markets Recon, a technology platform serving professional investors and the wider investment community. By registering with www.marketsrecon.com (the “Platform”, “Site”, “Website” or “Web-based Application”) you agree to these Terms of Service. Please read them, together with our Privacy Policy and Cookie Policy, and take your own legal advice if you have any questions, before registering. These Terms of Service are a legally binding agreement between you and Markets Recon.
When you register, you also agree to our Privacy Policy and Cookie Policy, which are incorporated into and form part of these Terms of Service. The Privacy Policy explains how we collect, use and share your personal data, including how a defined set of your data may be shared with our content partners. Please read it before registering. If you do not wish to accept these Terms of Service, do not register with, or use, the Site.
Markets Recon is an independent investment-research, analysis and insights platform for professional investment-industry participants. Its purpose is to make third-party research and thought-leadership content available to that professional audience, to complement asset allocation and manager selection, while complying with applicable financial regulation. The Site is used by “Users” — persons who have registered with the Site.
The Site is operated and owned by Recon Discovery Limited (“we”, “us”, “our”), a company incorporated in England and Wales under company number 14778559, whose registered office is at 3rd Floor, 86–90 Paul Street, London EC2A 4NE, United Kingdom.
We may change any part of these Terms of Service at any time. We will notify you of material changes by reasonable means, which may include email, in-app notification, or a notice on the Site. Your continued use of the Site after a change takes effect is your acceptance of it. If you do not accept a change, you must stop using the Site. If you have questions, contact us at info@marketsrecon.com before registering.
Markets Recon is intended only for professional investment-industry participants, including asset allocators, portfolio managers, investment consultants, financial advisers, asset- and wealth-management professionals, investment-advisory and professional-services professionals, industry-association professionals, academic researchers, financial journalists, and other professional investment-industry market participants. If you do not fall within one of these categories, you must not register with, or attempt to access, the Site. Working for an organisation that fits these categories does not by itself entitle you to access.
When you register, you confirm that you are using the Site in a professional capacity as an investment-industry participant of the kind described above, that you are 18 years of age or older, and that you are able and authorised to enter into these Terms of Service. You must use the Site only for the professional purposes for which it is provided.
Asset allocators and “leads”. Some Users — in particular asset allocators — who engage with content connected to one of our content partners may have a defined set of their professional details shared with that partner so the partner can contact and market to them. This is explained in the section “Content partners and lead sharing” below and, in full, in our Privacy Policy. By registering you acknowledge this feature of the Site.
You confirm that you are not a competitor of Markets Recon and will not use the Site to compete with us, and that you will not procure any competitor to register in your place. If you become affiliated with a competitor, or acquire reasons to compete with us, you must stop using your account and notify us immediately. We may suspend, block or cancel your account, and take legal action, if you breach (or we reasonably suspect you have breached) your obligations or warranties, without notice.
To register you must provide accurate registration information, which may include your full name, your organisation’s name, your job title and your professional email address, together with other information we reasonably require (including topics of interest). You must not provide false, misleading or pseudonymous information. We may challenge the validity of any information and request evidence; if you do not satisfy our challenge, we may block, suspend or cancel your account.
You confirm that the information you provide is accurate, true and up to date, and you agree to keep it updated. Your registration information forms part of your profile. You must keep your login credentials confidential; only you may use your account, and you must not transfer, sell or trade access to your account or any information obtained from or supplied to the Site. We are responsible for the security of User accounts and personal data only so far as is within our own reasonable control and as required by law. If you suspect unauthorised use of your account, change your password and notify us at info@marketsrecon.com without delay.
Recon Discovery Limited, trading as Markets Recon, is not authorised or regulated by the Financial Conduct Authority (“FCA”) or any other regulator, and does not provide financial, insurance, investment, legal or tax advice, personal recommendations or solicitations. The Site facilitates the aggregation and amplification of third-party content for the professional audience described above. Any element of opinion in content is that of its author or the contributing User, not Markets Recon.
Some content made available on the Site may amount to a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). The Site is positioned and made available only to the professional audience described above — each User is required to register, provide professional-context details and confirm their professional status — and on that basis we rely on applicable exemptions in the FSMA (Financial Promotion) Order 2005, including the exemption for investment professionals. We do not review or approve content for regulatory compliance; the party that supplies content is responsible for ensuring it is approved by an authorised person or falls within an applicable exemption, and complies with the FCA rules and all applicable financial-promotion, marketing and securities laws.
We seek not to make available content that falls within MiFID II requirements or that constitutes individual-security investment research, a solicitation or a public offering. You must seek independent professional advice before acting on any financial or investment information found on the Site. Any decision you take is at your own risk and must be made directly with the relevant provider.
Users may contribute content. The contributing party is responsible for ensuring its content is lawful and complies with all applicable rules and regulations in each jurisdiction in which it is published, and that it has all rights necessary to publish it. We do not actively pre-screen or monitor content, and make no representation or warranty as to its accuracy, quality or reliability; no content represents the views of Markets Recon.
Where content refers to securities, contributing Users must disclose any long or short position in any security mentioned, any intention to buy or sell within three days of first publication, and any material relationship with a company the content concerns; and must not publish content for the purpose of moving a security’s price. Users must not upload content that is abusive, defamatory, indecent, obscene, threatening, unlawful, or that promotes hatred on the basis of any protected characteristic, and must not use the Site to send unsolicited or unauthorised marketing or spam. We may, at our discretion and without notice, moderate, edit or remove content, and suspend or terminate accounts that breach these Terms of Service. To report content, email info@marketsrecon.com.
Where you contribute or make content available on the Site, you grant us a non-exclusive, worldwide, royalty-free licence, for as long as the content is on the Site (and for a reasonable wind-down period afterwards for material already published), to host, store, reproduce, syndicate, distribute, publish, display and adapt (for formatting only) that content across the Site and our channels, for the purpose of operating the Site and providing our services. You retain ownership of your content.
You represent and warrant that: (a) you own or have all rights necessary to grant that licence and to make the content available; (b) the content does not infringe any third party’s intellectual-property, confidentiality or other rights, and is not defamatory, misleading or unlawful; and (c) any content that is a financial promotion has been approved by an authorised person or falls within an applicable exemption and complies with the FCA rules and applicable financial-promotion, marketing and securities laws. You will indemnify us against any claim arising from a breach of these warranties.
You must not use the Site unlawfully, introduce malware, or access it other than through the Site itself, and you must not attempt to access any part of the Site you are not authorised to access.
No scraping or harvesting. You must not, and must not permit any third party to, access, crawl, scrape, spider, harvest, mine, extract, copy, index, aggregate, compile, capture, store or reproduce the Site’s content, pages, code, design, database or user base — whether by artificial intelligence, bot, crawler, scraper, spider, or any other automated or manual means — in order to build, feed, train or operate any product, dataset, database, directory, model or service, or to reproduce, redistribute or create derivative works, except as expressly permitted by us in writing.
No AI training or text-and-data mining. You must not use, and must not permit any third party to use, the Site or any content on it for text and data mining, or to develop, train, fine-tune, evaluate, benchmark or improve any artificial-intelligence, machine-learning, large-language, foundation or generative model, or to create any dataset for those purposes, without our prior written licence. We expressly reserve all rights in the Site and its content, including under the Copyright, Designs and Patents Act 1988 (and any text-and-data-mining exception, which does not permit commercial AI training or development) and the Copyright and Rights in Databases Regulations 1997. This paragraph is an express reservation of rights for the purposes of any applicable text-and-data-mining exception or opt-out, and we may also signal that reservation by machine-readable means (including robots.txt and text-and-data-mining reservation metadata).
Database rights. The compilation of content, data and the user base made available on the Site is protected by database right and other rights owned by us. You must not extract or re-utilise all or a substantial part of it, and must not repeatedly extract or re-utilise insubstantial parts of it, without our prior written consent.
Anti-circumvention. You must not reverse engineer, decompile, frame, mirror or otherwise simulate the Site, and you must not circumvent, disable or interfere with any security, access-control or anti-bot measure we use. We may deploy technical measures to detect and prevent prohibited automated access.
Your own professional tools. Nothing in this section prevents you, as a professional User, from using automated, tool-assisted, aggregation, alerting or AI-assisted reading or review tools to access, collect and review content made available to you for your own legitimate professional purposes. This carve-out does not permit scraping or reproduction of the Site, the building of competing or derivative datasets or databases, commercial text-and-data mining, or the training or development of AI models, each of which remains prohibited.
To provide the Site at low or no cost, we form arrangements with asset managers and other investment-industry firms (each a “Partner”) whose professional content we syndicate and amplify to our audience.
When you engage with content connected to a Partner, we may share a defined set of your professional details and interaction data with that Partner so that the Partner can contact and market to you about its content and services. We do this on the basis of our and the Partner’s legitimate interests in business-to-business direct marketing to professional investment-industry participants — not on the basis of consent. We tell you about this transparently, including through a disclaimer shown when you interact with Partner content, and you have an easy right to object at any time. Interacting with content is not treated as your consent.
Each Partner acts as an independent controller of the data it receives and will market to you under its own privacy notice and responsibility. Partners are bound by a data-sharing agreement that requires them to respect your rights, honour objections and opt-outs, keep the data secure, and delete it within defined periods. The categories of data shared, the lawful basis, and your rights are set out in full in our Privacy Policy.
All intellectual property rights in the Site, and in our own materials, methods, brand, logos, service marks and trademarks, belong to Recon Discovery Limited (or our licensors) and are reserved. Content displayed on the Site, and the rights in it, belong to Recon Discovery Limited and/or the contributing author. On registration we grant you a non-exclusive, non-transferable, revocable licence to use the Site in accordance with these Terms of Service; no other right or licence is granted.
You may download or print content solely for your own personal and professional use, retaining all proprietary notices; you must not alter, reproduce, publish, distribute or commercially exploit content without the author’s written consent, except as needed to use and navigate the Site. If you believe your intellectual property has been infringed, contact info@marketsrecon.com with details and we will review and, where appropriate, remove the content.
Either party may end this agreement. You may close your account at any time by writing to info@marketsrecon.com; closure will remove your access to the Site. We may suspend or terminate your account, with or without notice as appropriate, if you breach or misuse the Site, provide false information, become a competitor, or where otherwise reasonable. Suspected misuse will be investigated before action is taken; a permanently terminated User must not re-register. If you believe an action was taken in error, you may email info@marketsrecon.com with supporting information and we will review it.
On termination, your access ends. Any data that we have already shared with a Partner remains subject to that Partner’s own obligations as an independent controller and to our Privacy Policy, and our retention of your data is governed by our Privacy Policy.
We provide only the obligations expressly stated in these Terms of Service. We may make the Site, or any feature, available or unavailable, and may change any feature, policy or pricing, at our discretion. The Site is currently free to use; we may change this. The Site may link to third-party content, which you access at your own risk and which is subject to the third party’s own terms; we are not responsible for it.
To the fullest extent permitted by law, the Site and its content are provided “as is” and “as available”, and we exclude all warranties, express or implied, including as to accuracy, availability, completeness, reliability, fitness for a particular purpose and non-infringement. We do not warrant that the Site will be uninterrupted, error-free, or free from harmful code, and we may suspend access for maintenance or for reasons beyond our reasonable control. You use the Site, and rely on its content, at your own risk.
Parts of the Site may use automated and AI-assisted tools — for example, to organise, tag and recommend content and to assess content relevance. Any output of such tools is provided for information only, without warranty as to accuracy or completeness, and does not constitute advice; you should apply your own professional judgement. How we use your personal data in connection with these features is explained in our Privacy Policy.
Nothing in these Terms of Service limits or excludes our liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, or for any other liability that cannot lawfully be limited or excluded.
Subject to that, and to the fullest extent permitted by law, we are not liable for any indirect or consequential loss, or for loss of profit, revenue, business, goodwill, anticipated savings or data, whether in contract, tort (including negligence), breach of statutory duty or otherwise. Subject to that, our total aggregate liability arising out of or in connection with the Site and these Terms of Service is limited to the greater of (a) the total amount you have paid us (if any) and (b) £250.
These Terms of Service have been prepared having regard to the Unfair Contract Terms Act 1977. If any provision is found invalid or unenforceable, it will be amended to the minimum extent necessary to make it enforceable, or severed, and the remaining provisions will continue in force.
You agree to indemnify and hold harmless Recon Discovery Limited and its officers, agents and employees against all claims, costs, damages, expenses and liabilities (including reasonable legal costs) arising from your use of the Site, your breach of these Terms of Service or of any applicable law, or your infringement of any third party’s rights. This indemnity survives termination and your use of the Site.
Assignment. You may not assign or transfer your rights or obligations without our prior written consent. We may assign or transfer our rights and obligations, including in connection with a reorganisation, sale or transfer of our business. No person who is not a party has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce these Terms of Service.
Entire agreement. These Terms of Service (together with the Privacy Policy and Cookie Policy) are the entire agreement between you and us regarding the Site and supersede all prior agreements or understandings on that subject.
Data protection. We comply with applicable data-protection law, including the UK GDPR (as amended by the Data (Use and Access) Act 2025), the Data Protection Act 2018, and the Privacy and Electronic Communications Regulations 2003. Our Privacy Policy explains how we handle personal data.
Governing law and jurisdiction. These Terms of Service, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them, are governed by the law of England and Wales, and the parties submit to the exclusive jurisdiction of the courts of England and Wales. We may seek injunctive relief in any jurisdiction.
Force majeure. We are not liable for any delay or failure to perform caused by events beyond our reasonable control, including failures of third-party platforms, networks or utilities, cyber-attacks, or acts of government.
Notices. Notices to us must be sent to info@marketsrecon.com. We may give you notices by email, in-app notification, or a notice on the Site.
Reporting security issues. If you discover a security vulnerability or a suspected breach, please report it promptly to info@marketsrecon.com and do not exploit or publicise it.
No waiver. A failure or delay in exercising a right is not a waiver of it.
Severability. If any provision is held invalid or unenforceable, it will be modified to the minimum extent necessary or severed, without affecting the remaining provisions.
No information in this document or elsewhere on the Site is legal or compliance advice. Recon Discovery Limited (registered in England and Wales, Company No. 14778559), Registered Office: 86–90 Paul Street, London EC2A 4NE.
Copyright © 2026 Markets Recon. All Rights Reserved.
