Terms of membership
Global Macro Investor SEZC · accepted by every member on first sign-in · version 2026-09
If you are an existing subscriber accepting these terms via the online portal, your acceptance constitutes your agreement to be bound by this Agreement in place of any prior agreement between you and GMI. The terms of this Agreement shall apply from the date of your acceptance.
Thank you for your support. This letter agreement (this “Agreement”) outlines the terms and conditions of the investment advisory publication that Global Macro Investor SEZC (“GMI”) will provide to the Client identified in the quote (the “Quote”) provided alongside this Agreement, the terms of which are hereby incorporated by reference and shall be deemed to form part of this Agreement as if set out in full herein. In the event of any inconsistency between the terms of this Agreement and the terms of the Quote, the terms of the Quote will prevail.
GMI will provide 12 monthly research publications per annum (the “Publications”). These are informative publications that will usually encompass aspects of economic analysis and technical analysis in all the major asset classes and a generalised macroanalysis of the global economy. GMI is not a registered investment advisor in any jurisdiction and it is not acting in an advisory capacity. All information provided pursuant to the Publications is for informational purposes only and does not constitute investment advice or solicitation.
The authorised recipients of the Publication designated by Client will be alerted by email when new Publications are uploaded onto the website. Access to the Reports under this Agreement is licensed solely to the specifically designated authorised reader(s) identified in the Quote. The licence granted is personal, non-transferable, and non-sublicensable. No individual may access the Reports unless registered as an authorised reader and the applicable fee has been agreed and paid pursuant to the Quote.
GMI will also periodically provide intra-monthly updates (the “Updates” and, together with the Publications, the “Reports”) when GMI determines that the information it intends to provide to its Clients is time critical.
All Clients hereby subscribe to the following, as may be amended by the Quote:
(a) Access to all monthly Publications and intra-month updates, as released by GMI.
(b) Access to the GMI client website, including the publication archive and historical research materials.
(c) One (1) invitation per subscription to GMI’s Annual Roundtable event, subject to GMI’s event policies and scheduling.
(d) Access to quarterly digital Ask-Me-Anything (“AMA”) sessions, featuring senior research principals.
(e) One (1) email inquiry per calendar month to the GMI team, limited to direct questions related to the interpretation or application of the Publications.
Certain Clients may subscribe for add-on packages, as set out below and as may be amended by the Quote:
Includes all Core Access features, plus the following add-ons:
(a) Four (4) to six (6) pre-scheduled one-on-one consultation calls per Contract Year with Raoul and/or Julien.
(b) Up to two (2) priority email inquiries per calendar month, limited to direct questions relating to the interpretation or application of the research; or, alternatively, the Subscriber may elect to receive one (1) monthly custom chart package, prepared in accordance with the Subscriber’s requested theme or specified tickers.
Includes all Core Access features, plus the following add-ons:
(a) Up to four (4) board-level meetings per Contract Year, to be scheduled in advance, during which senior research principals will present strategic assessments, macro-framework updates, or other agreed subject matter.
(b) Up to fifteen (15) advisory hours per Contract Year, which may be used for ad hoc consultations, project-specific analysis, or other advisory services as mutually agreed.
*In relation to Core Access, it is noted that at certain times of year and at the full discretion of GMI, certain Clients or prospective clients may be offered this at a promotional rate. In such circumstance, the promotional rate shall apply for a period of one year only, with standard pricing being applied following the end of the one year period.
The Client hereby understands and agrees that GMI is not a registered investment advisor in any jurisdiction and it is not acting in an advisory capacity to the Client. Through the provision of any services in addition to the Core Services, GMI is simply providing the Client with additional information and resources to allow the Client to make its own independent investment decisions.
In consideration for the provision of the services set out herein, the Client will pay GMI the annual fee specified in the Quote, payable in advance. The initial payment shall cover the “Initial Term”, as specified in the Quote. Upon the expiry of the Initial Term, this Agreement shall automatically renew for successive periods of one (1) year (each, a “Renewal Term”) pursuant to the terms and conditions set forth herein, unless terminated by either party in accordance with this Agreement.
GMI shall provide the Client with a written notice of renewal (“Renewal Notice”) no less than 30 days prior to the end of the Initial Term or any Renewal Term. The Renewal Notice shall specify the terms of the renewal, including any change to the Fee or other applicable terms. The Client shall have 10 calendar days from receipt of the Renewal Notice to notify GMI in writing if it wishes to reject the terms of the renewal and terminate the Agreement, in which case this Agreement shall terminate at the end of the relevant term.
Notwithstanding the foregoing, GMI may terminate this Agreement at any time by giving not less than 60 calendar days’ written notice to the Client. In the event of such termination by GMI, GMI shall refund to the Client a pro rata proportion of the Fee representing the unexpired balance of the applicable term.
The Fee payable by each Client is based on the number of authorised readers of that Client. If, at renewal, the Client wishes to increase or decrease the number of authorised readers, the Client shall notify GMI in advance so that a revised price quote may be issued for the applicable Renewal Term.
GMI makes no representations or warranties with respect to any advice, information, predictions, trade recommendations, opinions or other content contained within any Publication (“Report Content”) and does not guarantee the accuracy or completeness of the Report Content. GMI shall not be liable for any loss, being it loss of profit, loss of business, indirect, consequential or special loss or damages arising out of or in connection with Report Content or the Client’s use of or reliance on the Report Content, including without limitation, for any investment or other financial decision that Client may make or recommend based on any Report Content.
For the avoidance of doubt, the fees set out above cover the delivery of the Reports to the authorised reader(s) designated in the Quote only. Client will provide the name of such recipient(s) together with their email address and telephone number. If any such recipient(s) leaves Client or Client otherwise decides to restrict such recipient’s access to the GMI service, Client must notify GMI thereof together with details of the Client’s new recipient(s) (and Client will provide to GMI the new recipient’s email address and telephone number): provided that in no event there shall be more than one (1) recipient(s) of the GMI service at any given time.
The Client hereby agrees that it shall not:
(a) directly or indirectly, engage in any form of bulk or systematic downloading, copying or extraction of content from the Reports, whether through automated means or otherwise, except as expressly permitted by the Agreement;
(b) use any robot, spider, scraper, crawler or other automated means to access, extract, or harvest data or content from the Reports for any purpose, including but not limited to data mining or data extraction;
(c) upload, input, incorporate or otherwise use any content, data or output derived from the Reports in connection with the development, training or operation of artificial intelligence or machine learning models, applications or systems, other than as expressly permitted in writing by GMI;
(d) systematically, programmatically, or through automated means integrate, extract, aggregate, store, or incorporate any content, data, or output derived from the Reports into any third-party platform, commercial database, data aggregation service, or competing research product;
(e) use any content, data or output derived from the Reports with any third-party or external analytical, statistical, or other processing tools, platforms, or software, except as specifically authorised in writing by GMI;
(f) disclose, share, or otherwise permit access to its user credentials (such as usernames or passwords) to any third party, nor allow multiple users to access the Reports through a single set of credentials or engage in concurrent access sessions in a manner that circumvents individual user restrictions;
(g) attempt to circumnavigate, bypass, disable or interfere with (or attempt to do any of the foregoing) any technical measures, access controls, security features or usage limits implemented to protect the integrity of the Reports.
For the avoidance of doubt, authorised readers may use the Reports internally within the ordinary course of their firm’s investment research and decision-making processes, provided that such use does not involve bulk extraction, database replication, automated ingestion, redistribution or disclosure to non-authorised users, or commercial exploitation of the Reports or their underlying content.
It is hereby agreed that GMI may implement and maintain such technical protections as it thinks necessary to protect the information provided in the Reports, including but not limited to digital watermarking, rate limiting, intellectual property monitoring, user session controls, and other measures designed to protect the integrity, security, or lawful use of the information set out in the Reports and any other materials provided under this Agreement. The Client agrees not to (a) attempt to disable, circumvent, bypass, or otherwise interfere with any such technical protections, or (b) assist or permit any third party to do so.
Any attempt by the Client to disable, circumvent, bypass, or interfere with these technical protections shall constitute a material breach of this Agreement and entitle GMI to exercise its rights and remedies for breach, including immediate suspension or termination of access to the Reports. Any breach of this clause shall constitute a material breach of this Agreement, entitling GMI to immediately suspend or terminate all access to the Reports and, at its discretion, termination of this Agreement without prejudice to its other rights and remedies it may have hereunder or by operation of law.
Furthermore, the Client acknowledges and agrees that any breach of this clause may cause GMI irreparable harm for which monetary damages may be an insufficient remedy. Accordingly, GMI shall be entitled to seek immediate interim, interlocutory, and/or permanent injunctive relief (including specific performance), in addition to all other remedies available at law or in equity, to prevent or restrain any such breach or threatened breach, without the necessity of proving actual damage or posting bond or other security.
The Client agrees to indemnify, defend and hold harmless GMI and its affiliates, officers, directors, employees, and agents (collectively, the “Indemnified Parties”) from and against any and all losses, damages, liabilities, costs, claims, demands, actions, proceedings, and expenses (including reasonable legal fees) arising out of or in connection with any unauthorised redistribution, disclosure, publication, or other dissemination—whether intentional or otherwise—by the Client, its employees, agents, or representatives, of any data, materials, or content provided by GMI under this Agreement. This indemnity is in addition to, and not in lieu of, any other remedies available to the Indemnified Parties at law or in equity.
Without prejudice to the foregoing and to the maximum extent permitted by law, the total aggregate liability of either party to the other under or in connection with this Agreement shall not exceed an amount equal to the aggregate fees paid by the Client to GMI for the services under this Agreement during the twelve (12) months preceding the event giving rise to the claim. Nothing in this clause shall exclude or limit either party’s liability for fraud, wilful misconduct, or any liability which cannot be excluded or limited as a matter of law.
Raoul Pal or any other employee of GMI may periodically have investments in some of the recommendations provided in the Reports. Client accepts that this may be the case, and any due diligence on all investments made by the Client, including any investment following receipt of a Publication, is the sole responsibility of Client.
The information provided by GMI is highly confidential. The intellectual property rights, including copyright, database rights, design rights, patents, trade marks, and any other proprietary rights, in all materials, documents, data, content, or deliverables provided or created by GMI in the Report Content or otherwise pursuant to this Agreement shall remain the exclusive property of GMI. The Client hereby agrees that it shall not share, disclose, redistribute, sub-license, or otherwise make the Report Content available to any third party without the prior written consent of GMI.
This Agreement and any dispute or claim arising out of or in connection with it is governed by and construed in accordance with the laws of the Cayman Islands. The parties hereby agree that the courts of the Cayman Islands shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement.
The Client hereby agrees to and accepts the terms of this Agreement, and agrees to be bound by their access to the website.
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