Terms of Service

These Terms of Service ("Terms") govern your access to and use of the Zephyr Markets platform, available at zephyr.markets (the "Platform"), operated by Zephyr Markets Ltd ("Zephyr Markets", "we", "us", "our").

By registering for an account or accessing the Platform, you confirm that you have read, understood, and agree to be bound by these Terms and our Privacy Policy, which is incorporated herein by reference. If you do not agree to these Terms, you must not use the Platform.

These Terms constitute a legally binding agreement between you and Zephyr Markets Ltd. If you are accessing the Platform on behalf of a company or other legal entity, you represent that you have authority to bind that entity to these Terms, in which case "you" refers to that entity.

In these Terms, the following definitions apply:

"Account" means the account you register to access the Platform.

"Content" means all data, text, analysis, scores, signals, briefs, and other information made available through the Platform.

"Intellectual Property Rights" means patents, trademarks, copyright, database rights, trade secrets, and all other intellectual property rights, whether registered or unregistered.

"Physical Premium Score" means the CCGT-anchored short-run marginal cost model output comparing the physically-implied GB day-ahead price against the prevailing N2EX market price.

"REMIT" means Regulation on Wholesale Energy Market Integrity and Transparency (EU) No 1227/2011 as retained in UK law.

"Services" means the Platform and all features, tools, and content accessible through it.

"Subscription" means a paid plan (Pro or Team) providing access to enhanced features.

"User" means any individual who registers for an Account.

Zephyr Markets provides a physical market intelligence platform for professional participants in the GB power and European gas markets. The Services include: a real-time Physical Premium Score based on a CCGT-anchored SRMC model updated every 5 minutes; a REMIT signal feed sourcing notices from Elexon BMRS and other authorised data providers; an AI-generated morning brief published at 06:00 GMT on each trading day; portfolio management tools including position tracking, P&L attribution, and risk analytics; and market data feeds including N2EX day-ahead prices, TTF and NBP gas prices, EU storage levels, and weather forecasts.

We reserve the right to modify, suspend, or discontinue any aspect of the Services at any time, with reasonable notice where practicable. We will not be liable to you or any third party for any modification, suspension, or discontinuation of the Services.

The Services are provided for informational and analytical purposes only. Nothing on the Platform constitutes financial advice, investment advice, trading advice, or a recommendation to buy, sell, or hold any financial instrument, commodity, or energy product.

The Physical Premium Score, REMIT signal feed, morning brief, portfolio attribution, and all other Content produced by the Platform are analytical tools designed to assist professional market participants in their own independent analysis. They are not trading signals and should not be treated as such.

Zephyr Markets is not authorised or regulated by the Financial Conduct Authority ("FCA") or any other financial regulatory authority. The Platform does not constitute a regulated activity under the Financial Services and Markets Act 2000 ("FSMA"). If you require regulated financial advice, you should consult an appropriately authorised firm.

Energy markets are subject to significant volatility, regulatory change, and physical constraints. Past model performance is not indicative of future accuracy. You should independently verify all data and analysis before making any trading or investment decision.

You acknowledge that you are a professional market participant with sufficient knowledge and experience to evaluate the analytical tools provided and to make your own independent trading decisions. You accept sole responsibility for all trading decisions made in reliance on or with reference to the Platform.

To access the Services you must register for an Account. You agree to provide accurate, current, and complete information during registration and to update such information as necessary.

You must be at least 18 years of age to register for an Account. By registering, you represent and warrant that you are at least 18 years old.

You are responsible for maintaining the confidentiality of your Account credentials and for all activity that occurs under your Account. You must notify us immediately at contact@zephyr.markets if you suspect any unauthorised access to or use of your Account.

You may not create an Account on behalf of another person without their express authorisation, or create multiple Accounts for the purpose of circumventing access restrictions or usage limits.

We reserve the right to refuse registration, suspend, or terminate any Account at our discretion, including where we reasonably believe that these Terms have been violated.

Certain features of the Platform are available only to paid Subscribers. The current subscription tiers, features, and pricing are set out on the Platform's pricing page and may be updated from time to time.

All fees are stated in pounds sterling (GBP) and are exclusive of any applicable taxes unless otherwise stated. You are responsible for any taxes applicable to your use of the Services.

When paid subscriptions are enabled, payment processing will be handled by Stripe Inc. By subscribing, you agree to Stripe's terms of service. We do not store your payment card details.

Subscriptions are billed monthly or annually in advance, as selected at the time of purchase. Subscriptions automatically renew at the end of each billing period unless cancelled. You may cancel your Subscription at any time through your Account settings; cancellation will take effect at the end of the current billing period and no refunds will be issued for the unused portion of a billing period except where required by applicable law.

We reserve the right to change Subscription fees on not less than 30 days' written notice. Continued use of the Services after a fee change takes effect constitutes acceptance of the new fees.

If any payment is not received when due, we may suspend access to paid features until payment is received.

You agree to use the Services only for lawful purposes and in accordance with these Terms. You must not: use the Platform in any way that violates any applicable local, national, or international law or regulation, including without limitation the UK Market Abuse Regulation (UK MAR), REMIT, or the Financial Services and Markets Act 2000; use the Platform to engage in, facilitate, or assist in market manipulation, front-running, insider trading, or any other form of market abuse as defined under applicable law; resell, redistribute, sublicense, or otherwise commercially exploit access to the Platform or any Content without our prior written consent; scrape, crawl, or systematically extract data from the Platform by automated means without our prior written consent; reverse-engineer, decompile, or attempt to derive the source code of any part of the Platform; introduce viruses or other malicious code into the Platform; attempt to gain unauthorised access to any part of the Platform or its connected systems; or impersonate any person or entity.

We reserve the right to investigate and take appropriate action in response to any suspected violation of this clause, including suspension or termination of your Account and referral to relevant authorities.

We source data from third-party providers including Elexon BMRS, EEX, Nord Pool, GIE AGSI, Open-Meteo, Sheffield Solar PV_Live, and others. While we make reasonable efforts to ensure the accuracy, completeness, and timeliness of data, we do not warrant that any data or Content on the Platform is accurate, complete, or up to date.

The Physical Premium Score is based on a structural model with periodically recalibrated coefficients. The model's implied price may differ materially from actual market prices, particularly during unusual system conditions, scarcity events, or structural market shifts. The model is not a price forecast.

We target Platform availability of 99% but do not guarantee uninterrupted access. Scheduled and unscheduled maintenance may result in temporary unavailability.

All Intellectual Property Rights in the Platform, its code, design, data structures, model architecture, and original Content are owned by or licensed to Zephyr Markets Ltd. Nothing in these Terms grants you any rights in or to our Intellectual Property Rights except as expressly set out herein.

Subject to your compliance with these Terms and payment of any applicable fees, we grant you a limited, non-exclusive, non-transferable, revocable licence to access and use the Platform and its Content for your own internal business purposes during the term of your Account.

The morning brief and other AI-generated Content is provided under this licence for your personal and internal business use only. You may not reproduce, distribute, publish, or transmit such Content to third parties without our prior written consent.

You retain ownership of all data you input into the Platform, including your portfolio positions and trade data. You grant us a limited licence to process this data solely for the purpose of providing the Services to you.

Each party may have access to information that is confidential to the other party. Each party agrees to keep the other's confidential information strictly confidential and not to disclose it to any third party without prior written consent, except as required by law or regulation.

We will keep confidential all non-public information about your trading positions, portfolio composition, and trading activity. We will not disclose such information to any third party except as set out in our Privacy Policy or as required by law.

Nothing in these Terms excludes or limits our liability for death or personal injury caused by our negligence, fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by applicable law.

Subject to the above, we shall not be liable to you, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for: any trading losses, loss of profit, loss of revenue, or loss of business, whether direct or indirect, arising from your use of or reliance on the Platform or its Content; any indirect, consequential, special, or punitive loss or damage; any loss arising from interruption, suspension, or termination of the Services; any loss arising from inaccurate, incomplete, or delayed data provided by third-party data sources; or any loss arising from unauthorised access to your Account resulting from circumstances outside our reasonable control.

Our total aggregate liability to you arising under or in connection with these Terms shall not exceed the greater of: (a) the total fees paid by you to us in the 3 months immediately preceding the event giving rise to the claim; or (b) £100.

You agree to indemnify, defend, and hold harmless Zephyr Markets Ltd and its officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or in connection with: your use of or access to the Platform; your violation of these Terms; your violation of any applicable law or regulation; or any trading decision made by you in reliance on or with reference to the Platform.

These Terms commence on the date you register for an Account and continue until terminated.

You may terminate your Account at any time by contacting us at contact@zephyr.markets or through your Account settings.

We may terminate or suspend your Account and access to the Services immediately and without notice if you breach any provision of these Terms; we are required to do so by applicable law or regulation; we reasonably suspect fraudulent, abusive, or illegal activity associated with your Account; or we decide to discontinue the Services.

Upon termination, your right to access the Services ceases immediately. Clauses 4, 9, 10, 11, 12, 14, and 15 shall survive termination.

Neither party shall be in breach of these Terms or liable for any failure or delay in performing obligations under these Terms to the extent that such failure or delay results from events, circumstances, or causes beyond their reasonable control, including without limitation: acts of God, pandemic, war, civil unrest, government action, regulatory intervention, power outages, internet service provider failures, or failures of third-party data providers.

The affected party shall notify the other as soon as reasonably practicable and shall use reasonable endeavours to resume performance as soon as possible.

Governing law and jurisdiction. These Terms and any dispute or claim arising out of or in connection with them shall be governed by and construed in accordance with the law of England and Wales. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim.

Entire agreement. These Terms, together with the Privacy Policy, constitute the entire agreement between you and Zephyr Markets Ltd with respect to the subject matter hereof and supersede all prior agreements, representations, and understandings.

Severability. If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

Waiver. No failure or delay by us in exercising any right or remedy shall constitute a waiver of that right or remedy.

Assignment. You may not assign or transfer any of your rights or obligations under these Terms without our prior written consent. We may assign our rights and obligations to any affiliate or successor entity.

Notices. All notices under these Terms shall be in writing and sent to contact@zephyr.markets or to the email address associated with your Account.

Updates to these Terms. We may update these Terms from time to time. We will notify you of material changes by email at least 14 days before the changes take effect. Continued use of the Platform after the effective date constitutes acceptance of the revised Terms.

For any questions regarding these Terms, contact us at: contact@zephyr.markets