Terms of use

These Terms of Use govern your use of capitalflowsatlas.com. Please read them together with our Privacy Policy.

1. About these Terms

1.1 These Terms of Use (the "Terms") govern your access to and use of the website at www.capitalflowsatlas.com, including its data, charts, tools, newsletters and any paid services (together, the "Site").

1.2 The Site is operated by Capital Flows Atlas, of 76 Grand Parade, Cork, Ireland ("we", "us", "our"). You can contact us at hello@capitalflowsatlas.com.

1.3 By accessing or using the Site you agree to these Terms. If you do not agree, you must not use the Site. If you use the Site on behalf of an organisation, you confirm that you have authority to bind that organisation to these Terms.

1.4 Our Privacy Policy explains how we handle personal data and forms part of these Terms.

1.5 You must be at least 18 years of age to use the Site.

2. Not investment advice

2.1 The Site provides data, charts and general commentary on international capital flows for information and research purposes only. Any market signals, indicators, alerts or flags shown on the Site describe flows and events that have already occurred. They are historical observations, not forecasts, predictions or indications of future market movements. Charts, graphs and trend lines show data only up to the latest available data point, and do not project, extrapolate or forecast beyond that date. A trend shown on the Site should not be taken to imply that it will continue.

2.2 We do not provide investment recommendations of any kind. Nothing on the Site constitutes investment advice, a personal recommendation, or an offer or solicitation to buy or sell any security, fund, currency or other financial instrument. The content does not take into account the objectives, financial situation or needs of any individual.

2.3 We are not authorised or regulated by the Central Bank of Ireland or any other financial regulator, and we do not provide investment, tax, legal or accounting advice.

2.4 Historical flow patterns and past performance are not reliable indicators of future results. The value of investments may fall as well as rise, and you may lose some or all of the money you invest.

2.5 You are solely responsible for your own investment decisions. You should seek independent advice from an appropriately authorised adviser before making any investment decision.

2.6 The operator and contributors to the Site may hold positions in instruments, markets or currencies discussed on the Site.

3. Using the Site

3.1 Subject to these Terms, we grant you a limited, non-exclusive, non-transferable and revocable licence to access and use the Site for your own personal or internal business research.

3.2 The Site does not offer user accounts and can be used without registering. Newsletter and paid subscriptions are managed through Substack (see section 4).

3.3 You must not:

• copy, scrape, harvest, mirror or systematically download data from the Site, whether manually or by automated means, except through any download or API feature we provide and within its limits;
• resell, redistribute, sublicense or publish the Site's data or content, or use it to build a competing product or dataset;
• use the Site's data to train, fine-tune or benchmark machine learning or artificial intelligence models without our prior written consent;
• remove or obscure any copyright notice, attribution or disclaimer;
• interfere with the security or operation of the Site, or attempt to access any part of it without authorisation;
• introduce viruses or other harmful code, or overload the Site;
• use the Site in breach of any law, including market abuse and sanctions laws.

3.4 You may quote or reproduce individual charts or limited extracts in articles, research or presentations, provided you credit "Source: Capital Flows Atlas (capitalflowsatlas.com)" and do not imply our endorsement.

3.5 We may suspend or terminate your access, without notice where reasonable, if you breach these Terms or if we are required to do so by law.

4. Paid subscriptions

4.1 Paid subscriptions to Capital Flows Atlas are offered only through Substack. The features, price and billing period of each plan are shown on our Substack subscription page at the time you subscribe. Capital Flows Atlas is not registered for VAT and does not add VAT to its prices. Any taxes applied by Substack at checkout are shown before you pay.

4.2 Subscriptions are taken, billed and managed by Substack Inc. through its payment processor, Stripe. We do not receive or store your card details. Your subscription is also subject to Substack's terms of use and privacy policy.

4.3 Subscriptions renew automatically at the end of each billing period at the then-current price unless you cancel before the renewal date. We will give subscribers at least 14 days' notice by email of any price increase.

4.4 You can cancel at any time through your Substack account settings. Cancellation takes effect at the end of the current billing period, and you keep access until then. Except as set out in clause 4.5 or required by law, fees already paid are not refundable.

4.5 Right of withdrawal (consumers): if you are a consumer in the European Economic Area, you may withdraw from a new subscription within 14 days of the contract being concluded, without giving a reason, by notifying us at hello@capitalflowsatlas.com. If you asked for the service to start during the 14-day period, you will be refunded the fee less a proportionate amount for the service provided up to the date you notify us. Refunds are made through Substack to the original payment method within 14 days.

4.6 We may change or discontinue features or plans. If we materially reduce the features of a plan you have paid for, you may cancel and receive a pro rata refund of any prepaid fees for the unused period.

4.7 We may offer free trials of paid plans through Substack. The length of the trial is shown at sign-up. Unless you cancel before the trial ends, the paid subscription will start and you will be charged at the price shown at sign-up. We will not charge you during the trial.

5. Intellectual property and data sources

5.1 The Site, including its design, software, text, charts, maps, indicators, compiled datasets and the Capital Flows Atlas name and logo, is owned by or licensed to us and is protected by copyright, database rights and other intellectual property laws. All rights not expressly granted in these Terms are reserved.

5.2 The data on the Site is an aggregate of data already published by third parties, principally the US Department of the Treasury (Treasury International Capital System), the Ministry of Finance of Japan, the International Monetary Fund, the European Central Bank, the Bank for International Settlements, the World Bank, the OECD, national statistical agencies and published property price sources. We do not generate primary data. Source data remains the property of its providers and may be subject to their own terms of use. All sources are cited on the Site alongside the relevant data, together with the date the source data was published or last updated.

5.3 Our licence to you under clause 3.1 does not extend to third-party data beyond what its provider permits.

5.4 If you send us suggestions or feedback, you agree that we may use them without obligation to you.

5.5 The Site may contain links to third-party websites. We do not control and are not responsible for their content, availability or privacy practices. A link does not mean we endorse the site or its content.

6. Accuracy, availability and liability

6.1 The Site aggregates data already published by third parties. We check the data we receive for apparent errors, cross-check sources where they contradict each other, and correct errors we identify. However, we cannot independently verify source data and do not stand over its accuracy, completeness or quality, and errors or omissions in it may be reproduced on the Site. Where sources conflict, we may note the discrepancy or identify which source has been used. We take reasonable care in compiling and presenting the data, but it is provided "as is" and "as available". Data may be delayed, estimated, incomplete, subject to revision by its source, or contain errors. We do not warrant that the Site or its data is accurate, complete, current or fit for any particular purpose, or that the Site will be uninterrupted or free from errors or viruses.

6.2 We may suspend, withdraw or change all or part of the Site, including for maintenance, without liability, but we will try to give reasonable notice to paying subscribers of any planned downtime.

6.3 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 under Irish law, including your statutory rights as a consumer.

6.4 Subject to clause 6.3, we are not liable for any loss arising from investment, trading or other financial decisions made in reliance on the Site, or for any loss of profit, revenue, business, opportunity or data, or any indirect or consequential loss.

6.5 Subject to clause 6.3, our total liability to you in connection with the Site in any 12-month period is limited to the greater of the fees you paid us in that period and €100.

6.6 If you use the Site for business purposes, you agree to indemnify us against claims, losses and reasonable costs arising from your breach of clause 3.3.

7. General

7.1 We may update these Terms from time to time. The "Last updated" date shows when they were last changed. We will give subscribers at least 30 days' notice by email of any material change. If you do not accept a change, you may cancel your subscription before it takes effect.

7.2 If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will continue in full force.

7.3 A failure or delay by us in enforcing any provision is not a waiver of our rights.

7.4 These Terms are governed by the laws of Ireland. The courts of Ireland have jurisdiction over any dispute arising from them. If you are a consumer resident elsewhere in the European Union, you also keep the protection of the mandatory laws of your country of residence and may bring proceedings there.

7.5 If you have a complaint, please contact us first at hello@capitalflowsatlas.com and we will try to resolve it within 14 days.

7.6 Contact: Capital Flows Atlas, 76 Grand Parade, Cork, Ireland. Email: hello@capitalflowsatlas.com.