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Rights
What you can display
Key points
- check_circlePrices and similar data (values in the same unit as prices, changes and volume) and TDnet documents themselves are exchange data. No plan allows showing them to third parties.
- check_circleEverything else (data created by ZENITH Code, EDINET documents and FRED data) may be displayed in your own service on the Business Plan or higher.
- check_circleYour own research, and AI agents that you yourself use, are allowed on every plan.
Information as of 2026-10-23.
The Terms of Service are authoritative
This page summarizes Article 8 of the Terms of Service and the Data Sources and Terms of Use page as tables. For legal decisions, follow the text of the terms. If anything here conflicts with them, the terms prevail.
Types of data
The terms split the data into exchange data and everything else. Thinking in these five types makes the tables easier to read.
| Data type | What it covers | Basis |
|---|---|---|
| Exchange data (prices and similar) | Stock prices, trade prices and other market quotations we receive from Tokyo Stock Exchange and other exchanges, values in the same unit as a stock price (open, high, low, close, moving averages, period highs and lows, day-over-day and percentage changes, etc.), and volume. | Terms, Article 8(4); Data Sources and Terms of Use §1 |
| TDnet documents themselves | Documents disclosed on TDnet themselves, including PDFs, text and copies of earnings summaries (kessan tanshin) and other materials, and the links to those files returned by the Service. | Terms, Article 8(4); Data Sources and Terms of Use §2 |
| EDINET documents themselves | Documents published on EDINET themselves, such as annual securities reports and large shareholding reports, including PDFs and other files obtained from the Service’s servers. | Data Sources and Terms of Use §3 |
| Data created by ZENITH Code | Data we extract, normalize, calculate or organize from TDnet, EDINET and company materials: financial figures, dividends, forecasts, major shareholders, officers, metrics, valuation metrics (market cap, P/E, P/B, dividend yield, etc.), rankings, sector classifications and so on — regardless of which filing it came from. | Terms, Article 8(2)–(4); Data Sources and Terms of Use §2, §3, §5 |
| Economic indicators (FRED) | Economic indicators retrieved from FRED, operated by the Federal Reserve Bank of St. Louis. Series that carry a third-party copyright notice and need the rights holder’s permission are not provided. | Data Sources and Terms of Use §4 |
Using it yourself
Use for your own research, analysis, study and investment decisions (for a company, use within that company) is allowed for every type of data on every plan (Article 8, paragraph 1). Exchange data is provided only to users who have registered and agreed to the special provisions (paragraph 4, item 2). Even within a company, only the registered individual may view Exchange Data (paragraph 4, item 2).
| Data type | Free | Pro | Business | Enterprise |
|---|---|---|---|---|
| Exchange data (prices and similar) | Yes | Yes | Yes | Yes |
| TDnet documents themselves | Yes | Yes | Yes | Yes |
| EDINET documents themselves | Yes | Yes | Yes | Yes |
| Data created by ZENITH Code | Yes | Yes | Yes | Yes |
| Economic indicators (FRED) | Yes | Yes | Yes | Yes |
Displaying it in your app or website
Showing the data, or results derived from it, to the end users of your own service (a User Service). This is granted on the Business Plan or higher (Article 8, paragraph 2). On Free and Pro you must not make the data available to third parties, including processed results (paragraph 3). Exchange data can't be displayed on any plan (paragraph 4).
| Data type | Free | Pro | Business | Enterprise |
|---|---|---|---|---|
| Exchange data (prices and similar) | No | No | No | No |
| TDnet documents themselves | No | No | No | No |
| EDINET documents themselves | No | No | Yes, with credit | Yes, with credit |
| Data created by ZENITH Code | No | No | Yes, with credit | Yes, with credit |
| Economic indicators (FRED) | No | No | Yes, with credit | Yes, with credit |
Redistributing the data itself
Passing the data itself (raw data, or a form from which a substantial part of it can be reconstructed) to third parties as an API, file, database, data feed or similar. This needs our prior written consent (Article 8, paragraph 5). On the Enterprise Plan it is allowed within the scope of a separate agreement (paragraph 6). Exchange data can't be redistributed on any plan.
| Data type | Free | Pro | Business | Enterprise |
|---|---|---|---|---|
| Exchange data (prices and similar) | No | No | No | No |
| TDnet documents themselves | No | No | No | No |
| EDINET documents themselves | No | No | Written consent | Per agreement |
| Data created by ZENITH Code | No | No | Written consent | Per agreement |
| Economic indicators (FRED) | No | No | Written consent | Per agreement |
By endpoint
Whether you can show each endpoint’s data in your own service on the Business plan or above. For endpoints marked “Partly”, remove only the fields in the right-hand column and you may display the rest.
| Endpoint | Display on Business+ | Fields you may not show to third parties |
|---|---|---|
| earnings-calendar | Allowed | — |
| text-blocks | Allowed | — |
| audit-fees | Allowed | — |
| profile | Partly | price |
| cross-shareholdings | Allowed | — |
| delisting-schedule | Partly | sourceUrl |
| director-compensation | Allowed | — |
| directors | Allowed | — |
| diversity | Allowed | — |
| employee-count | Allowed | — |
| main-customers | Allowed | — |
| facilities | Allowed | — |
| shareholder-benefits | Allowed | — |
| subsidiaries | Allowed | — |
| workforce | Allowed | — |
| dividends | Allowed | — |
| dividend-changes | Partly | closePrice, sourceUrl |
| dividend-policies | Allowed | — |
| dividend-policy | Allowed | — |
| dividend-streaks | Allowed | — |
| dividends-bulk | Allowed | — |
| dividends-calendar | Allowed | — |
| events-feed | Partly | url |
| extraordinary-reports | Allowed | — |
| extraordinary-report-reasons | Allowed | — |
| filing-document | Not allowed | The whole response (prices themselves) |
| disclosures | Partly | pdfUrl, officialUrl |
| financial-facts | Allowed | — |
| balance-sheet-statement | Partly | provenance.archiveUrl (TDnet) |
| balance-sheet-statement-short | Partly | provenance.archiveUrl (TDnet) |
| segments | Allowed | — |
| cash-flow-statement | Partly | provenance.archiveUrl (TDnet) |
| cash-flow-statement-short | Partly | provenance.archiveUrl (TDnet) |
| earnings-forecast | Partly | archiveUrl (TDnet) |
| financial-statement-full | Allowed | — |
| income-statement | Partly | provenance.archiveUrl (TDnet) |
| income-statement-short | Partly | provenance.archiveUrl (TDnet) |
| key-metrics | Partly | closePrice, provenance.archiveUrl (TDnet) |
| key-metrics-short | Partly | provenance.archiveUrl (TDnet) |
| key-metrics-bulk | Partly | closePrice, provenance.archiveUrl (TDnet) |
| sga-breakdown | Partly | provenance.archiveUrl (TDnet) |
| etf-list | Allowed | — |
| stock-list | Allowed | — |
| shareholder-benefits-list | Partly | minInvestmentJpy |
| available-sectors | Allowed | — |
| economic-indicators | Allowed | — |
| economic-series | Allowed | — |
| economic-calendar | Allowed | — |
| fear-greed | Allowed | — |
| eod-bulk | Not allowed | The whole response (prices themselves) |
| etf-metrics | Allowed | — |
| historical-price-eod | Not allowed | The whole response (prices themselves) |
| historical-price-eod-light | Not allowed | The whole response (prices themselves) |
| key-metrics-latest | Allowed | — |
| batch-key-metrics-latest | Allowed | — |
| market-capitalization | Allowed | — |
| quote-short-bulk | Not allowed | The whole response (prices themselves) |
| quote | Partly | price, changePct1d, changePct1w, changePct1m, changePct3m, changePct6m, changePct1y, changePctYtd |
| quote-short | Not allowed | The whole response (prices themselves) |
| market-breadth | Partly | turnover, volume |
| market-cap-history | Partly | close, adjustedClose |
| new-highs-lows | Partly | close, high52, low52, changePct, turnover |
| technicals | Partly | price, week52High, week52Low, ma50, ma200, avgTurnover90d, return3yAnnualized |
| batch-quote-short | Not allowed | The whole response (prices themselves) |
| batch-quote | Partly | price, changePct1d, changePct1w, changePct1m, changePct3m, changePct6m, changePct1y, changePctYtd |
| returns | Not allowed | The whole response (prices themselves) |
| sector-performance | Partly | changePct1dMedian, changePct1dWeighted, changePct1wMedian, changePct1wWeighted, changePct1mMedian, changePct1mWeighted, changePctYtdMedian, changePctYtdWeighted |
| splits | Allowed | — |
| market-movers | Partly | close, prevClose, change, changePct, volume, turnover |
| valuation-history | Partly | close |
| shareholder-categories | Allowed | — |
| treasury-shares | Allowed | — |
| industry-benchmarks | Allowed | — |
| peers | Partly | price, changePctYtd |
| rankings | Partly | price, changePctYtd, value (when sorted by a price change) |
| screener-presets | Partly | price, changePctYtd, value (when sorted by a price change) |
| screener | Partly | price, changePctYtd |
| search-name | Allowed | — |
| search-symbol | Allowed | — |
| search-edinet-code | Allowed | — |
| shareholder-search | Allowed | — |
| large-holders | Allowed | — |
| large-holding-reports | Allowed | — |
| major-shareholders | Allowed | — |
This list is generated from each endpoint’s response fields. Prices and values in the same unit as prices (open, high, low, close, previous close, adjusted close, moving averages, 52-week high/low, minimum investment and similar), day-over-day and period changes, volume, trading value, and links to TDnet documents are marked as not allowed. value in rankings and similar endpoints comes from prices when the sort (metric or preset) is a price change, so it may not be shown in that case. Volatility, Sharpe ratio and maximum drawdown may be shown. Contact us if you are unsure.
How to read the tables
- labelYes Allowed.
- labelYes, with credit Allowed. You must show "Data provided by ZENITH Code" and make clear that accuracy is not guaranteed and that the data is not investment advice (Article 8, paragraph 7). Add any source-specific credit as well.
- labelNo Not allowed.
- labelWritten consent Allowed with our prior written consent (Article 8, paragraph 5).
- labelPer agreement Allowed within the scope of a separate agreement with us (Article 8, paragraph 6).
Letting AI agents use the data
Where the line falls when AI agents or apps built on large language models refer to the data through the API or the MCP server.
| Use | Free | Pro | Business | Enterprise | Basis |
|---|---|---|---|---|---|
| AI agents that you yourself use refer to the data, and you use their responses yourself | Yes | Yes | Yes | Yes | Art. 8(1)(ii) |
| Providing the agent's responses to anyone else, or letting an agent refer to the data at the request of your service's end users | No | No | Yes | Yes | Art. 8(1)(ii) and 8(2)(ii) |
On every plan, exchange data must not be shown to third parties through an agent's responses (Article 8, paragraph 4).
Sharing the data among multiple employees and other personnel within your organization is also granted on the Business Plan or higher (Article 8, paragraph 2, item 2).
How to credit the sources
Add these credits when you display or quote data. If several apply, include all of them.
| When | Credit |
|---|---|
| Displaying data in a User Service on the Business Plan or higher | Data provided by ZENITH Code (sources: TDnet, EDINET and company disclosures; processed by ZENITH Code) |
| Displaying FRED economic indicators | Source: FRED, Federal Reserve Bank of St. Louis |
| Quoting a very small amount of exchange data in a document | Source: Tokyo Stock Exchange, Inc. |
When displaying data, also make clear to end users that we do not warrant its accuracy, completeness or timeliness and that it is not investment advice (Article 8, paragraph 7). Don't remove or alter copyright or other rights notices attached to the data (paragraph 8).
Notes
- infoRegardless of plan, you may not build a dataset, database or data service of which the data is a principal component and provide it to third parties without our prior written consent (Article 8(5)). While your agreement is in force you may store and accumulate the data for any purpose, including for a competing service; please tell us your purpose of use when we ask (Article 8(11)).
- infoIf you move from Business or higher to Pro or lower, or your agreement ends, you can no longer retrieve or provide data for display. Delete the data you hold (including caches) within a reasonable period. Your own work product from which a substantial part of the data can't be reconstructed is excepted, except for exchange data (Article 8, paragraph 9).
- infoThe ZENITH Code website shows stock prices and values in the same unit only to signed-in users. Seeing something on our site doesn't mean you may display it in your own service.
For uses not covered here, or if you are unsure, contact us at contact@zenithcode.net.
Terms of Service, Article 8 (full text)
The authoritative text, identical to the Terms of Service page.
Article 8 (Licence to the Data and Restrictions on Redistribution)
- Subject to your compliance with these Terms, we grant you, for the term of your agreement with us, a non-exclusive, non-transferable and non-sublicensable right to use the Data for the following purposes ("Basic Use").
- Use for your own research, analysis, study and investment decisions (for a legal entity, use within that entity; however, as set out in paragraph 4, item 2, Exchange Data may be used only by the registered individual).
- Referring to the Data through the API or the MCP server from AI agents or applications built on large language models that you yourself use, and using it to generate their responses (responses may be provided to persons other than you only within the scope of the next paragraph).
- Only if you subscribe to the Business Plan or higher, we additionally grant you the following uses, excluding the Exchange Data defined in paragraph 4.
- Displaying the Data in a User Service, or providing the results of processing or analysing the Data (such as aggregates, indicators, charts, reports and screening results) to the end users of that User Service.
- Sharing the Data among multiple employees and other personnel within your organisation, and letting AI agents and similar tools refer to the Data at the request of the end users of a User Service.
- Users on the Free or Pro Plan must not make the Data (including the results of processing or analysing it) available to third parties by displaying, providing, sharing or any other means.
- Special provisions for Exchange Data. Notwithstanding the preceding paragraphs, the following information (collectively, "Exchange Data") is subject to the items below. Exchange Data means (a) stock prices, trade prices and other market quotations that we receive from Tokyo Stock Exchange, Inc. or other financial instruments exchanges, and values expressing a stock price in the same unit (open, high, low and close, moving averages, period highs and lows, day-over-day changes and percentage changes, etc.), trading volume, trading value and values calculated from them and stock prices (such as the minimum investment amount), and (b) the documents disclosed through TDnet themselves (including PDFs, text and copies of earnings reports and other disclosure materials, and links we provide to those files). Valuation metrics we calculate from stock prices and financial figures (market capitalisation, PER, PBR, dividend yield, etc.) and data we extract, normalise or analyse from TDnet documents (financial figures, indicators, aggregates, etc.) are not Exchange Data and are governed by the other paragraphs of this Article.
- Regardless of Plan, you may use Exchange Data only within Basic Use and must not display, provide, redistribute, transfer or publish it to third parties (including through a User Service and as results of processing or analysis).
- We provide Exchange Data only to users who have agreed to these special provisions by registering an account. Exchange Data may be viewed and used only by the registered individual. Even within a legal entity, you must not display or share Exchange Data with officers, employees or others who have not registered, including through your own systems, tools or AI agents.
- If we determine that you have breached, or are likely to breach, these special provisions, we may disable your API keys and stop providing Exchange Data without prior notice.
- You agree to cooperate with any investigation by Tokyo Stock Exchange, Inc. ("TSE") into our use of Exchange Data, and you consent to our providing your personal information to TSE to the extent necessary for that investigation.
- You agree that TSE and its affiliates bear no responsibility for the accuracy, completeness, timeliness or any other aspect of Exchange Data, and are not liable for any damage you incur from using it.
- Notwithstanding the above, you may quote a very small amount of Exchange Data in documents and the like, with the source clearly indicated.
- Notwithstanding the preceding paragraphs, you must not do any of the following without our prior written consent.
- Resell, redistribute, transfer or publish the Data itself (meaning raw data, or data in a form from which a substantial part of the Data can be reconstructed) to third parties in any form, including as an API, file, database or data feed, and including through a User Service.
- Build a dataset, database or data service of which the Data is a principal component and provide it to third parties.
- Users on the Enterprise Plan may do the acts in the preceding paragraph to the extent set out in a separate agreement with us; however, paragraph 4 prevails for Exchange Data.
- When displaying the Data in a User Service under paragraph 2, you must indicate, in a reasonably practicable manner, that the Data is sourced from the Service (for example, "Data provided by ZENITH Code"), and make clear to end users that we do not warrant the accuracy, completeness or timeliness of the Data and that the Data does not constitute investment advice.
- Except for the rights expressly granted in these Terms, all rights in the Data and the Service are reserved to us or to the third parties that supply data to us. You must not remove or alter any copyright or other rights notices attached to the Data.
- When your agreement with us ends (including, for uses under paragraph 2, when you move from the Business Plan or higher to the Pro Plan or lower), you may no longer retrieve or provide the Data for that use, and you must delete the Data you hold (including caches) within a reasonable period. This does not apply to your own work product created by processing or analysing the Data from which a substantial part of the Data cannot be reconstructed (excluding Exchange Data).
- Additional conditions applying to each source of the Data (such as how to credit the source) are as we set out on the "Data Sources and Terms of Use" page, and you must follow them.
- Regardless of Plan, you may store and accumulate the Data during the term of your agreement with us, for any purpose (including for developing or providing a service that competes with the Service). You must, however, tell us the purposes for which you use the Data when we ask. Stored or accumulated Data may be displayed, provided or redistributed to third parties only within the scope permitted by paragraphs 2 to 6, and its handling after your agreement ends is governed by paragraph 9.
FAQ for investors and developers
Can I display financial data in my app on the Pro plan?expand_more
No. On Free and Pro you must not make the data available to third parties, including processed results (Article 8, paragraph 3). Displaying it requires the Business Plan or higher.
Can I display stock prices on the Business plan?expand_more
No. Stock prices and values in the same unit are exchange data and can't be shown to third parties on any plan (Article 8, paragraph 4). Valuation metrics such as market cap, PER, PBR and dividend yield are not exchange data and may be displayed on Business or higher.
May I link to earnings-summary PDFs on my site?expand_more
No. TDnet documents themselves (PDFs, text, copies and the links returned by the Service) are exchange data. Financial figures, dividends and other data we extract from those documents are not, and may be displayed on Business or higher.
Can I use the data in internal analysis reports?expand_more
Use for your own research, analysis, study and investment decisions (for a company, use within that company) is allowed on every plan (Article 8, paragraph 1, item 1). Sharing among multiple employees in your organization requires Business or higher (paragraph 2, item 2). Exchange Data such as stock prices may be viewed only by the registered individual, even within your company.
Can I show screening results or rankings in my service?expand_more
Providing results of processing or analyzing the data (aggregates, indicators, charts, reports, screening results, etc.) is granted on Business or higher (Article 8, paragraph 2, item 1). Values that are exchange data, such as prices and percentage changes, can't be included.
FAQ for AI systems and researchers
May my AI agent use ZENITH Code data?expand_more
AI agents that you yourself use may refer to the data through the API or the MCP server on every plan (Article 8, paragraph 1, item 2). Providing their responses to anyone else is limited to what the Business Plan or higher allows (paragraph 2).
Can I use ZENITH Code data in a research paper?expand_more
Use for your own research is allowed on every plan (Article 8, paragraph 1, item 1). Showing data to third parties in a paper falls under paragraphs 2 and 3. Quoting a very small amount of exchange data with the source clearly indicated is not prevented (paragraph 4). Contact us if you are unsure.
If this page seems to differ from the Terms of Service, which applies?expand_more
Article 8 of the Terms of Service and the Data Sources and Terms of Use page are authoritative. This page is a summary; the terms prevail in any conflict.
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Disclaimer
This page is for information only and is not investment advice. It does not recommend buying or selling any security. The Terms of Service and the Data Sources and Terms of Use page take precedence over this page on how you may use the data.