Conflicts and disclosures

1. How we are paid

Lagias earns a flat software fee. During development that fee is zero, and access is granted rather than sold.

Nothing we earn moves with what anyone does after reading a verdict. There is no order-flow arrangement, no share of anyone’s assets, no commission from a broker, and no payment for coverage of any instrument or data source. A broker earns when the user trades and a portfolio manager earns on the assets held, so both have a reason to want an encouraging answer. Our fee is the same whether the referee says robust or likely overfit.

2. The founders trade their own money

• Publish first, trade after. A refresh is delivered to subscribers before any founder order is placed against it. Publication timestamps and broker order timestamps are retained so the sequence is provable rather than asserted.
• One refresh, one timing, everyone. There is a single refresh with a single timestamp. No tier, no early access, no preview for anyone including us.
• Standing disclosure. Assume the operators of Lagias may hold positions in any instrument covered by the data at any time. Category-level positions are disclosed on request.
• No private book. The founders trade the published values. There is no better unpublished version of the factor book, and building one would break every sentence above it.

Both founders run their own personal accounts on strategies built from the same published factor book that Lagias serves. We think that is a feature, since a research tool nobody at the company is willing to use is a research tool nobody at the company believes. It is also the sharpest conflict in the business, so it runs under four rules that hold together or not at all.

3. What we do not do with our own accounts

The founders manage no money but their own. Nobody else’s capital, including family money and each other’s accounts, is managed, pooled, or traded by us. Our personal results are not published as a track record, are not offered as evidence that anything works, and are not for sale.

4. Regulatory position

Lagias is a research and education tool. It is not a registered or authorized investment adviser, investment firm, or broker-dealer in any jurisdiction, it holds no client money or assets, and it executes no orders. What the service returns, and the fact that no output is a recommendation or a basis for reliance, is set out in the terms.

Equity factor data is refreshed on a fixed schedule and is identical for every subscriber, and the strategy tools grade what the caller authored rather than proposing instruments to hold. Where published data of this kind falls within the investment-recommendation regime of Regulation (EU) No 596/2014, we would rather disclose as though it does than argue about whether it must, which is what this page and the methodology page are for.

5. Corrections

If anything on this page stops being true, it is a defect and we want to know. Write to [email protected]. Changes are dated at the foot of the page.