Condiciones de servicio



This website, (the “Website”) is owned by ARCANO ALTERNATIVE MARKETS, S.L., with registered office at Calle José Ortega y Gasset 29, 4th floor 28006 Madrid (“ARCANO”), and which has the following contact details: by telephone on 913 53 21 40, or email address:

These conditions (and any other document mentioned herein) regulate the terms for the use of this Website, which shall apply to the purchases and acquisitions of services that you make through it, and shall govern the contractual relationship between you and ARCANO (the "Terms and Conditions"). By using the Website or placing an order through the Website, you agree to the contents of these Terms and Conditions, so please read them carefully.

For the purposes of these Conditions, ARCANO is defined as ARCANO, ARCANO ALTERNATIVE MARKETS, S.L. and its subsidiaries, companies of the group of companies and their staff and representatives.

For the purposes of these conditions, the business activity carried out by ARCANO through the Website is taken to include:

  1. The following economic research services: access to the "Arcano Alternative Research" virtual platform: You can view the macroeconomic reports issued by ARCANO, but you are not allowed to download, print, forward, distribute or send them in any way .
  2. You acquire the status of user by accessing, browsing and using the Website. Therefore, as soon as you start browsing the Website, you automatically accept all the Conditions set forth herein, as well as any subsequent modifications, without prejudice to the application of the corresponding legal regulations that need to be observed in each case.

In addition to reading these Conditions, before accessing, browsing or using the Website, you must first read the Legal Notice and Privacy Policy and the Cookies Policy. You agree to be bound by these Terms and all of the foregoing by using this Website or seeking to buy services through this Website. So, if you do not fully agree to these Terms, you should not use this Website.

Please also note that, as ARCANO may modify these Conditions at any time, the user is responsible for consulting them each time they access, navigate, use or ask to acquire services through the Website, given that the conditions that will be applied will be those in force at the time when the User asks to acquire the services.

As the user, you can contact the owner for any questions you may have about the Conditions by using the contact details which appear above or, where appropriate, by using the Website contact form.


You acquire the status of user (hereinafter, individually as "User" or jointly as "Users") by accessing, browsing and using the Website. Therefore, as soon as you start browsing the Website, you automatically accept all the Conditions set forth herein, as well as any subsequent modifications, without prejudice to the application of the corresponding legal regulations that need to be observed in each case.

The User accepts responsibility for the correct use of the Website. This responsibility shall apply to:

  1. Using this Website only to make enquiries and legally valid purchases or acquisitions.
  2. Not making any false or fraudulent purchases or acquisitions If such a purchase could reasonably be considered to have been made, it could be cancelled, and in such a case, the responsible authorities would be notified.
  3. Giving authentic and lawful contact details.

The User affirms that he or she is over 18 years of age and has the legal capacity to enter into contracts through this Website.

The User may sign, at his/her discretion, the contract with ARCANO for the acquisition of the desired services in any of the languages in which these Conditions are available on this Website. The Spanish version of the Conditions shall always prevail.


Information about our services (including descriptions, number of services and prices) does not represent an offer. It is an invitation to make a purchase or acquisition of our services. The agreement will only be considered when your application is accepted.

The purchase of the service shall be deemed to be executed provided that the following requirements are met:

  1. The contracting party is a natural person.
  2. The contracting party is a legal entity, whose individual and verifiable turnover does not exceed two million euros.

It shall be understood in good faith that Users who contract the AER Personal service comply with these requirements.

ARCANO may, at its discretion, review public financial data or request the User information that proves compliance with the requirements (including individual Annual Financial Statements for the previous financial year, as well as any other financial documentation stating that annual turnover does not exceed two million euros).  Should the User fail to provide such information, ARCANO may request the early termination of the service.

ARCANO may also recommend and encourage the User to subscribe a service that best suits the User’s needs. The User confirms that by accepting the Terms and Conditions, he/she meets the aforementioned requirements and confirms that this requirement has been communicated during the service contracting procedure.

If during the term of this contract the User ceases to comply with the aforementioned requirements, the User hereby undertakes to inform ARCANO of the change in order to terminate this contract and, if necessary, to sign a new contract in accordance with the User's new profile.

Registered Users must follow the online contracting procedure, in which they can select the services requested.

Once the User has chosen the services they wish to acquire, they:

  1. Must fill in and/or check the information requested in each step. Should he/she choose to register as a “legal entity”, the User will be informed that the service is aimed at natural persons, and that he/she may contract the service as a “legal entity” provided that such the entity’s turnover does not exceed two (2) million euros.  The User must create an account with a user name (usually the email) and a password they choose, to be able to buy or acquire services. If you are not registered on the Website, you must fill in a form with your contact details: name and surname, email, telephone and address.
  2. You will have to include the payment details and accept these Conditions in each specific case.
  3. As the purchase process involves the processing of personal data, the unregistered user must also click on "I accept the Legal Notice and Privacy Policy".

They will then complete the process to buy or acquire services, and will be charged for the amount of the services acquired as specified in the "PRICES AND PAYMENT" clause of these Conditions. The User will then receive an email at the email address they have given, confirming that ARCANO has received their service order or request, i.e. the confirmation of their order.


Communications, purchase and payment orders arising during the service acquisition process on the Website may be filed and kept in ARCANO's digital records to provide evidence of the transactions. This will be done abiding by reasonable security conditions and the laws and regulations in force in this respect, and, in particular, complying with the applicable regulations on data protection and electronic commerce in force at any time.


The price of the service is the price which is applicable on the date and time of your request, and will appear alongside each service.

The prices shown do include the legally applicable value added tax (VAT) and appear in euros.

Prices may change at any time. However, prices will not change for any orders which have already been confirmed using the email sent to the User.

ARCANO uses all means at its disposal to guarantee the confidentiality and security of payment data transmitted by the User during transactions through the Website.


The accepted means of payment is the VISA, MASTERCARD, MAESTRO and AMERICAN EXPRESS credit and debit cards. The Stripe platform will be used to make payments.

Debit and credit cards will be subject to checks and authorisations by their issuing bank. ARCANO will not be responsible for any delay caused if the bank fails to authorise the payment, in which case no services may be arranged with the User.

Once ARCANO receives the purchase order or acquisition of the service by the User through the Website, a pre-authorisation will be made on the corresponding card to make sure that there are sufficient funds to complete the transaction. The card will be debited when the CUSTOMER is sent the confirmation message of the service to be provided.


Services are provided online.


If Users see that they have entered incorrect data to process their request for the purchase or acquisition of the service in the Website, they may modify the data by contacting ARCANO through the contact details indicated at the top of these "General Contracting Conditions".

Before completing the purchase, the User must check the details and make sure they have access to the cart, basket or space with the summary of the order, so that they can modify the order at this time or make any changes they deem appropriate.


The service duration will depend on the subscription package the User has selected in the website:

  • Annual susbscription
  • Quarterly subscription
  • Monthly subscription

Unless the User decides to cancel his/her subscription, the annual and quarterly packages will be automatically extended for the same period. As for the monthly subscription, it may only be contracted for one month. Prior to expiration date, the User will be receive  an e-mail five days before the subscription expires and and a website pop up box warning, encouraging the User  to subscribe to quarterly or annual options. 

The service will have an initial mandatory duration of one (1) year.

This period of time will be tacitly extended, for mandatory periods of one (1) year, unless either the Users or ARCANO give notice at least fifteen (15) days before the service is terminated that they do not wish to continue the agreement.

Even if the service is discontinued or terminated, this shall not affect the reciprocal rights and duties of both parties that have been generated up to that time in accordance with the terms of this Agreement. On the Agreement termination or cancellation date (either due to its expiry or according to the wishes of either of the parties), ARCANO and the User shall comply with their data protection and confidentiality obligations.


ARCANO will only be liable for damages that the User may sustain through the use of the Website when such damages are attributable to a fraudulent action by ARCANO. The User acknowledges and accepts that the use of the Website is at their own risk and responsibility and is subject to the provisions of the Legal Notice and Privacy Policy.

ARCANO will act diligently, observing the generally accepted practices in the industry, to ensure that the Website does not contain viruses or other harmful elements that may disrupt your computer system. However, it cannot guarantee that such elements are not present, and shall not be liable for any damages that may be caused by them, including the unilateral termination of contract due to the User's failure to comply with the requirements mentioned in paragraph 3 of the Terms and Conditions of  Arcano Economic Research services.

Furthermore, it does not control, in general, the use that the Users make of the Website and, in particular, it is not liable for the contents which Users may insert on the Website. ARCANO cannot guarantee that Users will use the website in accordance with the law, these Terms and Conditions, generally accepted moral conventions (or customs) and public order, or that they will do so in a diligent and prudent manner.

Unless otherwise provided by law, ARCANO shall not be liable for any damage that may arise from, but not limited to, the following:

  • Any loss not attributable to any failure by ARCANO.
  • Business losses (including loss of profit, income, contracts, anticipated savings, data, loss of goodwill or unnecessary expenses incurred) or
  • Any other indirect loss that neither party could reasonably foresee at the time they arranged between them for the services to be provided through the agreement.

ARCANO also limits its liability in the following cases:

Technical failures, due to fortuitous or other causes, because of which the services do not function as they normally do on the Internet.

  • Website being offline due to maintenance or other reasons, and meaning that the services are not available.
  • In general, ARCANO shall not be liable for any failure or delay in the performance of any of the obligations assumed, when such failure or delay is due to events beyond our reasonable control, i.e. due to force majeure.
  • If Users are provided with technical link devices (such as, for example, links, banners, buttons, etc.), directories and search tools that allow them to access websites belonging to and/or managed by third parties, ARCANO does not guarantee or accept any kind of liability for damages of any kind that may be caused by the operation or accessibility of the linked sites, as well as the quality, legality and usefulness of the information and contents and services existing on the linked sites.


Just because ARCANO waives a specific legal right or action, or because ARCANO does not require the strict fulfilment of any of its obligations by the User, shall not imply a waiver of other rights or actions arising from a contract or the Conditions, nor shall it release the User from the fulfilment of his/her obligations.

No waiver by ARCANO of any of these Conditions or of the rights or actions derived from a contract shall be effective, unless it is expressly established that it is a waiver and it is formalised and communicated to the User in writing.


If any of these Conditions is declared null and void, illegal, invalid or unenforceable for any reason, such condition or provision shall be deemed to have been eliminated even if, by a final decision of the competent authority, the remaining clauses remain in force and fully applicable to these Conditions, and will not be affected by the former statement of invalidity.


These Conditions and any document they expressly refer to constitute the entire agreement existing between the User and ARCANO in relation to the object of purchase and sale and acquisition of services and replace any other previous agreement, arrangement or promise which the parties may have agreed upon verbally or in writing.

The User and ARCANO acknowledge that they have agreed to enter into an agreement without having relied on any representation or undertaking made by the other party, except as expressly mentioned in these Conditions.


Personal information or data provided by users to ARCANO during website transactions will be processed as indicated in the Legal Notice and Privacy Policy. By accessing, browsing and/or using the Website, the User agrees to the processing of such information and data and declares that all information or data provided is true.


Unless otherwise provided by law, these terms and conditions of sale shall be governed by and interpreted in accordance with Spanish law, and any dispute shall be resolved by the competent courts.

Any dispute, problem or disagreement arising from or related to the access, navigation and/or use of the Website, or to the interpretation and execution of these Conditions, or to the sales contracts between ARCANO and the User, shall be submitted to the non-exclusive jurisdiction of the competent courts of the city of Madrid. If the User is acting in his or her capacity as a consumer, they will be referred to the appropriate judges and courts in accordance with the law.