Bloomberg owns and distributes its professional services like Bloomberg Data and order management systems locally through subsidiaries except in certain countries. Bloomberg LP provides global support and service to subsidiaries for these services and may distribute them directly or through non-subsidiaries in some countries. These services include electronic trading and order routing available only to sophisticated institutional investors where legal clearances have been obtained. Neither Bloomberg nor its affiliates provide investment advice or guarantee prices, and nothing on the services constitutes an offering of financial instruments.