Rules
1. Basic Rules
1.2. Registration is free for all participants.
1.3. The portfolio name cannot contain offensive words in any language. Such users will be deleted without any notice.
1.4. The winners of the game will share 2500 EUR in cash.
1.5. The best performers of every week will be awarded with investing books as well.
1.6. Investment Game 2012 will be held in two sessions. The first session's trading starts on March 19, 2012 and ends at 23:59 on April 15, 2012. The second session starts April 16, 2012 and ends at 23:59 on May 11, 2012.
1.7. The participant of the Game can be anyone who has successfully registered. However, prizes can be given only to those who have fully and correctly disclosed their personal information during registration.
1.8. Successful registration automatically implies that you have accepted the rules stated herewith.
2. The session
2.1. Basic information
2.1.1. The session's trading starts on March 19, 2012 and ends at 23:59 on May 11, 2012. Official final results will be announced in mid-April.
2.1.2. Each registered user can manage three virtual 10 000 000 EUR portfolios and trade in 19 stock markets, ETFs and ETNs.
2.1.3. Only the best performing portfolio will be awarded.
2.1.4. Orders are executed with a lag of approximately 15 minutes.
2.1.5. The same person can have only one account; otherwise he will be eliminated from competition.
2.1.6. The official time of the game is GMT +2.
2.2. Registration
2.2.1. Registration takes place at www.invest-game.com
2.2.2. After registration is complete you will receive a password which you should remember. Users have the possibility to change their password by entering old and new passwords into the field specified.
2.2.3. After registration, each user has the right to create and manage up to 3 portfolios.
2.2.4. The portfolio name cannot contain obscene words in any language. Such users will be deleted without any notice.
2.3. Process of the Game
2.3.2. All the transactions are denominated in EUR.
2.3.3. Deals on stock exchanges which trade securities in other currencies will be automatically converted to EUR before the order execution. For your convenience, you are able to check the current price of a particular security in various currencies while browsing the list of securities. There are no transaction fees for currency exchange.
2.3.4. First round of Investment Game covers the following 19 stock markets, Exchange Traded Funds and Exchange Traded Notes:
2.3.4.1. Riga Stock Exchange (most liquid stocks)
2.3.4.2. Vilnius Stock Exchange (most liquid stocks)
2.3.4.3. Tallinn Stock Exchange (most liquid stocks)
2.3.4.4. Russian Trading System (selected stocks from RTS Standard market)
2.3.4.5. OMX Nordic Exchange Stockholm (OMX Stockholm 30 index)
2.3.4.6. Helsinki Stock Exchange (OMX Helsinki 25 index)
2.3.6. Portfolio value is calculated as a sum of cash and securities valued at an average of the highest bid and the lowest ask prices at the last available moment.
2.3.7. Ranking will be made according to the portfolio value which carries 50% weight and Sharpe Ratio which carries 50% weight in overall results. Winning criteria is represented by 50% weight in overall portfolio return and another 50% of Sharpe Ratio. Ranking will be updated every 5 minutes.
2.3.9. Player can place a maximum of 100 orders per day. The number of orders is counted for all three portfolios.
2.3.10. All positions will be closed automatically at the end of each session.
2.4. Deals
2.4.1. Deals are order-driven. In order to make a transaction with a security you should place an order on the security. Orders can be placed at any time.
2.4.2 Orders are executed only when stock turnover is more than 100 EUR and only when the Stock Exchange is open for trading.
2.4.3. There are four options for a deal: buy, sell, short sell and buy to cover.
2.2.4. Restrictions on transactions:
2.4.4.1. One cannot buy stocks at more than 20% of portfolio value; this also implies that one cannot place an order which after execution will increase single stock value to more than 20% of portfolio value.
2.4.4.2. One cannot short sell single stock at more than 20% of portfolio value; this also implies that one cannot place an order which after execution will increase single stock value to more than 20% of portfolio value.
2.4.4.3. There is a maximum 30% (3 000 000 EUR) limit on short selling. A player cannot short sell more than 30% (3 000 000 EUR) of portfolio initial value.
2.4.4.4. One cannot use money earned from short selling to buy new securities until the position in short selling is closed.
2.4.4.5. You have to have enough cash to cover the buy-to-cover order to get the order executed.
2.4.4.6. Commission for any transaction, either sell or buy, is 0.5% of the transaction amount.
2.4.5. Shares are traded at the respective real-time best bid and best ask on the stock exchange.
2.4.6. Settlement takes place immediately after order execution.
2.4.7. Min and max price are optional. Min price sets a limit when you sell or short sell shares. Max price sets a limit when you use buy or buy to cover operation.
3. Results and prizes
3.2. The results will be based on the value of portfolios at the end of the session.
3.3. The three best performing players of the first round will be awarded with 400, 250 and 150 EUR for the first, second and third results respectively. The three best performing players of the second round will be awarded with 800, 600, 300 EUR for the first, second and third results respectively.
3.4. The Lithuanian player who demonstrated the highest winning ratio return over the week will be awarded by 6-months subscription of investment magazine Investuok. There will be 4 such prizes altogether. The best Lithuanian performer from the overall rankings will be awarded by 1-year subscription of the magazine.
3.5. Weekly prizes will be distributed to all winners by post.
3.6. Each player can participate in the game with only one account; otherwise he is not eligible to receive any prizes.
4. Additional information
4.1. The Game is an educational non-profit project.
4.2. The profile information can be used for research purposes, following confidentiality rules (personal information will not be publicly available).
4.3. The organizers are not liable for any advices given by market overviews or stock-pitching teams.
4.4. The organizers of the game retain the rights to change the rules of the Game at any time. Changes have to be agreed on by a majority vote at the SSE Riga Student Investment Fund board meeting. All changes in rules will be published in the news and rules sections.
4.5. If organizers observe any suspicious transactions, they take full legal entitlement to temporarily suspend the user for investigation purposes and in case of cheating the account will be deleted and the user will be banned from the game forever. If there is a suspicion that a player manipulated real market to gain advantage in the game our duty is to report such cases to relevant regulatory authorities.
4.6. If one of the game winners is found guilty in manipulating real market for the purpose of winning the game after investigation of security exchange commission in any of the countries represented in the game, organizers have the right to demand reimbursement of the prize from the guilty winner.