University Trading Challenge - Competition Rules

1) Who is eligible to Compete

Both undergraduate and graduate students.

2) Registration

We are currently in the phase of registration. University Team Leaders can fill out the registration form to reserve a spot for a team from their institution. In late October, we will request that those faculty sponsors submit a second form (which we will provide) detailing who will be on the team. It is up to the faculty to decide how to choose the 4 participants of the team. They must be students of the institution, but they can be in any program. (MBA, Undergrad, Masters, etc.)

Registration Fee

Each university team will have a registration fee of: £350 (plus 20% VAT) for the competition (payable to CapitalWave Ltd.)
The payment deadline for the registration fee is October 24th, 2011.  It must be sent to the following address: 

    2011 University Trading Challenge  
    c/o CapitalWave Ltd.
    One Canada Square, 29th Floor
    Canary Wharf, London  E14 5D

 3) Team Compositions

Universities can have a maximum of 2 teams representing them.  For example, a university may have 1 team comprised of undergraduate student and 1 team of graduate students.  A Team must consist of 4 students.  There can be no alternates.  If a Team loses one of its members, that member can be replaced no later than 4 weeks prior to the short-term and case-study part of the competition.  If a Team falls below 3 members, they are immediately eliminated from the competition. 

Due to facility and logistical constraints, we can only allow for 12 teams of 4 students.

Team Member Requirements

Each Team Member must be a currently enrolled college or university student in an undergraduate or graduate program at the time of the competition.  An individual is ineligible to be a Team Member if that individual has:  1) Previously participated as a Team Member in the Challenge, 2) has or is no longer a matriculating university student.

Faculty Advisors

Each Team may have 1 Faculty Advisor.  The Faculty Advisor may not contribute content to either the Written Report or Presentation.  The Advisors primary responsibility is to provide guidance and direction to the Team through out all levels of the competition.  The Faculty Advisor can be selected by the Team's University. The Faculty Advisor must be currently employed as a professor by the sponsoring university.

4) Competition Weighting & Participation Requirements

Portfolio Challenge (25% of the competition results)

The Long-term Portfolio Challenge will start on November 1st.  Team members will need to select a Team Leader to trade the predetermined portfolio via an online interface.  Rules for trading are available by clicking here.  This portfolio challenge will use the Capital Real News Trading Simulator for students to trade with and for results.  For this particular challenge, the

Sales and Trading Challenge (35% of the competition results)

There will be two Sales and Trading Challenges.  Individual Team members will be given a trading screen to participate in a trading simulation.  Each simulation will provide each student the opportunity to trade a limited number of securities over a simulated trading day.  Student Trader results will then be measured on the quality of their trading, using standard trader analytics of: Profitability, RaRoc, Sharpe Ratio, Sortino Ratio and Portfolio Alpha/Beta. 

Both simulations will use the CapitalWave Capital Market Simulator which will be available at the host venue.

Case-Study Presentations (40% of the competition results)

Each Team will make a Presentation to a panel of Judges.  Team may utilize their Faculty Advisor as resources, but may not enlist the help of any other professionals in preparing or evaluating the presentation.  The Presentation can include the use of PowerPoint or other presentation software.  The teams cannot hand the judges any printed material before/after the Presentations.  All Presentation material must be submitted to the Judges the afternoon of December 2nd at 12 noon.

Only Team Members may participate in the Presentation.  The Presentation must be in English.  The Presentation is limited to 10 minutes, however and additional 10 minutes will be provided to answer questions posed by the Judges.  Only Judges are permitted to pose questions to a Team during a Presentation. Each Presentation will be timed and the time-keeper will provide a one minute warning and an announcement when time has expired.  When the timekeeper announces that time has expired, Teams must immediately conclude their Presentation.

Teams may not listen to other Presentations prior to their own Presentation.  A separate room should be reserved for Teams to wait before their allotted Presentation time.

Participation Requirements

All teams are encouraged to participate in all three of the University Trading Challenge competition.  In the event that a particular team is unable to participate in all three challenges, they acknowledge that they cannot be listed as either individual challenge or competition winners.  If a particular team fails to compete in a challenge, their score for that challenge will be zero.

5) Contest Judging 

For the Case-Study Challenge, Judges will be both academic and industry professionals brought to the competition by the hosting University and the events Corporate Sponsors. 

For the Portfolio and Sale & Trading Challenges, any determination of errors in order entry, execution and eligibility shall be determined by UTC to be final with the regards to the contest standings.

6) Consent to Publication of Ranking and Results

Entry to the contest constitutes permission for the University Trading Challenge to post the university's and trader's information, including, without limitation, name, perform and relative ranking, on the University Trading Challenge website and to use all information for purposes of advertising and promotion without compensation to the universities or contestants.

7) Prohibited Use of Contest for Promotional Purposes

Contestant's acknowledge that the University Trading Challenge name and that of the contest are copyrighted and are the sole property of CapitalWave Inc.  Contestants shall not, either alone or in concert with others, use their participation in the contest for promotional purposes unless approved in advance in writing by the University Trading Challenge.   If a contestant violates this provision, the contestant may be disqualified from competition in the contest for future contests at the University Trading Challenge's sole discretion.  If determined by University Trading Challenge to be in violation, the contestant agrees to pay all legal fees and damage incurred by University Trading Challenge, including those to enforce this provision.

8) Indemnification

All issues and question concerning the construction, validity, interpretation and enforceability for the rights and obligations of the contestants and University Trading Challenge in connection with the contest shall be governed by and construed in accordance with the substantive laws of the State of New York, without regard to choice of law rules.

9) Postponement, Cancellation, Acceptance and Removal

University Trading Challenge reserves the right to modify the contest terms, to postpone the contest commencement date or to cancel the contest if, in its sole discretion, it determines that such action is reasonable and necessary. University Trading Challenge may reject any contestant's application for any reason. Furthermore, University Trading Challenge has the right to remove or bar any contestant from the contest for any reason in its sole discretion, including, without limitation, barring any contestant who would or might: bring disrepute to the contest; or who has violated any rule, law or regulation pertaining to futures trading; or has attempted to benefit from any collusive or other trading irregularity. University Trading Challenge will review and monitor all participants throughout the contest in the interest and fairness of all participants. Minimum participation required; we reserve the right to cancel the contest if minimum participation is not reached. In the event that the contest is cancelled, entry fees will be refunded and no prizes will be awarded. University Trading Challenge reserves the right to cancel the contest at any time and will make honest efforts to notify all contestants. No Refunds; exception: in the case of contest cancellation, refunds will be available for entry fee.

10) Conflicts of Interest

All participants in the University Trading Challenge, including Hosts, Teams, Team Members, Faculty Advisors, and Judges have an obligation to avoid actual or potential conflicts of interest with their participation.  A conflict of inters may exist when a participant or participant's family member of close friend is involved in actives that may impact the participant's ability to perform their role fairly and impartially.  A conflict may be actual or perceived.  

11) Travel Arrangements

All Participants are responsible for making their respective travel and lodging arrangements, if any.  The University Trading Challenge will not pay for taxis, rental cars, visa applications, food and beverages, baggage fees, and any other fees and expenses.

Prepared as of: September 15th, 2011