Rules of the Spring Stock Market Game, coordinated by Securities Industry Foundation for Economic Education in New York City and managed in Kansas by Kansas State University:
l Each team begins the simulation with $100,000 in cash and may borrow additional funds. How much you may borrow is dependent upon the equity in your account. Interest is charged weekly on negative cash balances at an annual rate of 7 percent, and credited weekly on positive cash balances at an annual rate of 5 percent.
l Teams may trade only common stocks listed on the American Stock Exchange, Nasdaq Stock Market and the New York Stock Exchange.
l All transactions are made on the basis of daily closing prices, which can be found in the next day's newspaper or by using the price quote facilities of SMG Worldwide.
l All buy orders must be a minimum of 100 shares. Sell orders for fewer than 100 shares will be permitted.
l SMG Worldwide does not permit buying stocks that trade below $5 per share. Such orders will be rejected. Sell transactions for existing long positions will be accepted, even if the price is less than $5 per share.
l Trades can be processed only in whole and will be rejected if sufficient buying power does not exist to execute the entire order.
l A 2 percent broker's fee is charged for all transactions. For example, a 100-share buy at $10 per share results in a $20 fee.
l The game is run Monday through Friday. Teams may trade on any day participating stock markets are open. Orders may be entered 24 hours a day, seven days a week.
l Trades entered after close of market will be priced at the next trading day's closing price.