user’s - ciese · investor research american indices the stock market game™ user’s guide 5...

Table of ContentsSMGWW Homepage . . . . . . . . . . . 2Enter The SMG . . . . . . . . . . . . . . . 3Portfolio Menu Page . . . . . . . . . . . 4Changing Your Password . . . . . . . 5Steps for Making a Trade . . . . . . . 5Investor Research . . . . . . . . . . . . . 6American Indices. . . . . . . . . . . . . . 6Enter a Trade . . . . . . . . . . . . . . . . . 7Pending Transactions . . . . . . . . . . 7Account Summary. . . . . . . . . . . . . 8Account Holdings . . . . . . . . . . . . . 8Transaction Notes . . . . . . . . . . . . . 9Transaction History . . . . . . . . . . . 10Gains and Losses . . . . . . . . . . . . 10Terms You Need To Know . . . . . . 11Rules of The SMG . . . . . . . . . . . . 13

SMG WORLDWIDEWelcome to SMG Worldwide (SMG or SMGWW). This new andimproved on-line version of The Stock Market Game™ (formerlycalled SMG2000) includes a number of new features, includingaccess to stock research, help screens on every page of the portfolio,and Market Mysteries, which are fun activities for students to usewith SMGWW.

GETTING STARTEDTo access SMGWW, you must have a computer with Internet access.Once you are on-line, open your Web browser. In the field for theURL, location, or Web address, type in www.smgww.org and hitreturn.

U S E R ’ SG U I D E

Copyright © 2000 Securities Industry Foundation for Economic Education. All rights reserved. Provided for educational purposes without warranty expressed or implied.

The Stock Market Game™ User’s Guide 1

You can always go back to theSMGWW Homepage by clicking on

the SMG WORLDWIDE Globe.HOTTIP:

Welcome to the SMG WORLDWIDE Homepage!

ENTER THE SMG - Once you have received a Usernameand Password from your Advisor for you and your team,

you can get to your portfolio by clicking on the ENTER THESMG button.

HOW TO ACCESS YOUR PORTFOLIO – Click on thislink to learn how to go to your portfolio of stocks.

SAMPLE SMG PORTFOLIO – Click on this link to see asample portfolio, including the main screen, account

holdings, and rankings.

RULES OF THE GAME – This section lists all of thenational rules for SMG. The national rules can also be

found on the last page of this guide. State Coordinators mayhave additional rules for those participating in their state.Check with your advisor for these rules.

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All students are expected to follow all national and state SMG rules and

guidelines. HOTTIP:

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2 The Stock Market Game™ User’s Guide


Enter The SMG

To get to your portfolio, click on theENTER THE SMG button on the

SMGWW Homepage.

Enter your team ID in the Usernamebox and your password in the

Password box.

Then click on the ENTER THEGAME button. This will take you to yourportfolio’s main menu.

Your “username” is also known asyour “team ID.”

HOTTIP:

Your username will contain one ormore underscores (_). This is createdby holding down the shift key and hit-ting the "-" key in the upper right cor-

ner of your keyboard.

HOTTIP:

Passwords must be entered exactly asthey appear in the e-mail sent to youradvisor. Pay special attention to capi-

talized letters. Once your team is inyour portfolio, you can change your

password.

HOTTIP:

DO NOT share your team passwordwith anyone except your advisor andteam members. Anyone with access

to your team username and passwordcan get into your team’s portfolio and

enter trades or change your password.

HOTTIP:

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Forgot your password? Ask youradvisor.

HOTTIP:



Trading links - These allow you to research stocks andcompanies, make trades, and access portfolio pages:

• Account Summary• Account Holding• Transaction History• Gains and Losses• Investor Research• Enter a Trade• Pending Transactions• Transaction Notes• American Indices

Market Mysteries - This section provides optional funactivities for you and your team.

Logoff - This link allows you to log out of SMG. It alsogives you the opportunity to log back in by using your

username and password.

Change Password - The password assigned to yourteam will be a random sequence of capital letters and

numbers. Your team may want to choose a new password thatwill be easier to remember. The Change Password screenallows you to choose in a new password.

Outside Links - This takes you to a listing of (web) sitesof interest. This includes links to many of the U.S. stock

market exchange home pages, links to educational informa-tion on economics and investing, information and research onstocks, and free software downloads that may be helpful.

Learning Resource Center - The Learning ResourceCenter provides educational materials for teachers to use

in the classroom. NOTE: This icon is not on the student port-folio menus.

Rankings - This link takes you to SMG rankings, whichshow how your team is doing compared to the other

teams in your region and state. Rankings are determined bythe total equity in the portfolios.

Many of the trading links will bedescribed in more detail in this

guide.HOTTIP:

Portfolio Menu PageTo help keep your portfolio secure, SMG

has a built in logoff function. If youhave not sent or received information formore than 15 minutes, you will automat-ically be logged out of your portfolio andwill have to re-enter your username and

password to log back in.

HOTTIP:

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From the Portfolio Main Menu, you can access the following.

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From each portfolio page, you can go to on-linehelp screens by clicking on the HELP icon (a ques-

tion mark). There are help screens for:• Change Password • Investor Research• Enter a Trade • Account Summary• Account Holdings • Pending Transaction • Transaction Notes • Transaction History• Gains and Losses • Rankings

HOTTIP:

Type your current (assigned) team password in the boxlabeled Your Old Password.

Type in a new password your team has chosen in the boxlabeled Your New Password. You may use any combina-

tion of letters and/or numbers.

Type in your new password once again in the ConfirmNew Password box.

Once you have filled in all the boxes, click on theCHANGE MY PASSWORD button. If you entered

your old password incorrectly, you will get a message statingyour old password is invalid. If this happens, hit the back but-ton and re-enter your old password.

If the password you entered to confirm the change does notexactly match the new password you entered, you will get amessage: “Please re-enter and confirm password - they do notmatch now.” If this happens, click on the OK button and re-enter and confirm your new password.

Pick a stock. You will need to decide what company orstock to trade, how many shares to trade, and whether

you want to buy it or short sell it. You can research compa-nies and stocks through the Investor Research link.

Once you have selected stock, find the ticker symbol (alltrades in SMG are made with ticker symbols). To find

the ticker symbol, go to the Ticker Lookup link in the InvestorResearch or Enter a Trade functions.

Go to Enter a Trade and make your trade.

After you have entered and confirmed your trade, checkPending Transactions to make sure it is in the system.

At this point, you can cancel your trade if you choose, as longas it is before the close of market (4 p.m. EST). Trades madebefore the close of market should appear in your portfolio thefollowing morning.

The next day, check Account Holdings to make sure thatthe trade went through. If it does not appear in Account

Holdings, check Pending Transactions.

If the trade does not appear in Account Holdings orPending Transactions, check Transaction Notes.

Transaction Notes will list every attempted trade. If the tradewent through, it will say “order executed.” If the trade did notgo through, it will explain why. (See Transaction Notes sec-tion of this guide for a list of explanations.)

If a stock appears in your Account Holdings that you didnot trade, or a stock you had in your portfolio no longer

appears in Account Holdings, check Transaction History.This lists all of the activity in your portfolio. Things such asmergers, dividends, and stock splits will show up here and willmost likely answer any questions you have about the stocks inyour portfolio. Also check Corporate News in InvestorResearch to find current information about a company orstock.

If you have checked Pending Transactions, Transaction Notes,and Transaction History and still can not explain why a tradedid not go through or what happened to a stock on your port-folio, ask your advisor for help.

Changing Your Password

Steps for Making a Trade

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Passwords are upper and lower casesensitive. For example, if your pass-

word is “Stock,” you must enter it witha capital S; “stock” will not work.

HOTTIP:

Trades entered before the close of market (4p.m. EST) will go through at that day’s clos-

ing price. Trades made after the close ofmarket will go through at the following day’s

closing price.

HOTTIP:

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Investor Research

American Indices


The American Indices section lists a number of commonindices, such as the Dow Jones Industrial Average (DJIA) andS&P 500, that people use to watch the market. Some of theindices contain companies from a variety of industries. Theseindices are used to indicate general market trends.

Other indices are made up of companies from a particularindustry ( e.g., insurance, technology, etc.). These indices areused to indicate general trends in that industry.

Your team can research stocks and companies through theInvestor Research section. A wealth of information – from cur-rent trading price of the stock to corporate news that may impactthe stock’s price – can be accessed through this section.

The most-used section of Investor Research is theQuote Summary. To find the Quote Summary, enter the

ticker symbol in the Ticker box, make sure Quote Summaryis selected, and click on the GO button.

The Quote Summary includes technical information such as:• last sale price• percent change• previous close• today’s high• today’s low

It also includes fundamentals such as:• P/E ratio• dividends• estimated earnings per share

And performance indicators such as:• 52 week high and low• beta

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You can look up ticker symbols for stocks you want toresearch or trade by clicking on the Ticker Lookuplink.

Enter the tickersymbol of the

stock you are trading. Ifyou do not know theticker symbol, click onTicker Symbol and aTicker Symbol Lookupwindow will appear.

Enter a Trade

Pending Transactions

Once you have entered the ticker symbol, click on Validate Ticker. ATicker Validation window will appear, listing the name of the compa-

ny and the current trading price.

Enter the number of shares you want to trade.

Select the Order Type. If you want the trade to go through regardlessof the market price, select Market. If you want to set a price limit,

select Limit. You must then enter a limit price in the Limit Price box.NOTE: You must enter a dollar amount per share - no fractions.

Click on the PREVIEW TRADE box. If the trade is correct, enteryour password and click on the CONFIRM TRADE button. If you

would like to edit the trade, click on the EDIT TRADE button.

The Enter a Trade function is where you enter buy, sell, shortsell and short cover transactions.

Select the type of trade you would like to make: buy,sell, short sell, short cover.

Pending Transactions is a list of all the trades that have beenentered but have not yet been executed. A trade will appear inPending Transactions after it has been entered and will remainthere until it goes through and appears in your portfolio.

Pending Transactions will list the type of trade youentered, the number of shares, the ticker symbol, the

limit price (if any), and the date and time the trade wasentered.

Trades listed in Pending Transactions can be canceledbefore the close of market (4 p.m. EST). To cancel a

trade, click on the Cancel Order link.

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You can only sell a stock youhave previously bought. Youcan only short cover a stock

you have previously short sold.

HOTTIP:

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Account SummaryThe Account Summary provides a financial summary of your port-folio. Important information such as total equity of the portfolioand buying power are listed here.

Account Summary displays current portfolio information.

Some of the most useful information listed in the AccountSummary are:

Cash Balance - the amount of money left over from the initial$100,000. This is the amount of money you have to spend onbuying stock and short sales if you do not want to go out onmargin (i.e., borrow money). A negative amount in the CashBalance indicates that you have already bought on margin.

Total Equity - the value of your cash and stocks on the longposition. Total Equity is used to determine rankings.

Buying Power - the total amount of money available for stockpurchases and short sales when fully extended on margin.

Percent Return - the percent you have gained or lost since thebeginning of the SMG session. If the number is positive, youhave gained; if it is negative, you have lost money.

To view Account Summaryinformation for a different

day, enter the date (month, day,year) and click on the UpdateTable button. Account Summaryinformation for the date youentered as well as today’s infor-mation will be displayed.

For more definitions of terms andequations, see the Terms You Need

To Know section of this guide.

HOTTIP:

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Account Holdings

The Account Holdings provides a listing of stocks currentlyheld in your portfolio, including their current price and anyunrealized gains and losses.

If a stock is held ina short position, the

shares will have anegative sign (-) infront of them, indi-

cating that is thenumber of shares

owed to the broker.

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Some of the most useful information here is:

Unrealized Gains and Losses - how much money you havegained or lost on that stock at its current value. A negativenumber indicates a loss.

% Unrealized Gains and Losses - the amount of moneyyou have gained or lost on that stock as a percentage of theoriginal cost.

Option - if you click on the Trade link of the stock you wouldlike to trade, you will be taken directly to the Enter a Tradefunction where you can make your trade.



Transaction Notes lists all of the trades your team has enteredduring SMG. Any trades that have been processed are marked“Order Executed.”

Account Margin Exceeded by: $. You did not haveenough money for the trade, even if you borrowed themaximum.

Account Position Not Short. You attempted to shortcover a stock that you did not have in your portfolio in ashort position. Remember, you cannot short cover a stockyou have not previously short sold.

Cannot Buy a Stock Below $5.00. You attempted buy astock that was trading for less than $5.00 per share. This isnot allowed in The SMG.

Could Not Cancel Order. You attempted to cancel anorder that will still in Pending Transactions, but the markethad already closed for the day and the trade could not becanceled.

Invalid Symbol or Price Feed System Down. If you getthis message, you may have entered the ticker symbolincorrectly or part of the system may be down. Check theticker symbol by using Investor Research and re-enter thetrade. You can also check the ticker symbol by going toEnter a Trade and using Ticker Lookup or Validate Ticker.

Order Price is Away From Market. You entered a limitprice that was not met.

Order Rejected. You attempted to sell a stock that you didnot own. Remember, you can only sell a stock that youhave previously bought.

Problem with Order. The order stayed in PendingTransactions too long and did not go through. If this hap-pens, enter the order again.

Security Not Found on Sec Mast Xref File and OSS Sec

Mast. You attempted to trade a stock that was not in thesystem. Usually this means the stock does not trade on oneof the three exchanges used in The SMG. If you receivethis message and are sure the stock is traded on one of thethree exchanges, please have your advisor contact yourstate Coordinator.

Order Canceled. You canceled the trade before the closeof market, while it was still in Pending Transactions.

Symbol Price is Zero on OSS Security Database. Thereis no price or historical data for the security listed. You willget this error message if you attempt to trade a stock thathas been delisted or is not yet listed, e.g., an IPO (seeTerms You Need to Know in this guide).

This is a Possible Error. You will get this message if asystem error occurred during processing. If you get thismessage, check Account Holdings the day after youentered the trade to see if it has been processed. If not, re-enter the trade.

Unknown Quote Feed Error. Order Rejected. This mes-sage appears if SMGWW experiences difficulties getting aprice from Bridge. If you get this message, re-enter yourtrade.

Transaction Notes

Transaction Notes is the first place to lookwhen a trade you entered does not appear

in Account Holdings after 24 hours. Anyerrors or problems with the trade will be

explained here.

HOTTIP:

If a trade does not go through, an explanation can be found in the Description column. Possible explanations include:



Gains and Losses shows all realized gains or losses on stocktrades. Gains (or losses) only become realized when a stockposition is closed, either sold or short covered. Interestreceived or paid and dividends received are also consideredrealized gains or losses.

The Gains and Losses report will list:

• ticker symbol • net sale price• number of shares • sale date• original cost • gains and losses• net cost per share • gains and losses %• proceeds

Transaction History shows all activity that has occurred inyour portfolio during the SMG session, including:

• trades • commission• interest paid or received • dividends• stock splits • mergers or acquisitions

The Transaction History report will list:

• transaction type (e.g., buy) • number of shares• ticker symbol • date of transaction• cost per share• net amount of transaction• fees and commission

To see transactions froma certain time period,

input the first date of the rangein the boxes under Show Fromand the last date of the range inthe To boxes. When inputtingthe year, input all four digits,not just the last two. If nodates are entered, the transac-tions for the last seven dayswill be listed.

Click on the GENERATESCREEN REPORT but-

ton to get the report of transac-tions.

Transaction History

Gains and Losses

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portfolio (e.g., a stock appears that you didn’ttrade). Transaction History can help you figure

out what happened.

HOTTIP:

Any stock that is still held in your portfolio willnot be listed on this page; gains and losses forstocks still held in the portfolio are unrealized.

HOTTIP:



Terms you need to knowAvailable Equity: The amount of equity available for sup-porting additional buy and short sell transactions. This is themost the team can provide for their part of the 50% initialmargin requirement. If this figure is negative, all buy andshort sell transactions will be rejected.

Available Equity = Total Equity - [(Value of Longs +|Value of Shorts|) x 0.50]

Buying Power: The total amount of money available forstock purchases and short sales when fully extended on mar-gin. Note that the payment of broker’s fees and interestcharges not only reduces your balance, but also reduces yourability to borrow.

Buying Power = Available Equity x 2

Cash Balance: The amount of cash left from the initial$100,000. Once trading begins, the cost of all stock purchas-es is deducted along with any interest payments and realizedlosses. Any interest payments received, dividends, and real-ized gains are added back to the cash balance. If the cash bal-ance is zero, any new buy or short sell transactions will befunded through borrowing on margin. If the cash balance isnegative, this is the amount of money borrowed on margin.

Collateral: Property (e.g., stocks in SMG) pledged by a bor-rower that will be transferred to the lender if the borrowercannot repay the loan.

Commission Fees: A 2% fee is charged on all stock trans-actions. The total of all commission fees is listed in theAccount Summary. Each individual commission fee is listedin the Transaction History.

Commission Fee = Value of Trade x 0.02

Cost Averaging: Averaging the cost of multiple trades(buys or short sells) of the same security. Like trades of thesame security will be combined into one line in AccountHoldings and Realized Gains/Losses. Cost averaging is doneby dividing the total cost of all like trades in the same securi-ty by the total number of shares traded.

Delisted: A stock that has been delisted has been removedfrom an exchange and cannot be traded. A company’s stockmay become delisted if it files for bankruptcy, merges withanother company, moves from one exchange to another, orfails to meet exchange minimum standards. If you try to tradea stock that has been delisted, your order will be rejected. Ifa stock you own is delisted, it will be liquidated and any gainor loss will appear on the Gains & Losses page.

Dividends: Money or shares paid out to those who ownstock as a share of the company’s profits. In SMG, dividendspaid will be listed in Transaction History and will be includ-ed in the total equity of the portfolio.

Equity: See Total Equity.

Initial Margin Requirement: The percent (50% in SMG)of collateral required to finance a purchase or short sell trans-action. The concept of a margin requirement is aimed at: 1)limiting the amount of money that may be borrowed tofinance trading in stocks (the Federal Reserve sets marginrequirements); and 2) providing protection to the broker mak-ing the loan of money (for purchases) or stock (for short sales)against adverse changes in the market value of the collateral(long and short positions). See Maintenance MarginRequirement.

Initial Margin Requirement = (Value of Longs + |Value ofShorts|) x 0.50

IPO (Initial Public Offering): When a company switchesfrom being privately owned to publicly owned (or “goes pub-lic”), the initial offering of stock for sale is called an IPO.IPOs will be available for trading after they have been addedto the SMG system.

Interest on Cash: Money received for cash held in a bankaccount. In SMG, your average daily cash balance is calcu-lated and you are paid interest weekly at an annual rate of 5%.

Interest on Cash = Cash Balance x (0.05/52)

Interest on Loans: Similar to the interest on cash balances,your average daily balance of money borrowed on margin iscalculated and you are charged interest weekly at an annualrate of 7%.

Interest on Loans = Money Borrowed on Margin x (0.07/52)

Liquidate: To liquidate a stock holding, the stock must beeither sold or short covered. To liquidate a portfolio, all openpositions must be closed. You do not need to liquidate yourporfolio at the end of the session.

Long Position: A stock that is bought (versus short sold) isreferred to as being held in a long position. The value of astock held in a long position is the current price per sharetimes the number of shares held. The Value of Longs figurein the Account Summary shows the current value of all thestocks in your portfolio that are in the long position.



Terms you need to know - continuedMaintenance Margin Requirement: Also known asMinimum Maintenance, this is the minimum margin require-ment (30% in SMG) that a team portfolio must maintain afterborrowing on margin. If the total equity in your portfolio fallsbelow 30% of the value of your long and short positions, yourteam will receive a margin call and you will have to sell orshort cover some of your stocks. Note: For the following for-mula, use the absolute value (positive value) of the Value ofShorts.

Maintenance Margin Requirement = 0.30 x (Value of Longs +|Value of Shorts|)

Margin Call: A warning that the total equity in your portfo-lio has fallen below the 30% maintenance margin require-ment; a request for additional equity in to meet the mainte-nance margin requirement. If you receive a margin call, youwill have three weeks to meet the 30% requirement. This canbe accomplished if the value of your holdings increases or byselling or short covering a stock(s). The proceeds of any saleor short cover will be used to pay off some of the money youborrowed (i.e., reduce the amount on margin). If the require-ment is not satisfied within three weeks, SMG will sell orshort cover long and short positions, beginning with the low-est priced stocks, until the minimum maintenance require-ment is met.

Net Equity Gain: The amount of money your team hasgained or lost since the beginning of SMG.

Net Equity Gain = Total Equity - $100,000

Net Cost/Share: For stocks in the long position, theamount of money spent on each share of stock, including thecommission. If multiple trades of the same stock were made,the net cost per share will be an average of the net costs pershare of each trade.

Net Cost/Share = price of each share of stock x 1.02

Net Interest: The amount of interest received on a cash bal-ance minus any interest paid on a margin loan. The net inter-est is listed in the Account Summary and individual interestactivity is listed in Transaction History.

Percent Return: The percent gained or lost in the team’sportfolio since the beginning of the SMG session.

Percent Return: Net Equity Gain / $100,000

Price Limit: The maximum you are willing to pay per sharewhen buying or short covering a stock or the minimum you

are willing to sell each share for when selling or short sellinga stock. You may enter a price limit when entering a transac-tion in the Enter a Trade section. The use of price limits isoptional and serves to protect you against sharp marketmovements.

Realized Gains & Losses: The total amount of profit orloss realized from the sale or short cover of a stock. Interestreceived or paid and dividends received are also consideredrealized gains or losses. Any stock that is still held in yourportfolio will not be listed in Realized Gains & Losses.

Realized Gains & Losses = Proceeds - Original Cost

Short Cover: Buying stock to replace the stock you origi-nally borrowed from the broker for a short sell transaction.When you short cover, you are closing the short position.

Short Position: A stock that has been short sold is referredto as being held in a short position.

Short Sell: Borrowing shares of a stock from your broker tosell on the open market. At some point, you must cover theshort or buy enough shares to return those you borrowed.Short selling is a strategy used by those who think the price ofa stock is going to decrease in the short term. The idea is tosell the borrowed stock now at a higher price, and once thevalue of the stock falls, to buy it to replace the borrowedstock. The profit is the difference between what is paid pershare and what is received per share. Beware if the price ofthe stock begins to rise, because at some point the stock mustbe bought back (short covered) and returned to the broker.The value of a short position is the current price per sharetimes the number of shares sold short.

Team Portfolio: A record of all transactions, activity, andstock positions of a team. It is typically updated daily.

Total Equity: The net value of a team portfolio and the fig-ure on which team rankings are based.

Total Equity = Cash Balance + Value of Longs

Unrealized Gain & Loss: The difference in the initial pur-chase price of a stock and the current value of the stock. Thegain or loss is unrealized, because the stock has not been soldor short covered (i.e., the position has not been closed).



Rules of the SMGTrading Rules 1. Each team begins The SMG with $100,000 in cash and may

borrow additional funds. How much you may borrow isdependent upon the equity in your account. Interest ischarged weekly on negative cash balances at an annual rateof 7.00%, and credited weekly on positive cash balances atan annual rate of 5.00%.

2. You may trade only those common stocks listed on theAmerican Stock Exchange, Nasdaq Stock Market and theNew York Stock Exchange. You may not trade preferredstock (those listed with a “pf” after their name in the stocktables).

3. All transactions are made on the basis of daily closing prices,which can be found in the next day’s newspaper or by usingthe price quote facilities of SMG WORLDWIDE.

4. All buy orders must be a minimum of 100 shares. Sell ordersfor less than 100 shares will be permitted.

5. SMG WORLDWIDE does not permit buying stocks thattrade below $5 per share. Such orders will be rejected. Selltransactions for existing long positions will be accepted,even if the price is less than $5.00 per share. (There are anumber of reasons for this rule. Low priced stocks, known aspenny stocks, are very risky and volatile investments.Accordingly, brokers will not permit their customers to tradesuch securities on margin, just as SMG WORLDWIDE doesnot. Also, penny stocks tend to have very shallow marketsand their prices move sharply with large orders, unlike SMGWORLDWIDE where transactions are executed at closingprices regardless of order size).

6. Trades can only be processed in whole and will be rejected ifsufficient buying power does not exist.

7. A 2% broker’s fee is charged for all transactions. For exam-ple, if you buy 100 shares of a stock at $10 per share, youmust pay the 2% of $1000 or $20.

8. The SMG is run Monday through Friday. Teams may tradeon any day the participating stock markets are open.

9. Trades entered after close of market (4:00 p.m. E.T.) will bepriced at next day’s closing price.

10. Teams do not have to liquidate their portfolios at the end ofthe SMG. Winners will be determined on the basis of theequity in their portfolios at the end of the final transactionday. (Some states may use an essay contest to determinewinners).

Short Sell/Short Cover Rules 11. All short sell orders must be for a minimum of 100 shares.

Short cover orders for less than 100 shares will be permit-ted.

12. SMG WORLDWIDE does not permit short sells on stocksthat trade below $5.00 per share. Such orders will be reject-ed. Short cover transactions for existing short positions willbe accepted, even if the price is less than $5.00 per share.(See Rule #6 for an explanation).

Portfolios13. A record of a team’s portfolio and transactions will be avail-

able daily.

14. No back posting of trades will be done for trades of securi-ties not contained within the SMG WORLDWIDE SecurityTable. Once the missing security has been added to theSecurity Table the security can then be traded. The samerule applies to trades rejected if they are incorrectly pricingbelow $5. Once the pricing has been corrected the stock canthen be traded.

15. Stock and cash dividends and stock splits are automaticallycomputed into your portfolio. However, you are required tocheck them for accuracy. Promptly notify your Coordinatorat their e-mail address of any problems you encounter.

16. Participants of the end of day pricing SMG may deletepending transactions prior to market close.

Additional Rules 17. Any violation of the rules of the SMG may result in the

invalidation of a transaction. Repeated violation of the rulesmay result in the disqualification of a team.

18. Additional rules have been developed in some states and, ifapplicable, have been included in your Coordinator’sInformation Page. It is the responsibility of your team tolearn and abide by all rules. You may want to write addi-tional rules here:

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