This year you will be endowed with claims issued against a pool of money. Across several trading rounds, you will be able to trade these claims on an electronic exchange system, Flex-e-Markets.

In addition to trading, you will also be able to submit the claims to us, ULEEF, to be cashed in for a known amount called the face value. This face value increases each trading round. The pool of money is used to pay those who want to cash in. Over time, the money in the pool grows but at a slower rate than the face value.

If there is insufficient money in the pool to honor the requested cash-ins at face value, the pool is put into liquidation and all outstanding claims will be paid pro rata.

Trading will last at most 5 rounds. Your final earnings depend entirely on the cash you hold at the end of the last round, minus the cash you are initially endowed with. Changes in cash are determined by your trading choices and cash-in decisions.

Acknowledgment: Funding for the 2015 UWFC trading exercise is provided by the U.S. National Science Foundation under grant SES-1426428

This year you will be endowed with claims issued against a pool of money. Across several trading rounds, you will be able to trade these claims on an electronic exchange system, Flex-e-Markets.

You will receive your trader ID and password (on a green paper called "Claim Certificate," like the one on the left top of this page) together with your conference badge . There is a practice session that will be open until Thursday morning and you can use the ID and password to log in and trade for fun (no financial consequences)! The way it works is as follows:

Go to Flex-e-markets website HERE

Use your ID and password and go straight to Login (no need to Register)

Click on Marketplace Gateway and select the market called "UWFC 2015 Practice," and from there you can trade all you want (again, just for practice) in the open book limit order market.