1.Trading Dates & Initial Cash Balance
The National CMS will have several start dates every other week to comply with different schedules to find out the next start date visit the registration page. The initial cash balance is $100,000. You must compete for a minimum of 8 weeks to be eligible for the competition.

2. How To Trade
Before making any trades, you must have your team number, password, and the ticker symbols of the securities you wish to trade.

Visit the home page (www.nationalcms.com) to submit trades, review your team's activity, research stocks, obtain quotes, find ticker symbols, and review your team's ranking. This is the best way to trade because it is fast, accurate, and convenient.

Trading Commodities: You may buy or sell commodities with the CMS. Commodities (such as gold, orange juice, and corn) are traded in contracts/units not by number of shares. Commodities must be traded in whole units.

A confirmation number will be provided on the confirmation page for every trade. Please track your confirmation numbers.

3. Trading Times:
Commodities and options: Trades made via the web page will receive end of day prices if placed while the market is open (generally 9:30 am to 4:00 pm ET). Trades placed after the market has closed will receive the next day's closing price.

Cash Markets / Spots:
Same as commodities and future options but the the trading start exactly at 9:30 am.

4. Securities that can be traded:
Commodities: You may buy and sell commodities. A list of the commodities available to be traded is listed on the Futures Trading Pit. All commodity trades must be made in a whole number of contracts/units.

Options: You may buy and sell call & put options on futures only. A list of the options available to be traded is listed on the Future Options Trading Pit.

Cash Markets: You may buy and sell spots. A list of the spots available to be traded is listed on the Spots Trading Pit.

5. Volume and Purchase Restrictions:

• Throughout the simulation, teams may invest no more than $50,000 in any one investment. For an example, you cannot have more than $50,000 of gold futures in your portfolio. If you bought $20,000 of gold in one trade, then your next trade you cannot exceed $30,000 of gold.
• You may not hold a short and a long position in the same investment at the same time.

6. Commission:
A broker's commission is applied to most transactions. The commission for commodities, future options, and cash markets (spots) trades is a flat fee of $25 on each transaction regardless of the number of shares. If you sell one commodity and buy another you will be charged two commission fees.

7. Margin Requirements:
The margin requirement for the simulation is 50%. Initially, this means that since you are starting with $100,000, you may borrow another $100,000, making your total buying power $200,000. You may buy and short sell stocks on margin.

8. Interest Earned:
Interest will be earned on all available cash balances and credited at the close of each day. During the simulation, cash balances will earn 3% interest, compounded daily.

9. Interest Charged:
Interest will be charged on all loan balances and will be debited at the close of each day. During the simulation, loan balances will be charged 8% interest, compounded daily.

10. Number of Transactions:
Each team is limited to 100 transactions during the trading period. Each buy, sell, short sell or short cover counts as a transaction. For example, if you buy a stock and sell another stock you will be charged with 2 transactions.

11. End of the Simulation:
You do not need to convert all of your investments to cash on the last day of the simulation. Your portfolio will be valued at the closing prices for that day. Official winners of the simulation will be notified usually within a week of the end of the simulation.

12. Disputes and Errors:

• If you and your instructor believe an error has been made in your portfolio, your instructor may call the 1.866.767.3375, toll-free, to discuss the error.
• Please review your statements and report any problems right away.
• Stock-Trak, Inc. is not responsible for trades or quote prices that are incomplete, incorrect or not received.
• Stock-Trak, Inc. may use various methods (such as time and tape analysis) to resolve disputes.
• The decision made by Stock-Trak, Inc is final.
• Stock-Trak, Inc. reserves the right to adjust or delete trades that are believed to be incorrect, and the right to terminate any account that they believe may have attempted to exploit, manipulate, or sabotage any part of the CMS trading system and/or web page.
• Stock-Trak, Inc. has the ultimate authority to settle disputes.
• Stock-Trak, Inc.'s liability is limited to the fee paid for the service.