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Trading

Game Rules

It is very important that you read and understand these Game Rules before placing a Bet. 

PLEASE BE AWARE:

•We may publish a new Dividend Table from time to time, with at least 30 days’ notice. The new Dividend Tables will thereafter apply to all open Bets and new Bets placed across all competitions, until subsequently replaced by the subsequent versions of the Dividend Table (subject to any further or special promotional Dividends we may offer from time to time). Each new Dividend Table may include changes to the way we pay out Dividends and/or the amount of Dividends payable in respect of open Bets. 

•We periodically update these Game Rules from time to time, which may have a material impact on your open Bets, and may change how you place or ‘cash out’ of Bets and/or otherwise use the Service.

PLEASE ALSO BE AWARE, we use an algorithm to calculate the volume of Shares issued at a given price in order to determine movement of prices on the platform.
We also reserve the right amend this algorithm at any time. This may have effects on the number of shares issued and may include removal of any unsold shares from any given price point. We reserve the right to use the option to either relist shares withheld in this way, at the same price or higher – we will never relist them at a lower price.


In addition to the above, we may change our algorithm to accommodate changes in both market dynamics and scale, which can affect movement in Share prices both positively and negatively. In making changes to our price change algorithm, we will always try to act in the best interests of the market as a whole. Share prices are also affected by Bids and Offers from Traders and Market Makers (who may also use algorithmic trading methods).  Please refer to the “Share Issuance and Price Curve” section below for more information.

You must also read and understand and agree to bound by our Terms of Use before placing a Bet.

Unless defined in these Game Rules, capitalised words used in these Game Rules are defined in the Glossary. We also recommend you use our Academy to learn more about how to play Football Index.

All times and dates reference the time zone in force in London on any given date (GMT or BST as applicable). 

Overview

Football Index is a gambling platform which operates like a stock market, allowing users (known as “Traders”) to place Bets on the future performance of footballers with real money (which we call buying “Shares”). Once you have bought one or more Shares in a footballer, you have the chance to win daily or monthly payouts based on that footballer’s future performance on the pitch or in the media (which we call “Dividends”).

Whilst you hold Shares in a footballer, you may have the option of cashing out of your Bet at any time by ‘selling’ those Shares to the market (for either a profit or a loss, as further explained below).

Football Index is a licensed and regulated fixed-odds gambling product.

Buying Shares (placing bets)

There are two ways which you can buy Shares on Football Index:

1. Buying Shares at the ‘Published Buy Price’; or

2. ‘Bidding’ to purchase Shares at a specific price you want to pay for those Shares.

Buying Shares at the Published Buy Price 

We publish a Buy price at which you may instantly buy Shares in a footballer (“Published Buy Price”). 

The Published Buy Price is calculated based on the Volume Weighted Average Price of the 900 lowest priced Shares ‘Offered’ by Football Index or other Traders in that footballer (see Offers below).

You can buy up to a maximum of 300 Shares in each footballer at the Published Buy Price in a single transaction. You can buy as many Shares in footballers as you wish, provided you have sufficient funds in your account. This means that you can hold more than 300 Shares of a given footballer in your Portfolio.

The maximum number of Shares you can buy per single transaction may change from time to time.

If there are less than 300 Shares in a footballer on Offer on the platform at a given time, the amount of Shares available to be purchased in that footballer at the Published Buy Price will be displayed to you in the Buy screen.

In the extremely unlikely event that there are no Shares in a footballer on Offer on the platform at a given time, the option to purchase Shares at a Published Buy Price will not be available for that footballer. The ‘Buy’ button will not show a Published Buy Price and will instead say ‘BUY’.

You can choose to buy Shares immediately by selecting the ‘Buy’ button which displays the Published Buy Price, then ‘Buy Now’ and then lastly by selecting the amount of Shares you want to buy in a footballer and then clicking ‘Buy’. This will instantly match your purchase against one or more relevant Offer(s) in the market, allowing you to Buy Shares at the Published Buy Price available. We will deduct the monies from your Football Index account cash balance.

In certain circumstances, we reserve the right to suspend Buying, either in relation to a specific footballer or for all footballers on the platform.

In some circumstances, Offers may be matched to another Trader seeking to buy Shares at the same time as you, or Offer(s) may be cancelled during the course of your attempt to purchase the Shares (collectively known as “Slippage”). In these circumstances, we will attempt to match your purchase against any remaining open Offers in the market, however when this does happen the Published Buy Price matched and the volume of Shares purchased may vary.

Bidding at the price you want to pay for the Shares 

You also have the option of placing bids to purchase Shares at a specific price you want to pay for those Shares (“Bids”).

Placement of Bids

You can place a maximum of 10 (ten) Bids of up to 300 Shares in a given footballer per transaction.

When placing a bid you can stipulate the amount of shares you would like to purchase (open a new bet) and at what price you would like to bid for those shares – this can be done via the following:

Clicking the ‘Buy Price’ displayed on screen

Selecting ‘Place Bid’

Stipulating how many shares you want to bid for and at what price and then clicking ‘Place Bid’ or ‘Place Max Bid’ (this will only take your selected price and auto populate the maximum number of shares you can bid for according to your cash balance or 300 shares, whichever is larger

Accept Price Movement must be ticked and then click ‘Confirm’


At the time of placement, the price you bid for Shares must be equal to or higher than the minimum price threshold allowed on the bid entry ticket  for those Shares (“Minimum Bid Price”) and lower than the Bid Ceiling (currently £100) for those Shares (known as the “Bid Zone”). Once a bid is placed, if those thresholds move and Bids fall outside of the Bid Zone, those Bids will remain open and can still be matched against Offers.

When you place a Bid, funds equal to the maximum amount you have indicated you will pay for those Shares plus any commission payable in respect of the Bid, will be deducted from your cash balance.

Funds reserved for Bids and commissions are protected in the same way as cash balances until they are matched, as per clause 11.2 of our Terms of Use.

Matching

When your bid is partially or fully matched there will be another seller with whom your bid price equalled an offer price and generated said match. The sell leg forms the offer price and the buy leg forms the bid price of the match, which are collectively addressed as the “Matched Price”. Football Index will fulfil the match by issuing the bidder with new Shares at this matched price (issuing you with a new bet) and will allow the corresponding seller to sell Shares at the same matched price, thus cashing the seller out of their bet or similarly Football Index issuing new shares on the match.

All matches are subject to the commission that Football Index is entitled to deduct on each and every transaction.

Bids are matched preferentially based on the price of the Bid, meaning Shares bid for a higher price will be given priority over a lower priced Bid for those same Shares. Bids of the same price for Shares in a footballer will be matched in ‘first in first out’ (FIFO) order, oldest first.

Bids can be ‘partially matched’ where less than the total number of Shares subject to a Bid are successfully matched. In the case of a partial match, the Bid will remain open for matching in respect of the remaining unmatched Shares subject to the Bid. The partially matched Bid will retain its original placement date and price in respect of the unmatched Shares.

From time to time, for example during IPOs, we may make Bid matching or placement unavailable to ensure the stability of the platform.

Duration of Bids

Your open Bids and their status are available in the “Open Bids” section of your Portfolio section of the platform.

Cancellation of Bids

You may cancel your open Bids at any time (unless the market is suspended), however there is a chance that your Bids could be matched or partially matched during the time that you are attempting to cancel your Bid. The Bid will be matched or cancelled depending on which action was received by our matching engine first.

Football Index reserves the right to cancel any and all of your Bids at any time should you infringe these Game Rules, the Terms of Use or any other terms in force. Football Index also reserves the right to cancel any and all Bids in Force Majeure situations (as defined in our Terms of Use) or in the event of major technical issues, ‘black swan’ market events or material changes to the platform. Such widespread cancellations would be exceptional.

In the event of service interruption leading to Traders being unable to cancel their Bids, Bids can still be matched by the matching engine.

Any unmatched Bids (or remaining partially matched Bids) will be cancelled as soon as possible in the event that your account is suspended, closed, subject to a “time out” or self-excluded (either through Football Index or through GAMSTOP) to minimise the possibility of further bets being issued to you.

Commission on Bids

We charge a commission to the buyer on successfully matched Bids of 2% of the purchase price in respect of each Share (minimum commission of 1p from each transaction), which is deducted from your cash balance at the time the Bid is placed. Funds reserved to pay commissions are refunded in the event a Bid is cancelled.

Dividends and Expiry of Bids

Shares bought through successfully matched Bids will be eligible for Dividends.

Shares bought through successfully matched Bids will expire after the Share Period (defined below), which will be calculated from the date the Bid was matched and the new bet was issued, not the date of the Bid placement.

 

Availability 

From time to time, for example during IPOs, we may make Bid matching, placement or cancellation unavailable for all footballers or for individual footballers, prioritising platform stability.  

Portfolio

Your Shares are displayed in a section of your account known as your ‘Portfolio’, which shows the number of Shares you currently hold.

The ‘Portfolio Summary’ displays the total the value of Shares in your Portfolio. You have the option to set the Benchmark Price for this summary to be the mid-price or at the default setting of the market buy price (the Buy Now price).

The mid-price is the middle price between the market buy price (the Buy Now price) and the market sell price (the Instant Sell price). In isolated cases where there is no market sell price (no Bids), the bottom price of the Bid Zone will be used as a replacement for the market sell price.

PLEASE BE AWARE, your Portfolio Value may increase or decrease from the amount you originally paid when purchasing the Shares in your Portfolio. Further, depending on the method and timing of how you choose to sell your Shares, you may not be able to cash out of the total Portfolio Value displayed in your Portfolio Summary. For example, you are likely to receive less than your total Portfolio Value if you choose to sell your Shares using the Instant Sell function.

We may redefine the calculation of Portfolio Value and profit as displayed to you in your Portfolio Summary, but we will always communicate these changes to you in advance.

How do you win?

There are fundamentally two ways of winning money on Football Index:

By buying Shares in footballers you think will earn you Dividends over time. See Dividends below.

By buying Shares in footballers that other Traders also buy, meaning they increase in value (as a result of increased demand), enabling you to cash out of your Bet(s) early by ‘selling’ those Shares to the market for a profit. See Selling Shares below.

Be aware that you may also make a LOSS if you sell Shares that have decreased in value since you purchased them (as a result of decreased demand for those Shares in the market), or due to commission being charged on a sale, or where you ‘Instant Sell’ for a lower price than the Published Buy Price (explained below). The price change algorithm may change from time to time as mentioned in our Terms of Use.


Dividends

Whilst you hold valid Shares in a footballer, you have the chance to win payouts based on that footballer’s performance on the pitch or in the media (which we call ‘Dividends’). Dividends payments fall into four categories:

Match Day Dividends 
Within the Live Rankings section of our Website/App, we have a subsection titled ‘Match Day’. Here, you will find a list of footballers ranked in order of their overall Match Day Score, calculated by reference to our Match Day Performance Matrix, which is informed by performance data supplied by our third party data provider.

Only footballers playing in Europe’s top 5 leagues (Premier League, La Liga, Bundesliga, Serie A and Ligue 1), the main two European club football tournaments (Champions League and Europa League) and the main two international team competitions (World Cup and UEFA European Championships, including qualifiers) (together, “Eligible Competitions”), are eligible to win Match Day Dividends. We reserve the right to add to, or remove from, the Eligible Competitions at any time. In order to be eligible to receive Match Day Dividends, you must purchase the Shares before the Dividend Deadline.

On a Match Day, we will rank all the participating footballers by their Match Day Score in four separate categories (DEF/GK, MID, FWD, STAR). The top-ranking footballers for each category will be eligible for Match Day Dividends on that Match Day. The amount of Match Day Dividends paid out depends on whether the Match Day is classified as either Bronze, Silver or Gold – depending on the number and prestige level of fixtures that day (see Dividend Table for more information). As of the start of the 20/21 Premier League season, Goalkeepers will be added as a fifth category, and not ranked in the same category as Defenders.

In the event of a tie in the Match Day rankings between one or more footballers, the footballer with the more recent date of birth will rank higher. If the date of birth is the same, the footballer with the first name alphabetically will rank higher.

Footballer playing positions are categorised based on data from our third party data provider, and may be updated in the event the data provider changes the position category of a given footballer on their database. For example, if you hold Shares in Joshua Kimmich and he is changed from a DEFENDER to a MIDFIELDER by our third party data provider, your Shares in Joshua Kimmich will then be eligible to win Match Day Dividends in the ‘MID’ category rather than the ‘DEF’ category.

In the rare instance that an outfield player is used as a goalkeeper during a match, that footballers will be considered within the category of their usual outfield position in respect of their overall Match Day Score.

We reserve the right to correct or adjust Match Day performance data up until dividends for that a Match Day are paid out. However, we will not adjust Match Day Scores or re-allocate Match Day Dividends after the applicable Match Day for any reason (including where a match result is overturned/voided, or where a goal/assist is later awarded to a different player).

To receive Match Day Dividends, you must hold the Shares until you have been credited with the Match Day Dividends.

For further information on Match Day Dividends, see https://www.footballindex.academy/match-day-dividends/.

Media Dividends 
Within the Live Rankings section of our Website/App, we have a subsection titled ‘Media’. Here, you will find a list of footballers ranked in order of their daily Media Score, calculated by our proprietary algorithm which monitors all UK online football news headlines (“Media Scoring Algorithm”).

On Match Days, the footballer with the highest Media Score by 12:00am will win the Media Dividend for that day.

On Non-Match Days, the top three footballers with the highest Media Scores by 12:00am will each win Media Dividends for that day.

All footballers on Football Index are eligible to win Media Dividends (from either the Top 200 or the Squad). For information on the amount of Media Dividends payable for Match Days and Non Match Days, see the Dividend Table. In order to be eligible to receive Media Dividends, you must purchase Shares in the relevant footballer before the Dividend Deadline.

In the event of a tie, the footballer with the latest story unique to that footballer (out of the footballers who are tied) will be ranked higher. We reserve the right to remove Media Score stories attributed to any footballer, in particular where the story does not relate to footballing events or where the Media Scoring Algorithm has incorrectly attributed a story to a similarly named (but different) footballer – for example, where the Media Scoring Algorithm incorrectly attributes a media story to Pepe instead of Nicolas Pepe.

To receive Media Dividends, you must hold the Shares until you have been credited with the Media Dividends.

For further information on Media Dividends, see https://www.footballindex.academy/media-dividends/.

In-Play Dividends 
“In-Play Dividends” are payouts awarded on Match Days when a footballer completes certain key actions for their team (“In-Play Events”). Payouts per position and per In-Play Event are asset out in the Dividend Table.

Only footballers that play in Eligible Competitions are eligible to win In-Play Dividends.

Each qualifying Share is eligible for In-Play Dividends for a period of 30 days from the date of purchase. For the avoidance of doubt, a Share must have been purchased no more than 30 days before 23:59:59 on the start of the Match Day to be eligible for In-Play Dividends that Match Day.

Customers will be eligible for payouts according to the position of the footballer, for each share that they hold at midnight on a Match Day when a player is attributed one of the In-Play Events listed under ‘In-Play’ in the Dividend Table, Definitions for the In-Play Events can also be found on the Match Day Performance Matrix page.

Team of the Month Dividends 
“Team of the Month Dividends” are dividends paid out on a monthly basis according to the top performing footballers against the Football Index Scoring Matrix.

The payout structure is listed in the Dividend Table and is based on a ‘3-4-3’ football formation, awarding dividends to the top 3 forwards, the top 4 Midfielders, the top 3 Defenders, and the top Goalkeeper. The Payouts vary according to rank within each position, and are listed in the Dividend Table.

Footballers are ranked according to the total of their top 3 Match days scores in a given calendar month. For example, if Lionel Messi played four games in a month, scoring 250, 250, 250 and 150, he would score 750 points. If he had only played two games with scores of 250 and 150, his score would be 400 points.

In the event of any tie, the younger player will be ranked higher.

The Team of the Month Dividend Deadline is 23:59:59 on the 21st day of a given month. You must hold shares until 23:59:59 on the last day of the calendar month. If your Shares expire before the end of a given month, you will not be eligible for Team of the Month Dividend in respect of those Shares.

Team of the Month Dividends will only be payable if there are a minimum of 5 Match Days completed in that calendar month.

In the case of a major international tournament, we may offer a similar “Team of the Tournament” dividend on a promotional basis applied to the whole tournament, rather than per calendar month. We reserve the right to amend this dividend in or around the 2022 World Cup, and this may impact adjacent months. We will announce any changes within 30 days of relevant club fixtures being announced for the 2022-23 season.

Footballers in the following competitions are eligible for Team of the Month Dividend: English Premier League, Spanish La Liga, French Ligue 1, German Bundesliga, Italian Serie A, UEFA Champions League, UEFA Europa League.

Payment of Dividends

Dividends are paid in accordance with the Dividend Table.

We may publish a new Dividend Table from time to time, with at least 30 days’ notice. The new Dividend Tables will thereafter apply to all open Bets and new Bets placed across all competitions, until subsequently replaced by the subsequent versions of the Dividend Table (subject to any further or special promotional Dividends we may offer from time to time). Each new Dividend Table may include changes to the way we pay out Dividends and/or the amount of Dividends payable in respect of open Bets.

Dividends will be paid out at the “Pay Out Time” - typically between 09:00am and 11:00am on the day immediately following the day on which the applicable Dividend falls due, or such other time as we credit your account with the applicable Dividends. In the case of Team of the Month Dividends, the payment will be on the second working day of the subsequent month.

We may postpone or change the Dividend Deadline for promotional reasons before or during a football match to allow users to buy Shares which may be eligible for Dividends. We will keep you informed of any changes to the Dividend Deadline either by email, via the Website and/or on the App.

Footballers

There are currently over 3,000 footballers listed on Football Index, split into two categories:

Top 200
A list of the top 200 highest priced footballers on Football Index. Footballers are promoted and relegated from the Top 200 at 00:00 each day, based on their Buy Price.

Squad List
A list of all remaining footballers.

Selling Shares

You have the option of cashing out your Bet early by ‘selling’ your Shares (for either more or less than you originally paid for the Shares). You can do this in two ways:

Offering Shares for sale at the price you want to receive

You have the option of listing your Shares for sale at a specific price you want to receive for those Shares (known as placing an “Offer”).

We will cash out your Bet, subject to one or more Traders willing to buy Shares in the relevant footballer at the price you have indicated in your Offer.

You can place an Offer by selecting the amount of Shares you would like to list for sale and the price you would like receive for those Shares. This can be done by:
(i)clicking the Sell Price displayed on screen
(ii) clicking ‘Add Offer’
(iii) Selecting the number of shares you want to offer, at what price and ‘Place Offer’ or ‘Place Max Offer’ which will autopopulate the number of shares to be the full quantity or 300 shares, whichever is smaller
(iv)  finally clicking ‘Confirm Offer’ –
An Offer will then be placed in respect of those Shares for other Traders to buy and/or Bid against.

Placement of Offers

You can place a maximum of 5 (five) Offers of up to 300 Shares in a given footballer per transaction.

At the time of placement, the price you Offer your Shares at must be lower than the maximum price threshold allowed on the Offer form for those Shares (“Maximum Offer Price”) and  higher than 1p less than the Buy Now price (known as the “Offer Zone”).

Should no Instant Sell Price be available then the Offer will be limited at a floor currently set to 1p below the Buy Now price.

If those thresholds move and Offer falls outside of the Offer Zone, those Offers will remain open and can still be matched against by buyers.

When you place an Offer, those Shares will not be available to Offer at a different price or to Instant Sell, unless the initial Offer is cancelled.

Matching

When your Offer is partially or fully matched there will be another buyer with whom your offer price equalled a bid price and generated said match. The sell leg forms the offer price and the buy leg forms the bid price of the match, which are collectively addressed as the “Matched Price”. Football Index will fulfil the match by issuing the bidder with new Shares at this matched price (issuing you with a new bet) and will allow the corresponding seller to sell Shares at the same matched price, thus cashing the seller out of their bet or similarly Football Index issuing new shares on the match.

All matches are subject to the commission that Football Index is entitled to deduct on each and every transaction.

Offers are matched preferentially based on the price of the Offer, meaning an Offer at a lower price for Shares will be given priority over an Offer at a higher price for those same Shares. Offers of the same price for Shares in a footballer will be matched in ‘first in first out’ (FIFO) order, oldest first.

If the above paragraph is trying to explain when someone crosses the market as opposed to a crossed market, then we can add:

Where, due to a footballers Share price adjusts in accordance to market activity, some resting Offers may equate to being offered at a price that is below the Market Price. In this scenario other traders will cross the market and bids will fulfil those offers at the requested price.  

Offers can be ‘partially matched’ where less than the total number of Shares subject to an Offer are successfully matched. In the case of a partial match, the Offer will remain open for matching in respect of the remaining unmatched Shares subject to the Offer. The partially matched Offer will retain its original placement date and price in respect of the unmatched Shares.

From time to time, for example during IPOs, we may make Offer matching or placement unavailable to ensure the stability of the platform.

Duration of Offers

Your open Bids and their status are available in the “Open Offers” section of your Portfolio section of the platform.

Cancellation of Offers

You may cancel your open Offers at any time (unless the market is suspended), however there is a chance that your Offer could be matched or partially matched during the time that you are attempting to cancel your Offer. The Offer will be matched or cancelled depending on which action was received by our matching engine first.

Football Index reserves the right to cancel any and all of your Offers at any time should you infringe these Game Rules, the Terms of Use or any other terms in force. Football Index also reserves the right to cancel any and all Offers in Force Majeure situations (as defined in our Terms of Use) or in the event of major technical issues, ‘black swan’ market events or material changes to the platform. Such widespread cancellations would be exceptional.

In the event of service interruption leading to Traders being unable to cancel their Offers, Offers can still be matched by the matching engine.

Commission on matched Offers

We charge commission to the seller on matched Offers of 2% of the value of each Share sold (minimum commission of 1p from each completed sale transaction), which is deducted from the amounts you received from the sale transaction on a line by line matched basis.

Availability 

From time to time, for example during IPOs, we may make Offer  matching, placement or cancellation unavailable for all footballers or for individual footballers, prioritising platform stability. 

Instant Sell
We publish a sell price at which you may instantly cash out your Bet early (‘Instant Sell Price’), rather than entering the Sell Queue or placing an Offer for your shares .

The Instant Sell Price is calculated based on the Volume Weighted Average Price of the 300 highest priced open Bids placed by other Traders for Shares in that footballer.

If there are less than 300 Shares in a footballer subject to a Bid on the platform at a given time, the amount of Shares available to be Instant Sold for that footballer at the given Instant Sell Price will be displayed in the Instant Sell screen.

If there are no Shares in a footballer subject to a Bid on the platform at all at a given time, Instant Sell will not be available for that footballer and the ‘Sell’ button will not show an Instant Sell Price and will say ‘SELL’.

You can choose to sell your Shares at the published Instant Sell Price by selecting the amount of Shares you want to instant sell and then clicking ‘Instant Sell’. The ‘Instant Sell’ will be matched against one or more relevant Bid(s), allowing you to sell your Shares (and cash out of your Bet) at the Instant Sell Price offered. We will deposit the monies into your Football Index account cash balance, subject to charging our standard commission. In certain circumstances, we reserve the right to suspend Instant Sell, either in relation to a specific footballer or for all footballers on the platform.

In some circumstances,  Bids may be matched to another Trader seeking to Instant Sell those same Shares at the same time as you, or a Bid may be cancelled during the course of your attempt to Instant Sell (collectively known as “Slippage”). In these circumstances, we will attempt to match your Instant Sell against any remaining open Bids in the market, however the Instant Sell Price matched and volume of Shares sold may vary.

Spread

The difference between the Published Buy Price and the Instant Sell Price is called the ‘Spread’. The Spread may vary, especially in relation to footballers whose Share prices are experiencing high levels of volatility.

Order of sale of Shares in your Portfolio

Where you have purchased multiple Shares in the same footballer on different dates and you choose to put one or more shares on Offer, the oldest Shares in your Portfolio (i.e. those you bought first) will be sold first.

Commission on Share Sales

When you complete an Instant Sell, we charge a 2% commission fee to the seller based on the value of each Share sold line by line on every match (minimum commission of 1p from each completed sale transaction).

Share Period

A Share lasts for three (3) years from the date you place the Bet (the “Share Period”). Upon the expiry of the Share Period, the Bet will expire – meaning you will lose the initial stake you paid for the Share, any increase in price since you bought that Share, and the right to benefit from any further Dividends payments. In advance of the Share Period expiration, it is open to you to take steps to sell the expiring Share(s) and buy new Shares in the same footballer. New Shares purchased in a footballer will have a fresh 3-year Share Period.

Market Makers

From time to time, Share sales and purchases may be fulfilled as a result of shares being bought or sold by a “Market Maker”. For example:

Offers may be placed by Market Maker seeking to selling Shares they previously bought, or Shares they are selling as part of a self-exclusion Portfolio closure;

the Instant Sell Price in respect of a footballer may calculated by reference to Bids placed by a Market Maker;

Bids may be fulfilled by a Market Maker opting to Instant Sell against that Bid; and/or

Market Makers may purchase Shares Offered for sale at the Published Buy Price by other Traders.

In these Game Rules, reference to “Traders” shall include reference to Market Makers in addition to other users on the platform. Market Maker Bids, purchases at the Published Buy Price, Offers and Instant Sells are not given any preference in execution order or behaviour over other customers and influence prices in the same way as other customers.

Share Issuance and Price Curve

Acting in the capacity as market operator, Football Index will prepopulate the order book with Offers as Shares for issuance. These Offers will be the number of shares required to move price up by one penny should there be no other traders within the market, this will be in accordance to the published price curve and will be made available for the public.  The price curve will be a composition of the number of shares available to be bought as issuance at each price point, these number of shares available will be determined by Football Index via a proprietary algorithm and forms the basis of how the price curve is constructed.
At all times Football Index reserves the right to make any and all changes to the price curve and the algorithm for the number of shares required to move price without exception.
The reason Football Index will pre-populate the order book with offers is to ensure there is an appropriate degree of control and legitimacy over supply and demand. Due to the fact that Football Index will pre-populate the order book with Offers to construct the price curve, all Football Index issuance will take precedence over other Traders within the FIFO matching algorithm.
Additionally to the above, Football Index reserves the right to remove some or all of these listed shares from sale but may relist them at that same price or a higher price subsequently. Any Trader Offers that are in place at the time of relisting will be matched ahead of such relisted shares – FIFO matching algorithms will never be jeopordised.
Removal and relisting of Offers are controlled by an algorithm that reflects the volume of Shares being bought or sold in a given footballer. We reserve the right to adapt this algorithm as per clause 9.12 in our Terms of Use, in particular in instances of specific market conditions, changes in market scale and/or certain other events (including but not limited to ‘Share Splits’ or technical changes to the platform).

IPOs

We introduce new footballers onto Football Index from time to time, which is referred to as an Initial Player Offering (IPO). These IPOs will be published on Football Index at a price at our discretion. We will announce IPOs on The Football Index News Blog by 8:00pm the day before release, but exact timings of the IPO will not be disclosed.

Before listing the IPO there will be a blind (Dutch) auction, which will take place from 1-2 weeks before go live, known as the ‘Call Period’. The call period will be an amount of time where traders can submit bids for a footballer that has yet to be introduced onto the platform and will be done via the player profile page on the platform.
There will be a reserve price in place and all bids will need to be at or above the reserve.
Once a bid has been successfully submitted, it will not be visible to the public due to the blind nature of a Dutch auction – Football Index will be able to see all bids.
At the end of the call period Football Index will decide on how many shares it will match and at what price, all shares that are matched will be done so at the same price to ensure fairness.
After the blind bids are matched and bets issued at the IPO price, the player will go live on the platform at a time of Football Indexes choosing, but will not be longer than 48 hours after the end of the call period.

Traders can request footballers to be added to the market via email to our Customer Support team at support@footballindex.co.uk or by tweeting us at @FootballIndex.

Your Transaction History

A time-stamped record of the Bets you have placed are stored in the ‘Transaction History’ of your account (each Bet transaction may be archived after 3 months).

Removal of footballers from the platform

Retirement

If a footballer retires from the game:

all open Bets on that footballer will immediately become suspended, meaning Shares in that footballer will no longer be eligible for Dividends. If there is a delay in suspending the footballer, we will remove news stories about that footballer on a best efforts basis; and

we reserve the right to suspend Instant Sell and trading on that footballer for a period of up to 3 months (or such other timeframe as we in our sole discretion decide is appropriate).

After such time, we will remove the footballer from the platform and all open Bets on that footballer will immediately expire – meaning you will lose the initial stake you paid for the Shares, any increase in price since you bought those Shares, and the right to benefit from any further Dividends payments. You will not be able to place any further Bets on that footballer.

If a footballer that was removed from the platform on the basis of retirement subsequently comes out of retirement to play in an Eligible Competition, we reserve the right to re-IPO that footballer at a new Published Buy Price. However, previously expired bets will not be reinstated, and you will be required to purchase new Shares which will be subject to a fresh 3-year Share Period.

Other circumstances

We reserve the right to remove a footballer from Football Index in other circumstances, including where a footballer:

Dies

Is declared missing for over 3 weeks

Is sentenced or committed to prison

Does not play any competitive football within our eligible leagues or otherwise for a full calendar year - This is at the full discretion of Football Index.

Becomes a player-manager (or any non playing member of staff)

Where any of the above events occur, we reserve the right to suspend Instant Sell and trading immediately in respect of the affected footballer and we will endeavour to remove that footballer from the platform within 48 hours (or such other timeframe as we in our sole discretion decide is appropriate).

When the footballer is removed from the platform, all open Bets on that footballer will immediately expire – meaning you will lose the initial stake you paid for the Shares, any increase in price since you bought those Shares, and the right to benefit from any further Dividends payments. You will not be able to place any further Bets on that footballer.

Betting Integrity

To preserve the integrity of Football Index, some behaviours are subject to monitoring and may have consequences. These include but are not limited to:

Price manipulation: Manipulation of the market by spoofing or otherwise manipulating Bids and Offers for your own or other Traders’ unfair benefit is forbidden and may be deemed a material breach of our terms.

Bonus Abuse, Fraud and Money Laundering: Consistent or highly correlated matching of your trading activity against other Traders displaying fraudulent behaviour or characteristics, customers displaying a high risk of money laundering or customers redeeming promotions may be deemed a material breach of our terms.

Self-trading: It is not allowed to transact against your own account.  In the case that you sell against your own bid, or buy against your ow offer, your passive Offers or bids will be ignored and you will match against the next most relevant Bids or Offers if any are available.

Circumventing such systematic controls with coordinated trading with other Traders shall be deemed a material breach of our terms. You may cancel your Bids or Offers to carry out a trade that would otherwise be systematically blocked, however doing this consistently, frequently or at high volume could be identified as spoofing.

Market Suspension

From time to time, in the case of scheduled announcements, scheduled or emergency maintenance, technical issues, widespread or regional connectivity issues, major market events or other Force Majeure events (as defined in our Terms of Use), Football Index may suspend individual footballer markets or all markets. This means that you will be unable to Buy, Bid, Instant Sell, list Offers, or cancel Offers or Bids during such time. Sometimes it may take some time for this status to change and not all Traders experience the same restrictions immediately. Football Index will announce scheduled suspension of all markets by email and on our blog and through social media channels at least the previous calendar day and will communicate other suspensions on social media, in our customer support help centre and by other means depending on the duration of the suspension. Suspensions of an individual footballer market may not be announced. When a market is suspended the user will be able to see prices but will receive a message when they attempt to make a trading transaction.


Last updated: 19/9/2020 at 16:00:00 (BST).


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