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Product Update

Trading Restrictions Eased

On Thursday 19th November the market will re-open with a new limit to the Offer Zone:

• Instead of sitting 1p below the Buy Now price, the Offer Floor will now be 1p above the Instant Sell price.

• In isolated scenarios where there is no Instant Sell Price, the floor of the Offer Zone will be 5p below the Buy Now price.

• The upper limit of the Offer Zone will remain 50p above the Buy Now price. 

• The Buy Now price will continue to be the average of the 900 lowest priced Shares offered for sale. 

• The number of Offers permitted at any one time in a player will remain at 3.
N E W   F E A T U R E S   1 3 / 1 1 / 2 0

Portfolio Benchmarking

We have always displayed a benchmark estimate of your Portfolio. Traders had the option of using the Buy Now price and the mid-price. We’re now giving you two additional benchmarks to use:

Average Offer Price (NEW): The average price of all Shares offered for sale by Traders in a particular footballer. This is refreshed every hour.

90 Day Traded Average Price (NEW)
: This is the average price of every Share traded in the last 90 days in a particular footballer. This is refreshed every hour.
Buy Now Price: The average price of the 900 lowest priced Shares offered for sale by Traders and/or Football Index as issuance in a particular footballer.
Mid Price: The mid point between the Buy Now price (market buy price) and the Instant Sell price (market sell price).

As default, on Thursday 19th November, all Portfolios will be set to Average Offer Price. This provides Traders with a more stable and less volatile price. It factors in the entire Offer stack as opposed to just 900 Shares, which allows Traders to take more of an informed view on the wider sentiment around the footballer.
Traders can change to an alternative Portfolio Benchmark in ‘Settings’.
We are within touching distance of the exciting free market in footballers that we have all sought to create over the last 5 years, and we are working hard to arrive at the best solution to achieve the vision that we all share.

We’ve done numerous Trader Panels and received substantial feedback from the community, all of which has been really valuable and factored into our decision-making. All decisions made are with the best interests of our Traders at the heart of the process.

The following product enhancements will be released when the market re-opens at 9am on Thursday 19th November.

Market Depth

Market Depth will show five levels of Bids and Offers for each footballer.

With this feature, Traders will be able to see the exact number of Shares that need to be bought or sold to move a player’s price (up or down depending on Bids or Offers), and also see how the Buy Now and Instant Sell prices are calculated.

Circuit Breakers

Introducing circuit breakers will mean that trading will be suspended when player prices experience extreme volatility. This will help prevent the scenario where a Trader submits a lower Sell Order which subsequently causes a chain reaction of increasingly lower Sell Orders by other Traders.

With circuit breakers in place, Traders will have the opportunity to fully evaluate a footballer’s value and the circumstances that caused the price drop before making their next trading decisions.

Sessions will continue until further notice, but we will revert to an 11pm close from Thursday 19th November. Circuit breaker suspensions within half an hour of 11pm will not be reopened until the next day.

Just to clarify, on Thursday 19th November, the market will open at 9am and close at 11pm. From Friday 20th November, sessions will open at 7am and close at 11pm each day until further notice.

Commission on Bids 

Starting on the 19th November, we will be charging 2% commission on matched Bids (unless they match instantly - more below).
Traders who submit Bids that are instantly matched will be refunded their commission. Commission will only be charged if your Bid sits on the exchange before being matched. This will allow Traders to place Bids above the Buy Now price, in a rising market, with the knowledge that if their Bid matches instantly, they will not pay commission.
In instances where only a portion of the Shares in your Bid are instantly matched, you will not be charged commission on these Shares. However, should the remainder of the Shares in your Bid match in the future, you will be charged commission.
Please note on Bids:

• Commission is charged the moment a Bid is placed, to avoid Trader balances going into negative should the Bid match.

• If the Bid is cancelled, then the Trader is refunded in full (including commission).
All your transactions, including any refunds, will be visible in your Transaction History section.

Average Offer Price and Buy/Sell Button Alignment

Next to each footballer’s Buy Now price (the average price of the cheapest 900 Shares offered for sale by Traders and/or Football Index as issuance), we will add the Average Offer price (the average price of all Shares offered for sale by Traders) for every footballer in the Top 200 and Squad List.
Again, this will allow Traders to make a more informed decision based on the wider sentiment around the footballer.
In addition, the order of the Buy and Sell buttons will be changed on mobile apps, displaying instead as Sell - Buy. This alignment with the website will provide more consistency across all our platforms.

NASDAQ, IPOs and Media Monitor

We know the launch of Nasdaq has been long awaited. Over the last 9 months the engineering teams at Football Index and NASDAQ have joined forces to work on our back-end integration. We recently hit a key milestone, with a series of test Orders successfully passing through the NASDAQ matching engine.
For Traders, these back-end changes aren’t visible. Front-end platform enhancements will come when we launch auction-style IPOs. Work on this has been placed on-hold, along with the Media Monitor, whilst we focused on the items outlined in today’s update, and will recommence after these go live.
We will update you further as soon as we have firm delivery dates.

Things to remember

• Releasing the restrictions on the Offer Zone should lead to stronger market dynamics and increased liquidity.

• Always consider what you believe a Share is worth in a footballer and try not to let your judgement be clouded by others.

• Trading opportunities are created when you value a Share differently to your competitors.

• Traders are unique and value Shares differently. Just because a Trader is selling at a really low price, this does not necessarily mean you should sell also. Take a look at Market Depth, the Dividend Yield in the 
Data Centre and always consider what you view the future potential of the footballer.

Crucially, always remember that the real value of your Shares is in their potential to win Dividends now and in the future.

• Finally, keep in mind that this is a three-year bet.


The above changes are intended to mitigate and reduce the risk of volatility relating to reactions to price trend, while also allowing tighter spreads and normal price movement in the market in response to supply and demand. This will encourage organic liquidity, and LP001 also continues to provide liquidity. We continue to recruit liquidity providers, and are building out tools to allow easy access to the market for such participants.

As always, we remain committed to your enjoyment of our product and the market, and we hope that these changes will have a significant and positive impact on the way you experience our platform.

We are grateful to you, our committed Traders, who continue to support us on our growth journey.

You are the platform.

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Remote Operating Account Number: 43061
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