Share Issuance FAQs

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Our new Share Issuance model launches at 10:00:00 London time on Monday 22 February 2021. Please take time to read through the FAQs below and familiarise yourself with this change. 

What is Share Issuance?
Share Issuance is when Football Index issues new Shares to the market and they're bought by Traders. Shares that are Offered but not matched, are not Issuance. 

When is the new Share Issuance model being launched?
Our new Share Issuance model will launch at 10:00:00 London time on Monday 22 February. Please note that Markets will also open at 10:00:00 London time on this same day and will return to standard market open time (07:00:00 London time) from Tuesday 23 February.

Why is Football Index making this change?
This new model offers more flexibility and a more appropriate way to issue Shares into an order book market.

What is the new Share Issuance model?
Currently, Football Index can only issue Shares when a footballer reaches their all-time high price. The new Issuance model will allow Football Index to issue Shares at, above and below the all-time-high price.

How many Shares can Football Index issue?
Every footballer on will be able to have a maximum of 1 million Shares in circulation. Football Index has the choice to issue up to 1,000 Shares per day in any footballer as a daily quota. This quota can accrue on a day-to-day basis, and expires after 30 days.  

For example, Football Index could choose not to issue any Shares in a player for two days, and on the third day issue 3,000 Shares (1,000 Shares having been accrued each day). After 30 days, any Shares rolled-over from the first day of that thirty-day period are no longer available to be issued, i.e. on day 31, Shares from day 1 drop off.

What are the benefits of this new Share Issuance model?
Our new Share Issuance model will provide Traders better transparency and understanding of how Shares are issued. The Issuance limit will give Traders assurance that there will not be an over-supply of Shares in the market and introduce an element of scarcity value in a footballer’s Shares.

The Issuance limit will also remove large volumes of Offers sitting above the all-time high price, often referred to as 'walls', which can discourage trading activity.

What will happen to existing Shares offered by Football Index?
Shares that have been offered by Football Index up until 23:59:59 London time on Sunday 21 February, will be removed before the new Share Issuance model goes live on Monday 22 February. Existing Circuit Breakers remain in place to manage price volatility once Offers are removed and we will review trading activity with a view to any new limits that may benefit the market. 

How will Portfolio Benchmarks be affected?
The table below shows how Portfolio Benchmarks will be calculated under the New Issuance model.

Where there are less than 900 Shares on Offer in a footballer, Portfolio Benchmarks will use the average price of those Shares Offered and a Reference Price for the outstanding Shares. The Reference Price is an average price of all Shares traded in that footballer over a certain period of time - either the traded price in the last 24hours, 90day average traded price, Last Traded Price or IPO price - whichever is available first in that order.

Example: Let's say there’s only 100 Shares on Offer for West Ham midfielder, Tomas Soucek.  We would take the average Offer price of those 100 Shares, and the average price from all Shares traded in that footballer in the last 24 hours, for the 800 outstanding Shares. We then take the volume weighted average of these two figures to produce the Buy Now Benchmark.

How will the Buy Now Price be affected (the price visible on the Buy button)?
The Buy Now Price displayed on the platform will continue to use an average of the 900 cheapest Shares on Offer.

Please note the Reference Price is not used in the Buy Now Price calculation.

How will the Bid and Offer zones be affected?
The Bid Zone is the price range in which you can bid for Shares in footballers. This will continue to operate in a similar way under the new Share Issuance model, using the reference price.

The Offer Zone is the price range within which you can place an Offer. The Offer Zone ceiling will now either be the lower of a) £1.50 above the Reference Price or b) a percentage (as managed by our risk team) above the Reference Price. 

What happens during IPOs?
We can issue 50,000 Shares within the first 24 hours of an IPO going live on the platform, in addition to the new Issuance limits.