Retail investor competition

Yes. The rules do not set a minimum for the competition portfolio or trading turnover. To be included in the final ranking, it is necessary to fulfil the competition's qualification conditions. The average portfolio value is taken into account only if the competition score and accumulated yield of the participants are equal.

Yes. Purchases and sales within one trading day are taken into account. In this case, the sale is taken into account only within the competitive position that existed immediately before its conclusion. If a sale occurs prior to a purchase of the same instrument, a subsequent purchase does not cause that sale to be retroactively taken into account.

A short position is not formed in the competition portfolio. A sale is taken into account only within the number of securities that were in the competitive position immediately before the transaction. Any quantity sold in excess of this position is not included in the competitive result.

A separate conditional portfolio with a zero initial value is formed for the competition. It does not include money and financial instruments that were in the brokerage account before the start of the competition. Only transactions and instruments permitted by the Rules are taken into account, and the value of positions is determined at the prices set by the Exchange. Fees, taxes and other individual participant's expenses are not taken into account, so the competition result may differ from the broker's data.

These are the qualifying conditions for inclusion in the final ranking, and they apply simultaneously. A participant must make qualifying trades in at least three trading days, complete at least one purchase and subsequent sale, and their settlement period must be at least 10 trading days from the date of the first qualifying purchase. The settlement period also includes days without transactions and days after closing of the competitive position. A participant's accumulated yield must be non-negative.

Yes. Dividends and coupons are taken into account if the relevant shares or bonds were in a participant's competitive position at the beginning of the owners record date. The payment is included in the result on the date of its actual implementation, and if this is not a trading day, on the next trading day.

Dividends on KASE Global shares are calculated based on data verified by the organizing committee. Payments after the last settlement date of the competition as well as cash distributions on local ETFs and units are not taken into account.

The ranking position is determined by a competition score, which takes into account the accumulated yield and volatility of daily results. Thus, not only the yield amount is assessed, but also its stability. If the competition score is equal, a participant with the higher accumulated yield is ranked higher, followed by participant with the higher average value of the competition portfolio.