Participation conditions and rules of play for Stock Market Learning 2023

It is possible to participate in one of the following Stock Market Learning competitions:

•  Each organising savings bank decides itself which competitions it will offer and provides its participants (if appropriate, via those who help to manage the competition, such as teachers or lecturers) with a registration code for each competition.
•  Those learning at general and vocational schools (excluding classes specialising in banking) can participate in the school competition organised by the savings banks at national, regional and local level.
• Participants can take part in the game in a team or as single players.
  *) Depending on the savings bank, teams may also be formed by one or more participants.
  All participants in the competition for students must possess a valid student ID.
• Participation is allowed in one competition and with only one savings bank. Persons who register more than once can be disqualified at the discretion of the participating savings banks.
•  Depending on the actual competition, each team or participant receives a training account and a competition account.
• The participants agree to use the share prices and messages published for the purpose of Stock Market Learning exclusively for private purposes. It is not permitted to use this information for commercial purposes or to make recommendations to third parties based on this information.
• Employees who help to manage the competition at the relevant savings banks and members of their family are only allowed to participate outside the competition.
• Teams can start the game as soon as the minimum number of participants have registered in full.
• In order to participate in the competition for the prizes offered, the required number of participants must be registered in the respective competition during the entire game round (in each case by 31.5. of a year), otherwise the participant or the complete team will be excluded from the further competition or lose the right to win. (see also “Prizes / Moving up”).

Recourse to the ordinary courts is excluded.

The headquarters of Stock Market Learning are operated by S-Communication Services GmbH (Am Wallgraben 115, 70565 Stuttgart) in cooperation with ByteWorx GmbH (Elsenheimerstraße 57,
80687 München). The personal data collected and required for the purpose of managing Stock Market Learning are stored electronically by the headquarters, to the extent necessary for conducting the competition (e.g. to ascertain whether the player is entitled to participate and to assist and communicate during the game, to identify the winner and any claim there may be to a prize), and transmitted to the responsible savings bank and savings bank associations. This also includes data collected before the start of the game for support purposes, including during the registration process,

In all other respects the general data protection regulations apply.

Stock Market Learning headquarters, the responsible teachers, the participating savings banks and the savings bank associations are entitled to use and publish the names of participants and teams, including account data and competition results, as well as pictures taken of participants at Stock Market Learning events, without charge for public relations purposes or for press activities, in printed material and for online media, including social media and video platforms (e.g. websites, Instagram, Facebook). If participants have any concerns about the use of photographs on which they themselves are depicted, they should advise the event organisers on site as soon as possible so that appropriate measures can be taken when choosing photographs of people. If participants do not want to appear in photographs at all, they are asked to stay away from where photographs are being taken.

If the names of participants are to be published or if the participants are to be contacted for public relations purposes or for press activities, the interested party (savings bank, savings bank association or media organisation) will first contact the participant. Stock Market Learning headquarters may pass the participants’ contact data (e-mail address and, if necessary, phone number) to the above-named parties for this purpose. In addition, when prizes are awarded, the data needed for this purpose will be forwarded to the partners responsible in each case. The partners are not permitted to use these data for advertising purposes.

Rules for the deletion of accounts

a) Deletion by the headquarter at the end of competition
All game and participant data will be deleted by the headquarter after the end of the game round and the subsequent award ceremonies on May 31, 2024.

b) Deletion by participants before the end of the competition.
If the participant deletes his/her account independently in the Planspiel-Börse app or in the web version, the data will initially be blocked in accordance with data protection regulations and the account will be deactivated. After the end of the game round on May 31, 2024, i.e. after the last trading day and the subsequent award ceremonies), the account including all game and participant data will be permanently deleted.

Please also note the regulations and effects of the deletion of accounts before the end of the round in the section “Prizes / Moving up”!

After registering, all teams and single players are given a training account, a competition account and virtual starting capital of 50,000 euros.

Each competition account will automatically be assessed in the categories total account value and the sustainability competition (also see “Winners and prizes”). All account transactions count towards the overall performance.
Training accounts do not count towards rankings or in competitions.

Game capital is kept in a non-interest account. Participants may not overdraw their accounts when placing orders.

Stock market days are trading days as set out in the trading calendar of the Stuttgart Stock Exchange.

The local, regional and national ceremonies for prize and award winners will take place after the last trading day of the 2023 Stock Market Learning game.

In Stock Market Learning, shares on well-known indexes, such as DAX ©, MDAX ©, TecDAX ©, SDAX ©, Eurostoxx50 ©, Dow Jones ©, FTSE MIB ©, Nasdaq100 © and Global Challenges Index © (sustainability index), and a selection of shares from Stoxx Europe 600 index can be traded in euros along with a selection of listed funds, ETFs and fixed-interest securities which are available/tradable on the Stuttgart Stock Exchange. At the start of the competition, securities on the ATX (Vienna Stock Exchange) and the LuxX (Luxembourg Stock Exchange) will also be tradable at the prices of the two stock exchanges.

A selection of cryptocurrencies and index certificates is also available to participants as investment instruments for the training portfolio. Here, the prices of the cryptocurrencies will be provided by BSDEX (powered by Börse Stuttgart). The prices of the certificates, on the other hand, are provided by Börse Stuttgart.

Tradable securities can only be bought and sold using the Stock Market Learning app (securities search function).

Trading times are based on the opening hours of the Stuttgart Stock Exchange.

Orders can also be placed outside of trading hours. These orders are then carried out when the stock exchange opens (subject to liquidity and/or limits/stops).

Orders for equities, funds and ETFs must include the number ordered, and orders for fixed-interest securities must include the desired par value in euros. Orders are binding.

Orders are carried out at the applicable bid or ask price for the relevant security if the conditions (e.g. limit, at-the-market, stop buy/loss) are met.

• Orders are not executed at “0” volume ask prices
• Orders are not executed at “0” volume bid prices
• Orders are always carried out in full (no partial execution)

Limit orders

Buy and sell orders can be placed with a price limit. The limit must always be made in euros and cents per share (for fixed-interest securities as a percentage). Buy orders with a limit will only be executed if the settlement price has reached or has fallen below the limit. Sell orders with a limit will only be executed if the settlement price has reached or is higher than the limit.

Orders with a limit either apply on the actual stock exchange day or may be given for a period of 14 calendar days.

Stop orders

A stop order can be placed for buy and sell orders. Stop orders must always be made in euros and cents (for fixed-interest securities as a percentage).

Sell orders can be subject to a stop-loss. If the price reaches or falls below this stop-loss price level, the sales order is converted into a sales order with no limits (best) and settled at the next price.

Buy orders can be placed using buy stop orders. If the price reaches or exceeds this buy stop price level, the buy order is converted into a buy order (lowest offer price) with no limits and settled at the current price.

Stop orders either apply on the actual stock exchange day or may be given for a time period of 14 calendar days.

Restrictions

A single security may, at the time it is bought, not be worth more than 20% of the overall value of the account. This is checked at the time the order is placed (including pending orders and co-valued holdings in an account) and reported back to the participant.

All unlimited orders will be settled at the current bid and ask prices at the Stuttgart Stock Exchange if they have not been rejected beforehand because the time period has expired. For cryptocurrencies prices are provided by BSDEX (powered by Börse Stuttgart) and for index certificates by Börse Stuttgart. Limit orders and stop orders are held as outstanding orders until either the limit or the stop is reached or until the order is rejected because the time period has expired.

Penny stocks rule

Securities where the prices have fallen below a threshold of EUR 1.00 can be sold but not bought.

Settlement

Orders which would cause the account to be overdrawn, or that are larger than the account value, will not be accepted.

Broken-period interest

For the sale and purchase of fixed-interest securities, interest will be calculated per day and taken into account for settlement purposes.

Special stock exchange events affecting securities held in an account will automatically be effected in an authentic manner. This is contingent on whether the affected securities were already in the account on the trading day before the event in question.

Dividends and fund distributions

Dividends will be usually credited on the day of the “ex dividend” announcement. For convenience this will apply to quarterly dividends as well. Dividends on non-euro stocks will first be converted at the current selling rate for the euro. The procedure for fund distributions is the same. Dividends which only become known after the “ex dividend” day are booked promptly. We reserve the right to use a different procedure if corporate practices make it necessary.

Subscription rights

Subscription rights may not be exercised. As a rule, subscription rights will be sold automatically at the first official subscription right price (bid price) on the day the share is quoted “ex-rights”. The proceeds of the sale will be credited to the account.

Bonus shares

Bonus shares will be sold not allocated. Fractional rights will be sold at the prevailing market price and the proceeds credited to the account.

Splits

The number of shares will increase according to the splitting ratio. As many new shares as possible will be allocated. Any “uneven” remainder due as a result of splitting will be credited in euros.

Reverse split

In the case of a reverse split, the number of shares will decrease according to the reverse split ratio. As many new shares as possible will be allocated. Any “uneven” remainder due as a result of the reverse split will be credited in euros.

Interest

Interest on fixed-interest securities will be credited at the due date. Capital gains tax will not be levied. It will be assumed that there is a sufficient exemption from withholding tax.

If certain events occur on the stock exchange that affect a particular security that is the subject of an order, the following changes will be made automatically:

In the case of dividend payments, distributions, opening of subscription rights trading, the issue of bonus shares, share splits and reverse splits, any limit orders and/or stop orders that have not yet been executed will be deleted.

When settling participants’ orders and when special events are posted, fees will generally be charged for each transaction; for example, when:

Rankings are updated overnight after the end of each trading day and displayed on the following day. Here the current total account values or sustainability earnings on this date are used to produce the rankings. The rankings are published in each participant’s personal play area (savings banks reserve the right to alter the rules.) In determining and presenting the rankings, the “Move-Up-Procedure” as described under “Winners and Prizes” will apply.

The winners are the participants/teams which at the end of the game have the best performance in one of the following areas:

1) total account values (=conventional competition)

2) total account values from investments in sustainable securities (=sustainability competition)

1) Conventional competition

The total account values are calculated by adding the following amounts:

• The sum of all the market values of all the securities in the account (are automatically booked out of the account at the end of the game at no charge)
• Remaining capital
• Sum of broken-period interest for fixed-interest securities

If the total value of the accounts are identical, the winner is the team/participant whose account has a higher value from investments in sustainable securities at the end of the game and ,if no sustainable securities have been traded, the team/participant which/who has required fewer settled buy orders to reach their goal.

2) Sustainability competition

What counts here are the sustainability earnings. Sustainability earnings are the sum of the market values (gains/losses) of all securities in the account that are listed in the sustainability index used as a basis or which are identified as being sustainable.

If sustainability earnings are identical, the winner is the team/participant whose account shows a lower level of settled buy orders.

Prizes / Move-Up-Procedure

Teams/participants can win prizes at different levels. There are prizes at the savings bank level, federal state level and/or savings bank association level and at a national level. Teams/ Participants can win prizes at more than one level.

Only participants and teams with full and correct registration data are entitled to receive prizes. The Savings Bank Stock Market Learning headquarters and the organising savings banks and savings bank associations reserve the right to check data submitted for participation in the Stock Market Learning or any documents (such as student ID, official ID card, etc.). If the data do not correspond with the registration data used, the person will not be eligible for a prize and such participants and, where applicable, the whole team will be disqualified.

The teams/participants can receive a prize in only one of the competitions – either in the highest total account or in the sustainability competition. If the teams / participants achieve a prize-winning position in both competitions, they will receive a prize for the rank which is the higher of the two. The next-best participants/teams will move up in the competition in which the participants/teams did not receive a prize. If the participants/teams have the same position in both competitions, the participants/teams will receive a prize for the highest total account value and the next-best participants/teams will move up in the sustainability competition.

These rules also apply for prizes awarded at national, savings bank association and federal state level. Your responsible savings bank can provide information on prizes and rankings.

Cash cannot be paid in lieu of non-cash prizes. Entitlement to a prize will expire if a participant who has been notified of a prize does not contact the responsible savings bank or the relevant address by 31 May 2024.

Rules and consequences in case of deletion of accounts during a game round:

If a participant deletes his/her account before the end of the game round, he/she can no longer participate (not even in another participant group or in another team). In this case, any claim to a prize will also expire.

The deletion of an account in a team competition can lead to the team being excluded from the competition due to a lack of sufficient participants. This also voids any claim to a prize.

The teams/participants in the 2023 Stock Market Learning must have at least three settled buy orders by 30 January 2024 (CET) as otherwise their account will be disqualified.

All orders and special events will be documented, and the settlement data will subsequently be available to the participants in their accounts.

Participants should check all statement entries immediately to ensure that they are correct. Any discrepancies must be notified immediately in writing using the Stock Market Learning app contact form. Documents to support the complaint must be attached. Confirmed errors will be rectified. Unfounded or rejected complaints are usually explained in writing. Complaints submitted verbally or by telephone cannot be accepted. Complaints received after the last day of trading in the 2023 Stock Market Learning game will not be considered.

Changes in the rules of play will be avoided as far as possible. However, if it does become necessary, the rules of play can be changed at any time by the game directors without any special notice being given. Changes will be published on the landing page (www.stockmarket-learning.eu) and/or in the Stock Market Learning app. The new rules of play are then binding on all participants from the time at which they are published.

By participating, teams and participants explicitly recognise the following. The setting of the Stock Market Learning does not fully replicate real-life situations (it is a game). The software used is stock exchange software which endeavours to replicate the actual breadth of function and speed of real trading situations. The Stock Market Learning software does not, however, replicate the full scope and the same level of performance as a normal trading platform provides.

The teams or participants acknowledge in particular that the Stock Market Learning account and order placement differ from real accounts in that the buying and selling of financial instruments during the stock market game do not affect the value of the order book on the real stock market and that the profit gained from transactions is automatically added to the existing capital in the corresponding virtual account. Neither does the game take any account of the impact of tax.

The organisers and persons running the game disclaim all liability arising in connection with the Stock Market Learning. The organisers and persons running the game accept no responsibility for the accuracy and completeness of information, data and prices.

No buy or sell recommendations are made as part of the Stock Market Learning and no such recommendations may be inferred from the Stock Market Learning, from individual accounts or the information displayed. The organiser or persons running the game hereby explicitly emphasise that none of the information on the stock exchange platform or in Internet links may be interpreted as invitations to buy or sell securities and/or rights.

The organiser and persons running the game disclaim all responsibility for any errors, omissions, interruptions, deletions, defects, delays in the execution or transmission of data including for failure to send data, for theft of data or for unauthorised access and changes, additions, delays or deletions of stock exchange information and incorrect or delayed fictitious executions of orders in connection with the Stock Market Learning. Accordingly, the organiser and persons running the game are not responsible for any form of problems or technical defects in telephone connections or networks, computer online systems, servers or providers, other computer equipment or for software or email failures or bookings made by third parties. The organiser, persons running the game and the cooperation partners disclaim all liability for the content of Internet websites.

The organiser, the persons running the game and the publishers are not responsible for the completeness and accuracy of the stock exchange and financial knowledge presented, integrated or linked (e.g. text passages, learning modules, videos, tutorials or webinars) and disclaim any liability in this respect. This applies to the use of information for the running of the game itself and to the use of information which may be “transferable” to real trading or real investments.

Recourse to the ordinary courts is excluded.