The Exchange

Own a piece of The Ice. Prices move with fan demand; the S.L.U.S.H. analysts' fair value tells you what a team's record says it's worth.

S.L.U.S.H. brokerage

5% to sell · 5%–49% to buy

Charged on both legs. Selling is always the standard rate; buying depends on how much open ice the purchase takes away.

A team's open ice is the part of its register still on the pool, available to anyone — out of 5,250,000 shares. The buy-side rate rises as a purchase takes it away, charged in bands on the portion of the buy made inside each one. Splitting a purchase into twenty does not change the total.

Above 2,625,000

1,575,000–2,625,000

15%

525,000–1,575,000

30%

Below 525,000

49%

Ordinary buying is unaffected — every team with more than 2,625,000 on the pool pays the standard rate. The bands exist for purchases large enough to drain one.

Trend