How the Exchange works

Every team has a register of shares. Series I set each one at five million; Series ∞ adds to it every week. Buying a share makes you a part-owner of that team on the exchange. You spend Ⱡ Looneys to buy, and you receive Ⱡ Looneys when you sell. Shares are not bets—they don't resolve, they don't expire, and you can hold them for as long as you like.

There is no buyer-meets-seller order book. You always trade against the team's pool, so the market is open whether one fan is awake or one thousand. The price is the team's reserve of Looneys divided by every share on its register. Each weekly round sets the reserve to back every one of those shares at the new price, so a holder can always sell.

When fans buy, shares leave the pool and the price rises for the next buyer. When fans sell, shares return and the price falls. A big order moves the price more than a small one—buy a large block and you pay a premium as you walk up the curve. The market re-rates a team as its fans pile in or bail out.

Next to each price you'll see the S.L.U.S.H. analysts' fair value. It is not a price you can trade at. It is the mark S.L.U.S.H. keeps on the book, and it moves once a week.

It began as the figure the analysts drew from a team's record. From Series ∞ it is set by the weekly round: when a round resolves, the fair value becomes the average of the price before the round and the price after it. A team whose price has run far from its fair value is a team the market has not finished re-rating.

Gravity reads it too. A team nobody buys drifts toward half its fair value, and no lower. The analysts decline to comment further.

S.L.U.S.H. takes a small brokerage fee on every trade—both when you buy and when you sell. The fee is shown before you confirm. From time to time S.L.U.S.H. waives it entirely; when that happens, the fee appears struck through and the trade settles free.

A team's open ice is the part of its register still sitting on the pool—shares no fan has bought yet, available to anyone who wants them. It is shown on every team, and on the main board beside the price.

Open ice no longer sets the price. Since Series ∞, the reserve backs the whole register, so a team bought out to its last share trades at what its reserve says, not at whatever its last share costs. A team at a quarter open ice is still a team three quarters bought out, and the fee knows it.

On the buy side, S.L.U.S.H.'s fee rises as open ice falls. Le Council calls this the open ice requirement: a team must keep a meaningful part of its register available to the public, and taking that availability away costs more the less of it there is. Selling is always charged the ordinary rate.

The fee is charged in bands, like a tax bracket. Each rate applies only to the portion of a purchase made while open ice sat inside that band—so a buy that starts high and ends low pays a blend, not the worst rate on the whole ticket. The trade card breaks this down before you confirm, and the schedule is published on the main board.

Two consequences worth knowing. Splitting one purchase into twenty changes nothing: each piece pays the band it lands in, and the total comes out the same. And S.L.U.S.H. does not look at who is buying—ten accounts taking a hundred shares each take exactly as much open ice as one account taking a thousand, and are charged the same for it.

One team may be yours outright. In every other team you are capped at 10% of the register.

Your team is the one you hold more than the cap of. S.L.U.S.H. keeps it on file. If you have none, the first purchase, donation or winning bid that takes you past 10% of a team makes that team yours. You may hold as much of it as you can afford. Everywhere else, S.L.U.S.H. declines a purchase, a donation, an offer or a bid that would take you past 10%.

Your team stays yours only while you hold more than 10% of it. Sell back to the cap, or let the weekly issuance dilute you to it, and the claim lapses. The next team you pass 10% in becomes yours instead.

Stakes above 10% that stood when the cap came in are kept. Nobody is asked to divest. A kept stake in a team that is not yours may not grow, and each week's issuance carries it closer to the cap. No sale is ever blocked. The ground is competition rather than wealth: a citizen who controls two teams holds both sides of the games they play against each other.

Graine Wetsky Funds issues new shares in every team, every week. Article 3.C does not say how many times. Each week is a round, named for its season and its week: Round 4.0, then 4.1, and so on, until Round 5.0 opens the next season.

A round puts up a tranche of new shares in each team. You bid for it sealed: a number of shares at a price per share. Nobody sees your bid. The board shows only how many citizens have bid. Bidding opens Monday 00:00 UITC, bids lock Saturday 00:00 UITC, and the round resolves Sunday 00:00 UITC. The next round is posted the moment one resolves, and its bidding opens the Monday after.

The full value of your bid is held from the moment you file it, and a filing fee of 1% of that value is burned. Until the lock, a bid can only go up: more shares, a higher price, or both, with the fee charged on what you add. You may withdraw instead. The held Looneys come back, the fee does not, and you may not bid on that team again that round.

Every tranche has a minimum bid. It is the higher of two figures: three quarters of the lower of the team's fair value and its price, and the team's reserve spread across its whole register and the tranche. Below the second, a new share would cost less than the slice of the reserve it could be sold back for.

On Sunday the highest bids fill first, then the next, until the tranche runs out. Each winner pays their own price. What nobody bid for goes to open ice. The round then settles halfway between the old price and the median winning bid. If nobody wins, it settles at the minimum bid, since nobody would pay it. A fall is taken in full. A rise keeps three quarters of the way, and only as far as the bids paid for it: S.L.U.S.H. does not print Looneys to lift a price. The reserve is then set to back every share at the new price, and what it does not need is burned. Once the round is over, every fill is public, with its price.

Three reasons. Your shares appreciate when other fans buy in. S.L.U.S.H. pays a dividend at the end of each season, weighted by how far your teams went. And shares are sheltered from the wealth tax—Looneys parked in equity are not counted among the idle rich.

Shares and Looneys may be donated to another fan. A donation is a gift and not a sale—nothing may be asked in return. Le Council levies a ceremonial tribute on the giver, set at what a round trip through the market would have cost, and the tribute is burned.

A donation never touches the pool, so it moves no price and prints nothing on the chart. Every one is entered instead on the public register. What arrives cannot be passed onward for a short period, and donated shares cannot be sold during it either.

Shares carry voting weight at the S.H.I.F.T. Supporters who pool their holdings may come to control a team’s front office, and buying a bloc through donations is cheaper than buying one through the market, which moves the price against you the whole way up. Le Council permits this. Le Council notes only that the register is public, and that many hands make light work.