New Releases

A Jockbrokers New Release is similar to the IPO of a stock in the stock market.

First, an athlete is scheduled for release and when it is posted a BLIND BID auction starts. When you make a bid a confirmation email is sent to you. Any new bids will automatically cancel any old bids you made. Once the release date and time comes around the auction is closed and the shares are awarded to the highest bidder first until that trader's quantity is filled. Then the system goes to the second highest bidder and fills that quantity and so on until the entire supply is exhausted.

Here is an example:

New Release: Andrew Luck
Supply: 1000
Release Date: 10/6/2012
Bidding Closes: 7 pm EST.

You fill in your bidding form several days in advance with a quantity of 10 and a price of $50. On 10/6 you wake up and decide that you didn't bid enough and that you really want to make sure you get your order filled so you bid again entering the quantity of 20 and a price of $80. Your first bid is replaced by the new one so the only thing in our system is a quantity of 20 and price of $80

Then the auction starts and orders are filled starting with the highest bids.

Bidder #1 gets 50 at $101 each
Bidder #2 gets 30 at $98 each
Bidder #3 gets 100 at $90 each
Bidder #4 gets 300 at $89 each
Bidder #5 gets 20 at $88 each
Bidder #6 gets 400 at $85 each
Bidder #7 gets 95 at $80 each
You get 5 for $80 each

This is obviously a simplified example as there will be very large numbers of identical orders and there will be very few traders with enough money in their account to make such orders. We just wanted to make it clear how the ranking works so that all traders are informed. Traders are currently limited to deposits of $10,000, which would give them $20,000 buying power with the 100% sign up bonus currently offered. We limit accounts like this so that their are no "bullies" in the market. As the market grows we will allow larger accounts.

The system ranks the orders based on price first then based on date and time of the order. Bidder #7 placed his order on 10/5/12 and you updated yours on 10/6/12 making this your new bid time. You got a partial fill of your order because there were only 1000 total in the supply and 995 had been filled before yours.

No other trader can see your quantity or price at any time during or after the auction. You will be alerted by email whether you had a winning bid or not. If you do not win any in the auction your only way to acquire shares of Andrew Luck would be to post a buy order and hope that someone else decides to sell to you at the price you posted.

NOTE: Jockbrokers limits the supply in the market so that our traders can buy with confidence that there will NEVER be more in the market than the stated supply on the New Release date. There are no splits or secondary offerings.

NOTE: You can only place an order for the total of your available and bonus funds in your account. This amount is restricted from use elsewhere in the market or from being cashed out until the auction is complete.

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