LUISS

Rotman European Trading Competition

Q&A


RETC 2018

GENERAL QUESTIONS

 

Is the competition for MBA students or for undergraduate students?

A school can send a team that consists of either MSc/MBA students or undergraduate students. Ph.D. students are also allowed.

How many students will be on each team?

There are 4 students per team (two boys and two girls), plus an optional faculty advisor.

How many teams can participate from each school?

Currently we are limiting registration to one team per school, one for each European Country. Due to logistical constraints, the maximum number of teams is 51.

How does registration work?

To reserve a spot for RETC 2018, the online registration form should be filled out by a faculty/staff member (pdf) or a student (pdf) and a competition fee of EUR 500 per team should be paid.
Registration is on a first come first serve basis, so please fill out the registration form as soon as possible. Shortly after, a confirmation will be sent out and the school will appear on the teams page.
Please note that your spot will not be reserved until the registration form (Step 1 of the registration process) and the competition fee (Step 2) have been received.
Paying the competition fee is not required to reserve a spot in RETC 2018. However failure to pay this fee by the May 20th, 2018 deadline will result in your school’s spot being released.
The final step of the registration process (Step 3) is the Team Member Profile Form (pdf). RETC will compile a participant booklet, which will be available to all competitors, faculty and sponsors. Team member profiles will help identify teams for networking opportunities with students and sponsors that have similar interest.

What does registration include?

Accommodation costs for RETC 2018, including seven meals (Thursday Dinner, Friday Breakfast/Lunch/Dinner, Saturday Breakfast/Lunch/Dinner), will be fully covered by LUISS. Meals will be served at the university canteen (“mensa”). The 2012 RETC menu is available here. Travel costs for RETC 2018 will not be covered by LUISS.

Where will I be lodged during the competition?

All accommodation arrangements will be made and funded by LUISS. Students will be accommodated in two LUISS residences (please see the map) from Monday 20th to Monday 27th, August 2018. University faculty and staff will be accommodated in a 4-star hotel in the area immediately surrounding the LUISS campus (please see the map) from Thursday 23rd to Sunday 26th, August 2018. The name of the residence/hotel will be communicated to you by email.

How many rooms did you book per team?

LUISS has booked 3 rooms per team. Two rooms for students, each with two twin queen-size beds, and one room for the faculty advisor, with a double king-size bed.

What will the weather be like in Rome at the time of RETC?

Rome has a typical Mediterranean climate. The summers are hot and humid, with temperatures ranging from 22 to 35 degrees Celsius (72 to 95 Fahrenheit). For more information on Rome weather forecast, please see here.

What is the dress code for the competition and the gala dinner?

RETC is a professional business competition, so we expect teams to dress appropriately. The exception is for the two outcry events where competitors often find it easier to find each other in the pit if they wear distinguishing clothing (such as noticeable hats, jerseys, or trading jackets). The dress code for the Gala Dinner is smart casual to formal.

TECHNICAL QUESTIONS

 

Is there any chance to use the Rotman Interactive Trader Client on MacBook, OS X – oi?

RIT runs on Microsoft Windows. It does not run on Apple Mac OS’s. If you want to run RIT on your Mac, you need to install a copy of Windows using the Bootcamp program and then install the RIT client on Windows.

What software should I expect to be run on the computers at RETC?

The operating system will be Windows 10. The Rotman Interactive Trader client and Office 2016 will be installed.

What regional settings to display number formats will be used at RETC?

Number format: “.” as a decimal separator and “,” as the thousands’ separator.

Where can I download the Rotman Interactive Trader Client?

The RIT client v2.0 can be downloaded at http://retc.luiss.it/software/.

Is Excel allowed?

Yes, the use of Excel is highly recommended. You are encouraged to prepare models in advance. In order to ensure proper RTD functionality (real time data links between Excel and the RIT client) please download one of these files (see the picture below):

In which cases can we use Excel?

You can use Excel in all cases except for the Quantitative Outcry. You can prepare Excel models in advance to be used during the competition.

Can we bring our Excel models on a usb key or download them from our online discs?

Yes, you can bring your models on a USB key and use them during the competition. We recommend to bring them on a USB rather than relying on downloading it from the web (e.g. from Dropbox) as it will be safer.

May we bring our laptops / financial calculators to the competition?

No. All students will use PCs provided by LUISS during the competition.

We started our internships and we find it difficult to gather together on 8th, 10th, 15th of August. Could a practice session for the Enel Case be arranged during a weekend?

Yes, we will setup a session on Saturday, August 13th, at 10 AM EST.

Could we connect from different locations for practicing the ENEL Case?

Yes, you could train together even if located in 4 different places.

In order to gain confidence with the Enel Case: (i) Is it possible to practice individually? (ii) Can we practice in days and times different from the ones already set? (August 8th, 10th, 13th ,15th)

(i) Yes, you can practice individually. However, the case is meant for 4 people as there are different roles. When practicing with 2 people only, the performance of your team will not be as good as when practicing with 4 people. (ii) Yes, you are encouraged to practice also in different times, so that you can refine your model.

In the ENEL Case, are we allowed to communicate between each other in the team about the different weather forecasts we receive?

Yes, you are allowed to communicate between each other.

When we practiced the ENEL Case, there was the notification to producer that NG Power Plant is being used and we were not able to transform NG into electricity. Is it going to happen also in the real case that we will have some restrictions in the use of NG power plant, when, for example many producers want to transform NG into electricity?

There is a maximum of 10 power plants that can be concurrently leased during the case. This limit will be exactly the same during the competition.

In the ENEL Electricity Trading Case and in the Quantitative Outcry Trading Case, each team member has a specific role. What about the other cases?

The ENEL Electricity Trading Case and the Quantitative Outcry Trading Case are the only two cases where team members have different roles. In all the other cases, all team members do have the same role.

In the Quantitative Outcry Case (i) how is aggregate position defined? (ii) Are transaction costs deducted? (iii) And what’s the difference between P/L and aggregate position?

(i) The aggregate position is the sum of the trades made by the four team members. For example, member 1 buys 5 contracts at time 0 and member 2 sells 7 contracts at time 1; your team’s aggregate position at time 1 (after member 2 traded) will be -2 (= 5 long – 7 short).
(ii) Transaction costs are deducted.
(iii) Aggregate position is just the number of contracts you traded. P/L is the profit or loss and it will depend on the prices at which you were able to buy and sell.

In the Quantitative Outcry Case (i) are we allowed to communicate with each other? (ii) Risk Manager is called to report the aggregate position of a team and we are wondering does he/she has to know it based on previously agreed strategy or based on team communication during the case?

(i) Page 11 of the case brief “All 4 team members will be located in the trading pit. They can freely communicate with one another throughout the trading heat. Electronic devices are not permitted on the trading floor.”
(ii) The risk manager has to provide a number that tracks the actual trading position of the team. For example, if a team is long 30 contracts and the risk manager provide us with a value of 110 contracts, he/she is clearly very far from the real value and will be getting less bonus (as explained in the case brief).

In the Generali case (i) are the companies going to be the same? (ii) Besides, will the difference (sm – sr) be the same as in the Case package’s table?

(i) Companies are going to be the same. (ii) The difference (sm – sr) will be the same and will remain constant unless a news item will notify you that it was changed.

How do we know the fields that we need to type in a formula? For example, if we want changes in credit spreads to be retrieved into our model, what should we type in?

In the RIT, you can click in the bottom right corner on “RTD” and the list of all the commands that can be linked to Excel will appear. Please see the following screenshot:

We didn’t manage to link the value of assets and equity from the portfolio window. What should we do?

By using the commands in the above screenshot, you should be able to link the data for assets and equity.

At the beginning of each case, there are only data about assets value and market value of equity. Should we assume that other financial data are the same as in the case package?

Correct. The data are the same as in the case package, unless a news item will shock them.

Could you please provide us with average profits per case in order to allow us to compare our results with those averages?

The profits will depend on the scenarios. For examples, if we have a very volatile market in the Sales and Trader case, the average profits will be lower compared to when we have a low volatility market.
On Tuesday, August 23rd, we will display the average profits for the top 5 traders, so that you will have an idea of how the top participants are doing.

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