- University faculty, staff or club head can fill out the Team Member Registration Form to reserve a spot for a team from their institution. Please visit the Registration section of our website for more information.
- Registration includes all of the costs involved in the enrolment of the competition including events held during the competition, and 5 meals (Friday Breakfast/Lunch/Dinner, Saturday Breakfast/Lunch).
- We are currently allowing faculty from non-registered schools to participate as observers. Please contact email@example.com to discuss registration and fees as an observer.
- It is up to each individual team to arrange travel to Toronto and associated accommodations. Most competitors should choose to arrive at Toronto Pearson International Airport and take taxi or public transportation into the city. However, competitors located closer to Toronto may choose to fly into Billy Bishop Toronto City Airport located closer to the downtown area. The competition is located on the University of Toronto, St. George Campus at the Joseph L. Rotman School of Management. Below map of Rotman's location, at 105 St.George Street.
- A school may send a team that consists of graduate students, undergraduate students or a combination of the two.
- Unfortunately, we only accept one team from a school due to limited spots.
In order to ensure that every team has the same information, any questions asked regarding case content will be posted here. General questions about RITC 2020 Cases will be uploaded once the Cases are released.
When will the case files be released?
The RITC 2020 Case package has been release. You can find it from this webpage
Are we assuming that the simulation continues throughout multiple sub-heats?
Each Sub-heat is independent from each other. In other words, your performances won't be carried over to the next sub-heat and each sub-heat will always start fresh from the same time period (i.e. year 0)
Will there be two screens for each computer?
Yes, each competitor will use a laptop with an extended desktop monitor (except for Quant Outcry Case). Hence, there will be two screens (one laptop screen and one extended desktop monitor screen).
What is the resolution of the screens?
The resolution for both laptop and desktop screens will be 1920x1080.
Will the provided laptops also have an external mouse?
Yes, laptops will have an external mouse.
Could you please specify the CPUs for the computers that will be used in the competition?
The laptops used in the cases will have the same structure: i5 processor with 8gb ram.
Which software will be installed at the competition venue?
Each laptop will be equipped with Windows 10 O/S as well as Excel, Matlab, and Python.
Excel: the base Microsoft Office 2016 package (64-bit) will be installed, which includes Excel 2016.
Matlab and various Toolboxes available via RITC Complimentary Software license.
Python: Anaconda Package (2019.10) with Python 3.7 version will be available.
Is it possible to use REST API for cases other than the Citadel Securities Algorithmic Trading Case?
Yes, REST API will be available for all cases so competitors can use Python or Matlab to build a real-time model. However, order submission via API will only be allowed for the Matlab Volatility Trading Case and the Citadel Securities Algo Case.
My "penalties computation tool" does not work. why?
In almost all cases, the reason why your "penalties computation tool" does not work is because you have an old version of the RTD links. Please install the most recent version as noted on our website at the Case File section. Please also uninstall the previous version of the RIT RTD/API Links and then install the new one according to the instructions that you can find at this link: RIT and RIT RTD/API Links installation
Please also note that you would need to run this calculation spreadsheet right after the case is done so that it can pull the correct historical prices from the case. In other words, you won�t be able to run this properly if the next case is already started on the practice server. Please also make sure that you stay connected to RIT Client when you�re running this calculation after the case is done.
How many days are assumed for a year?
As noted in the Case Package, the case assumes that there are 20 trading days in a month, and there are 12 months in a year. Each sub-heat runs for a calendar time of two months.
When portfolio delta is calculated for penalties, which volatility is used?
Implied volatility of each option will be used to calculate the portfolio delta for penalty calculation.
Are there fines for exceeding position limits caused by production and refinery assets?
Yes, there will be a penalty of $25,000 per contract over gross and/or net limit.
Are there delays for when tenders and/or above-reserve auctions are filled?
All tenders and above-reserve auctions will be received when the auction is finished.
Do all traders receive the same tenders and above-reserve auctions?
Yes, tenders and above-reserve auctions are the same for all traders.
The Case Package says that the BP Commodities case has 2 Traders, 1 Refiner, and 1 Producer. How many computers will each team receive for this case?
During the BP Commodities Case, your team will have four laptops with four extended monitors connected to each laptop so each member will be connected to RIT Client.
How will team seating be assigned?
Most teams will be sitting in the same row while some teams will have pairs of students sitting across the other. While team members will be sitting close to each other, team seating will be assigned randomly.
For the refiner, how long will the effect of news of HO or RBOB last? Does the effect of news to the price end just before the next news release?
The price effect happens during the news release and the length that it lasts is randomized in the system.
Are competition participants the only market liquidity providers?
No, for Traders, there will be RITC Liquidity Providers in the trading pit, providing liquidity by quoting both bid and ask prices throughout the case. Analysts can submit up to two spot trades and the counterparty will be the Rotman Finance Lab (in other words, you can assume that there will always be a counterparty willing to trade at the spot index).
On page 39, it says that the RT100 Index is determined by 6 countries. on page 40, the formula determining the index is given for only 3 countries. can you clarify this?
The index will be determined by the sum of the 6 countries. The formula in the case package is omitting some of the countries for ease of notation and we added 3 dots to signal that.
Do traders and analysts receive news at the same time?
Yes, they will receive news at the same time.
Do traders only get qualitative news?
Traders will get the news headlines, which may contain qualitative information only. Analysts will get both the news headlines and the specific news that include quantitative numbers.
Are there unrelated news releases during the outcry to confuse participants?
There may or may not be unrelated news releases during the outcry.
Are open positions settled at the end of each quarter or at the end of each heat?
Open positions will be settled at the end of each heat. There won't be a break time between each quarter. There will be a time break between different heats.
Can analysts see the spot price when entering spot positions?
The spot trades submitted by analysts will be executed at the current spot price of the RT100 Index posted on the screen. So analysts will see the spot price when entering spot positions. However, there may be a chance that the index level changes drastically resulting in the spot trade getting filled at an unfavourable price.
Are tickets submitted after every trade or collected at the end of each quarter?
Tickets must be submitted after every trade.
How is the analyst seat assigned?
It is randomly assigned.
Are there penalties for exceeding position limits caused by the etf converters?
Yes, there will be a penalty of $0.50 per position over gross and/or net limit.
What programs can be used to develop algorithms for this case?
Teams can use Excel VBA, Matlab, or Python. For a free trial of Matlab, please click here
Is there any time provided for the students to test their algorithm in the lab prior to the start of the first preliminary round?
Yes, there will be a testing period on thursday evening after the social outcry.
My market order does not always get executed instantly and is delayed for several seconds. I am wondering how i can avoid this problem?
There is a limit to the number of orders that you can submit per second: the maximum is ten orders per second (1 each 0.1 seconds).
My "Citadel Securities Algorithmic Trading Case base algorithm" does not work. Why?
In almost all cases, the reason why your base algorithm does not work is because you have an old version of the RTD links. Please install the most recent version as advertised on our website at the case file page Please uninstall the previous version of the rit rtd/api links and then install the new one according to the instructions that you can find at this link: RIT and RIT API/RTD links installation
Is there a base algo in Matlab or in Python?
No, there is a base algo in Excel only.
When i accept tender offers, a situation sometimes occurs where the system stops me from accepting them, saying "you have won the offer to buy ritc at 24.89, but you have insufficient positions, containments or trade limits". What does this statement mean? how do i prevent it from happening and make sure that i receive the tender positions?
Any transaction will be constrained by the position limit (limit-stock and limit-cash in this case). if you do not have sufficient "room" in your position, you will not be able to receive a tender position - even after you have accepted the tender offer. Hence, you need to make sure that you have "room" in your position before accepting any tender offer, so that your tender positions are properly 'received' and realized in your portfolio.
What will happen during the preliminary rounds?
One member from each team will need to be in the Algo trading room to trade three sub-heats where each sub-heat will be 5 minutes long.
Is participation in the preliminary rounds obligatory?
Yes, if you do not participate in the preliminary rounds, your team will be placed last in each heat.
During the preliminary rounds, would teams be allocated to one of the groups for the whole case, or the groups will differ between the heats?
The groups will differ between the heats so that the performance results can have better signals.
Can you please give us an example of details for a sub-heat?
The descriptions will be given to participants a few minutes before the event and will provide information on the number of securities available in the case, commissions, etc. You can see a sample here.
The case mentions that during a tender offer you may not trade the current stock due to front running, however if i have a position in the stock already and a limit order that i had put in place to reduce exposure, is that still considered front running?
It depends on whether the transactions affect your positions received from the tender order. For example, suppose that you have a long position of 10,000 shares on the stock and you receive a tender offer to buy more shares of the stock (that is, after you accept the tender offer, your position on the stock would become greater than 10,000).
If you submit a sell limit order for a volume less than or equal to 10,000 prior to accepting the tender offer and the order is transacted, it will not be front running because you are closing your previous long position. If the order is for a volume greater than 10,000 and if they're transacted, only the portion exceeding 10,000 will be considered front running.