PLEASE READ THIS CAREFULLY!
You ("Competitor”) and The Shelton Covent Group Limited ("Sponsor”) are entering into this Challenge Agreement ("Agreement”) for The Sharpe Prize competition ("Competition"). In order to participate in this Challenge, Competitor must accept these terms, and therefore should take the time to understand them.
If Competitor clicks "Accept" and proceeds to register for this Challenge, this Agreement will be a valid and binding agreement between Competitor and Sponsor for all purposes relating to this Competition. Competitor should print and keep a copy of this Agreement. No provisions that Competitor may have agreed to that are specific to any other individual challenge will apply.
The Competitor wishes to compete in The Sharpe Prize sponsored by The Shelton Covent Group Limited (Sponsor) and will complete an account application to open an account with a broker authorized by Shelton Covent("Authorized Broker") before or during the competition. Account may be opened through Sponsor. The Authorized Broker, in its sole discretion, may accept the account. If accepted, it is agreed that the Competitor, shall be entitled to participate in the Sharpe Prize competition subject to the following conditions:
Competition Trading Account
Competitor agrees to deposit a minimum of $1,000 US in the account satisfactory to Authorized Broker. Trading may not commence until the account is funded to the full minimum amount. Additional funds may be deposited at any time, including to meet a margin call, and will be added to the initial deposit to calculate Total Funds Deposited. Funds may be withdrawn from the account at any time and will be credited to the account’s ledger balance for purposes of performance calculations; however, withdrawn funds that are re-deposited will be added to the initial deposit to calculate Total Funds deposited.
Competitor agrees to begin trading on or after June 1, 2018. The Competition trading period will end as of the close of business on May 31, 2019. Open positions need to be liquidated for purposes of determining winners of the Competition.
Participation and Competition Awards
The Competitors with the highest performance will receive awards. Awards are provided by third parties and are subject to availability and change without notice. The winners will receive a cash prizes award and a certificate. In consideration of participation in the Competition, Competitor irrevocably authorizes Sponsor, in its sole discretion, to obtain and print, publish, televise or otherwise utilize his, her or their names, photographs, account statements in connection with the competition and other promotions deemed appropriate by the sponsor. Sponsor may compensate Competitor at its discretion.
All trading shall be conducted in accordance with a separately executed Brokerage Agreement at Authorized Broker. Competitor agrees to the following Competition rules and regulations, which may limit those set forth in the Brokerage Agreement. The purpose of the Competition rules is to ensure that every Competitor will have the same opportunity for success. Sponsor reserves the right to amend, waive, or interpret any rule if, in its sole discretion, to do so would be the best interests of the Competition.
Margin Calls and Liquidation of Positions
Initial margin for new positions and maintenance margin for existing positions must be maintained in accordance with Authorised Broker’s requirements, which may be adjusted from time to time without prior notice. Competitors may deposit additional funds for any reason, including to meet a margin call. Additional funds deposited will be added to the initial deposit to calculate Total Funds Deposited. Competitors, with Authorized Broker’s consent, may liquidate positions in order to meet a margin call. Competition account may not be cross-margined by other accounts owned by the Competitor.
The winners will be determined on the basis of Sharpe ratio. Only liquidated positions on the close of business on May 31, 2019 will be consider in order to determine each account’s net return. The Sharpe ratio will be determined by dividing the net return by its standard deviation, where as net return equal Ending Portfolio Value plus any cash withdrawals over the Total Funds Deposited. The Competitors with the highest Sharpe ratio will be the winners. Only Competitors with a Sharpe ratio above three point five (3.5) will qualify for prizes.
Use of the Competition for promotional purposes
Competitor shall not and agrees not to, either alone or in connection with others, use the name (or derivations thereof) or his or her participation in the Competition for promotional purposes unless approved in advantage in writing by Sponsor. If Competitor violates this provision, Competitor may be disqualified from competing in the Competition or future Competition at Sponsor’s sole discretion. If found by Sponsor to be in violation, Competitor agrees to pay all legal fees and damages incurred by Sponsor to enforce this provision, and, if applicable, return to Sponsor any prize(s) received as liquidated damages.
Authorized Broker shall not be responsible for any delays in the acceptance or transmission of orders due to a breakdown or failure of transmission, computer (hardware, software or interfaces) or communication facilities, or for any other cause beyond its reasonable control or anticipation.
Competitor agrees to indemnify Sponsor and Authorized Broker and hold them harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees; incurred by any of them resulting from: misrepresentations, breach of any provision of this agreement, the trading in Competitor account(s), or legal action brought by Competitor and adjudicated in favour of Sponsor and Authorized Broker.
Postponement, cancellation and acceptance
Sponsor reserves the right to modify the length of the trading period, to postpone the starting date or to cancel the Competition if, in its sole discretion, it determines that such action is reasonable or necessary. Sponsor and Authorized Broker, in their sole discretion, may reject any Competitor’s application for any reason.
Governing law and jurisdiction
This agreement will be governed by and interpreted according to English law. All disputes and claims arising under the agreement will be subject to the exclusive jurisdiction of the English courts.