Texas A & M University will launch its first annual Undergraduate Inter-University Financial Trading Competition, where students representing eight universities in the United States and Canada will compete for cash prizes and internships while trading currencies in the global foreign exchange market (forex).
Over the course of the next month, students will compete individually by completing simulated trades in the forex market using a demo version of GFTâs DealBookÂ® FX 2. The trading platform streams real-time news and live prices for 60 currency pairs, which allows students to experience an environment similar to the one encountered by real forex traders who attempt to make profits from fluctuating exchange rates of the worldâs currencies.
Each student will be granted $50,000 in virtual capital to execute leveraged trades on major currency pairs, and will have access to experienced forex traders as they play out their trading strategies in the $1.9 trillion daily forex market.
"We chose forex trading for our competition because students can trade 24 hours a day, six days per week. We went with the GFT platform because it provides the students with the best combination of advanced analytics with ease-of-use and customer support. GFT has been critical in our ability to create this competition," said Detlef Hallermann, competition organizer and assistant clinical professor of finance, Texas A & M University.
A practice round began Oct. 16. Individual profit during the first session, which runs from Oct. 23 to Nov. 4, determines who advances to the winning bracket and who heads to the consolation round. Those who emerge at the end of trading on Nov. 19 with the most money in their virtual accounts will divvy more than $2,800 in prize money. Students will make a minimum of five trades in each of three trading sessions, factoring in shifts in the market and live news events as they plan and tailor their trading strategy.
"We are glad to be involved with this chance for students to gain real-world knowledge of the forex market. This is a great educational opportunity because students get the chance to trade the foreign exchange market, the principal market of global economies," said Gary Tilkin, president and CEO, GFT.
Participating schools are MIT, Michigan State University, Penn State University, Texas A & M University, University of Cincinnati, University of Iowa, University of Toronto and Washington University at St. Louis. In addition to GFT, competition sponsors include BP, Constellation Energy Commodities Group and Calpine.