Maxi Bour$e

Maxi Bour$e Rulebook

Table of Contents

The Game in Brief
Components
I - Opening the Session
II - The MAXI BOURSE International Session
- Interventions During the Session
  - 1. The Role of the Banker
  - 2. The Role of the Quoter
III - The Different Operations of the Session
- 1. Stopping on a Share Space
IV - Remuneration of Your Share Portfolio
V - Closing the MAXI BOURSE International Session
Stock Exchange Dictionary

The Game in Brief

Game type: stock market strategy and simulation
Number of players: 2 to 6
Age: from 13 years and adults
Duration: 60 to 90 minutes, and multiple sessions

With 15 million dollars on the table in front of you, and a good starting portfolio, you have the means to make fabulous Stock Exchange deals and become a billionaire.

MAXI BOURSE does not aim to reproduce the workings of the Stock Exchange in every detail. It keeps only the essentials. Above all it is a game, which conveys the emotions, the tension, and the calculated or unforeseen twists of the merciless world of international high finance. The deliberate simplification of the stock market mechanisms is not crude. It makes the game faster and more nervy, for your greater pleasure.

So here you are around the trading floor, each with your 15 million dollars and 1,000 shares of 10 different companies, that is 10 cards of 1,000 shares each.

One of you keeps the bank. Another player will update the price board (tableau de cotation).

To play, you move around the game board by rolling two dice. And events occur, depending on the space on which you stop:

STOCK EXCHANGE (BOURSE): the banker reads a Stock Exchange card aloud, and you act accordingly.

DOMESTIC POLITICS or INTERNATIONAL POLITICS: you read the corresponding card yourself. The announced event changes the price of certain shares.

RUMOURS: you draw a card which remains confidential.

STRICTLY PERSONAL: take a card, read it aloud and suffer the consequences of what happens to you.

SHARE (TITRE): all players are concerned and may buy shares of the company mentioned (or of another), at market price or by sealed bid (the procedure is carefully explained in the rules).

BEFORE ROLLING THE DICE: you may sell, at market price, or by auction if several players wish to buy the share you are disposing of.

IF YOU ROLL A DOUBLE: you may buy, at market price, shares of a company of your choice.

IF YOU CANNOT PAY for your purchases, you sell shares and pay a 100,000 $ fine to the bank.

IF YOU ARE RUINED, you are eliminated.

But if you play intelligently, or intuitively with success, you can earn a lot of dollars at the end of each turn of play:

Dividends (10 $ per share).
Director's fees (jetons de présence), for each company of which you hold the majority of the capital (you receive in cash the value of 1,000 shares).
Profit allocations: if dividends and director's fees reward your investments, the profit allocation represents the result of your strategy.

And the game continues until closing:

The playing time has elapsed, you have completed the number of turns chosen in advance.
Only one player remains in the running, all the others are ruined.
The bank has sold everything, there are no more shares left to buy.

And guess who wins? The richest, of course!

Components

2 dice
1 game board, the trading floor (la corbeille de la Bourse)
1 price board (tableau de cotation), kept by the quoter (coteur) during the game
1 pencil and a cloth for writing on and erasing the price board
6 pawns of different colours
6 management booklets (livrets de gestion)
400 cards of 1,000 shares each
1,100 cheques of 500,000, 200,000, 100,000, 50,000, 20,000 and 10,000 dollars
160 cards in five series:
- Stock Exchange (Bourse)
- Domestic Politics (Politique intérieure)
- International Politics (Politique internationale)
- Rumours (Rumeurs)
- Strictly Personal (Strictement personnel)

I - Opening the Session

The opening of the session corresponds to your initiation into the world of Finance and follows a precise ceremony.

Place "the trading floor" (the game board) on a surface large enough to also accommodate the price board, which must remain visible to everyone.
Designate one of you who, in addition to managing his own portfolio, takes charge of the "Share Service" (service Titres). This player takes the title of "banker".
Designate again one of you who, in addition to managing his own portfolio, keeps the price board.
Each takes a management booklet and keeps it throughout the game, so as to note in pencil the number of shares held and the number of shares traded.
The banker places the "Domestic Politics", "International Politics", "Rumours" and "Strictly Personal" cards at the four corners of the board, so as to surround "the trading floor", in piles, text face down. The "Stock Exchange" cards are kept by the banker. He reveals them when a player places his pawn on a Stock Exchange space.
The banker distributes to each of you the following cash holding (Long game, "Maxi Bourse International Masters"):
- 18 cheques of 500,000 dollars
- 18 cheques of 200,000 dollars
- 19 cheques of 100,000 dollars
- 6 cheques of 50,000 dollars
- 6 cheques of 20,000 dollars
- 8 cheques of 10,000 dollars
The banker manages the rest of the money, which is not distributed.
Each of you chooses, in addition to your dollars, a starting portfolio, made up of shares, according to the following terms: MAXI BOURSE International "Masters": 10,000 shares representing 10 different companies from among the following shares: 100 $, 200 $, 300 $.

Ladies and gentlemen, the MAXI BOURSE International session may begin.

II - The MAXI BOURSE International Session

The first player to play rolls the dice. The sum of the dice tells him how many spaces he must move and on which space he must place his pawn. This rule applies naturally to each of you as soon as the previous player's turn ends.

Rolling the dice involves a number of interventions and operations.

Interventions During the Session

Depending on the spaces on which you are led to stop, the banker and the player in charge of the price board will intervene.

1. The Role of the Banker

The banker must naturally keep his own assets separate from those of the bank.

The banker receives the cheques you hand him when you have placed purchase orders. In exchange for immediate payment, the banker gives you the number of shares corresponding to the cash amount you pay him.

The banker also receives the shares you sell to the Share Service (service Titres). He must then, at the same time, give you the corresponding amount in cheques.

The banker may be led to receive money without any counterpart when drawing "Stock Exchange" and "Strictly Personal" cards. But reassure yourselves: he may also be obliged to pay you money without your having to hand him any shares.

The banker manages the "Stock Exchange" cards, which he reads aloud when one of you stops on one of the 2 "Stock Exchange" spaces.

Finally, he may be led to make change during transactions carried out between you.

2. The Role of the Quoter

The player designated to keep the price board is called "the quoter" (le coteur).

He assumes this charge throughout the game, while managing his own portfolio, as the banker does.

The quoter proceeds as follows: each time the price of a company moves up or down, he must write on the price board, on the line corresponding to the company whose share value has changed, the new stock market value.

To do so, he uses the pencil supplied in the storage box and writes the new figure in the right-hand column next to the figure showing the nominal value of the company concerned.

If the right-hand column already shows a figure, the quoter uses the cloth also supplied in the box, erases the value and, with the pencil, makes the new share price known to you.

III - The Different Operations of the Session

From the drawing of one of the 5 categories of cards to stopping on a Share space, from collecting dividends and/or director's fees, to rolling a double when throwing the dice, from your decision to sell shares to one of you being ruined and to your attempt to take full control of a company, these are the different operations of the MAXI BOURSE International session.

This is the name given to the spaces which show company names and on which you place your pawns. "Shares" (titres) may also be called "actions".

When one of you places his pawn on a Share space, you are all concerned, since you may all play.

But it is your responsibility to know the rules governing stopping on a Share space.

1-1. All companies are represented by 10,000 shares, divided into 10 cards of 1,000 shares.

Therefore transactions will only be carried out in lots of 1,000 shares.

Example: Alain wants to buy 768 MATRA shares. He cannot, and must buy at least 1,000. Christine wants to buy 1,379 A.E.G. shares. She cannot, and must choose between a purchase of 1,000 shares and a purchase of 2,000 A.E.G. shares.

You may buy, or abstain from carrying out transactions.

Example: Yves, Véronique and Sophie are playing together. Sophie places her pawn on the BASF space. None of the players has the right to sell shares in this turn of play.

1-3. You may only buy a minimum of 1,000 shares and a maximum of 2,000 shares in the same round of bidding (tour de parole).

Example: Isabelle, Daniel, Georges and Laure are playing together. Isabelle rolls the dice and places her pawn on the NESTLE space. Isabelle, declaring that she wishes to buy 2,000 NESTLE shares, triggers the first round of bidding. Daniel wishes to buy 1,000, Georges also, and Laure does not wish to acquire any. Only Isabelle, Georges and Daniel then remain concerned. After Laure has spoken, the second round of bidding comes about through Isabelle's intervention, who may again buy 1,000 or 2,000 shares. The same rule applies to Georges and Daniel, until no shares remain available, or until no player wishes to buy any more shares.

His choice binds all the players.

Example: Pierre places his pawn on the ELF space. He may choose for the transactions to concern this company, or choose for them to concern another company. If he decides to acquire THOMSON shares, his competitors may only acquire THOMSON.

1-5. Purchase at market price and purchase at best.

This choice is left to the player who has placed his pawn on a Share space.

He buys at market price if he decides to buy shares of the company on whose space he has stopped.

This player has the right to buy 1,000 to 2,000 shares at the stock market value of that company. The other players, for their part, buy at best.

Example 1: Dominique, Daniel, Laurence and Richard are playing together. Dominique places her pawn on the FIAT space. Fiat is quoted at 300 $. Dominique decides to buy 2,000 FIAT shares. She immediately pays the Share Service the sum of 600,000 $. Daniel, Laurence and Richard do not have this right and must buy at best if they show the intention of acquiring FIAT shares.

Example 2: These same four players compete. Dominique has chosen to buy 2,000 shares at market price of the company on whose space she stopped. After her three other opponents have spoken, she wishes to buy 2,000 shares again. She may of course do so, but no longer benefits from purchase at market price and must buy at best.
He buys at best when he has placed his pawn on a Share space and chooses that the transactions concern another company.

The mechanism is then as follows: all players who have decided to buy a certain number of shares in the same round of bidding must pay for them at the last price calculated, according to the purchase intention expressed by the various players, taking into account the quantities requested. The quoter writes the new price on the price board.

Example: Sophie, Thierry, Didier and Dominique compete. Sophie has placed her pawn on the BP space but wishes to buy SONY. The transactions will therefore concern SONY shares. The SONY share is quoted at 350 $. The principle is that the value of the share rises by 10 $ for each lot of 1,000 shares requested per round of bidding. Sophie wishes to buy 1,000 shares: the value of SONY gains 10 $, that is, currently 350 $ + 10 $ = 360 $. Thierry also commits to buy 1,000 shares. SONY gains another 10 $ and is now quoted at 370 $. Didier buys 2,000 shares; the quotation gains 2 times 10 $, 10 $ per lot of 1,000 shares requested, that is a stock market value of 390 $. Dominique buys 1,000 shares; the quotation goes from 390 $ + 10 $ = 400 $. With 4 players involved and each having spoken, the first round of bidding ends. Sophie, Thierry, Didier and Dominique buy their SONY shares at 400 $. These 4 players must pay for their purchases to the Share Service immediately.

When these operations are complete, the banker announces the number of shares still to be made available to the players. The quoter, having first noted the stock market value (400 $) of SONY, the second round of bidding may begin if one or more players show their wish to buy. The purchase will proceed according to the same rule.

1-6. Market adjustment

After each round of bidding, the banker tells all the players how many shares of the company concerned by the transactions the Share Service still holds. If there are not enough shares to serve all the players who request them, the banker organises an auction and drives prices up by 10 $ at a time until the number of shares put into play corresponds to the quantities requested by the players.

Example 1: Yves, Véronique and Sophie each declare they want to acquire 1,000 TWA shares, whereas the Share Service can only put 2,000 on the market. The TWA quotation is 400 $. The purchase intention of these three players moves the quotation up 10 $ at a time; it goes from 400 $ to 430 $. The banker drives the quotation up in steps of 10, and it reaches 540 $ when Yves decides to withdraw. Véronique and Sophie then share the remaining 2,000 shares and must each pay for 1,000 TWA shares at 540 $. They each pay 540,000 $ to the Share Service.

Example 2: After several rounds of bidding, the banker announces that only 2,000 CANON shares remain in play. Robert and Joëlle each want 2,000 shares. The banker then organises an auction and drives the price up until one of the two resigns from bidding.

Example 3: Marthe, Paulin and Frédérique compete over FUJI of which only 1,000 shares remain in play. These three players each want 1,000 shares. The banker organises an auction and the quotation rises. For example it goes from 400 $ to 620 $. All three players still wish to buy, so the banker then proposes 630 $ per share. Marthe, Paulin and Frédérique withdraw at the same time. The shares will then be allocated at 620 $ in order of preference to the player who rolled the dice or, failing that, to the player seated closest to him, taking into account each player's game.

1-7. Stopping on a space whose shares are all held by players.

If you stop on a Share space whose shares are all held by one or more players, you may naturally choose to acquire shares of another company, or propose to buy from those who hold the shares you covet, or else pass your turn.

Any player may sell shares before rolling the dice, under certain conditions:

You may sell as many lots of 1,000 shares as you wish.
But you may only sell shares of one company at a time.
You must state how many shares you are selling. For example 3,000 CANON.
You must first offer your opponents the option of buying the shares you put up for sale.
You must offer the shares you are selling at stock market value.
- If several players show interest, you must sell to them.
- If several players wish to buy and you do not put enough shares on the market, you organise an auction and serve the player or players who agree to pay the highest price.
- If you do not wish to sell shares, but a player asks you to transfer shares to him, you may offer him a price above their stock market value and transfer the shares to him at the last price that this buyer accepts.
- If no player wishes to buy the shares you put up for sale, the price of your shares will fall: you lower your price by 10 $ at a time for each opponent you face and for each lot of 1,000 shares.
  
  Example 1: Pascale, Daniel, Bernard and Yvonne compete. Pascale puts 1,000 MOET-VUITTON shares up for sale. Her three opponents do not wish to buy these shares. Pascale lowers the price by 10 $ at a time until the end of the round of bidding. Daniel, Bernard and Yvonne refusing to buy, the MOET-VUITTON quotation falls by 3 x 10 $, that is 30 $. No player showing a wish to buy, Pascale organises, using the same falling mechanism, a second round of bidding. If no one buys, MOET-VUITTON loses another 30 $. Pascale then turns to the Share Service, which buys the shares, lowering the price by 10 $ per lot put up for sale. Pascale then sells the 1,000 shares she wishes to part with, 10 $ lower. In total, the value of the MOET-VUITTON share will have fallen by 70 $.
  
  Example 2: Théo announces that he wishes to sell 3,000 PEUGEOT shares. At this point in the game PEUGEOT is quoted at 500 $. Yves, Didier, Dominique, Isabelle and Daniel in turn do not show themselves as buyers. The fall in PEUGEOT reaches 10 $ per share and per lot of 1,000 shares offered for sale, that is 10 $ x 3 = 30 $. PEUGEOT loses 150 $ per share and is now quoted at 350 $. Théo organises a second round of bidding. Unfortunately, the players again decline Théo's offer. The PEUGEOT quotation loses another 150 $ and now reaches 200 $. Théo then turns to the bank, which buys the shares, again lowering the PEUGEOT quotation by 3 x 10 $. Théo finally sells his 3,000 PEUGEOT shares at 170 $ and receives 170 $ x 3,000 = 510,000 $. The quoter records the PEUGEOT quotation: 170 $. The next player rolls the dice.

3. Stopping on a "Stock Exchange" Space

When one of you stops on a "Stock Exchange" (Bourse) space, the banker draws the card on top of the pile of Stock Exchange cards. The banker reveals aloud to all the players what this card contains. The player who stopped on this space must comply with what is written.

Then, when the operation is complete, the next player rolls the dice.

4. Stopping on a "Domestic Politics" or "International Politics" Space

When one of you is led by the dice onto one of these two spaces, he draws the top card of the corresponding pile.

This player must read aloud what is written. The quoter intervenes. You may not carry out transactions. You suffer the contents of the card. When the quoter has finished his intervention, the next player rolls the dice.

5. Stopping on a "Rumours" Space

When you place your pawn on a "Rumours" space, you draw the card on top of the pile. This card remains confidential until you decide to make its contents public. When you reveal it to your competitors, they may not carry out transactions, or must suffer, in their transactions, the effects of the contents of this card.

Example: Gilles places his pawn on a "Rumours" space and draws a card. The next player rolls the dice and several turns pass in this way. Christine intends to buy 2,000 COCA-COLA shares. The share is quoted at 300 $. Just as Christine is about to pay the banker the sum of 600,000 $, Gilles intervenes and, very gallantly, reveals the contents of the card: "After an unprecedented brawl, COCA COLA becomes the exclusive supplier of the Chinese State for 99 years. COCA COLA = +60 $". The quoter intervenes and modifies the quotation, which goes from 300 $ to 360 $. Christine has only to pay 120,000 $ more than planned, that is 720,000 $, without being able to withdraw.

6. Stopping on a "Strictly Personal" Space

When one of you places his pawn on a space of this category, he must naturally draw a card from the top of the pile. He reads aloud the contents of this card, which calls for the intervention of the banker, but possibly also yours and that of the quoter.

Example 1: Thierry places his pawn on a "Strictly Personal" space. He draws a card and reveals its contents to you: "To please your spouse, who finds television programmes appalling, you decide to buy a television channel turnkey. You sell 750,000 $ of shares to own it, and also sell 300,000 $ to keep the stars who threaten to leave. You sell a total of 1,050,000 $ of shares." Thierry chooses the shares he wishes to sell and must offer them to you. If you do not wish to buy them, he may sell them to the Share Service. Then, when the transaction(s) are carried out, the quoter intervenes; Thierry hands a bundle of shares to the banker in exchange for 1,050,000 $, and the next player rolls the dice.

Example 2: Sophie places her pawn on a "Strictly Personal" space and draws a card which tells her: "You go into politics, run an American-style campaign! You hire a staff of communication consultants, each more expensive than the last, and, to cap the absurdity, you appear on television in pyjamas. The polls tell you that you are only 47% short of being elected. You decide to sell 500,000 $ of shares to buy yourself a made-to-measure poll." Sophie must sell 500,000 $ of shares, but does not hold a sufficient number of shares to satisfy the card's instruction. She must then sell the maximum number of shares and make up the difference with cash. But of course she only receives the proceeds of her sales. If Sophie were unable, for lack of cash, to make up the difference in cheques, she would be ruined and would have to leave the game.

7. Rolling a Double with the Dice

A player who rolls a double with the dice has the option of buying any share "at market price".

This advantage is reserved for him, even if the sum of the dice does not lead to a Share space. Nevertheless, this player must comply strictly with the rules governing purchase at market price, and in particular leave his pawn on the space to which the sum of the dice has led him.

8. Penalty for a Careless Player

You must always know how much money you have available in order to pay your purchases to the Share Service.

If, through carelessness, you do not have enough cash to pay the banker or a competitor to whom you have made purchase offers, you must sell shares to pay the banker or the opponent.

The penalty for your carelessness is a fine of 100,000 $ which you pay immediately to the bank. You miss your next turn of play. You may no longer take part in the game, nor buy, nor sell, nor reveal a "Rumours" card.

If you do not have enough cash after selling your shares, you are declared insolvent (en état de cessation de paiement).

The banker seizes the shares you wished to acquire. He offers them for sale to the other players according to the usual terms of sale, and buys them if they remain unsold.

He pays you the difference if the proceeds of this sale leave you with cash. But you are penalised and must miss a further turn.

If the banker does not pay anything back to you, you are ruined and must leave the game.

Example: Daniel sells 4,000 PEUGEOT shares. Messaline rushes to buy them. At this point in the game PEUGEOT is quoted at 700 $. Messaline counts her cheques - she is not rich enough to pay Daniel. She puts her shares up for sale. Unfortunately, the proceeds of the sale are insufficient: Messaline is insolvent. Jacques, the banker, seizes the 4,000 PEUGEOT shares to sell them according to the usual procedure. The proceeds of this sale, plus what Messaline has already paid, allow Jacques to give 2,800,000 $ to Daniel, who is paid in full. The surplus goes to Messaline, who had a narrow escape!

At the end of each complete round of play, 1 round for MAXI BOURSE International "Junior", 2 rounds for the "Senior" game and 3 rounds for the "Masters", the shares you hold bring you several advantages:

1. Dividends

At the end of each round, you count the total number of shares you hold. The banker then multiplies this sum by 10 $ and pays you the dividends due to you. The simplest way to count is to add up the share cards you hold and multiply by 10,000.

Example: Nathalie owns 11 cards. She has therefore bought 11,000 shares. The banker pays her 110,000 $ in dividends. (11 x 10,000 = 110,000 $)

2. Director's Fees (jetons de présence)

Director's fees allow any player who holds the majority of the shares of a company (6,000 shares) to receive a payment each round. The banker pays this majority shareholder "director's fees" equal to the stock market value of 1,000 shares of the company concerned.

Example: Marine holds 7,000 PEUGEOT shares. She therefore has the majority. The PEUGEOT share is quoted at 350 $. Marine will therefore receive director's fees of 350,000 $. The value taken into account must absolutely be the stock market value of the share and not its nominal value, even if the latter happens to be higher than the current value of the share at this point in the game.

3. Profit Allocations (attributions de bénéfices)

The combined total of dividends and director's fees rewards your investments. The profit allocation rewards the strategy you develop.

You hold shares in 3 companies belonging to the same business sector: the banker pays you a flat profit allocation of 300,000 $ each round. But for this you must be the majority shareholder in at least one company, and hold at least 3,000 shares in the other two companies.

Example: Pierre holds 6,000 PEUGEOT shares, so he is the majority shareholder. He holds 4,000 TOYOTA shares and 3,000 VOLKSWAGEN shares. He receives the 300,000 $ bonus from the banker.
You hold shares in 3 companies belonging to 3 different business sectors: the banker pays you a flat profit allocation of 600,000 $ at the end of each round of play.

But for this you must absolutely be the majority shareholder in these 3 companies.

PROFIT ALLOCATIONS: HORIZONTAL AND VERTICAL CONCENTRATIONS N.B.: the classification of companies by business sector, necessarily summary, has been simplified as much as possible to make the game easier.

Banks (BANQUES): Barclay's Bank, Chase Manhattan Bank, Deutsche Bank, Union des Banques Suisses
Energy (ENERGIE): B.P., Elf, Esso, Shell
Automobile (AUTOMOBILE): British Leyland, Fiat, General Motors, Peugeot, Toyota, Volkswagen
Food and luxury industries (INDUSTRIES ALIMENTAIRES ET DE LUXE): BSN, Coca-Cola, Moët-Vuitton, Nestlé
Cosmetics and detergents (COSMETIQUES, DETERGENTS): Colgate Palmolive, L'Oréal, Unilever
Services (SERVICES): Club Méditerranée, Havas, TWA, Wagons-Lits
Electronics, capital goods (ELECTRONIQUE, BIENS D'EQUIPEMENT): AEG, CGE, Matra, Mitsubishi, Thomson
Computing, capital goods (INFORMATIQUE, BIENS D'EQUIPEMENT): Canon, IBM, Olivetti, Philips, Sony
Chemicals, consumer goods (CHIMIE, BIENS DE CONSOMMATION): BASF, Fuji, Kodak, TDK
Public works (TRAVAUX PUBLICS): Bouygues

Horizontal concentration: same business sector. Vertical concentration: different business sectors.

4. Cumulative Gains Are Permitted

Players naturally seek to combine dividends, director's fees and profit allocations.

Example:

Yves's portfolio contains:

6,000 BARCLAY'S shares
4,000 CHASE MANHATTAN BANK shares
3,000 DEUTSCHE BANK shares
7,000 ELF shares
2,000 MATRA shares
6,000 BOUYGUES shares
6,000 THOMSON shares
2,000 IBM shares

Yves holds 36 share cards. The banker pays him 360,000 $ in dividends (36 x 10,000 = 360,000 $).

Yves is the majority shareholder in 4 companies, so the banker again pays him director's fees calculated on the stock market value of 1,000 shares of these companies:

BARCLAY'S is quoted at 400 $ = 400,000 $
ELF is quoted at 350 $ = 350,000 $
BOUYGUES is quoted at 650 $ = 650,000 $
THOMSON is quoted at 500 $ = 500,000 $

The banker therefore pays Yves 1,900,000 $ in director's fees, to which are added the 360,000 $ in dividends = 2,260,000 $.

Yves also receives several profit allocations:

Horizontal concentration: the FINANCES sector brings Yves an additional 300,000 $.
Vertical concentration: Yves holds 4 majority shareholdings; only 3 are taken into account, which bring him 600,000 $.

Yves will therefore receive a total of 3,160,000 $.

5. The Strategy of Accumulation (cumul)

In the previous example, Yves's portfolio brought him a reasonably comfortable reward of 3,160,000 $.

Yves's strategy for the next round is to strengthen his portfolio in the companies that will allow him to earn even more:

He holds 4,000 CHASE MANHATTAN BANK shares. By buying 2,000 additional shares he will not only become the majority shareholder and receive an additional director's fee, but also be able to move closer to another horizontal concentration.

He would then need only 4,000 MATRA shares or 4,000 IBM shares to pocket again..., but work it out for yourself!

6. Short Game, Long Game

You agree among yourselves on the game you wish to play, according to the time available to you and the degree of difficulty you wish to face:

"MAXI BOURSE International Junior" is played over the first round and takes you from A.E.G. to F850 [as printed].
"MAXI BOURSE International Senior" is played over the first two rounds of the Corbeille and takes you from A.E.G. to PHILIPS.
"MAXI BOURSE International Masters" is played over the whole of the Corbeille.

The rules of play have been presented to you in the "long game" format, MAXI BOURSE International Masters. Here is the distribution of cheques and shares to be handed out at the start of the game, if you prefer to play a shorter game:

"MAXI BOURSE International Junior": 5 million dollars distributed as follows:
- 6 cheques of 500,000 dollars
- 5 cheques of 200,000 dollars
- 5 cheques of 100,000 dollars
- 6 cheques of 50,000 dollars
- 6 cheques of 20,000 dollars
- 8 cheques of 10,000 dollars
"MAXI BOURSE International Senior": 10 million dollars distributed as follows:
- 12 cheques of 500,000 dollars
- 12 cheques of 200,000 dollars
- 11 cheques of 100,000 dollars
- 6 cheques of 50,000 dollars
- 6 cheques of 20,000 dollars
- 8 cheques of 10,000 dollars
"MAXI BOURSE International Junior": 5,000 shares representing 5 different companies from among the following shares: 100 $, 200 $, 300 $. Each company is represented by 1,000 shares, as in the long game.
"MAXI BOURSE International Senior": 7,000 shares representing 7 different companies from among the following shares: 100 $, 200 $, 300 $.

V - Closing the MAXI BOURSE International Session

The banker announces the close of the MAXI BOURSE International session when:

The playing time fixed at the start of the session has elapsed. The richest player, after calculating the stock market value of all the shares he holds and the cheques in his possession, is declared the winner.

OR
Only one player remains, the other competitors having been ruined.

OR
All the shares have been sold by the Share Service. The players no longer carry out transactions among themselves.

The richest player is then declared the winner.

Stock Exchange Dictionary

ACTION (share): a negotiable security representing a fraction of the capital of a joint-stock company or of a partnership limited by shares. Holding the shares of a company entitles one to vote and to receive a dividend.

ACTIONNAIRE (shareholder): the holder of a share is called a shareholder.

AGENT DE CHANGE (stockbroker): a public officer who carries out Stock Exchange transactions as well as quotations.

ASSEMBLEE GENERALE (general meeting): a meeting of shareholders to approve the accounts.

AUGMENTATION DE CAPITAL (capital increase): a mechanism which allows any company with share capital to acquire additional financial resources. The decision must be taken by the extraordinary general meeting.

BENEFICE NET (net profit): the positive balance of the company, normally the profit that must be distributed to shareholders.

BILAN (balance sheet): the document which represents the financial equilibrium of a company through the valuation of assets and liabilities.

COMMISSAIRES AUX COMPTES (statutory auditors): their task is to check and certify the accuracy of the accounts of a joint-stock company.

CAPITALISATION BOURSIERE (market capitalisation): a mechanism for measuring the stock market size of a company by multiplying the share price by the number of shares making up the capital.

COMMISSION DES OPERATIONS DE BOURSE (stock market operations commission): a commission whose role is to check the accuracy of information given by companies and to supervise the proper functioning of the market.

COMPTES CONSOLIDES (consolidated accounts): a document published by a company with several subsidiaries.

COTATION (quotation): the fixing of the equilibrium price of a share, resulting from the law of supply and demand.

DELIT D'INITIE (insider trading): the use by professionals of exclusive information linked to their activity. This practice may lead to a financial and even criminal conviction.

DISTRIBUTION GRATUITE D'ACTIONS (bonus issue): a capital increase which entitles every shareholder to receive a certain number of free shares in proportion to the shares already held.

DIVIDENDE (dividend): the income from a share; the dividend may be net when the tax credit (avoir fiscal) is not booked. Otherwise the dividend is called "gross" (global).

DROIT DE GARDE (custody fee): the charges inherent in managing a share portfolio, billed by the custodian of bearer shares.

JETONS DE PRESENCE (director's fees): remuneration paid to members of supervisory and management boards and, sometimes, to shareholders attending general meetings.

OFFRE PUBLIQUE D'ACHAT (OPA, takeover bid): an operation launched by a natural or legal person which consists in publicly announcing to a company's shareholders that it wishes to acquire a certain number of shares at a price determined in cash.

OFFRE PUBLIQUE D'ECHANGE (OPE, exchange offer): the mechanism of the OPE is identical to that of the OPA, but the price is not fixed in cash but in shares.

QUOTITE (trading lot): the quotité is the minimum number of shares on which any transaction in the Monthly Settlement (Règlement Mensuel) applies.

RENDEMENT (yield): the annual income that a share brings to its holder.

REGLEMENT IMMEDIAT (immediate settlement): a mechanism which allows any shareholder not to comply with trading lots during transactions. In this case, the seller collects the amount immediately and the buyer pays for his purchases immediately.

VALEUR BOURSIERE (stock market value): it reflects the equilibrium point between supply and demand. It is the market price.

VALEUR NOMINALE (nominal value): it represents the original value of the newly issued share or the subscription value of a newly created company.