Rotman International Trading Competition (RITC)
Case Package Briefs
Scoring
The scoring and ranking methodology is designed to translate absolute performance into relative performance using a ranking system. This ranking system is designed to discourage participants from “betting the house” in one heat and generating very large absolute profits that will result in a clear win of the entire competition. Instead, participants’ absolute performance in each heat is converted into a series of ordinal ranks which are subsequently converted into a final case ranking. These case rankings are mapped to case scores and then combined under the following weights:
Case | Weight |
Commodities Case | 15% |
ETF Case | 15% |
Algorithmic CAPM Forecasting Case | 20% |
Electricity Case | 15% |
Volatility Trading Case | 15% |
Algorithmic Market Making Case | 20% |
The scoring system is not intended to be extremely complex. However, throughout the trading competition there will be over 2,000 separate trading results. These results must then be averaged and ranked over several iterations to compute a final ranking and score. This document describes that process.
The purpose of the system is to reward consistently high performance (i.e. a team that places 8th, 5th, and 10th will have a higher final score than a team that places 1st, 10th, and 35th).
Commodities Case and Electricity Trading Case
The final P&L of each team member will be summed to form a dollar value of the team P&L. The teams are then ranked for each heat by the dollar values of the team P&L, with first place awarded to the team with the highest dollar value. In the event of a tie, the teams that have tied will be given the same rank. The teams below the tie will be given a rank based on the number of teams that have scored better than them. Therefore, if three teams tied for 2nd place, the ranking would be 1st, 2nd, 2nd, 2nd, and 5th.
Based on the above, each team’s heat ranks will be averaged and then the resulting averages will be ranked to determine their overall case rank. The team with the lowest average will be ranked first. This case ranking is then mapped to a point score where the lowest rank is given a score of n+1, where n is the number of teams below you plus the teams that tied with you.
Volatility Trading Case and ETF Case
For each heat, the final profits and losses (P&L) [1] of all participating members [2] of a team are summed to form a dollar value of the team P&L. The teams are then ranked for each heat by the dollar values of the team P&L with 1st place given to the team with the highest dollar value. In the event of a tie, the teams that have tied will be given the same rank. The teams below the tie will be given a rank based on the number of teams that have scored better than them. Therefore, if three teams tied for 2nd place, the ranking for the top five teams would be 1st, 2nd, 2nd, 2nd, and 5th.
Each team’s heat ranks are then averaged. Teams are then ranked based on their average heat rank to determine their final case rank. The team with the lowest average will be ranked first.
This case ranking is then mapped to a point score where the lowest rank (best score) is given a score of n+1, where n is the number of teams below you plus the teams that tied with you (i.e. the first place team out of 52 teams will get a score of 52, the last place team will get a score of 1). To continue the above example, if you are tied for 2nd place with three other teams, you will get a score of 51.
[1] For the ETF Case, the Adjusted P&L will be used that can be seen in the RIT from “Trader Info” tab.
For the Volatility Trading Case, the P&L (as shown in the RIT) will be decreased by the sum of penalties received by each team member as described in this Case Package.
[2] Two team members for the Volatility Trading Case and four team members for the ETF Case.
Algorithmic CAPM Forecasting Case and Algorithmic Market Making Case
Only one member from each team will be required to participate in the Algorithmic Cases. This member can be the same for both the cases or different for each Algorithmic Case. The final P&L of the participating team member will become the team P&L, which will be then ranked for each heat with first place awarded to the team with the highest dollar value. In the event of a tie, the teams that have tied will be given the same rank. The teams below the tie will be given a rank based on the number of teams that have scored better than them. Therefore, if three teams tied for 2nd place, the ranking would be 1st, 2nd, 2nd, 2nd, and 5th.
Based on the above, each team’s heat ranks will be averaged and then the resulting averages will be ranked to determine the final case rank. The team with the lowest average will be ranked first. This case ranking is then mapped to a point score where the lowest rank is given a score of n+1, where n is the number of teams below you plus the teams that tied with you.
Final Score
The final case scores are then multiplied by their case-weights to form a final weighted score. This final weighted score is used to rank teams, where the highest score is the best score. In the case of two or more teams having the same final weighted score, those teams will be ranked based on the variance of their final case scores. The team with the lowest variance will be ranked ahead of the others. For example, if the top 3 teams have the following scores:
Team | Final Case Scores | Final Weighted Score | |||||
Commodities | ETF | Algo CAPM Forecasting | Electricity | MathWorks Volatility | Algo Market Making | ||
Team 1 | 49 | 50 | 50 | 49 | 52 | 50 | 50 |
Team 2 | 50 | 46 | 50 | 46 | 50 | 47 | 48.2 |
Team 3 | 49 | 50 | 47 | 48 | 49 | 47 | 48.2 |
Team 1 will be ranked first as it has the highest weighted score. Team 2 and Team 3 have the same final weighted score and will be ranked based on the variance of their case scores. The variance for Team 2 is 4.17 while the variance for Team 3 is 2.17, therefore Team 3 will be ranked second while Team 2 will be ranked third.
Final Rank | Team |
1 | Team 1 |
2 | Team 3 |
3 | Team 2 |
Two (or more) teams that have the same score and the same variance will tie. In the event of a tie, the teams that have tied will be given the same rank. The teams below the tie will be given a rank based on the number of teams that have scored better than them. Therefore, if three teams tied for 2nd place, the ranking would be 1st, 2nd, 2nd, 2nd, and 5th.
Access Credentials
When registration closes, we will send you an email including your team’s four unique RIT Trader IDs & a Team Password for the competition.
Your RIT Trader IDs are like tickets to a movie. Your team is given four tickets, but team members may sit where they like.
For Example:
- Seat (Trader ID) #1: ABCD-1
- Seat (Trader ID) #1: ABCD-2
- Seat (Trader ID) #1: ABCD-3
- Seat (Trader ID) #1: ABCD-4
- Team Password: apples
RIT Credentials give your team access to Practice Servers, Practice Sessions, and Competition Day Servers.
Roles
- Some cases require team members to play specific roles. Teams can decide which team members will play which roles.
- For cases that have roles, only specific Trader IDs will be in operation, and they will be tied to a specific role.
- To use our movie analogy, for each case with roles, only certain seats will be available.
- Teams can decide which team members have a seat, and which team members watch from the aisle.
Commodities Case
- ABCD-1: Role of Producer
- ABCD-2: Role of Refiner
- ABCD-3: Role of Trader #1
- ABCD-4: Role of Trader #2
ETF Case
- ABCD-1: Role of Trader #1
- ABCD-2: Role of Trader #2
- ABCD-3: Role of Trader #3
- ABCD-4: Role of Trader #4
Algorithmic CAPM Trading Case
- ABCD-1: Role of Algo Trader
- Commodities Case: Each team member is required to trade in a specific role for this Case.
- ETF Case: All team members participate in this case, and all have the same role.
- Algorithmic Trading Case: Any one member may represent the team in the single role in this Case.
Electricity Trading Case
- ABCD-1: Role of Producer
- ABCD-2: Role of Distributor
- ABCD-3: Role of Trader #1
- ABCD-4: Role of Trader #2
Volatility Case
- ABCD-1: Role of Trader #1
- ABCD-2: Role of Trader #2
Algorithmic Market Making Trading Case
- ABCD-1: Role of Algo Trader
- Electricity Trading Case: Each team member is required to trade in a specific role for this Case.
- Volatility Trading Case: Any two team members may represent the team in this case in the two roles.
- Algorithmic Trading Case: Any one member may represent the team in the single role in this Case.
Getting Started Resources
Commodities Case
- Manual trading case,
- REST API will be enabled for information retrieval,
- RTD Links VBA will be disabled.
ETF Case
- Manual trading case,
- REST API will be enabled for information retrieval,
- RTD Links VBA will be disabled.
Algorithmic CAPM Trading Case
- Everyone will be seated in the lab,
- REST API will be enabled for info ret and order execution,
- RTD Links VBA will be enabled for information retrieval and order execution.
Electricity Trading Case
- Manual trading case,
- REST API will be enabled for information retrieval,
- RTD Links VBA will be disabled.
Volatility Case
- REST API will be enabled for info ret and order execution using Python and MATLAB,
- RIT VBA Links will be enabled on only 72 machines (we strongly suggest using Python instead)
Algorithmic Market-Making Trading Case
- Everyone will be seated in the lab,
- REST API will be enabled will be enabled,
- RTD Links VBA will be enabled for information retrieval and order execution.
Important note about VBA:
Please note that VBA is unavailable for all cases, except for the two Algorithmic Cases. Also, there are limited seats for the Volatility case.
Students, please fill out this survey to indicate which technology you will use for the Volatility case by February 16th, 3:00pm (EST). Please only have 1 answer per team.
We understand the inconvenience caused by the changes in the cases. Going forward, participants are encouraged to use Python during the competition, VBA will be enabled on the practice server on a temporary basis to allow participants to convert their VBA code to Python. This decision stems from Microsoft licensing restrictions, which only allows licenses to be used by a single user (or terminal). This becomes unrealistic in a competition setting where multiple laptops must be set up. Due to the licensing obstacles, Excel is not installed on the temporary competition machines located outside the Lab. We must ensure all participants use the same tool (Python) throughout the event so all computers will be equipped with Python for the competition.
In previous years, Microsoft licensing operated differently, where an offline site license could be installed on any computer. Since moving to Office365, Microsoft licensing is based on single-user allocation. This creates challenges in a competition setting such as RITC. Alternatively, Python is openly supported and available on all competition computers (and publicly as well), therefore the use of Python was selected for that specific reason.
Furthermore, MathWorks MATLAB will be available for participants to use in the Volatility case, check the getting started Volatility case page for more details and sample codes.
RIT Market Simulator Installation Instructions for Practice
Practice Server
The Practice Server allows you to explore RIT prior to the Competition Day. The Practice Server will be disabled on Competition Day. Some cases require team members to play specific roles. Teams can decide which team members will play which roles.
To log into any Practice Server port, please use the trader ID and password we will send you on February 1, 2024.
The case structure on practice servers and during the competition will be the same, but market dynamics may be different depending on the participants’ trading behaviour. Price paths will also be different during the competition. In addition, market parameters during the competition may be adjusted to better account for over 100 live traders.
We are running fixed iterations of Commodities case, Electricity case, and Volatility case. ETF case and Algorithmic cases are randomized in each heat.
We will make the actual competition cases available on the Practice Server by Thursday February 15th at 11:59 pm (EST).
Cases below will use the following server host name: flserver.rotman.utoronto.ca
Current active port as of February 1, 2024.
- Case 01: Commodities Case - Port number: 16510
- Case 02: ETF Case - Port number: 16520
- Case 03: Algorithmic CAPM Case Server 1 - Port number: 16530
- Case 04: Electricity Case - Port number: 16560
- Case 05: Volatility Case - Port number: 16565
- Case 06: Algorithmic Market Making Case Server 1 - Port number: 16570
Additional ports below are now available.
Cases below will use the following server host name: flserver-test.rotman.utoronto.ca
Current active port as of February 5, 2024.
- Case 03: Algorithmic CAPM Case Server 2 - Port number: 16605
- Case 03: Algorithmic CAPM Case Server 3 - Port number: 16610
- Case 06: Algorithmic Market Making Case Server 2 - Port number: 16615
- Case 06: Algorithmic Market Making Case Server 3 - Port number: 16620
Practice Sessions
The practice sessions are scheduled to allow participants to virtually gather and practice the competition cases together at the same time. Results for each case will be released during the practice sessions.
Please see practice session schedule below.
- Practice Session #01 - February 16, 2024, at 07:00 am (EST) (via Zoom & RIT)
- Practice Session #02 - February 16, 2024, at 09:00 am (EST) (via Zoom & RIT)
- Practice Session #03 - February 16, 2024, at 12:00 pm (EST) (via Zoom & RIT)
- Practice Session #04 - February 21, 2024, at 10:00 am (EST) (In-person)
Each practice session will last approximately 1.5 hours and one heat will be run for each case.
Server host name: flserver.rotman.utoronto.ca
Port number: 16550
The above port will only be active during the scheduled practice sessions
Competition Day Schedule
Day 1 | February 21, 2024
- 0900 - 1100 | Registration
- 0900 - 1100 | Breakfast
- 0930 - 1200 | Photos: Teams
- 0930 - 1200 | Photos: Individual Headshots
- 1000 - 1130 | Practice Session (Optional)
- 1200 - 1400 | Welcome and Lunch
- 1400 - 1500 | Commute to TMX
- 1500 - 1700 | TMX Market Close Activity
*Please see important notes about Toronto Stock Exchange (TMX) visit below.
Day 2 | February 22, 2024
- 0800 - 0900 | Late Registration
- 0800 - 0930 | Breakfast
- 0930 - 1145 | Commodities Case
- 1145 - 1300 | Lunch
- 1300 - 1515 | ETF Case
- 1515 - 1545 | Break
- 1545 - 1730 | ALGO CAPM Case
- 1730- 1830 | Sponsor Activity
- 1830 - 2100 | Dinner at Rotman
Day 3 | February 23, 2024
- 0800 - 0900 | Late Registration
- 0800 - 0930 | Breakfast
- 0930 - 1145 | Electricity Case
- 1145 - 1300 | Lunch
- 1300 - 1515 | MathWorks Volatility Case
- 1515 - 1545 | Break
- 1545 - 1730 | ALGO Market Making Case
- 1730 - 1830 | Commute to HHF
- 1830 - 2100 | Reception and Awards Ceremony
*Practice Session (optional) – will cover Algo CAPM, Electricity & ETF cases; the lab has limited capacity and will operate on a first-come, first-serve basis. Should we reach capacity, we will direct you to a separate classroom to take part in this session
Competition Day Instructions
- Use your RIT credentials to connect to the server and port (Trader ID and Password) assigned to you by your team (see Roles).
- Server and port will be announced on this page on February 1st.
- Example: If you are the Role of Algo Trader in the Algo Market-Making Case, you will log in as ABCD-1
- Once you are connected, messages on your RIT will keep you informed throughout the session about the next steps.
- Each case will be run in various heats multiple times
- Between cases, users will be temporarily disconnected from RIT as the next case is loaded. Simply reconnect to resume.
- Only one team member will need to reconnect to RIT to trade the Algorithmic Trading Case.
- The server port is only active during the competition session.
- Depending on the case study, your team will be assigned to either the Lab or one of two classrooms; in the lab, you will be provided with a desktop computer. In the classrooms, you will be provided with a laptop. You are not permitted to use your own laptop during the competition.
Server host name: flserver.rotman.utoronto.ca
Port number: 16540
Venue details - Lab Location
BMO Financial Group Finance Research and Trading Lab
Rotman School of Management
105 St George St, Toronto, Canada M5S 3E6
Office no. 290
Way Finder PLans
1st Floor Way Finder
2nd Floor Way Finder
Students
Badges: Your badges will be available for pick-up beginning February 21st, 2024, between 9:00 am and 11:00 am at the RITC Registration Desk located in the Fleck Atrium (Rotman School of Management at 105 St. George St., 1st floor, North Building). Late Registration will be open on February 22nd, 2024, between 8:00 am and 9:00 am.
Photos: On Day 1, February 21st, 2024, from 9:30 am to 12:00 pm, please be prepared to take your professional team photos. Additionally, you will have the opportunity to take a professional individual headshot which will be sent to you after the event to use for your new LinkedIn profile photo, resume etc. Don’t miss this!
Practice Sessions: On Day 1, February 21st, 2024, you may choose to attend the optional 1.5-hour Practice Session held in the BMO Finance Research and Trading Lab (Room 290, North Building) where we will cover the Algo CAPM, Electricity & ETF cases. PLEASE NOTE: the Lab has limited capacity and will operate on a first-come, first-serve basis for this practice session. Should we reach capacity, we will direct you to a separate classroom to take part in this session. To attend, simply arrive at the Lab between 10:00am-11:30am. Additionally, we have added virtual Practice Sessions scheduled on February 16th.
Welcome (and Lunch): On Day 1, February 21st, 2024, please identify your table number on the seating chart and find your designated table in Desautels Event Hall. The Welcome event is an opportunity to network with other students, faculty, staff members and sponsors.
Food and Beverage
Meals, snacks, beverages, and water will be provided throughout your time at the competition.
Off-Site Activity – Transportation provided
- On February 21 at 2:00pm, please make your way over to the bus pick-up spot. The buses will take you to Toronto Stock Exchange (130 King St. W). The bus will leave Rotman School of Management by 2:25pm. This student activity starts at the Toronto Stock Exchange at 3:00 pm.
- February 23rd at 5:30pm, please make your way over to the bus pick-up spot. The buses will take you to the Dinner and Awards Ceremony at the Hockey Hall of Fame (30 Yonge Street). The bus will leave Rotman School of Management by 5:50pm. Cocktail hour at Hockey Hall of Fame begins at 6:30 pm.
* Toronto Transit Commission (TTC) bus one-way tickets will be provided to you to use to travel back to your hotel/home after each event. See map of the Subway system below.
* Each team is allocated a specific bus number to the outing venues. See below.
Dress Code
RITC is a professional business competition, so participants are expected to dress in business casual or business formal attire.
Coat Check
A self-serve coat check will be provided in Desautels Event Hall. Although supervised, you should NOT leave any valuables such as laptops or briefcases unattended.
Case Study Seat Allocation
For each case study, team members will be rotated among 3 different classrooms (Room 142, Room 147, and the FRT-Lab). It is extremely important to follow the seat allocation given to you at registration and for you to arrive at the space on time. We recommend students bring headphones to communicate with each other during the case studies. If you are in the Lab and intend to use the desktop computer to communicate with your team members, headphones need to have 3.5mm jack or USB-A or UBC-C cable.
Resume Links
Your resume links will be shared with our Sponsor team. Please ensure that the resume links you provided us with are public and/or not broken. If you have not sent us your resume yet, please email us your link no later than Friday February 16th at 3:00pm (EST) to be included.
Sponsors
Sponsor Badges
Your badges will be available for pick-up beginning February 21, 2023, at 09:00 am at the RITC Registration Desk located next to the conference room, Desautels Event Hall (Rotman School of Management at 105 St. George St., 2nd floor). Please, send us the details of your representatives by December 15, 2023. Required details: First name, last name, Title.
Exhibit Package
Your tabletop exhibit includes the following furnishings: a 6ft x 2.5 ft draped table, and two chairs. Your exhibit must be confined to the tabletop; however, one standard size retractable banner may be placed behind your exhibit table (to the left of the table). Basic complimentary Wi-Fi will be provided. Please note that you will have limited access to power. You will be provided with access to the sponsor’s VIP lounge that will have access to power and a seating area.
Pre-show Shipments
All materials that are shipped or brought to the event for your tabletop displays, should arrive before February 14, 2023. Ensure you have tracking information in the event your boxes cannot be located. Boxes should be marked as follows:
Name of Guest/Company Name
RITC 2024 Conference
Room 294
Att: Sonya Ho
BMO Financial Group Finance Research and Trading Lab
Rotman School of Management
University of Toronto
105 St. George Street
Toronto, ON M5S 3E6
Canada
Security
You should NOT leave valuables such as laptops, briefcases, etc. at your table overnight or while your table is unattended. We also suggest that you take steps to secure your table at the end of each day.
Sponsor Hours
Sponsors are welcome to set up their booth starting from February 21, 2023, at 9:00 am. Sponsors should complete set-up on February 21, 2023, by 11:00 am. For the detailed event schedule, please view the schedule above.
Buses
Day 1 - Commute to Toronto Stock Exchange at 1400 on Feb 21, 2024. Bus leaves at 2:25pm sharp!
To participate in certain events, it may be necessary to travel to locations other than the Rotman School of Management at 105 St. George St. In order to ensure a seamless experience for all participants, we have arranged transport using private services and public transit for the following two activities:
On Day 1, February 21st, 2024, participants will have the opportunity to visit the Toronto Stock Exchange (130 King St. W) from 3:00pm-5:00pm.
Due to the limited capacity of this venue, the STUDENTS ONLY will take part in the closing of the market from 3:00pm-4:00pm.The students will be dismissed at 4:00pm from the activity and should Faculty advisors/Sponsors wish to also experience the Toronto Stock Exchange, they may do so between 4:15pm-5:00pm. While Faculty advisors/Sponsors wait for their entrance, feel free to use this time to break and explore the Toronto Financial District! Faculty and Sponsors, please indicate on this survey, by February 16th, 3:00pm (EST) if you plan on attending the Stock Exchange activity.
Schedule below:
Load Buses at the Rotman School of Management – 2:00pm
Buses Leave for Toronto Stock Exchange – 2:25pm sharp
Students Visit (includes market close activity) – 3:00pm entry time, dismissal at 4:00pm
Faculty/Observer/Sponsor Visit – 4:15pm entry time, dismissal at 5:00pm
Day 3 - Commute to Hockey Hall of Fame at 1730 on Feb 23, 2024. Bus leaves at 5:50pm sharp!
On Day 3, Feb 23, 2024, of RITC, all participants will move to the Hockey Hall of Fame at 10 Front St W, Toronto Ontario M5E 1X8 at 1730 from Rotman School of Management at 105 St George St, Toronto, ON M5S 2E8.
Schedule below:
Load Buses at the Rotman School of Management – 5:30pm
Buses Leave for Hockey Hall of Fame – 5:50pm sharp
Cocktail Reception – 6:30pm
Public transit tickets
- Each participant will receive two TTC one-ride presto tickets.
- You can use the tickets any time throughout your stay in Toronto
- You can only use a PRESTO Ticket for one person per trip.
- Tap your PRESTO Ticket to enter any TTC subway station, streetcar or bus and to transfer.
- Keep it with you as you ride as your proof of purchase for TTC fare inspections.
- A PRESTO Ticket can only be used on the TTC.
Table Seating Chart
Please find your team’s table number below for activities taking place in Desautels Event Hall on Day 1, 2 and 3.
- Babson College - Table 28
- Baruch College - Table 8
- Boston University - Table 6
- Carnegie Mellon University - Table 14
- Chulalongkorn University - Table 29
- City University of Hong Kong - Table 18
- Columbia University - Table 5
- Concordia University - Table 19
- Elon University - Table 27
- Fairfield University - Table 2
- HEC Montréal - Table 24
- Luiss Guido Carli - Table 25
- Middlebury College - Table 27
- Monash University - Table 11
- New York University - Table 25
- Northern Alberta Institute of Technology - Table 20
- Oklahoma State University - Table 21
- Peking University - Table 23
- Princeton University - Table 20
- Queen's University - Table 26
- Reykjavic University - Table 28
- St. Mary's University - Table 3
- Stony Brook University - Table 15
- Toronto Metropolitan University - Table 1
- Trinity College Dublin - Table 22
- Université Laval - Table 16
- University College Dublin - Table 24
- University of Alberta - Table 22
- University of British Columbia - Table 28
- University of Calgary - Table 10
- University of California, Berkeley - Table 19
- University of Economics in Bratislava - Table 7
- University of Lethbridge - Table 17
- University of Nevada - Table 4
- University of Ottawa - Table 26
- University of Sydney - Table 13
- University of Toronto - Table 12
- University of Warsaw - Table 9
- University of Washington - Table 17
- University of Waterloo - Table 15
- University of Windsor - Table 16
- Western University - Table 21
- Zayed University - Table 23
Please find the table seating chart image below for Desautels Event Hall.
Toronto Transit Commission TTC subway map
