Rules & Awards

1. Students registered in the Institutional Beta have the choice to enter into contests to forecast earnings report metrics associated with Eligible Tickers ("Tickers") as they become available via KickOff Video........................

2. Students may enter as an individual (Finance Royale Solo Trader) or as a team of two or three members (Finance Royale Team) with separate leaderboard standings: identification during registration is not required if an election is exercised to receive Finance Royale Credits in perpetuity as deferred awards in lieu of Payment-in-Kind (“PIK”) or Direct Payments. See also Rule 18 for One-Time liquidation option of Credits.

3. You may have multiple registrations, for example using various pseudonyms which may represent different Data Entry strategies by registering and disclosing Subsidiary Strategies. 

4. The following forecasts in USD will be required for completion to be eligible for awards:

1. GAAP Earnings-Per-Share as reported on the Income Statement release; and

2. Non-GAAP Earnings-Per-Share if applicable as reported on the Income Statement release.

5. There is no obligation to enter into any contest or to complete all forecasts for all Tickers. The official transcript of the individual or team’s track-record will only disclose the following Rank-Title™ for each completed Ticker forecast based on forecast accuracy: First-Place, Top3, Top5, and Top10. Thereafter, Top10%, Top20%, Top30%, Top40% and Top50%. Otherwise no result will be recorded on the transcript even if you did participate.

6. As customary in funds management, the track-record of the team will also be assigned to the current registered members and does not automatically assign to past members of the team. Registered individuals retain their track-record and can only be assigned upon request to Concierge. The team and its track-record will be scrubbed unless one team member is an original registered team member or upon request to Concierge. 

7. Contest results and awards will be posted on the website and be associated in the priority order of one of the following: pseudonym, team name, handle or first middle surname if provided during registration.

8. For each forecast submission, students may submit a series of Know-Your-Ticker™ steps to provide support for forecasts using the Long-Form.

9. Participants may update/revise forecasts. Forecast accuracy is based on the most recent revision, but retain the priority date of the first Data Entry.

10. Forecasts and revisions can be made up until the penultimate day of the earliest earnings date of any of the Eligible Tickers for each quarterly earnings season.  For the March 2026 Ticker Forecasting Tourney this will be deemed to be 4p.m. (US) Eastern Standard Time [21 April 2026] or as revised on the Announcement noticeboard due to changes in earnings dates. Forecasts submitted after the actual earnings release date will not be eligible for Awards.

11. Base Awards of $500 will be given for each fully maturing quarterly Ticker contest in the local currency of each participating institution, to be delivered as a single cumulative award based on the final SCORE. If you are Hunter-Class certified, a pro-rated mechanical Bonus Award will be given to each Eligible Ticker winner for data-entry using either the Long-Form or the Forecasting Tool. Non-maturing or cancelled contests for Tickers will be given a total Award payout value of $125 to the earliest Data Entry participant. 

12. The final SCORE is based upon the sum of all Symmetric Mean Absolute Percentage Errors (SMAPE) for all Eligible Tickers and required forecasts, being the last submitted or revised forecasts. Any incomplete forecast will be given a default forecast of 0. The participant with the lowest SCORE receives the award. Equal SCORES will be decided by the first Data-Entry date. Finance Royale reserves the right to amend its future calculations according to alternative standardized calculations with reasonable notice on this webpage. 

13. If a Ticker does not explicitly disclose a Non-GAAP Earnings-Per-Share in its Income Statement release, then it is deemed to be the same as the reported GAAP Earnings-Per-Share for the purposes of calculating the SCORE.

14. Residents of the United States of America ("US") with a US-domiciled bank account will receive a Direct Payment via bank transfer unless Finance Royale Credits have been elected. Non-residents receiving Direct Payment are subject to 30% withholding, while amounts exceeding US$600 will require a W-8BEN form to be filled. PIK Awards are given at face-value. PIK Awards must be claimed within 5 business days via Concierge Request after results are released on the Announcement noticeboard, otherwise it will be awarded to another Student. PIK Awards may be assigned to another Student if incorrect registration details have been provided to Concierge.

15. Students may request through Concierge the PIK Award type and delivery method. For physical delivery Finance Royale is permitted to use pseudonym, team name or handle as the "recipient name" on mail and the address provided to Concierge. Where delivery is not economical, students may collect at any designated Collection Location nominated by Finance Royale.

16. Forecasts provided by students may be disclosed individually or as a synthetic value or group averaged value to third-parties for the purposes of beta-testing and/or a public benefit primary data service.

17. Students may request Finance Royale or its designated Administrative Agent to send transcripts of merit and participation for contests to third-parties.

18. Finance Royale Credits awarded may be applied to other future member rewards or repurchases if subsequently offered by Finance Royale. There is a One-Time option to convert registration to PIK Awards and receive delivery of any outstanding Finance Royale Credits at its original local currency award value without time-value or market-value accretion if identification has been provided during registration. Finance Royale Credit awards do not need to be claimed and will be automatically deposited into the winner's treasury.

19. [Rules 19 is deliberately blank].

20. Material provided on this website such as videos, manuals and contest invitations are provided only as general guidance and are not regularly updated. Students and participants agree that that they have not relied upon any other statement, representation, warranty, or agreement not expressly contained in the Rules & Awards.

21. Participants must claim Base Awards with an Education Partner student e-mail, while Hunter-Class participants may claim awards with private e-mails provided they have submitted correct registration details to Concierge. 

22. Bonus Awards require Qualification, in which case participants must meet those prerequisites prior to Data Entry. Submission of Data Entry without the required Qualification does not imply the acceptance of the submission for the purposes of receiving Bonus Awards, even if the Data Entry has been printed on the website or benevolently awarded a Rank-Title™.

23. A single award is to be delivered to the student or member contacting Concierge on behalf of the team. Finance Royale has no responsibility to equitably distribute the award to all members. 

24. If you are not already Hunter-Class certified, you can achieve certification and be qualified to receive Bonus Awards by perfecting the Know-Your-Ticker™ Qualification-Quiz. You can attempt the Qualification-Quiz a reasonable number of times. The pro-rated mechanical Bonus Awards will depend upon your Public Value during each contest: if you reach a predefined Public Value, you will receive the full Bonus Award, otherwise you will receive a pro-rated Bonus Award. 

25. Hunter-Class teams may comprise of members who are not institutional students: such as alumni, workplace colleagues, family and friends domiciled within a participating institution's country. This allows convenient turnover/replacement of team members if necessary to maintain continuity of the team's track record. For the 2026 Season, there is no requirement for an institutional password during registration, but please note Rule 21.