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| OptionsXpress Holdings, Inc., headquartered in ], ], is a retail, online brokerage firm offering a platform that provides brokerage services for options, stock, futures, mutual funds, and fixed-income investments in the United States and internationally. Its browser-based technology provides trading tools, enabling retail and professional investors to identify, analyze, and execute a range of investment strategies.. | |||
| ==Million Dollar Portfolio Challenge== | |||
| OptionsXpress, in conjunction with ], are sponsors of the so-called ''Million Dollar Portfolio Challenge'' contest, which began on ], 2007, and continues until ], 2007. The Official Contest Rules are set forth in full on the contest's website. . | |||
| ==== Contest "Multiple Accounts" Controversy ==== | |||
| The ''Million Dollar Portfolio Challenge'' has become embroiled in controversy after just its first week when it was revealed that one participant, Nancy Beaumont from California, registered 800 separate portfolios in the contest, ] increasing her ] of gaining admittance to the contest Finals and winning the $1,000,000 prize, and leading to her currently occupying no fewer than nine places in the Top 25 Leader Board. | |||
| The express terms of the Rules, however, provide in material part: | |||
| <blockquote> | |||
| '''Description of the Contest:''' | |||
| The contest is a stock trading game that provides Participants with '''''a fictional trading account, One Million (1,000,000) fictional dollars''''' ("CNBC Bucks") and the fictional ability to trade individual stocks on the NYSE, NASDAQ and/or AMEX exchanges. | |||
| </blockquote> | |||
| The Rules further state: | |||
| <blockquote> | |||
| '''Trading:''' | |||
| Each '''''participant''''' begins the Contest with '''''One Million (1,000,000)''''' CNBC Bucks to create '''''a fictional portfolio''''' of the NYSE, NASDAQ and/or AMEX-traded stocks. | |||
| ... | |||
| Each '''''participant''''' can make a '''''maximum of fifty (50) trades per Day''''', based on the time the trade is entered by the '''''Participant'''''. | |||
| </blockquote> | |||
| As a result of Nancy Beaumont's registration of 800 accounts, therefore, she has $800,000,000 CNBC Bucks available to her in the contest, spread over 800 separate accounts, and the ability to make a total of 40,000 trades per day. Other participants who registered one account per the express terms of the Rules, by comparison, have $1,000,000 CNBC Bucks available to them and can only make 50 trades per day. As a result, the ] of Nancy Beaumont winning the contest is dramatically ] in her favor. | |||
| OptionsXpress has yet to make a statement regarding the controversy. | |||
| {{Uncategorized|date=April 2007}} | |||
Latest revision as of 19:59, 20 February 2019
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