The following rules apply to all markets listed on Intrade unless otherwise specified in the individual market rules (accessed using the Rules tab located on the prediction page for each market).
All markets will be settled at the time and date specified in the individual market rules published on the site. The individual market rules may be updated or clarified if required.
Intrade reserves the right halt the trading of shares in any market at any time and set any settlement value it deems to be fair and appropriate.
Intrade also reserves the right to reverse or re-price any trades that may have occurred in any market at any time.
If an event, announcement or any other situation a market is based on is cancelled, abandoned or for any other reason does not happen, and the outcome has not been unconditionally determined, Intrade reserves the right to halt the trading of shares, declare the market void and reverse all previous trades.
Any changes to the outcome of an event after a relevant result or outcome is declared (see individual market rules for these timings) will be disregarded and will not affect the original market settlement.
If there is any change to an event, or any situation arises, that is not addressed by the market rules Intrade , at its sole discretion, will determine the fairest and most appropriate course of action.
Where the settlement of a market is based on a new announcement, Intrade reserves the right to pause the market, halt the trading of shares, and reverse all trades time stamped within one hour prior to the first news story or announcement relevant to the settlement of the market.
Members of the exchange should have no expectation of profiting, either knowingly or unknowingly, from orders to buy or sell shares that are unrepresentative of fair market value. Members who do trade (buy or sell shares) at a significant bona fide price error may petition to have the trade reviewed. Intrade has the absolute right to cancel or re-price the trade should it determine that it was executed at a price unrepresentative of fair market value and that this is the appropriate course of action in that particular case.
Any member who wishes to petition Intrade to review a trade on the basis of an unrepresentative price must send an email request to email@example.com with the following subject line: Unrepresentative Price Petition. This request must be sent within 15 minutes of the trade being executed if the market is in-running, or before the end of the current trading session in other circumstances.
There is a non-refundable $200.00 fee charged for the review of a trade. This fee will be deducted from the members Intrade account balance. If there are insufficient funds to cover this fee the trade will not be reviewed.
If Intrade determines that a trade has been executed at an unrepresentative price it may, within it’s sole discretion, cancel or re-price the trade as soon as is practicable. Intrade may consider the following factors when reviewing the trade:
- The opening price levels of the market
- The current market conditions, including levels of activity, volatility, liquidity and whether the market was in-running
- The last trade price of that market
- The time stamped order flow for that market
- The information regarding price movements in related markets, the release of economic data, or other relevant news immediately before or during the trading session
- A manifest error
- The proximity of the trade to the close of the market
- The impact of the erroneous trade on other trades
- The fair market price of the trade, if one exists at the time (as determined by Intrade)
- The financial significance and/or materiality of the trade
- Whether a cancellation of the trade would be equitable to all parties involved when all the circumstances are considered
Intrade will respond as soon as possible to any petition received, indicating an approximate time for a formal response. Also at that time the non-refundable $200.00 fee will be debited from the members Intrade account balance.
This rule applies only to price errors. Quantity (the number of shares bought and sold) errors will not be reviewed.
INTRADE IS NOT OBLIGED TO ACT ON ANY PETITION AND ANY DECISION MADE BY INTRADE REGARDING THE CANCELLATION OR RE-PRICING OF A TRADE IS FINAL