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The Directors of the IEM reserve the right to introduce new contracts to the market as spin-offs of existing contracts. When a contract spin-off occurs, an original contract will be replaced by new contracts which divide the payoff range of the original contract into sub-intervals. No holder of the pre-spinoff contracts will be adversely affected. Traders will receive the same number of each of the new contracts as they held in the original, and the sum of the liquidation values of the new contracts will equal the liquidation value of the original. Decisions to spin-off a contract will be announced at least two days in advance of the spin-off. The new contract names, the specifications regarding liquidation values and the timing of the spin-off will be included in the announcement. This announcement will appear as an Announcement on your WebEx login screen.


Fixed price contract bundles consisting of one share of each of the contracts in this market can be purchased from or sold to the IEM system at any time. The price of each fixed price contract bundle is $1.00. Because exactly one of the market capitalization outcomes will result from the Google IPO, the total payoff from holding a contract bundle until the market closes is $1.00.

To buy or sell fixed price contract bundles from the system, use the "Market Orders" option from the Trading Console. Select "GOOGLE_WTA (buy at fixed price)" from the Market Orders list to buy bundles. Select "GOOGLE_WTA (sell at fixed price)" to sell bundles.

Bundles consisting of one share of each of the contracts in this market may also be purchased and sold at current aggregate market prices rather than the fixed price of $1.00. To buy a market bundle at current ASK prices, use the "Market Order" option as above but select " GOOGLE_WTA (buy at market prices)." To sell a bundle at current market BID prices, select " GOOGLE_WTA (sell at market prices)."

Bundle purchases will be charged to your cash account and bundle sales will be credited to your cash account.


This market will remain open until contract liquidation. Liquidation values will be credited to the cash accounts of market participants.


Current and newly enrolled IEM traders will automatically be given access rights to the GOOGLE_WTA Market. Access to this market is achieved by logging into the IEM and choosing " GOOGLE_WTA " from the Navigation Bar.

Funds in a trader's cash account are fungible across markets so new investment deposits are not required. Additional investments up to the maximum of $500 can be made at any time. New traders can open accounts using the IEM OnLine Account Application page (http://iemweb.biz.uiowa.edu/signup). There is a one-time account registration fee of $5.00, and investments are limited to the range of $5.00 to $500.

Requests to withdraw funds may be submitted at any time by completing the IEM's Online Withdrawal Request form (www.biz.uiowa.edu/iem/accounts/withdrawalrequestform.html) or by completing and mailing the paper version of the request form. Additional information about requesting withdrawals is available at the IEM website at http://www.biz.uiowa.edu/iem/accounts/withdrawals.html.


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