GLOSSARY
Glossary
Every term below shows up somewhere in the app — definitions in plain language.
- Order book
- The live list of buy and sell limit orders for a team, sorted by price. Bids (buy) sit below the spread; asks (sell) sit above. WM Broker shows the top five levels on every team page.
- Limit order
- A buy or sell order that executes only at a specific price or better. Limit orders sit on the order book until matched — they never fill at a worse price than you set.
- Spread
- The gap between the best bid and the best ask. A tight spread means the market is liquid; a wide spread means few traders agree on price.
- Bid
- An order to buy shares at a stated price. The highest standing bid sets the price a seller can hit immediately.
- Ask
- An order to sell shares at a stated price. The lowest standing ask sets the price a buyer can lift immediately.
- Maker
- A trader whose limit order rests on the book waiting to be filled — they add liquidity.
- Taker
- A trader whose order matches against an existing resting order — they remove liquidity.
- Last traded price
- The price of the most recent fill on a team. Charts, leaderboard valuations, and price-band rebases all use this number.
- Price floor
- A team's exit value — the minimum price it can trade at, set per stage (Group €25, R32 €50, R16 €100, QF €150, SF €200, F €300, Winner €400). It rises as the team advances. Orders below the floor are rejected.
- Price ceiling
- The hard upper bound (€400 — the champion's exit value). No team can trade above the ceiling, regardless of demand.
- Exit value
- What a share redeems for when its team's run ends — the floor of the stage it reached (€25 out of the group, up to €300 for a beaten finalist, €400 for the champion). Advancing pays no bonus; it only lifts this guaranteed value, which you bank by selling or by holding to the end.
- Exit redemption
- When a team is eliminated (or wins), every share is bought back at the team's fixed exit value and the resting order book is cancelled. The value is set by how far the team got, not the last trade — so it can't be gamed.
- Portfolio
- Your full holdings — cash plus shares across all 48 nations — valued at the current last-traded price per team.
- Total value
- Cash balance plus the sum of (shares × last-traded-price) for every held team. This is the number the leaderboard ranks you on.
- Trading window
- A scheduled time window during which orders can be placed. Outside the window, the API rejects new orders with a "next opens at" timestamp.
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