1. Overview: The Alpha Research Competition (“Competition”) is sponsored by Trexquant Investment LP (“Sponsor”). By entering this Competition, you (“You” or “Participant”) agree to comply with and be bound by these Official Rules (the “Rules”). Please read these Rules carefully, as they form a binding legal agreement between You and Sponsor with respect to the Competition.

2. Eligibility: To enter, You must (i) be at least 18 years old and have reached the age of majority in Your jurisdiction of residence at the time of entry. Prize recipients of previous Competitions, current and former employees, interns, alpha research trainees and contractors, and their immediate family members (parents, children, siblings or spouse, regardless of where they live, or persons living in the same household, whether related or not) of (a) Sponsor, its affiliates, divisions or subsidiaries or (b) Sponsor’s contractors, advertising and promotion agencies, or any other entity engaged in the development or administration of the Competition are not eligible. Eligibility is subject to verification. The Competition is subject to all applicable federal, state and local laws and regulations, including tax laws. Winning a Prize is contingent on fulfilling all requirements set forth herein. Odds of winning depend on number and quality of eligible entries received. All entries become the property of Sponsor. THIS COMPETITION IS VOID WHERE PROHIBITED BY LAW.


3. Registration Period: Register for the Competition between December 1st, 2017 at 12:00 a.m. Eastern Time (“ET”) through January 14th, 2018 at 11:59 p.m. ET (“Registration Period”).



4. Competition Period: The Competition runs from January 3rd, 2018 at 12:00 a.m. ET through February 28th, 2018 at 11:59 p.m. ET (“Competition Period”).



5. How to Register: Register for the Competition through Sponsor’s website during the Registration Period

After we receive your registration, we will send You a welcome email and instructions on how to access the Competition version of our Trexsim Platform before the start of the Competition. You are responsible for safeguarding all Trexsim Account login credentials assigned to You. In order to access and use the Trexsim Platform, You must agree to the Non-Disclosure Agreement or other terms provided at the account creation screen and comply with all of the terms thereof.
Each Participant will be assigned only one Trexsim Account. One entry per person; one prize per person. The Competition entry shall be deemed made by, and is the responsibility of, the registered account holder of the Trexsim Account making such submission. Sponsor shall be the official timekeeper for the Competition. Late registrations or entries will not be considered. The use of any means to automate or interfere with the entry process or participation in Competition is prohibited, and may result in disqualification. Any attempt to tamper with the Competition, including the entry or judging process, or to obtain multiple entries is prohibited.



6. Prizes: The following prizes (each a “Prize”) will be awarded:
1 (one) 1st place prize of $7,000 (seven thousand US dollars)
1 (one) 2nd place prize of $5,000 (five thousand US dollars)
1 (one) 3rd place prize of $4,000 (four thousand US dollars)
1 (one) 4th place prize of $3,000 (three thousand US dollars)

1 (one) 5th place prize of $2,000 (two thousand US dollars)
5 (five) runner-up prizes for 6th to 10th place of $1,000 (one thousand US dollars) each
Total value of all prizes: $26,000 (twenty-six thousand US dollars)

In addition to the above prizes, Sponsor will hold a raffle for a total of three (3) iPad Pros for all non-Winner Participants who create at least one Trophy Alpha. A non-Winner Participant is not eligible to win more than one (1) iPad Pro.

If fewer than ten (10) eligible entries are received in the Competition, Sponsor reserves the right to award fewer than ten Prizes. Prizes are non-transferable, and no substitution or exchange of any prize will be permitted, except at Sponsor’s sole discretion. Prize must be accepted “as is,” and no warranties or guarantees of any kind, including but not limited to warranties of fitness for a particular purpose, will be provided. Any federal, state and/or local taxes owed on prize value are the sole responsibility of the Prize Winner. Each Winner is responsible for complying with all applicable tax laws and filing requirements and must provide to Sponsor or the relevant tax authority all documentation requested by Sponsor or required by applicable law, such as a completed IRS W-9 form, within the time specified by Sponsor or earlier if required by law. Each Winner is solely responsible for paying all taxes on the Prize. All Prizes will be net of any taxes that Sponsor is required by law to withhold.
In addition to monetary prizes, Trexquant may offer selected Participants the opportunity to interview for a position at Trexquant as a remote Global Alpha Researcher, on-site Intern, or full-time Alpha Researcher. Consideration for any such position shall be in Trexquant’s sole discretion and any subsequent offer of employment that may result will be subject to Trexquant’s standard employment screening and related requirements.



7. Winner Selection:
Entries will be evaluated based on the following criteria:
• Winners will be determined by the rankings on 11:59 p.m. ET, February 28th, 2018.
• Rankings will be based on a Participant’s total score, calculated as follows:
Alpha Points = Number of Trophy Alphas – Number of OS tries / 500
A Trophy Alpha is an Alpha that satisfies the following criteria:
IR from 20060104 to 20171130 > 0.07
IR from 20110103 to 20171130 > 0.07
IR from 20130401 to 20171130 > 0.07
Turnover < 50%
Longstocks + Shortstocks > 200
Correlations to player’s own other Trophy Alphas < 50%
Correlations to all other player’s Trophy Alphas < 90%
Number of OS tries is defined as the number of tests of signal performance on a future period that is beyond the data set used for signal development
IR is defined as mean(daily_pnl) / std (daily_pnl)
Turnover is defined as average dollars_traded / (longbook + shortbook)
Longstocks is the number of stocks holding long positions
Shortstocks is the number of stocks holding short positions
In the event of a tie, affected Winners will share the two (or more) prize amounts. For example, if 3rd place and 4th place Participants are tied, the respective $4,000 and $3,000 prizes will be split equally, with each Participant receiving $3,500. The decisions of Sponsor in selecting Winners shall be final and binding in all respects.


8. Notification of Winners: The Participants who have been selected as Prize winners (“Winners”) will be notified by email at the email address provided with their entry or by other method chosen by Sponsor. Except where prohibited by law, each Winner may be required to complete Prize acceptance documentation including an affidavit of eligibility, a liability release, and, where lawful, a publicity release within the time specified by Sponsor. If winner notification or prize delivery is returned as undeliverable, or a potential Winner fails to return any required documents or releases within the specified time, the Prize will be forfeited and Sponsor may select another Winner from the remaining eligible entries. Sponsor is not responsible for undeliverable Prize notifications due to change in Winner’s email address or any other reason. If a potential Winner is disqualified for any reason, Sponsor may award the Prize to an alternate Winner from among all remaining eligible Participants. Prize will be delivered approximately thirty (30) to sixty (60) days after winner verification. A list of Prize Winners will be posted on the Sponsor’s website on or about March 1st, 2018.


9. Proprietary Rights in Your Alphas: You retain ownership of all Alphas that You develop on the Trexsim Platform. By entering the Competition, you hereby grant to Sponsor a worldwide, sublicensable, assignable, royalty-free, fully paid, perpetual, irrevocable right and license to make, have made, use, reproduce, modify, translate, distribute, transmit, create derivative works of, perform, display, import, and otherwise exploit, without the requirement to make any payment to You or the need to seek any third party permission, the Alphas that You develop on the Trexsim Platform in any form, media, or technology, whether now known or hereafter devised or developed.


10. Representations and Warranties by Participant: You represent and warrant that:
(a) the information You provide about Yourself while registering or in subsequent communications with Sponsor is truthful and accurate;
(b) the Alphas are Your sole, original creation and work;
(c) You have not previously assigned, transferred, licensed or otherwise encumbered Your rights in and to the Alphas;
(d) You own all rights in the Alphas and have the full power and authority to grant to Sponsor the right and license set forth above under Section 10;
(e) To the best of Your knowledge, no person or entity, other than Sponsor, has any claim of ownership in or to the Alphas or the intellectual property rights therein, and the Alphas do not infringe or misappropriate, directly or indirectly, the rights of any person or entity;
(f) You have not violated any applicable laws in creating or submitting Alphas or in participating in this Competition;
(g) In creating and submitting Alphas or in participating in this Competition, You have not violated or infringed the rights of any other person or entity or breached any obligation that You may have to any other person or entity, including but not limited to any current or former employer of Yours.
(h) You agree to use any non-public information obtained through the participation in this Competition solely for purposes of this Competition and only as expressly authorized by the Sponsor.

11. Indemnification by Participant: You agree to defend and indemnify Sponsor and its affiliates, directors, officers, and employees against all liabilities, damages, losses, costs, fees (including legal fees), and expenses relating to any allegation or third-party legal proceeding to the extent arising from:
(a) Your acts or omissions in relation to the Competition (including Your use or acceptance of a Prize and Your breach of or failure to comply with these Rules); and
(b) Any Alpha created or submitted by You that violates the rights of any other person or entity or any obligation You may have to them.

12. General: Sponsor may cancel, suspend and/or modify the Competition or any part thereof, including the duration, or modify these Rules, for any reason at any time, without prior notice, including if any fraud, technical difficulties or any other factor beyond Sponsor’s reasonable control threatens to impair the administration, integrity, legality, fairness or proper functioning of the Competition, as determined by Sponsor in its sole discretion. Sponsor will make reasonable efforts to notify all Participants of any such changes. Sponsor reserves the right in its sole discretion to disqualify any Participant who is suspected or found to be tampering with the entry process or the operation of the Competition or to be acting in violation of these Rules or any law. Incorrect, illegible, corrupt, and incomplete entries are void. Use of a false email or Trexsim Account or identity will disqualify an entry. For purposes of awarding the Prize, Sponsor is entitled to rely on information received through the account that submitted the winning entry. In the event of a dispute as to the identity of an Participant, the authorized holder of the Trexsim Account associated with the winning entry will be deemed to be the Participant. Each potential Winner may be required to show proof of being an authorized account holder. By participating, each Participant agrees to comply with, and be bound by, these Rules and the decisions of Sponsor (including but not limited to eligibility and winner determinations) and waives any right to claim ambiguity in the Competition or Rules. Sponsor’s failure to enforce any term of these Rules shall not constitute a waiver of that or any other provision.

13. Publicity: Except where prohibited by law, participation in this Competition constitutes each Participant’s consent to Sponsor’s and its agents’ use of Participant’s name, image, likeness, photograph, voice, opinions, statements, biographical information, Trexsim Account display name, if any, and/or Participant’s school, hometown and state for purposes of promoting the Competition, Trexsim Platform, or Trexquant, in any media, worldwide, including display on its website, without further payment or consideration, in perpetuity, without notice or review or approval. Tennessee residents will not be required to agree to a publicity release as a condition of winning a prize.

14. Privacy: Participants agree and acknowledge that personal data submitted with an entry, including name, mailing address, email address, and telephone number may be collected, processed, stored and otherwise used by Sponsor and its affiliates for the purposes of conducting and administering the Competition and for marketing purposes.

15. Disclaimer: Sponsor is not responsible for: (1) any incorrect or inaccurate information, whether caused by Participant, Sponsor, or any printing or typographical errors or equipment or programming associated with or utilized in the Competition; (2) technical failures of any kind including, but not limited to, malfunctions, interruptions, or disconnections in phone lines or network hardware or software; (3) unauthorized human intervention in any part of the entry process or the Competition; (4) technical or human error in the administration of the Competition or the processing of registrations or Entries; (5) late, lost or undeliverable communications or Entries; or (6) any injury or damage to persons or property caused, directly or indirectly, in whole or in part, from Participant’s participation in the Competition or any Competition-related activity, or the receipt, use or misuse of any Prize.

16. Trexsim Platform Disclaimer: Sponsor will make reasonable efforts to support Your use of the Trexsim Platform to develop and submit Alphas in the Competition. The Trexsim Platform Account that You are offered in this Competition is not, however, intended for actual trading, purchases or sales of any securities. In addition, Sponsor cannot guarantee the availability, accessibility, accuracy, or proper functioning of the Trexsim Platform or that it will function error-free. It is possible that submissions may not be successfully processed or executed because of errors or failures, whether caused by You, Sponsor, or other factors. Sponsor shall not be liable or otherwise responsible for any entry or Alpha that cannot be properly processed, executed, saved or transmitted, regardless of the cause of the problem. Further, Sponsor shall not be liable for any delays in the acceptance or transmission of submissions or any other limitation on Your ability to enter or participate in the Competition whether due to network or communications failures, hardware or software malfunctions, system or human errors, or any other reason.


17. Limitations of Liability and Release: By entering the Competition or accepting a Prize, each Participant agrees to release, discharge, indemnify and hold harmless Sponsor and its officers, directors, employees, affiliates, representatives and agents, from and against any claims, damages, liabilities, losses or causes of action related in any way to the operation of or such Participant’s participation in the Competition and any other claims, damages or liabilities, including without limitation any injuries, damages or losses to any person (including death) or property of any kind resulting, in whole or in part, directly or indirectly, from Participant’s acceptance, possession, use or misuse of a prize or participation in the Competition or any Competition-related activity. Under no circumstances will any Participant be permitted to obtain awards for, and Participant hereby waives all rights to claim punitive, incidental, consequential, or any other damages, court costs, or attorney’s fees, other than actual out-of-pocket expense not to exceed fifty dollars ($50). If for any reason an entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, Participant’s sole remedy is another entry in the Competition if available.

Except where prohibited by law, by entering the Competition, each Participant agrees that in the event a dispute arises between Participant and Sponsor, either arising from these Rules or otherwise pertaining to the relationship between Participant and Sponsor, THE PARTIES SHALL SUBMIT TO BINDING ARBITRATION BEFORE THE AMERICAN ARBITRATION ASSOCIATION. ANY ARBITRATION COMMENCED BETWEEN THE PARTIES MUST TAKE PLACE IN FAIRFIELD COUNTY, CONNECTICUT. PARTICIPANT UNDERSTANDS THAT CERTAIN LEGAL RIGHTS WILL BE FORFEITED, INCLUDING THE RIGHT TO SUE IN COURT, THE RIGHT TO A JURY TRIAL, AND THE RIGHT TO BRING, OR BE PART OF, A CLASS ACTION CASE. ARBITRATION MUST BE ON AN INDIVIDUAL BASIS. THIS MEANS NEITHER PARTICIPANT NOR SPONSOR MAY JOIN OR CONSOLIDATE CLAIMS IN ARBITRATION WITH OR AGAINST OTHER PARTICIPANTS, OR LITIGATE IN COURT OR ARBITRATE ANY CLAIMS AS A REPRESENTATIVE OR MEMBER OF A CLASS. Participant further agrees that: (1) the arbitrator shall not be empowered to award punitive, incidental, consequential, or any other damages, court costs, or attorney’s fees, other than actual out-of-pocket expenses not to exceed fifty dollars ($50); (2) under no circumstances will any Participant be permitted to obtain awards for, and each Participant hereby waives all rights to claim punitive, incidental, consequential, or any other damages, court costs, or attorney’s fees, other than actual out-of-pocket expense not to exceed fifty dollars ($50); and (3) any and all claims, judgments, and awards shall be limited to such actual out-of-pocket costs incurred, including any costs associated with entering the Competition, not to exceed fifty dollars ($50). Participant expressly waives any right to claim or recover attorney’s fees or arbitration costs. All issues and questions concerning the construction, validity, interpretation, and enforceability of these Official Rules, or the rights and obligations of any Participant and Sponsor in connection with the Competition, shall be governed by, and construed in accordance with, the laws of the State of Connecticut, without giving effect to any choice of law or conflict of law rules which would cause the application of the laws of any jurisdiction other than the State of Connecticut.
If Participant needs to initiate an arbitration claim, Participant must serve notice to Sponsor by regular and certified mail (return receipt requested) at the following address: Trexquant Investment LP, 300 First Stamford Place, Fourth Floor East, Stamford, CT 06902. If Sponsor needs to initiate an arbitration claim, it shall notify Participant at the email provided in the Competition entry materials or such other address as Participant has provided in writing to Sponsor.

19. Not an Offer or Contract Of Employment: You acknowledge that:
(a) Your participation in the Competition is voluntary;
(b) No confidential, fiduciary, agency or other relationship or implied-in-fact contract now exists between You and Sponsor and no such relationship is established by Your participating in the Competition;
(c) Nothing in these Rules or in Your Competition entry or award of any prize may be construed as an offer or contract of employment with Sponsor.

20. Severability: In the event that any provision of these Rules is found to be invalid, illegal or otherwise unenforceable, such provision shall be severed, the remainder of these Rules shall continue in full force and effect, and any such unenforceable provision shall be reformed to provide the maximum protection to the Sponsor permissible under law.

21. Competition Results: For a list of Winners, send a self-addressed, stamped envelope to Winners List – Trexquant Alpha Research Competition, c/o Trexquant Investment LP, 300 First Stamford Place, Fourth Floor East, Stamford, CT 06902 within six months of the Competition.

22. Binding Nature of Rules: By participating, each Participant agrees to comply with, and be bound by, these Rules and the decisions of Sponsor (including but not limited to eligibility and winner determinations) and waives any right to claim ambiguity in the Competition or Rules.

23. Sponsor: Trexquant Investment LP, 300 First Stamford Place, Fourth Floor East, Stamford, CT 06902.