The Exchange

What it is

Fans hold equity in the teams. You buy shares with Looneys (Ⱡ) and you sell them back for Looneys. A share is not a bet—it does not resolve, it does not expire, and you may hold it for as long as you can stand to.

The Exchange opened in June 2026 on the close of Series H, the financing round led by Graine Wetsky Funds. The book is settled by S.L.U.S.H.— the Société for the Liquidation of Unsettled Share Holdings, a joint venture between Le Council and the Funds. S.L.U.S.H. does not sleep.

What you are buying

Every team began Season 3 with a register of five million shares. It was one million until Series I expanded every register on 14 August 2026. From Season 4 the register grows every week, by Series ∞ below.

Buying a share makes you a part-owner of that team on the exchange. It carries three things: a price that moves, a dividend at the end of the season, and a vote at the S.H.I.F.T.. In October 2026 it also carried weight on the register’s Allegiance Vote.

How the price moves

There is no order book. You always trade against the team’s own pool, so the market is open whether one fan is awake or one thousand.

The price is the pool’s reserve of Looneys divided by the shares left in it. When fans buy, shares leave the pool and the price rises for the next buyer. When fans sell, shares return and the price falls. A big order moves the price more than a small one—buy a large block and you pay a premium as you walk up the curve.

Fair value

Beside each price sits a fair value. It is not a price you can trade at. Until Season 4 it was the S.L.U.S.H. analysts’ mark, drawn from a team’s record—points, goal differential, recent form. By October 2026 that mark sat between Ⱡ20 and Ⱡ31 on every team, while the prices beside it ran from about Ⱡ1,300 to more than Ⱡ132 million. The analysts asked for more time.

Under Series ∞ the analysts have been reassigned. A team’s fair value is set by its last round: the average of its price before the round and its price after. Until a team’s first round resolves, the old mark stands.

Open ice

A team’s open ice is the part of its register still sitting on the pool—shares no fan has bought yet, available to anyone who wants them.

Open ice and price are the same fact seen twice. Price is the reserve divided by the pool, so a team trades dear precisely because its pool has been emptied. A team at a quarter open ice is a team three quarters bought out.

By October 2026 the median team had a twentieth of one percent of its register on the pool. One team had twelve shares. A citizen who arrived in June did not need to sell, and a citizen who arrived in October could not buy at any price that made sense. That is the problem Series ∞ was agreed to solve.

The brokerage

S.L.U.S.H. takes a fee on every trade, shown before you confirm. From time to time it waives the fee entirely; when it does, the rate appears struck through and the trade settles free.

Selling is always charged the ordinary rate. Buying is charged against open ice, on a schedule Le Council imposed with Series I and calls the open ice requirement, or the Open Ice Levy:

Open ice	Fee on a purchase
Above 70%	2%—the ordinary rate
50%–70%	5%
30%–50%	15%
Below 30%	30%

Charged in bands, like a tax bracket: each rate applies only to the portion of a purchase made while open ice sat inside that band. A buy that starts high and ends low pays a blend, not the worst rate on the whole ticket. Le Council tunes the bands live; the rate on the order form is the rate that applies. (The schedule first published with Series I ran 10%, 30%, and 75% on the three lower bands.)

Three consequences worth knowing:

• Splitting a purchase changes nothing. Twenty small buys pay exactly what one large buy pays.
• S.L.U.S.H. does not look at who is buying. Ten accounts taking a hundred shares each take exactly as much open ice as one account taking a thousand, and are charged the same for it. This is not an oversight in the rule. It is the rule.
• Trading around the pool doesn’t avoid it. A share that changes hands between two citizens at Le Marché Gelé never touches the pool, but its share leg is charged whichever is greater: the ordinary commission or the team’s current band. “The brake on accumulation is not a thing two willing citizens may agree their way around.”

Series ∞

From Season 4

Every team issues new shares every week, sold by sealed bid. The citizens set the price. S.L.U.S.H. does not print. S.L.U.S.H. settles.

On 9 October 2026, Le Council and Graine Wetsky Funds met in the same room—at the Funds’ request, a first—and reached the same two findings from opposite ends of the table: there are not enough shares, and nobody can say what the ones that exist are worth. Neither party wanted to name a price. They agreed to let the citizens do it.

The Funds named the issuance Series ∞. Le Council asked how many rounds that means. The Funds’ representative pointed at the name.

Rounds and tranches

Each week is a round, numbered by season: Round 4.0 is the first, then 4.1, 4.2, and so on. The count starts again at 5.0 with Season 5.

Every round puts up a tranche of new shares in each of the forty-eight teams. The first is five percent of every register—250,000 shares a team. The parties may agree to issue more in one week and less in another. Le Council asked on what basis. The Funds’ representative said “conditions.” Le Council said “the citizens.” The minutes record both.

The new shares do not go to the Funds. They go to whoever bids for them.

The week

When (UITC)	What happens
Monday 00:00	Bidding opens.
Saturday 00:00	Bids lock.
Sunday 00:00	The round resolves, and the next round is posted. Nobody may bid on it until Monday. Sunday is for reading the results.

Round 4.0 was posted on the Eve (18 October 2026), opens with Season 4 on Monday 19 October, locks on Saturday 24 October, and resolves on Sunday 25 October. Round 4.1 opens on Monday 26 October.

Filing a bid

• Bids are sealed. A bid is a number of shares at a price per share, one bid per team per round. Nobody sees it but you. The board shows only how many citizens have bid on each team— not who, and not at what.
• Bids are paid for at filing. S.L.U.S.H. holds the whole bid until Sunday. A filing fee of one percent burns on top, and does not come back.
• Bids only go up. Until the lock you may raise the price, the quantity, or both. You may not lower either. You may withdraw: the held Looneys come back, the fee does not, and you are out of that team until the next round.
• There is a minimum bid. It is the higher of two figures: three quarters of the lower of the team’s fair value and its price, and the Looneys that would stand behind each share once the whole tranche exists. Below the second figure, a new share would cost less than its buyer could take back out of the pool.

Looneys held against a bid count as yours on Taxes Tuesday, as wagers do. If S.L.U.S.H. has to settle an assessment, it releases your open bids before it sells a share.

Sunday

S.L.U.S.H. fills the book from the top. The highest bid is filled first, then the next, until the tranche runs out. Each citizen pays what they bid. Two citizens at the same price are filled in the order they filed. Whatever nobody bid for goes to open ice.

Then the price moves. S.L.U.S.H. takes the median of the winning bids—one per citizen, however many shares each asked for, so one large bid cannot set the price alone—and moves the price halfway from where it stood to there.

It moves only as far as the bids paid for. A round that sells little lands lower than the median. A round that sells out burns whatever the new price does not need. The Looneys go to nobody.

The price before and the price after are then averaged, and that is the team’s new fair value.

What Round 4.0 does to the board

Le Council said so in advance, more than once, so that nobody would read it for the first time on the 25th:

The prices on the board will fall, in places by more than ninety-nine percent.

What you are worth will not fall with them.

The round takes no Looney out of any pool. It puts 250,000 shares beside pools holding a few hundred. Le Council ran the figures on the thinnest pool in the league with nobody bidding at all: a citizen holding most of that team sees the board price fall by more than ninety-nine percent and their assessed worth fall by about six. No citizen loses a share. The board was aspirational. Round 4.0 makes it accurate.

One team to a citizen

One team may be yours. Everywhere else, the ceiling is ten percent.

Your team is the one you hold the most of, if that is more than ten percent. On the Eve, Le Council read each citizen’s team off the register and wrote it down. In your team you may hold as much as you can win or afford. Everywhere else, S.L.U.S.H. declines the bid, the purchase, or the gift that would take you past ten percent, and says which team it is declining on behalf of. O.F.F.R.E. refuses a Le Marché Gelé settlement on the same terms, checked on whichever citizen is receiving the shares.

• No holding is unwound. A citizen above ten percent of a second team keeps it, and may not add to it. Each round makes the register larger and the stake smaller, without anyone selling.
• A team stops being yours when your stake falls to ten percent or below. The next team you pass ten percent in becomes yours instead.
• A claim. A sealed bid that would carry you past ten percent is filed as your claim. You may hold one such bid a round.

The ground is competition rather than wealth: a citizen who controls two teams holds both sides of the games they play against each other. This is the only ground on which a trade is refused for who would end up holding it. Nobody is asked to divest.

A majority is no longer a thing a citizen owns. It is a thing a citizen keeps, one Sunday at a time.

Two things can still stop a sale or end a holding, and neither is about the cap. A share promised to an open offer at Le Marché Gelé sits in la Glacière and cannot be sold until the offer settles or is withdrawn—S.L.U.S.H. will say “You don’t own that many free shares.” And a holding abandoned for six weeks is struck (see Forfeiture).

The rule binds Graine Wetsky Funds identically. Le Council checked whether it could make it bind them harder, and reports that it could not.

History

From Series I (14 August 2026) to the Eve of Season 4, the ceiling was a third: one team could be yours outright, and every other was capped at 33%. Older reporting that says 33% is correct as history.

Forfeiture

A holding can be lost by not turning up.

A Petition to Begin Limiting Absentee/Zombie Encumbrance of Investment Tranches, filed by Ragnaroknrol, carried on 11 September 2026 at 66 of 66 Seals and was enacted on the 14th. Le Council’s ruling acknowledged the legal craftsmanship on display, declined to examine the cited provisions too closely, and set the terms out plainly:

• A citizen who has not collected a daily reward in thirty-five consecutive days is served a Notice of Abandonment.
• They have seven days to appear. Collecting a daily reward rescinds the notice.
• If they do not, their shares are struck from the registers and return to the pool.

The first holdings were struck at 23:00 UITC on 24 September, and more at 23:00 on the 26th: 6,271,802 shares on thirty-nine registers. Le Council does not publish whose they were.

The price is the reserve divided by the pool, and the pool grew by six million shares in an evening. Shortly before 23:00 on the 24th an Anchorage share cost Ⱡ51,614. By 01:00 it cost Ⱡ1,438. Citizens did not wait: by midnight on the 26th Anchorage stood at Ⱡ17,647, and forty-one of the forty-eight registers ended the week higher than they began it.

The ruling closes:

The pool will not shrink. The Ice cools all things. The shares will keep moving.

Why hold

1. Appreciation. Your shares rise as other fans buy in.
2. Dividends. S.L.U.S.H. pays out at the close of each season, weighted by how far your teams went, on holdings as they stand at the minute the Tribunal convenes. The schedule runs to a conference-final exit.
3. Votes. Shares carry weight at the S.H.I.F.T.. Supporters who pool their holdings may come to control a team’s front office. In October they also decided whether a register aligned with Graine Wetsky Funds (see Stewardship).

Shares used to be a shelter. Until 20 August the daily wealth tax counted only idle Looneys, and Looneys parked in equity were not idle. That ended with the Consultation on Taxation. Wealth now means everything a citizen holds, shares included, and every share is valued at what S.L.U.S.H. would actually pay for it today, net of brokerage—not at the price on the board. An assessment a citizen cannot pay in Looneys is settled by S.L.U.S.H. selling their shares, on Tuesday. See Taxes.

The majority privileges

Majority ownership carries a documented set of privileges. Two have been exercised.

• The name. The Phuket Parrots are now the Phuket Podcasters, because a majority shareholder decided they were. Older reporting that says Parrots is correct as history and should not be corrected.
• The mark. On 22 August FlargBarg, majority owner of record at Anchorage, changed the Auroras’ crest. Same name, same building, same Flicker—the modifier was never tied to signage. Le Council did not choose it.

Graine Wetsky Funds are in the market too

The Funds did not merely write a cheque. They take positions on teams as they see fit, and their stake in each is published—set apart from the fans, as an Institutional row—on each team’s Ownership tab and its Exchange page. When the Funds are loading up on a team, you will see it.

In August Le Council wrote that “Graine Wetsky Funds does not vote.” On 1 October the Funds voted—to align, in all thirty-one registers in which they held a share. Their largest stake was 10.1 percent of Winnipeg; in seventeen registers they held nothing. “A share is a share.” See Stewardship.

Two registers aligned: Busan Blizzards and Helsinki Howlers. Their holders receive a supplementary distribution every day, at a rate the Funds determine and may revise, and the teams play their home games at Graine Wetsky Arena from Season 4.

What the Funds know, and how, is Glacified.

The Resurfacing

On 7 October 2026, The Jambono made a second pass beyond the ice and shaved the deepest stacks of Looneys in Hockay (see Economy & betting). No share was taken from anyone. The Jambono did, however, pass over the share registers: each team’s price followed the citizens who hold it. A team held largely by the deepest stacks fell with them, and a team held by many smaller hands fell the least. S.L.U.S.H. recorded the new prices as found.

See also

• Series H—the round that handed the equity to the fans.
• Series I—the round that printed four million more of it.
• Graine Wetsky Funds—who led both, and agreed to Series ∞.
• Stewardship—the one vote the registers have taken on the Funds.
• Donations—moving shares without touching the market.
• Le Marché Gelé—trading shares directly with another citizen.
• Taxes—what your shares now count toward.
• The S.H.I.F.T.—what your votes are for.
• Economy & betting—where the Looneys come from.