NEWS RELEASE

Office of External Communications

Houston, TX 77204-5017 Fax; 713/743-8199

FOR IMMEDIATE RELEASE
April 20, 2004

Contact: Angie Joe
713/743-8153 (office)
713/617-7138 (pager)
ajoe@uh.edu
SELL HIGH, BUY LOW: TEXAS COLLEGE STUDENTS
COMPETE SIMULATED TRADING COMPETITION AT UH

For the first time students from the University of Houston, Rice University, Texas A&M and University of Texas will compete in a simulated “open outcry” trading competition at UH’s Bauer College of Business April 24.

Weighing the consequences of the Iraqi conflict, weather and other factors that affect market price and demand, more than 50 students will fill hypothetical orders on behalf of their clients, just as New York Mercantile (NYMEX) traders do. Once the market opens, participants will negotiate price and quantity for crude oil futures in open outcry fashion. That is, students will cry “buy” or “sell” depending on their needs and market prices. Throughout the competition, participants will be alerted to conditions that might affect price and demand.

Judges for the competition are current and former NYMEX traders. Students will be graded on their ability to execute orders, follow floor rules and fill out their trade cards, pit cards and tickets.

“The trading competition has been so successful in previous years that it made sense to open the event to other finance students from Texas colleges,” said Manuel Avelar, competition organizer and president of the Finance Association, a UH student group.

The open outcry trading method was featured in the 1983 movie “Trading Places” when Dan Aykroyd and Eddie Murphy bought and sold orange juice futures among screaming traders.

The top three participants will be awarded scholarship prizes. Sponsors for the competition include the UH Finance Association, UH Global Energy Management Institute, ChevronTexaco, The GMS Group, Amerex Energy, Dynegy Inc. and BP.

WHAT: Open Outcry Trading Competition
WHO: Finance students from UH, Rice, A&M and UT
WHEN: Saturday, April 24, 2004
11:30 a.m. – noon Initial round of competition
Noon – 1 p.m. Lunch and judging
1 p.m. – 1:15 p.m. Final round of competition
1:15 p.m. – 2 p.m. Judging
2 p.m. -2:30 p.m. Awards and closing remarks
WHERE: AIM Center for Investment Management, Melcher Hall, University of Houston Entrance 1
DIRECTIONS: From downtown, take I-45 South toward Galveston. Exit Spur 5 South (exit #44B), then turn right at first light on to University Dr. Bauer College (Melcher Hall) is the 3-story black building on the right, and parking is available in front the building.

For more information about UH visit the university’s ‘Newsroom’ at www.uh.edu/admin/media/newsroom.