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Difference between revisions of "New Egypt Exchange/Trading Procedure"
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6) Wait for the Teller to respond. If the trade is accepted and you are available when the teller is, the trade will be done in person. If you are not available, the Teller will allocate a drop-box at the designated Trade House and notify you of the location. | 6) Wait for the Teller to respond. If the trade is accepted and you are available when the teller is, the trade will be done in person. If you are not available, the Teller will allocate a drop-box at the designated Trade House and notify you of the location. | ||
| − | 7) | + | 7) The Teller will put the goods you are buying into the box and transfer the box to you. |
| − | 8) | + | 8) Stash the goods you are selling into the box and transfer it back to the teller. Notify the Teller. |
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== The Explanation == | == The Explanation == | ||
Revision as of 12:59, 3 June 2012
Back to the New Egypt Exchange main page
The Short Version
1) Go to the Current Trades page.
2) Check if the commodity you wish to buy is available and at what price.
3) Check if the commodity you have to sell is being requested.
4) Determine a price you are willing to sell the commodity for and what the exchange rate is. Are you happy with this exchange?
5) Chat a Teller stating what you want to buy and sell and at what price. If the Teller is offline, still leave the message and the Teller will attend to it as soon as he/she comes online. Remember to also include the trading house that will be most convenient for the pickup. (Example "WTB 300 Charcoal WTS Wood @ 1.5 NEX to be done at River Plains CS trading house."
6) Wait for the Teller to respond. If the trade is accepted and you are available when the teller is, the trade will be done in person. If you are not available, the Teller will allocate a drop-box at the designated Trade House and notify you of the location.
7) The Teller will put the goods you are buying into the box and transfer the box to you.
8) Stash the goods you are selling into the box and transfer it back to the teller. Notify the Teller.
The Explanation
In the description below we will refer to the employee of the Exchange that performs the trade as the Teller and the Citizen of Egypt that is the other party in the trade as the Trader.
The New Egypt Exchange will use the NEX to quote prices of goods to be bought and sold. The NEX is used purely as a trading method to determine the exchange ratio between the two commodities. As an example: If the trade states that 500 Wood will be exchanged at 1.5 NEX for Charcoal at 2.5 NEX, the actual trade will be Wood for Charcoal at 5:3. So the 500 Wood will be traded for 300 Charcoal. (500 wood @ 1.5 NEX = 750 NEX = 300 charcoal @ 2.5 NEX)
The going price of a commodity will be determined by a supply/demand mechanism. The seller will determine a price (in NEX) at which he/she is willing to sell his/her goods. The buyer will then have the opportunity to determine if he/she is prepared to pay this price. If the price is too high there will be no buyers, if the price is low, the commodity will be sold very quickly.
During the initial stages commodities will only be traded between the Exchange and a Citizen (Trader). The Exchange will publish a list of commodities and a price at which it is prepared to sell the commodity. These prices will be listed on the Current Trades page. The Exchange will not keep any stock, but the trades will be backed by the Directors of the Exchange. The Exchange will also publish a list of commodities to be bought, however this list will not include a price. The price of the commodity will be determined by the seller, in this case the Trader. The Exchange will then have the opportunity to decide if this price is reasonable and accept or decline the trade.
In practice, how this will happen is, the Exchange will list the commodity prices on the Wiki. The Trader will send an in-game chat to any of the Tellers with the quantity of what he/she wants to trade for and what he/she is prepared to trade with and at what price. As an example the trade above will look something like this: "WTB 300 Charcoal WTS Wood @ 1.5". The Trader must also indicate at which Trade House, listed above, he/she wants to conduct the trade. This chat can be sent while the Teller is off-line, as he/she will attend to it as soon as they log on. The Teller will the Accept or Deny the offer.
If the offer is accepted and both parties are available, a meeting will be arranged where the trade will be concluded. If the meeting cannot be arranged, the Teller will allocate a drop-box at the designated trading house. The Trader must stash the goods he/she is selling in this box. Once the goods have been stashed, the Trader will notify the Teller and the Teller will than exchange the goods for the items that will be sold to the Trader. The Teller will also then transfer the drop-box to the Trader for him/her to pick-up the goods. Finally the Trader must transfer the drop-box back to the Teller/Exchange.
Once the trade has been completed, the wiki will be updated. The realised prices of commodities will also be listed on the Historic Trades page(s) for comparison and analysis. The Historic Trades page will not show the parties involved, only the price a date/time of the trade.
