Wall Street Magnate is a fantasy stock-trading platform and community website. By March 2015, the platform had exceeded 60,000 monthly users. Participants are given $100,000 in simulated currency to build their fantasy stock portfolio. Stocks are traded on the platform based on data from the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

, NASDAQ and AMEX. According to IDC, "Wall Street Magnate has woven together social elements, real-time feeds, leaderboards, and data-rich progress reports into a compelling game-like experience." Of particular note are social features derived from fantasy sports leagues that allow users to form clubs, track member progress, and compete against other clubs. Wall Street Magnate also allows its users to create competitions, compare portfolios, track investments, and communicate via instant messaging. It accounts for both dividends and stock splits in real-time, and constantly streams current financial news from a variety of media outlets. Additionally, the platform allows its members to test out thousands of new

exchange-traded product An exchange-traded product (ETP) is a regularly priced security which trades during the day on a national stock exchange. ETPs may embed derivatives but it is not a requirement that they do so - and the investment memorandum (or offering documents ...

s including

exchange-traded funds An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product, i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds, except that ETFs are bought and sold from other owners throughout the ...

(ETFs) and debt securities such as exchange-traded notes (ETNs). Wall Street Magnate differs from other social networks in that it is written in

ColdFusion Markup Language ColdFusion Markup Language, more commonly known as CFML, is a scripting language for web development that runs on the JVM, the .NET framework, and Google App Engine. Multiple commercial and open source implementations of CFML engines are availab ...

and runs on Adobe's ColdFusion engine. It leverages ColdFusion components, built-in asynchronous

JavaScript JavaScript (), often abbreviated as JS, is a programming language that is one of the core technologies of the World Wide Web, alongside HTML and CSS. As of 2022, 98% of websites use JavaScript on the client side for webpage behavior, of ...

and

XML Extensible Markup Language (XML) is a markup language and file format for storing, transmitting, and reconstructing arbitrary data. It defines a set of rules for encoding documents in a format that is both human-readable and machine-readable ...

(AJAX) widgets, and a variety of information sources via RSS and XML feeds, which allow Wall Street Magnate to efficiently process and manage large amounts of data. The idea for Wall Street Magnate was conceived by a lawyer, Lewis Schlossberg, and a stock-trader, Laurence Cohen, in November 2010 after watching ''

The Social Network ''The Social Network'' is a 2010 American biographical drama film directed by David Fincher and written by Aaron Sorkin, based on the 2009 book ''The Accidental Billionaires'' by Ben Mezrich. It portrays the founding of social networking websi ...

''. It was incorporated in February 2011 and remained in beta for one year while college students held competitions on the site. In May 2013, Wall Street Magnate officially released its platform and made it available to the public. In July 2014, Wall Street Magnate released its app in the

App Store An App Store (or app marketplace) is a type of digital distribution platform for computer software called applications, often in a mobile context. Apps provide a specific set of functions which, by definition, do not include the running of the c ...

and

Google Play Google Play, also known as the Google Play Store and formerly the Android Market, is a digital distribution service operated and developed by Google. It serves as the official app store for certified devices running on the Android operating sy ...

store. As of December 2016, Wall Street Magnate's app has received over 100,000 downloads. Since the release of its app, hundreds of university and high school investment clubs have begun using Wall Street Magnate. The

University of North Carolina The University of North Carolina is the multi-campus public university system for the state of North Carolina. Overseeing the state's 16 public universities and the NC School of Science and Mathematics, it is commonly referred to as the UNC Sy ...

teaches its Stochastic Models in Finance course using the platform, and high school teachers in Pennsylvania, Connecticut, Maryland, Florida, Texas and California have incorporated the platform into their classrooms. Beginning in June 2016, Wall Street Magnate started partnering with financial media outlets to run fantasy stock trading competitions.

References

External links

* {{Official website, http://wallstreetmagnate.com/ Internet properties established in 2011