The following story originally appeared on the website for the College of Arts & Sciences. – Ed.
At 2 a.m., while most students were asleep, Xinyue Fu ‘26 refreshed the Commodity Quote Graphics trading platform and noticed the fast decline of the price of silver. Acting on the shift, she placed a trade that would contribute to the propulsion of William & Mary into the top tier of an international trading competition hosted by the Chicago Mercantile Exchange (CME), where the team finished in the top 4% of U.S. teams.
For Fu and the team, the four-week competition required constant attention and quick decision-making alongside their regular coursework. Fu said prices could shift rapidly, often prompting the team to communicate throughout the day. “The prices suddenly change; it changes so fast,” Fu said, adding that the team used a group chat to alert one another when markets moved.
Out of 616 teams participating in the CME Group University Trading Challenge — an online futures trading competition that uses real-world market data and simulated funds — the W&M team ranked No. 36. Teams began with $1 million in virtual capital, and W&M was among just 185 teams to finish with positive returns, ending the competition with a balance of $1.487 million.
Ed Chadraa, associate teaching professor of mathematics who advises the team, learned about the University Trading Challenge while attending an international conference in Mongolia this past summer. The subject matter in his Mathematics of Financial Economics course aligned with the challenge, making it a great opportunity for his students, along with any other W&M students interested. Chadraa worked with Fu, Muzi Liu ’26 and Zhuoyan Zheng ’27, who formed a team they dubbed “Crim Dell” to compete in the challenge.
In his role, Chadraa guided the students, offering suggestions based on market news while leaving final trading decisions to the team. “As faculty advisor, I looked at some market news and tried to speculate which commodity prices were increasing or decreasing, and then make suggestions,” Chadraa said. “But the students make the final decision.”
Chadraa said the competition gave students hands-on experience with real-world market data, calling it a valuable opportunity both academically and professionally. “This competition helps students learn how real-life trading works with real-life market data,” he said, adding that the experience can enhance their resumes for prospective employers.
Liu said the challenge offered an experience that extended beyond the classroom. “It’s more of a hands-on experience,” Liu said, explaining that while coursework provided a foundation, the competition required students to apply that knowledge in real time. Liu said the team initially traded cautiously as they learned the platform and market rhythms.
Fu said the team invited Zheng to join because of her experience working with live markets through her own independent investing, which helped inform their approach during this challenge. Zheng added that the team often checked the trading platform between classes, relying on one another to monitor prices throughout the day. “If one of us was in class, the others would check the prices,” Zheng said. Despite the learning curve, the team said they were surprised by their final placement. “We’re just really excited about our results,” Liu said.
Junping Shi, professor and interim chair of W&M’s mathematics department, said the competition provided valuable applied learning experience for students. He hopes more students will participate in the competition in the future. “Nothing could be better practice than this,” Shi said. “They are able to practice what they learn in the financial economics class, because all of the data is real.”
Following the competition, Liu and Fu traveled to Chicago on Dec. 8 to attend the CME Group’s Day of Market Education, a complimentary, one-day networking event for participants in the University Trading Challenge. The event gave students the opportunity to learn from industry professionals and connect with business leaders during a networking reception, with students encouraged to bring resumes.
The team’s performance marked W&M’s first appearance in the University Trading Challenge, with faculty and students expressing interest in expanding participation in future competitions. The W&M Mathematics Department fully funded the trip from the Cissy Patterson Fund.