EVERYTHING UNLOCKED Every Pro feature is now included for every player: control up to 10 companies, the bank, the advanced charts, options strategies and every scenario. No upgrade, nothing to buy. READY FOR IPHONE DUO Markets fills the inner display with two columns of stocks, the filters stay on one line, and the toolbar works in the side bars. iPad gets the same two-column screener.

SAVE FIX Loading a save while another game was running could mix the two. Fixed: • A loaded save could come back on the previous game's companies — stakes above 100%, a cost basis far above market value, every sector back at its starting size and delisted companies trading again. Loading a save now always brings back its own market. • Saves already affected cannot be repaired by this update. Starting a new game is recommended.

NEW NAME, NEW ICON Wall Street Raider is now Wall Street Simulator, with a new app icon. Your game, your saves and your Pro unlock are unchanged — there is nothing to reinstall or restore.

SPIN-OFFS Spin Off Division was greyed out for almost every company. Fixed: • Any company you control that has revenue can now spin off 10–50% of its business into a new listed company (holding companies excepted). It used to need more than 6% of its sector's revenue, which only sector leaders had and no company you founded ever reached. • The spin-off screen now shows what actually happens: the new company's value, the shares you receive and the parent's price afterwards. It no longer shows IPO proceeds, because no cash is raised.

BANK CONSOLE Rate & Policy edits were being lost. Fixed: • Moving Bank Margin, Deposit Rate Offset and Insured Deposit Share and then saving now keeps all three. Before, Save Funding Mix stored only the insured share and put the other two back where they were. • The Rate & Policy tab now has a single save. Save Rate Policy stores every setting on the tab, the funding mix included.

ETF ADVISERS Advisers were being fired for doing their job. Fixed: • A fund is now judged against the mandate it was hired to run. A 2x or 3x fund is measured against a 2x or 3x benchmark, and against the financing that leverage actually costs — so a leveraged fund tracking its mandate perfectly is no longer failing by definition in every down month. • Performance bands now scale with how much a fund actually swings. A small, concentrated basket is no longer marked "critical" for ordinary week-to-week noise it was never expected to avoid. • Losing an adviser now takes a sustained bad run, and is never a certainty. Two bad months cost nothing; after that the risk builds, but it is always a risk and never a countdown. Advisers still get fired for genuinely bad performance. They just stop getting fired for volatility.

THE FINANCE PASS Two hundred fixes to how money actually moves. The big ones: LOAN DESK • Your bank's loan desk is now an inbox: applications arrive monthly with the desk's verdict on each • Approve, counter at your limit, or decline — nothing is dropped silently anymore • Over-limit asks say so in dollars; unanswered applications expire after two passes • Pro: an optional Auto-approve books the desk's approvals for you BANKING • Your bank's worth now follows its share price, not a book figure — no more phantom net worth • Overdrafts are priced, not floored; capital buffers restrict payouts, not lending • Regulators seize a bank on its condition, not on how much heat it has drawn • Loan-to-own: a defaulted borrower's equity can land in your hands • One collateral rule and one rate card behind every quote — the margin pill shows what the bank charges TAKEOVERS • Cash tenders run a real 20-day window; rivals can counter inside it • Your own tendered block is capped at the fair premium • Stock mergers carry your cost basis; integration costs hit earnings, not goodwill • Antitrust looks through holding companies and enforces a real consent decree • A lapsed hostile bid unwinds its price bump • Rejecting a hostile bid now shows the karma it will cost or earn before you tap — spurning a fair offer is entrenchment, turning down a lowball is stewardship OPTIONS & ETFS • One pricing surface for every option, at the term rate and dividend yield • Calendar spreads quote, mark and settle consistently; earnings IV crush scales by tenor • ETF fees come out of NAV exactly once; custom funds hold a real basket • The ETF forecast now charges every fee it will actually take TAX & LAW • Flat 21% corporate rate; dividends-received deduction tiered by ownership • R&D credits and NOLs in real dollars • IRS fines scale with the underpayment; EPA and congressional fines scale with your empire • Insider trading has a blackout window; an SEC ban bars you as officer and director • AI rivals pay the same realized-gains rate you do MARKETS • Shorts fill on the sell side of the book; strategy legs each fill on their own side • Strategy margin at exchange levels, re-marked every tick • The yield curve can invert when the Fed tightens • Monte Carlo drift agrees with the tape • Karma drains halved; net-worth scoring on one ladder SAVES • Companies founded in one save no longer leak into another • Challenge worlds keep their scripted economy • One corrupt fund can no longer wipe every ETF • Save format 4 — migrates automatically on first load Good hunting.

RATINGS & FEEDBACK The rating prompt needed a rewrite. This is it. • "Not Now" now means not now — it used to quietly mean never • The ask finally appears in your language; it was English almost everywhere • It arrives after something actually happens — a takeover, a milestone, a challenge result — instead of on a timer • One dialog, two doors: rate the game, or tell me what's broken • Rate or report any time from Settings • Fixed a bug that could silently stop the prompt from ever appearing again No gameplay changes this time. Good hunting.

WEEKLY CHALLENGE See the board. Read the rules. • Open this week’s Game Center leaderboard from the hub and from your results • Already signed in? The app picks up your Game Center session at launch — no last-minute prompt • Challenge objectives now state the actual pass rule, not a progress number that looked broken • Diversify counts a sector only once it is at least 5% of your long book — the HUD says so • Distressed-buy objectives now read as a price test: buy any stock below X% of its all-time high Everything else works exactly as before. Good hunting.

TWO NEW LANGUAGES Wall Street Raider now plays in Turkish and Traditional Chinese. • Full Turkish translation — menus, tickers, news, and financial statements • Full Traditional Chinese translation for Taiwan • Weekly Challenge briefings translated too Everything else works exactly as before. Good hunting.

MARKETS & RAIDS New games open on Markets — not an empty Empire. • Launch a raid from the stock you're already looking at • Full price charts are free for everyone • Charter a bank from the company sheet you already have open COVID CRASH SPRINT A 90-day Market Legend you can finish in one sitting. • Featured on Empire after you learn the tape • Win conditions stay pinned while you play • Finish the sprint, then take on the long COVID crash STAY IN THE GAME • After your first raid, we ask once for notifications • Hostile bids, margin calls, and loan defaults ping you while you're away • Discord invite after a raid or a challenge — never after a crash PRO • Try the forecast on any name — unlock the full run with Pro • Speed and the full tape stay Pro • Charts are no longer behind the paywall We also stopped interrupting you with a Pro sheet on day 3 and day 7. Open Markets. Find a name. Raid it.

WEEKLY CHALLENGE A free ranked mini-run every week — same market for everyone. • A new challenge drops each Monday: one sitting, one cold attempt, identical authored tape • Your main empire is saved and frozen while you play — resume it when you leave • Stocks and shorts only, fixed free-tier speed (Pro never buys more decisions per minute) • Rank against friends and see your percentile — not a public top-100 ladder • Optional Game Center sign-in to submit; stars and personal history work signed out • Pro: re-run past weeks from the archive (unranked practice) FAIRNESS & INTEGRITY • Opening books mark to market — no phantom day-zero P&L • Inherited portfolios keep a cash cap so you can’t dump everything and sit risk-free • Leave in the first few ticks by accident? Your ranked attempt is refunded • Finish after the ranked window closes? Still kept in history — clearly marked unranked ALSO IN THIS UPDATE • Challenge UI chrome so you always know you’re in the mini-app • Clear reasons when a run can’t rank (window closed, archive, replay, and more) • Hardening for resume, force-quit, and world-switch edge cases • Bug fixes and stability improvements across challenge lifecycle Open Empire, find this week’s challenge, and take your one shot.

Hotfix. Fixed a crash on the monthly loan payment tick. If you were carrying debt, the game could quit on the exact tick your loans came due — and quit again on reload, since the save was still on that tick. The cause was a portfolio value the game couldn't count: a single broken share price, or a share count pushed past its limit by a long chain of splits, was enough to bring down the whole tick. Every money figure in the loan pipeline is now counted safely, whatever state your save is in. A holding the market can't price is no longer sold for $0 in a forced liquidation — it stays with you. No mechanics changed. If 1.15 ran fine for you, this update is invisible.

Version 1.15 — The Realism Update The whole simulation got a line-by-line audit against real market mechanics. Over a hundred fixes. - AI rivals now pay the spread, settle shorts, divest, earn yield, and launch levered hostile bids - M&A overhaul: 51% squeeze-out, real poison-pill flip-in, antitrust pre-close blocks, reservation-price tendering, value conserved through every deal - One consistent rate model — the full hike/cut/inversion cycle is reachable and bites - Options price off one volatility surface both ways, short legs post real margin, and "Prob. Profit" is measured at your break-even - Swaps mark at zero when struck fair, quote through an inverted curve, and cost a real break fee - Bond ETFs move on rate changes and earn carry - One collateral pool across all loans; short interest sized off free float - SEC fines scale with the profit you made — and get collected - Monte Carlo forecasts finally agree with the engine Thanks for playing. Keep the feedback coming.

THE BANK UPDATE — running a bank is now a full simulation. • Real capital rules: stress tests, PCA ladder, dividend limits — fail and the FDIC seizes your bank, wiping shareholders • Deposits fight back: set rates, manage insured mix, survive bank runs — plus the full SVB underwater-bonds mechanic • Smarter lending: covenants, lending limits, restructurings, loan participations • New Pressure tab: weaponize your loan book against rivals ALSO • Real Black-Scholes options pricing, circuit breakers, price impact on big orders • Found holding companies and grow NAV • Call bonds early + new income-statement card • Faster ticks, smoother autosaves, bug fixes Feedback? Join the Discord from the game menu.

1.13.1 • Markets: more realistic volatility, regimes, earnings, and sector dynamics • Banks: chartered banks now persist when you quit and relaunch • Taxes: NOL / credit carryforwards and quarterly estimates fixed for the full year • Performance: smoother ticks in heavy multi-asset sessions • Options: Simple/Advanced sheet sizing restored Thanks for playing Wall Street Raider.

Corporate Realism: Companies now run on real economics - real interest expense, real debt service, and yes, real losses are possible. Distressed companies face genuine consequences, from covenant warnings to default and possible delisting. When founding a new company, choose your leverage: Bootstrapped, Balanced, or Leveraged, each a real risk/reward tradeoff. Full Financial Statements: Every company you control now has a complete Balance Sheet, Income Statement, and Cash Flow Statement. Passive income and dividends are broken out clearly instead of disappearing into your cash total. Karma & Reputation: Karma is no longer a one-way drain. Share profits with your workforce to earn it back, and climb through new positive reputation tiers: Watch, Clean, Steward, Pillar, and Legend. Capital Injection: Own 99%+ of a company? Inject personal cash straight into its treasury. Banking: New Risk Appetite dial for your loan desk - Cautious, Balanced, or Aggressive. Free-tier players now get a preview of what Pro banking tools could have earned them. Fixes & Polish: - Fixed a rare bug where a company's share price could drift far from its book value after repeated splits/buybacks - Corporate bonds no longer miscounted as stocks in your portfolio breakdown - Action-sheet info banners now collapse by default, keeping controls in view

- Fixed: bonds were showing up under "Stocks" in your asset breakdown. Bonds now get their own line.

Bug fixes: • Fixed a rare bug where a company you grew to massive scale could show a near-zero share price and market value despite trillion-dollar revenue, profit, and book value. Repeated reverse splits and buybacks could pull book value per share away from the traded price with no way to recover. • Added protection against the splits and buybacks that triggered this, and prices now gently re-rate toward book value when they drift too far. • Affected saves heal automatically on load — your position re-rates to its true value the next time you open the game. No reset needed.

Wall Street Raider 1.12.1 Patch release - banking polish, straight from your feedback. Revolving credit lines now actually get used Bank-issued revolvers used to sit idle after origination - borrowers never drew on them, so a line you committed earned nothing. Now your corporate and synthetic borrowers draw against and repay their credit lines every month: - Utilization rises in recessions, when borrowers lean on their lines harder - Draws are capped by undrawn headroom and your bank's available cash - Repayments are capped by the borrower's own cash on hand - Drawn balances now earn interest like any other loan Your committed capital finally goes to work instead of sitting dead on the books. Also closed a latent accounting edge where a revolver's drawn balance and its carrying value could drift apart. Thanks to the player who flagged that revolving credits were not being used - this one is for you.

Play as a Bank - the headline feature Take control of a finance company and it becomes your bank. Run the whole institution from the new Bank Console: - Loan desk: underwrite loans to real companies in the world, not just faceless borrowers. Price by credit rating, set your margin, and watch the book build month over month. - Loan-to-own: when a borrower can't pay, work them out - demand repayment, seize collateral, or write the loan off. Distress can hand you the keys to the company. - Credit and risk: borrowers carry real credit histories that follow them. Miss payments and your rating as a borrower moves too. - Capital rules that bite: Basel-style solvency, asset/liability mismatch, and liquidity stress are all live. Get over-levered or caught in a deposit run and the regulator can seize your charter. Dividends and new lending are blocked when your capital buffer runs thin. - Bank Console: dashboard, loan book, loan detail, and a live pipeline of pending applications. One-tap deep links from news, objectives, and celebrations. - Discoverability: new bank objectives, a Powers hub, and onboarding breadcrumbs so the whole persona is easy to find. Fixes - Finance stocks no longer slowly bleed to the price floor. A bad credit-spread formula was dragging the entire sector down regardless of fundamentals. Banks now track their earnings like every other sector. - Losing control of a bank (sell-down, buyout, or seizure) now settles its loans correctly - no more phantom debt or money appearing from nowhere. - Net worth now scales bank value by how much of the bank you actually own. - Various crash fixes and stability polish.

This update squashes three crashes for a smoother, more stable game: • Fixed a crash that could occur when applying a tax strategy to a company you control. • Fixed a crash on Mac when changing the game speed. • Fixed a crash affecting some non-English languages. Thanks for playing Wall Street Raider! Keep the bug reports coming.

What's New in 1.10 — Takeovers Get Teeth Acquisitions are no longer a rubber stamp. Buying a company used to be a single button press with guaranteed success. Now every hostile bid is a real wager with odds you can see before you commit — and a board that can fight back. New - Live bid odds. Drag the premium slider and watch your success chance update in real time — win, toehold, or fail, plus the board's recommendation and the "fair premium" number you need to beat. - Three real outcomes. Win control, walk away with a toehold (you keep the shares you bought and can bid again), or get rejected outright. No more all-or-nothing. - Poison pills. Target boards can dilute a hostile raider's stake, making control more expensive — but never impossible. Pay up or back off. - White-knight counter-bids. A cash-rich rival can swoop in over the top of your offer. You get one decision: match, raise, or withdraw and pocket the profit on your toehold. - Staggered boards & proxy fights. Some boards are entrenched — break them with a paid proxy campaign that boosts your support, at a higher cost and a short delay. - Defend your own empire. Arm a poison pill or a shareholder rights charter on companies you control. Every defense a rival can raise against you, you can raise against them. - Difficulty-scaled. Fair-premium thresholds, pill strength, and white-knight aggression all scale with Easy / Normal / Hard. Fixed - Major bid-cost bug. Cash buyouts used to charge you the full deal value upfront — before a single share was acquired. You now pay only for the shares actually tendered, so failed and partial bids no longer drain your treasury. - Clearer results. Every settled bid now ends on a dedicated outcome screen showing your final stake, premium paid, and what happens next.

The market just got a lot less predictable. NEW: Random Operational Events Companies now live and breathe on their own. Any firm you own or watch can be rocked by data breaches, product recalls, lawsuits, scandals, environmental disasters or boardroom turmoil — or surge on a major contract win, a breakthrough, or a windfall. Prices, fundamentals and analyst ratings react in real time. NEW: Crisis Response Control a company that just got hit? Fight back. Spend corporate cash on Crisis PR, Lawsuit Settlements, Operational Insurance or an Emergency CEO Replacement to contain the damage and steady the stock. Act fast — a severe enough crisis can drive a company into bankruptcy and off the exchange. NEW: Incident History & "While You Were Away" Every company keeps a running incident log. Return to a digest of everything that hit your holdings while you were gone — nothing slips past you. POLISH - Clearer stake display on owned and controlled companies - Options screen is now full-screen - Stability and VoiceOver accessibility improvements

Fixed a rare crash on the Spin-Off sheet for companies with low market share.