Hi Everyone! If you haven't seen it already, the MarginCall Beta Branch is now available on Steam. Accessible via the Steam Library > MarginCall > Properties > Game Versions & Betas The Beta Branch is still very much a work in progress, but it gives you an early look at the upcoming UI changes, bug fixes, and other improvements we've been working on. There's still plenty left for us to do, but we wanted to give you the chance to jump in and see how things are progressing. We strongly recommend starting a new save when using the Beta Branch. We've made some significant changes behind the scenes. While existing saves may still work, there's a chance these changes could cause issues with older save files, so a fresh save is recommended for the best experience. We're continuing to work through the remaining UI issues, bugs, and general improvements. If you spot anything while playing the beta, please let us know. Every bug report and bit of feedback helps us improve MarginCall. A huge thank you to everyone who's been playing, reporting issues, and following the development! Here's a list of the bugs that have been fixed in this Beta Branch: Shares, Ownership & Buybacks
Fixed block trades being able to create more shares than actually exist
Fixed off market stake purchases effectively creating shares when there was insufficient available supply
Fixed tender offers suffering from the same share creation issue
Fixed company buybacks retiring shares without actually purchasing them from an existing holder
Fixed buybacks potentially reducing shares outstanding below the number of shares held by the player
Companies can no longer purchase their own shares through normal trading. The proper buyback system must now be used
Taking a company private now correctly settles hedge fund and institutional holdings instead of leaving phantom shares behind
Fixed several situations where ownership percentages could exceed 100%
Profit, Loss & Margin
Fixed incorrect average cost calculations when an off market purchase crossed from a short position into a long position
Fixed realised profit and loss sometimes being massively incorrect after switching between personal, company or subsidiary wallets
Realised P&L tracking is now maintained independently for each wallet
Fixed cash funded positions potentially receiving margin calls simply because the leverage slider was set above 1x
Margin monitoring now activates only when a trade actually uses borrowed money
Stop Losses & Orders
Fixed large stop loss orders disappearing after only partially filling
Stop losses now continue working across multiple ticks until the requested quantity is sold or the position is closed
Fixed stop losses sometimes failing when the price briefly crossed the trigger during a simulation tick before recovering
Stop orders now detect the highest and lowest prices reached during the tick
Fixed some positions being impossible to close because protective orders had reserved all available shares
Manual position closing now releases protective orders first
Fixed old take profit orders remaining active after a short position was covered and later opening an unwanted long position
Fixed cancelled orders remaining visible indefinitely when the game was paused
Fixed some orders restored from older saves being impossible to cancel
Fixed Buy Maximum and Sell Maximum calculations including liquidity that the actual trade could never reach
Bonds
Fixed bond prices appearing permanently stuck at 100 outside the main trading screen
Fixed a major issue causing otherwise healthy companies to default when bonds matured
Solvent companies can now refinance maturing debt at current market rates
Genuine distressed companies can still default
Fixed convertible bonds being issued for private or delisted companies
Existing orphaned convertible issues are now cleaned up correctly
Private & Delisted Companies
Delisted companies no longer appear in market movers
Delisted companies are excluded from market breadth and sector heatmap calculations
Analysts no longer continue publishing ratings and targets for private companies
Private companies no longer appear as active movers in the news ticker
Wholly owned companies no longer appear in the block trading list
Delisted companies are correctly handled by company selection menus
Player owned private companies now continue receiving updated fundamental valuations instead of remaining frozen at their buyout price
Company Cash & Corporate Control
Fixed a major issue where viewing historical company financials could overwrite the company's live wallet with historical cash values
Fixed situations where company cash could disappear or effectively become infinite after viewing different financial periods
Historical financial calculations can no longer modify live company finances
Fixed AI corporate automation ignoring the Hold Cash instruction
Hold Cash now creates an actual liquidity reserve that automated corporate actions cannot spend
Fixed the build panel being accessible for companies where the player owned a stake but no longer had control
Corporate building actions now verify that the player genuinely controls the company
Fixed underlying capital injection functionality for controlled companies
Subsidiaries
Fixed investment subsidiaries appearing to lose their value after switching into them
Subsidiary valuations now correctly include investments, buildings and the operated wallet
Fixed subsidiary holdings not being adjusted during stock splits
Fixed subsidiary holdings surviving bankruptcies incorrectly
Fixed subsidiary holdings being mishandled during mergers
Fixed an exploit allowing production capacity to be increased indefinitely by repeatedly moving capital in and out
Fixed the player's own holding company incorrectly appearing as an acquired entity
Fixed AI corporate actions ignoring control obtained through normal market purchases
Fixed newly built factories sometimes not appearing until much later or until the game was unpaused
Economy & Company Financials
Fixed virtually every company eventually reaching 90% market share
Market share investment is now scaled relative to company size
Fixed quarterly growth calculations reading financial history backwards
Fixed growing companies sometimes displaying negative growth
Fixed year over year growth having its sign inverted
Fixed growth figures becoming stuck based on the earliest quarters in the save
Fixed period over period comparisons displaying +0.0% across the board
Fixed Revenue Trend allowing investment into growth rates the actual earnings simulation could never achieve
Fixed unaffordable commodity orders still being able to move market prices
Fixed employees being able to survive to unrealistic ages because mortality stopped increasing after age 80
Trading Interface & Portfolio
The commodities screen now remembers the last selected instrument for each asset class
Fixed missing Buy and Sell prices for non stock instruments immediately after loading a save
Fixed the trading header and ticket occasionally becoming bound to different instruments
Index funds and other funds now appear correctly on the portfolio allocation map
Fixed portfolio totals counting primarily stocks while ignoring bonds, options, futures, funds, convertibles and swaps
Portfolio equity and unrealised P&L now use the whole trading book
Fixed portfolio risk calculations using whole portfolio exposure but equities only account value
Corrected the description of option exercise behaviour to match the game's actual cash settlement system
Fixed option expiry information sometimes disagreeing with the price actually used for settlement
Reduced leaderboard notification spam caused by ranks repeatedly moving across the same boundary
AI Trading
Fixed an exploit where players could corner a stock, place an absurdly expensive sell order and bait AI investors into purchasing it
AI participants now reject purchases dramatically above the company's fundamental value
This protection remains disabled where a newly listed company does not yet have a usable valuation
Saving & Loading
Fixed mutual fund counts reverting toward default values after loading a save
Advanced Settings fund roster choices now survive saving and loading correctly
Loading a save now restores exactly the saved fund roster instead of overlaying it onto a newly generated default roster
Fixed acquired or merged funds potentially returning after loading
Market index history is now saved and restored
Fixed market index charts becoming flat after loading before suddenly jumping to the current value
Currency fair value anchors are now saved and restored
Fixed saving and loading gradually changing the long term behaviour of exchange rates
Fixed loading older saves immediately charging legal retainers or triggering litigation checks
Loading the same save repeatedly now produces a consistent underlying world instead of generating different background state each time
Trader Rating now survives saving and loading
Trader Rating drawdown and net worth tracking are now persisted
Medium term goals now survive saving and loading
Progress toward existing goals is preserved
Property rent information now survives saving and loading
Property ownership is no longer incorrectly inferred from whether last month's rent happened to be zero
Company Accounts
Fixed company interest expense reporting less than 1% on debt in many cases
Company financial statements now correctly show the full interest expense associated with debt
Debt raised by the player through corporate controls now appears correctly in interest calculations
Fixed extreme gross margin reporting such as 3669%
Crypto produced by mining facilities now receives the correct production cost basis
Selling mined crypto no longer treats the entire sale value as profit simply because the coins were recorded with zero cost
Litigation calculations now consider the player's whole marketable portfolio rather than only cash and shares
Fixed wash sale records potentially remaining active indefinitely on wallets the player wasn't currently viewing
Currencies
Fixed the USD gradually becoming excessively strong against every other currency
Fixed exchange rates eventually becoming stuck against their maximum limits
Currency confidence calculations now compare countries against each other instead of comparing them against an inappropriate fixed value
Fair value mean reversion is now symmetrical in both directions
Mean reversion is now strong enough to prevent persistent economic pressure from permanently overpowering it
Fixed global risk appetite being permanently biased toward generating safe haven demand for the dollar
Spinoffs
Fixed parent company prices slowly bleeding downward for days following a spinoff
Parent companies now immediately reprice to reflect the assets and earnings transferred to the new company
Fixed a risk free strategy involving shorting the parent while buying the spun off company
Fixed spun off shares effectively existing twice between shareholders and market makers
Fixed distributed spinoff shares receiving a zero cost basis
Cost basis is now correctly divided between the parent and spun off company
Existing holding periods are preserved
Takeovers
Fixed hostile takeover bids having almost no effect on the target company's share price
Takeover announcements now feed into the same market valuation system used by other significant news
Rival bids and positive takeover developments can now affect valuation appropriately
Withdrawals, failed bids and greenmail resolutions apply the corresponding negative market effect
Takeover related valuation effects decay naturally through the existing news system
Performance
Significantly reduced unnecessary rebuilding of the Holdings screen
Financial values can now update without recreating every row, cell and click handler
Improved warehouse performance for companies with large numbers of buildings
Building information is now indexed once instead of repeatedly scanning and sorting the entire building list for every product
Improved Subsidiaries performance when funds contain large numbers of positions
Replaced repeated company list scans with indexed lookups across several frequently updated systems
Improved performance at maximum simulation speeds
The simulation now has a time budget per rendered frame rather than blindly attempting every requested simulation step
If the computer cannot maintain the requested simulation speed, simulation throughput will reduce gracefully instead of causing the game's framerate to collapse
Supply Chains & Other Fixes
Fixed raw material prices in the Supply Chain screen continuously climbing because the UI was reading a different price series from the one actually used by production
Raw materials now display the same commodity prices the simulation actually transacts at
Arrow key navigation now works correctly across different trading asset classes instead of only stocks
Fixed fund flag filters carrying between saves even though the flags themselves belong to individual saves
Fixed Stop and Target buttons displaying the column heading instead of the player's actual configured levels
Fixed some button captions failing to update properly after changing language
Removed an unusable routing control from crypto mining facilities where no valid product routing exists
Fixed personal bankruptcy becoming a permanent state with no way to recover
Players can now repay debt while bankrupt
Bankruptcy clears when the conditions that caused it are resolved
Fixed old bankruptcy saves potentially firing a backlog of missed payments
Fixed Indicator Trends charts treating synthetic world generation history as genuine historical data
Indicator charts now correctly distinguish actual played history from initial placeholder samples
Fixed property profitability estimates omitting rental income and therefore making profitable properties appear to be pure costs
Fixed cached ownership information sometimes carrying across different loaded worlds
Markets
Fixed a potential crash when opening an instrument through the Markets page
The Markets page could assume that the currently active wallet always had a macro trading book available, causing the entire page to fail when this wasn't the case
Missing trading books are now handled safely and simply display as having no position instead of causing an error
UI State Persistence
Fixed an issue where a UI control's persistence marker was no longer correctly attached to the control it belonged to
This could cause the persistence audit to incorrectly identify the control as unbound
The persistence marker has now been restored to the correct location
Company Loans & Credit
Fixed company loan payments sometimes charging the player's personal cash twice when the company's trading treasury was overdrawn
Fixed affordable company loan payments incorrectly being refused and recorded as missed payments
Fixed these false missed payments incorrectly reducing the player's credit score by 25 points each time
This also prevents players from being pushed into personal bankruptcy by company loan payments they could actually afford
Insurance & Overdrafts
Fixed insured expenses interacting incorrectly with overdrawn trading accounts
Insurance payouts can no longer partially erase an overdraft and effectively create money from nothing
Futures
Fixed futures positions potentially being settled twice
Fixed futures profits potentially being credited to the wrong account
Switching the active company between opening a futures position panel and clicking Close can no longer cause one account to receive another account's trade while leaving the original position open
Taxation
Bond coupon income is now taxed as ordinary income at the 32% short term tax rate
Currency carry income is now taxed at the same 32% rate
Interest rate swap carry is now taxed at the same rate
These taxes are settled through the existing annual tax filing alongside capital gains
Capital losses cannot be used to offset ordinary income from coupons or carry
Commodity storage fees and short borrow fees are not tax deductible
Fixed the Tax page failing to refresh when bond coupons were the player's only taxable activity
Fixed the Tax page incorrectly claiming there was nothing taxable when coupon income existed
Subsidiaries & Tax
Fixed dissolving a subsidiary causing the player's net worth to artificially increase
Outstanding tax provisions are now actually paid when a subsidiary is dissolved instead of disappearing with the company
Dissolving a founded subsidiary before the end of the tax year can no longer be used to avoid its tax liability
Text & Localization
Updated the Tax page, Guide and annual filing information to reflect the new taxation of bond coupons and currency carry
Updated the displayed tax formula and worked tax example
29 strings have been translated across all nine supported languages
Fixed several affected strings falling back to English
