The privates are auctioned all together; you can bid on any of them any time. Privates don't have to close. Privates reserve a hex and have a special power. I don't think you buy in Privates; you close them to free up the hex and maybe to let a company you control use the power. They don't count against the cert limit. Player order in stock rounds after the first is by the order people passed, not clockwise from the first to pass. Companies start as 5-share until the brown phase, but can be converted to 10-share. There's a "light green" area at the bottom of the stock market. The Director can buy two shares of a company that's in that area in one turn. Sales of shares in trainless companies are at half price. You drop a spot for each share sold until the Grey phase when only Director sales cause a drop. There's no limit on the number of shares in the Open Market. You can't buy more than 60% of a company from the IPO but you can from the Open Market. You float at 40% in Yellow, 60% in Green or later. A 5-share company puts all its shares in the IPO; a 10-share being formed directly puts the remaining 4 in the Market as soon as it floats; when you convert a 5-share, the new 5 shares land in the Market. Full capitalisation on floating, and when a 5-share converts to 10-share, it gets another 5x stock price lump of cash (but it does move down two spots before this happens). A company need not have a Director; you can sell the Director's Certificate. There's a Blue Phase between Green and Brown which opens up the estuary tiles (which are blue). You can lay or upgrade two tiles, but only one of them can be a city tile. You must be able to reach part of the new track - even on a city tile, it is not sufficient just to improve the value of a hypothetical route. You pay £50 for each hill hexside you build track up to. Yellow plain track and towns are unlimited. Only in a 5-6 player game can you use grey tiles (WTF?) There's funky trains, and when the first 4X is bought the 5Xs become available; when the first 5X is bought the 6Xs become available. Some trains are N+M; they can score up to N+M cities or towns, only N of which can be cities. Some trains are X, express; they only score cities and add £10 per hex travelled as the hexagonal crow flies. There are N-S and E-W bonuses, and bonuses for running specific routes across the estuaries. You can't half pay. You can up to quadruple-jump. IPO shares pay to the company, unusual in a full-cap game. When you buy a train from another company, it's £1 to twice face value, and either the purchasing company must have no trains or the selling company have another train. A 5-share company with no train which can't afford the cheapest available train can convert to 10-share, taking three stock price penalties not two. The Director can buy a share during this. Once the X trains are out you only have to buy a train if you can afford the most expensive (what?) A company with no Director withholds. If it has no trains it buys the most expensive it can afford. It will convert if it can. If you end a turn without a train, or begin it with one and no Director, you are insolvent. An insolvent company leases the cheapest train available, does no construction, and withholds. If no-one buys any trains in an OR, the bank eats one.