Tag Archives: event contracts
What Robin Hanson told the CFTC about “event markets” (prediction markets)
Robin Hanson:
Date: Mon, 07 Jul 2008 10:12:46 -0400
To: secretary@cftc.gov
From: Robin Hanson <rhanson@gmu.edu>
Subject: Comment on “Concept Release on the Appropriate Regulatory Treatment of Event Contracts”
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I am an event market innovator, having published the first detailed discussions envisioning their widespread application, having designed a widely used trading mechanism (the market scoring rule), and having co-developed the first [...]
A second look at HedgeStreet’s comment to the CFTC about “event markets”
Other than the ISDA (which is an association of operators who do not trade on regulated derivative exchanges), HedgeStreet (a non-intermediated DCM) was the first representative of the regulated derivative exchange community to submit a comment to the CFTC. — (PDF file)
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HedgeStreet are saying that:
The political elections qualify as “excluded commodities” (as opposed to “exempted [...]
My response to the CFTC on event contracts
Here is my response to the CFTC’s “Concept Release on the Appropriate Regulatory Treatment of Event Contracts.” I appreciate this opportunity to help in working towards regulated prediction markets in the US, and I thank the Commissioners for it.
Given the political implications of the rise in commodity prices, this is not the best environment in [...]
Tom W. Bell rebuts the puritan and sterile petition organized by the American Enterprise Institute (which has on its payroll Paul Wolfowitz, the bright masterminder of the Iraq war).
Tom W. Bell:
The CFTC should not limit “no action” status to markets run by tax-exempt organizations. The no-action letters that the CFTC issued to the IEM emphasized not the nature of the hosting institution, the University of Iowa, but rather the business model adopted by the IEM itself. Profitability could not have mattered, as tax-exempt [...]
The CFTC is going to close the comments in 3 days. We have 3 days left to convince the CFTC to accept FOR-PROFIT prediction exchanges (e.g., InTrade USA or BetFair USA), and counter the puritan and sterile petition organized by the American Enterprise Institute (which has on its payroll Paul Wolfowitz, the bright masterminder of the Iraq war).
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ADDRESSES: Comments should be sent to the Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581, Attention: Office of the Secretariat. Comments may be sent by facsimile to 202.418.5521, or by e-mail to secretary@cftc.gov.
Reference should be made to the “Concept Release on the Appropriate Regulatory Treatment of Event Contracts.” Comments [...]
What to think of HedgeStreet’s comment to the CFTC
It’s a very important take.
- HedgeStreet’s comment to the CFTC. — (PDF file)
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Basically, they are saying:
We saw that the CFTC is entertaining the “exemption” way for prediction markets on politics and on other news.
You have lost your sanity, folks. The “exemption” solution will bring you plenty of problems.
You should approve these prediction markets under the [...]
The freshest comments sent to the CFTC
- Jed Christiansen’s comment to the CFTC – (PDF file)
- HedgeStreet’s comment to the CFTC. — (PDF file)
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Let’s Tell the CFTC Where to Go.
Update: I’ve extended the deadline for signing up until 7 p.m. Pacific, Sunday, July 6. Also, I fixed a typo in paragraph 3, changing “denying” to “giving.” (Thanks, Gil!)>
The deadline looms for interested parties to respond to the Commodity Futures Trading Commission’s request for comments about regulating prediction markets (“event markets” in [...]
The CFTC is going to close the comments in 4 days. We have 4 days left to convince the CFTC to accept FOR-PROFIT prediction exchanges (e.g., InTrade USA or BetFair USA), and counter the puritan and sterile petition organized by the American Enterprise Institute (which has on its payroll Paul Wolfowitz, the bright masterminder of the Iraq war).
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ADDRESSES: Comments should be sent to the Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581, Attention: Office of the Secretariat. Comments may be sent by facsimile to 202.418.5521, or by e-mail to secretary@cftc.gov.
Reference should be made to the “Concept Release on the Appropriate Regulatory Treatment of Event Contracts.” Comments [...]
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