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CFTC clears launch of political predictions market
Market Watch:WASHINGTON (MarketWatch) — A market for political predictions is set for launch after a federal regulator gave the go ahead, allowing would-be pundits to put their money where their mouth is.
The Commodity Futures Trading Commission gave a so-called no-action letter to Victoria University of Wellington, New Zealand, to operate a not-for-profit market for event contracts that will be called PredictIt. It wasn’t immediately clear when the market will launch.
According to the CFTC, the contract will include winner-take-all markets for presidential nominees, the popular vote, the Electoral College, the vice-presidential nominee, and which party will control the next Congress.
There also will be contracts on the Federal Open Market Committee’s federal funds target rate, though they will not compete with any contract listed already.
The Commodity Futures Trading Commission gave a so-called no-action letter to Victoria University of Wellington, New Zealand, to operate a not-for-profit market for event contracts that will be called PredictIt. It wasn’t immediately clear when the market will launch.
According to the CFTC, the contract will include winner-take-all markets for presidential nominees, the popular vote, the Electoral College, the vice-presidential nominee, and which party will control the next Congress.
There also will be contracts on the Federal Open Market Committee’s federal funds target rate, though they will not compete with any contract listed already.
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