Approval for Movie Futures Proposal

June 28, 2010 in public

The wheels of government continue to turn, and not all in the same direction.

The Commodity Futures Trading Commission on Monday approved a proposal by the Cantor Exchange to begin trading a futures contract keyed to the box-office receipts of the new film, “The Expendables,” which is set for released by Lionsgate on Aug. 13.

But a conference of House and Senate members last week approved a massive financial regulatory bill that includes a provision specifically banning such contracts. Under existing law, the commission said in a statement, it must approve the Cantor contract, having found that it meets the requirements for such financial instruments.

Two weeks ago, the commission similarly approved futures and option contracts proposed by another exchange, called Media Derivatives, in connection with a new film, called “Takers.” So the future of box-office futures would appear to depend on whether or not Congress passes the law that emerged from the conference.

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