{"id":8357,"date":"2010-04-29T20:08:05","date_gmt":"2010-04-29T19:08:05","guid":{"rendered":"http:\/\/www.filmdetail.com\/?p=8357"},"modified":"2010-04-29T20:08:05","modified_gmt":"2010-04-29T19:08:05","slug":"regulators-approve-movie-futures-market","status":"publish","type":"post","link":"https:\/\/www.filmdetail.com\/2010\/04\/29\/regulators-approve-movie-futures-market\/","title":{"rendered":"Regulators approve movie futures market"},"content":{"rendered":"
Yesterday U.S. regulators gave the go ahead for Cantor Futures Exchange<\/a>, a market that will give speculators a way to bet on expected movie box office receipts.<\/p>\n The major Hollywood studios and cinema chains are staunchly opposed to the trading of movie futures contracts<\/a>, calling it a form of legalized gambling.<\/p>\n The Motion Picture Association of America<\/a> has said that they are:<\/p>\n “…united in our opposition to a risky online-wagering service that would be detrimental to the motion picture industry”.<\/p>\n<\/blockquote>\n I think they have a point.<\/p>\n Given the amount of people in the industry with access to sensitive information about various projects isn’t there a huge risk of insider trading?<\/p>\n Although studios have apparently already tightened up<\/a> how tracking numbers (the data that essentially predicts how much a film is going to earn) are released, information will always find a way to get out.<\/p>\n There is a certain irony that this was approved just days after President Obama finally decided to clamp down<\/a> on the casino-style capitalism of Wall Street banks that almost caused the global financial system to collapse.<\/p>\n Isn’t there a lesson to be learned from the Goldman Sachs story currently unfolding<\/a>?<\/p>\n Senator Blanche Lincoln<\/a> (D-Ark.) has included a ban on movie futures trading in the financial reform bill that is set to be debated in a committee today (Wednesday).<\/p>\n Cantor Fitzgerald<\/a>, the backer of the futures market, said in a statement it appreciated the “excellent work” of the commission, with a final decision expected in June.<\/p>\n My prediction? A major scandal, which is then swiftly adapted into a movie.<\/p>\n After all, this wouldn’t be the first time Hollywood has made a tale about the perils of insider-trading<\/a>.<\/p>\n<\/a><\/p>\n
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