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US Judge Lets Americans Wager on Elections with Derivatives
A federal judge has given a green light to event contract exchange Kalshi Inc. to let Americans bet as much as $100 million on the outcome of the 2024 congressional elections.
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lamplighter
Joined 2013/04/13Visited 2024/11/22
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... The ruling deals a heavy blow to the Commodity Futures Trading Commission and its quest to quash the growing popularity of trading elections-linked derivatives. The CFTC signaled it plans to appeal Judge Jia Cobb's decision to let Kalshi move ahead with its plans. Spokespeople for the CFTC and Kalshi didn't immediately respond to requests for comment. Kalshi had been preparing to launch the elections-themed derivatives earlier this week, extending its current offering of "event contracts" on monetary policy, lunar landings and music awards. But the company was held up after the judge granted a temporary pause Monday sought by the CFTC, which said that it would be nearly impossible to unwind the contracts once they went live. ...
Spokespeople for the CFTC and Kalshi didn't immediately respond to requests for comment.
Kalshi had been preparing to launch the elections-themed derivatives earlier this week, extending its current offering of "event contracts" on monetary policy, lunar landings and music awards. But the company was held up after the judge granted a temporary pause Monday sought by the CFTC, which said that it would be nearly impossible to unwind the contracts once they went live. ...
#1 | Posted by LampLighter at 2024-09-12 03:50 PM | Reply
Derivative trading was a large factor in the 2008 financial meltdown.
Between derivatives and crypto, we're f***ed.
#2 | Posted by sentinel at 2024-09-13 06:12 AM | Reply | Newsworthy 3
Update...
US Election Betting Again on Hold as CFTC Seeks to Block Kalshi www.bnnbloomberg.ca
... Americans seeking to bet on the outcome of the 2024 elections on a federally regulated derivatives exchange have again hit a roadblock. A federal appeals court issued a freeze on trading on Kalshi Inc.'s political derivatives contracts late Thursday so that it could sort out a US government request to prevent the contracts from continuing to trade. Kalshi, which had only gone live with the election contracts earlier Thursday, suspended trading after the court's ruling. The US Court of Appeals for the DC Circuit could rule as soon as Monday on whether to let Kalshi resume trading or whether the contracts will be frozen pending further litigation -- potentially through the November elections. ...
A federal appeals court issued a freeze on trading on Kalshi Inc.'s political derivatives contracts late Thursday so that it could sort out a US government request to prevent the contracts from continuing to trade. Kalshi, which had only gone live with the election contracts earlier Thursday, suspended trading after the court's ruling.
The US Court of Appeals for the DC Circuit could rule as soon as Monday on whether to let Kalshi resume trading or whether the contracts will be frozen pending further litigation -- potentially through the November elections. ...
(funny how much more quickly this case seems to move through the courst than the cases involving fmr Pres trump. But I digress.)
#3 | Posted by LampLighter at 2024-09-13 09:21 PM | Reply | Newsworthy 1
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