Decision on boxoffice futures delayed
Monday was the deadline for approval of tradingA decision on whether to approve the first product for a controversial new commodity futures exchange based on boxoffice performance has been put off for at least a week. Monday was the deadline for the Commodities Futures Trading Commission to approve or disapprove actual trading.
However, the CFTC has granted a request by the Trend Exchange, one of two companies seeking approval, for a one-week delay in any decision. The new deadline is June 14. The deadline for a product from a second company seeking to enter the field, the Cantor Exchange, remains June 28.
The movie industry, through the MPAA, along with the major talent guilds and others have strongly opposed trading in movie futures, but a number of businesspeople have supported the idea as a new way for the movie industry to finance productions and protect investments.