Gov't delays review of boxoffice trading site
Decision on Trend Exchange approval pushed a weekYou'll have to wait another week -- and probably a lot longer -- before you can make some coin trading boxoffice futures.
A decision that was set for April 9 has been pushed a week by the Commodity Futures Trading Commission.
That decision concerned Trend Exchange, one of two companies hoping to win government approval for their plans to set up a mechanism for what amounts to wagering on the performance of movies at the boxoffice.
The CFTC said it was delaying its decision about Trend until Friday because it is awaiting more information. Meanwhile, Cantor Exchange could receive permission for its similar service as early as April 20, though you'd probably not want to bet on it.
The MPAA and others have been lobbying hard against both exchanges. Although their efforts are prolonging the approval process, their goal is to prevent the exchanges from ever going live.
"We appreciate the commission's decision to take additional time to review our concerns about the harm online wagering on boxoffice futures could do to our industry," an MPAA spokesman said Friday.
Said Trend CEO Robert Swagger, "At the request of the chairman of the CFTC and after individual meetings with commissioners, we have agreed to extend the statutory deadline for review for one additional week with an understanding that a decision will be made by April 16."