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Unions and Guilds Say No to Box Office Betting

0401 Box Office BettingIn a joint letter sent to the Commodity Futures Trading Commission (CFTC,) several film unions and guilds opposed futures markets proposed by the Cantor Exchange and Veriana Networks that would allow people to bet on box office returns. The groups, including the Directors Guild of America and the Independent Film and Television Alliance, join the Motion Picture Association of America’s in requesting the postponing of the CFTC’s review of Veriana’s application from April 2 to April 16 so that they may submit an opinion. “Among other things, we will address whether any exchange infrastructure is capable of surveying the box office marketplace to detect and address potential market manipulation,” the groups said in their letter to the commission.

Read the story at the Los Angeles Times.
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