Richard Jaycobs, president of the Cantor Futures Exchange, responded to heavy Hollywood criticism towards his plans to create futures commodity markets based on box office success, according to the Hollywood Reporter. Jaycobs was one of the key defenders of the markets during a House subcommittee hearing in Washington on Thursday. The plans were met with what he called “inaccurate, over-reaching, and extraordinary claims of gambling, manipulation, and commercial damage made by the…MPAA.” Despite the aggressive responses, the exec claims support from several movie companies, including Lionsgate. Supporters maintain that a futures market would help the movie business hedge its investments. Those opposed, such as MPAA chief Bob Pisano, feel the contracts are “nothing more than gambling contracts that lack any of the characteristic of legitimate futures contracts.”
Read the story at The Hollywood Reporter. Pictured: Bob Pisano (Photo: Getty Images)
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