SPY - 'People With A Lot Of Money Could Influence The Election:' Interactive Brokers' Thomas Peterffy Reveals Why CFTC Will Not Allow Election-Related Contracts (CORRECTED) | Benzinga
Editor’s note: This story has been updated with new information from Interactive Brokers on the timing of the ForecastEx prediction market launch and to correct a quote by Thomas Peterffy.
Interactive Brokers‘ (NASDAQ:IBKR) Thomas Peterffy has revealed that the Commodity Futures Trading Commission (CFTC) will not permit the listing of election-related contracts on their soon-to-launch prediction market, “ForecastEx.”
What Happened: On Wednesday, Peterffy, the founder of Interactive Brokers, revealed during CNBC’s “Last Call” that the CFTC will not allow to list election-related contracts on their upcoming prediction market.
“They think that it may influence the election. That people with a lot of money could influence the election by driving the contract to an unreasonable level.”
Peterffy’s comment appears after Interactive Brokers ‘s wholly owned subsidiary ForecastEx LLC received the CFTC’s nod to operate a contract market and derivative clearing organization.
As per a press release, ForecastEx, a prediction market, is scheduled to commence operations on July 8 and will offer contracts that enable investors to speculate on the likelihood of specific economic and climate indicators.
The ForecastEx prediction market, which was initially scheduled to commence operations July 8, will now launch later in the summer due ...