Exchange Proposes New Election ‘Betting’ Market‎

Source: Josh Boak / Politico

More Americans may soon be able to openly wager in the markets about whether President Barack Obama wins re-election or Republicans gain control of the Senate.

Political junkies have previously placed “bets” on the presidential race through the Iowa Electronic Markets and the Irish exchange Intrade. But the federally regulated market being set up by Chicago-based Nadex has a major difference – they could cash in.

Nadex said it plans to file a request Monday with the Commodity Futures Trading Commission to list contracts on the victor of the 2012 presidential race and the majority parties in the House and Senate.

If the federal regulator has no objections, trading could start as early as January 4, the day after the Iowa caucuses, Nadex executives said. The CFTC — which could hold up the listing for further analysis — declined comment on its procedures.

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