Betting on the House

The Friday File: In an inexplicable move, the CFTC denied a request by the North American Derivatives Exchange to offer futures contracts on which party will win control of the House, Senate and White House. The CFTC said these derivates involve gaming and are thus contrary to the public interest. What? Every financial instrument can be used for gaming and often they are. But, it’s never the instrument, it’s how it’s used.