When Wharton (I believe) held an electronic market in NCAA Final Four futures
in March 92, I believe, they got shut down. One of the early milestones in
e-Commerce. I believe the principals of Iowa EMarkets should be familiar with
the case.
So the answer, is yes, if you fo into sports, you're outside the burview of
CFTC and into the Justice Department's.
Rohit
---------------------------
Is it legal?
YES. The IEM is under the regulatory purview of the Commodity Futures Trading
Commission (CFTC). The CFTC has issued a "no-action" letter to the IEM,
stating that as long as the IEM conforms to certain guidelines, the CFTC will
take no action against it. We do not file reports required by regulation,
though, so technically speaking the IEM is not regulated by, nor are its
operator registered with, the CFTC.