Trading Obama and McCain contracts
Politicians are busy blaming betting in financial markets for the recent market turmoil, with Jean-Claude Juncker, chairman of euro zone finance ministers, urging investors to stop playing a “casino game” with their shares this week.
But dare-devil operators in financial markets have shown no sign of halting their innovation in financial instruments, which are enabling investors to bet on everything from Academy Award winners to space travelling.
One of the most traded contracts on trading platform Intrade is the outcome of the U.S. Presidential election, due in just over a month.
The Barack Obama contract, based on the U.S. dollar, rose 1.5 points to 62.5, with 5,857 contracts traded on Tuesday. The level is just below a record high set in mid-July.
The John McCain contract fell half a point to 37.6, having hit an all-time high only a few weeks ago.
Die-hard Hillary Clinton fans are still betting on the New York senator to win the presidential election, with the Clinton contract rising 0.4 point to 3.2.