Cantor Fitzgerald has filed an application with regulators to launch an exchange that will allow users to hedge and speculate on the financial performance of movies.Cantor says that subject to approval from the Commodity Futures Trading Commission (CFTC), its exchange's first traded product will be "Domestic Box Office Receipt" contracts.
The contracts - expected to be listed in the first quarter of 2009 - will offer film finance professionals and traders an opportunity to hedge and speculate on the ticket sales of major film titles.
Howard Lutnick, chairman and CEO, Cantor Fitzgerald, says: "The Cantor Exchange and our intention to list Domestic Box Office Receipt contracts reflect our continuing commitment to innovation in the finance and entertainment sectors."
Cantor Fitzgerald already owns and operates the Hollywood Stock Exchange virtual entertainment stock market.
Separately, WeSeed, a new online community Web site for stock market investors dubbed "Facebook-meets-Amazon", has been launched in the US.
The site lets users get information and ideas on buying stocks through a propriety search tool as well as from "celebrity experts" and fellow members. In addition, users can practice investing in a virtual environment.
Jennifer Openshaw, president and co-founder, WeSeed, says: "By leveraging the power of community, the 100 million Americans who don't currently invest can learn the basic fundamentals of stock investing and become smarter, more confident, better informed and even more competitive in their jobs."
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