| 00:00:00 | THIS MARKET IS NOW OPEN TO NONSTUDENTS AND INCLUDES TRADING AND ELECTION FUTURES FROM PRESIDENTIAL RACES TO CONTROL OF CONGRESS TO INDIVIDUAL RACES. |
| 00:00:09 | SO I'LL MARKOWITZ INVESTORS LIMITED TO $500, BUT IT IS A MARKET NONETHELESS. |
| 00:00:12 | THE IOWA ELECTRONIC ARCUS OPERATES UNDER NO ACTION LETTER PROVIDED BY THE CFTC WITH THE CFTC SAYS IT WILL NOT TAKE ACTION AGAINST THE UNIVERSITY FOR OFFERING POLITICAL FUTURES CONTRACT ON THEIR EXCHANGE. |
| 00:00:27 | IT SEEMS TO ME THAT ELECTIONS CONTRACTS WITH MANY OF THE SAME CONCERNS WE WILL HEAR FROM THE NEXT PANEL HE HAD WHAT IS THE PRICE DISCOVERY FOR A CHANGE SERVICE THE CONTRACT PROVIDES? |
| 00:00:37 | WITH THE ABILITY OF THE PEDESTRIAN INSIDERS IN THE CASE OF ELECTIONS THAT WOULD BE POSTERS, CONSULTANTS, MEDIA, USING THEIR KNOWLEDGE TO MANIPULATE THESE MARKET. |
| 00:00:48 | AND WHAT IS THEIR UTILITY. |
| 00:00:52 | FOR EXAMPLE, IS ELECTED OFFICIAL EVER GOING TO SHORT HIS OWN ELECTION IN GRANTING THE RELIEF IN THE ELECTRONIC ARCUS TO THE CFTC LOOK AT THESE ISSUES AND WHY ARE THESE MARKETS PROVIDED? |
| 00:01:07 | >> MY UNDERSTANDING THAT THIS WAS ORIGINALLY DONE BY OR IS BEING DONE AND OVERSEEN BY THE UNIVERSITY OF IOWA AS AN ACADEMIC AND A RESEARCH -- A RESEARCH UNDERTAKING. |
| 00:01:26 | THURSDAY DOLLAR LIMITATION ON IT. |
| 00:01:27 | IT IS BEING SUPERVISED BY THE UNIVERSITY. |
| 00:01:30 | IT'S MY UNDERSTANDING IT'S NOT FOR PROFIT AS WELL. |
| 00:01:33 | UNDER THOSE CIRCUMSTANCES, THE CFTC GRANTED THAT NO ACTION LETTER TO ENABLE IT TO OPERATE. |
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