April 22, 2010 |
Don't bet on betting on the box office. A Senate committee dealt a big blow to the plans of two trading firms looking to create a box-office futures exchange that would allow the movie industry as well as investors to wager on movie ticket sales. The setback comes as a surprise — and a victory for Hollywood — because federal regulators only in the last week had given the first stage of approval to the exchanges. Included in the Wall Street Transparency and Accountability Act financial reform package, passed Wednesday by the Senate Agriculture Committee, is a provision banning futures trading on box office.
March 11, 2010 |
Reporting from New York and Los Angeles -- Welcome to Hollywood's newest version of risky business: movie derivatives. Two trading firms, one of them an established Wall Street player and the other a Midwest upstart, are each about to premiere a sophisticated new financial tool: a box-office futures exchange that would allow Hollywood studios and others to hedge against the box-office performance of movies, similar to the way farmers swap corn...
May 1, 1990 |
They were stepping out of a frenzied blur: The flash of hand signals, the brightly colored coats, the sweat and sore feet and hoarse voices of the young (almost exclusively male) traders who are smashed together, all day long, on the steps of the ruthless pits.
CALIFORNIA | LOCAL
July 4, 2004 |
After a collapse in state budget negotiations late last week over funding for cities and counties, Gov. Arnold Schwarzenegger pushed to revive his plan Saturday to protect their revenues. One of the last sticking points in reaching agreement on the $103-billion state budget, the local government provisions have rocked the Capitol for several days and sent city officials across California into a frenzy of last-minute opposition.
May 7, 1989
"These are very powerful people. It's not a situation where you are looking at eager young kids. These are professionals." --Jack Barbanel, director of trading at the Gruntal & Co. investment firm, on a federal investigation of New York's major futures exchanges.