Exchange plans trades in movie futures

March 12, 2010 at 4:52 PM

CHICAGO, March 12 (UPI) -- A Chicago businessman said he expects the Commodity Future Trading Commission to approve an application to start an exchange handling movie futures.

Robert Swagger, chief executive officer of Veriana Networks LLC, a venture capital firm, said the CFTC would likely approve the exchange that would allow investors to bet on whether a movie will make money at the box office.

Swagger said he chose Chicago, rather than Los Angeles, for the exchange due to the number of commodity exchange experts already residing in the Windy City, Crain's Chicago Business reported Friday.

Forty-year veteran of the Chicago Board of Trade Patrick Catania, hired as a consultant by Swagger, said the movie industry "has been totally unserved with regard to risk management."

"There's definitely a need for the folks that put up all that money to try to protect their money," Catania said.

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