Monday, Jul 14, 2008
Intrade has now listed a market on the failure of US banks before the end of 2008. These cotracts can be found under Financial -- Banking -- US Bank Failures. This market is open for further suggestions.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if the institution specified in the contract fails before 11:59:59pm ET on Dec 31st 2008.
A contract will settle (expire) at 0 ($0.00) if the institution specified in the contract does not fail before 11:59:59pm ET on Dec 31st 2008
A bank will be considered failed if the Federal Deposit Insurance Corp (FDIC) takes control of the institution and adds it to the Failed Bank List.
Expiry will be based on official announcements from the institution and/or the FDIC, as reported by three independent and reliable media sources.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract before you place a trade.