Thursday, Jul 31, 2008
Intrade has listed a market on the departure of Gordon Brown as leader of the UK Labour Party. This market can be found under Politics -- UK Politics -- Departure of Gordon Brown as leader of Labour Party.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if Gordon Brown is no longer the leader of the Labour Party at 11:59:59pm ET on the date specified in the contract.
A contract will settle (expire) at 0 ($0.00) if Gordon Brown is the leader of the Labour Party at 11:59:59pm ET on the date specified in the contract.
Expiry will be based on official public announcements, as reported in three independent and reliable media sources.
A departure includes (but is not limited to):
- Resignation
- Retirement
- Replacement as leader by the Labour Party process
These contracts do not cover the death of the person named in the contract. In the event of the named person's death before expirythe contract will be unwound, all trades reversed and all trading fees refunded
A resignation or retirement does not have to result in the individual actually departing from their current position by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect.
A tendered resignation that is not accepted will cause the contract to expire at 0.
A departure may be forced or voluntary.
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.