Striking Back at MPAA

The Futures Industry Assn. responded to the Hollywood lobby’s efforts to stop the two movie futures exchanges, arguing that the proposals, and even the futures business itself, are misunderstood. It issued the following statement today:

“The Motion Picture Association of America is seeking to discourage
the Commodity Futures Trading Commission, the federal agency that
regulates futures markets, from approving a new type of futures contract
based on box office receipts. In its letters to the CFTC and statements
to the press, the MPAA has asserted that futures trading is a form of ‘legalized gambling’ that has no commercial interest or value to the
public.

“Nothing could be further than the truth. Futures markets
have proven to be vitally important mechanisms for risk management, as
evidenced by the phenomenal growth in the use of futures contracts by a
wide range of commercial and industrial enterprises, both here and
abroad.

“The MPAA also claims that these new contracts could lead
to ‘rampant speculation and financial irresponsibility.’ It is clear
that the MPAA is not familiar with the futures markets or the regulatory
framework within which they operate. One of the principal lessons of
the recent financial crisis is that futures markets performed flawlessly
under the highest levels of stress. This was due in no small measure to
the fact that futures markets operate within a regulatory scheme that
has been developed and perfected over many decades.”

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