Berg: IEM Used for Research, Teaching
May 2, 2008 | AOL MoneyThe rising popularity of markets where guesses are wagered on the outcome of everything from presidential elections to celebrity marriages has led to a situation that, well, many had predicted. The Commodity Futures Trading Commission on Thursday said it is considering whether these markets should be regulated, and how. In the United States, the Iowa Electronic Markets, run by the University of Iowa business school, is one of the better-known markets in operation. It has about 1,000 traders at any given time who can invest up to $500 to trade on a variety of contracts, including the outcome of the presidential elections. In 1993, the commission granted an exemption to IEM, which is primarily used for research and teaching purposes, said the market's director, JOYCE BERG, who is also an accounting professor. This AP story appeared in seven other media outlets.