October 22, 2004 | Wall Street JournalFinancial and economic titans from Federal Reserve Chairman Alan Greenspan to famed money manager Warren Buffett have pondered aloud about the risks of derivatives. Now a new online market, HedgeStreet, wants to bring derivatives to the masses, albeit in small doses and not in the speculative form that critics contend can pose financial ruin. HedgeStreet has other precedents in academia. The University of Iowa, for instance, has operated the modest and experimental IOWA ELECTRONIC MARKET, where students and outsiders make bets on developments in elections and various economic indicators, among other things.
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