betting on congressional control in November ?
IEM PROSPECTUS: CONGRESS06 2006 CONGRESSIONAL CONTROL Winner-Takes-All Market
On Thursday, June 1, 2006, at 12:00 pm CDT, the Iowa Electronic Market (IEM) will open trading in a market based on the composition of the two houses of Congress following the 2006 U.S. elections. Contract liquidation values in this Congressional Control market will be determined by the number of seats won by members of the Republican Party in each house.Initially, four contracts will trade in this market, each representing one of four possible unique and exhaustive outcomes. The liquidation value of the contract which represents the actual outcome of the election will be $1.00. All other contracts will have a value of zero.
This document describes that market and should be viewed as a supplement to the Trader’s Manual. Except as specified in this prospectus, trading rules for this market are the same as those specified in the Trader’s Manual for the Iowa Electronic Market.
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