'Iron Man' bets loom as CFTC staff backs film futures

The Commodity Futures Trading Commission staff, bucking Hollywood opposition, is recommending approval of a market for box-office contracts on films such as "Iron Man 2," two people with knowledge of the situation said. The staff recommends the CFTC on April 16 approve Media Derivatives Inc.'s request to create a market for professional traders, the first of two applications, said the people, who asked not to be identified because the information isn't public. The Motion Picture Association of America, representing the studios, says plans by Media Derivatives and Cantor Fitzgerald LP to open markets based on movie-ticket forecasts will lead to manipulation and hurt the industry. At least one commissioner, Democrat Bart Chilton, is "leery" of the idea. Democrats hold three of the five seats.