Exchange CEOs Urge Review of Easy Prediction Market Listings
Polymarket Founder and CEO Shayne Coplan, from left, CME Group CEO Terrence Duffy, President and CEO of Nasdaq Adena Friedman, and Cboe CEO Craig Donohue during a joint SEC-CFTC roundtable at SEC headquarters in Washington on Sept. 29.
Photographer: Kent Nishimura/BloombergThe heads of Chicago’s largest exchanges are calling for a review of the process that has allowed prediction market platforms to grow quickly by listing financial contracts without explicit regulatory approval.
The so-called self-certification process has been “abused,” making it possible to offer markets that are prone to manipulation and insider trading, Terry Duffy, chief executive officer of CME Group Inc., said in an interview at the Futures Industry Association’s annual conference in Boca Raton, Florida. The process is open to all exchanges, including startup prediction market venues.