Under the Counter

Opening No-bellI usually try to shy away from discussing stories which describe things as futures markets which really aren’t anything of the sort. Whenever I read an article telling me that trading has been frenetic in, for instance, “futures” based on the Kentucky Derby I usually simply assume it’s no more than another way for Americans to attempt to circumvent their ridiculous gambling laws and turn over to the fashion section. However, a recent news item discussing the trading of futures on Al Gore’s Nobel Peace Prize victory did pique my interest, if only because it said that some of this trading took...