White House bets are off says CFTC

 Plans to offer contracts on the US presidential election have been condemned by a CFTC commissioner.

The announcement by the North American Derivatives Exchange (Nadex) to offer political event contracts on the 2012 elections for President of the United States as well as majority party control of the US Senate and US House of Representatives was criticised by commissioner Bart Chilton.

Chilton, one of the key members of the Commodity Futures Trading Commission said the submission to federal financial regulators raised “significant concerns”.

The exchange had filed with regulators arguing people would be able to hedge their tax liabilities and...