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 OZschwitz slave pen: Bookies warned over sharemarket odds

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OZschwitz slave pen: Bookies warned over sharemarket odds Vide
PostSubject: OZschwitz slave pen: Bookies warned over sharemarket odds   OZschwitz slave pen: Bookies warned over sharemarket odds Icon_minitimeSun Sep 16, 2012 9:25 pm
THE corporate watchdog has warned bookmakers they risk trouble by offering odds on sharemarket indexes if they lack a financial services licence.

The Australian Securities and Investments Commission is also concerned with bookmakers taking bets on official interest rate movements. In recent months bookmakers have offered more bets on movements in financial indicators, with markets opened by Sportsbet on interest rate movements, the share prices of BHP Billiton, Billabong and Qantas, and Harvey Norman's profit for the financial year.

On Friday, it opened a market on whether the share price of beleaguered miner Fortescue Metals Group will recover by the end of the year.

A commission spokesman said betting on interest rate cuts and rises could be considered a derivative.
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He said wagering operators would need an Australian financial services licence if their bets were being used to hedge other transactions. None of the bookmakers who spoke to BusinessDay hold a licence.

Read more: http://www.smh.com.au/business/bookies-warned-over-sharemarket-odds-20120916-260if.html#ixzz26gbEqdMp
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