A coalition of guild and industry professionals led by the MPAA has welcomed a move by the Senate today  that would ban futures trading on box office performance.
The chamber approved financial reform legislation that includes a ban on two separate proposals by Cantor Fitzgerald and Verianna Networks.
Both proposals had been previously approved by the Commodity Futures Trading Exchange. However the Senate and the House Of Representatives, which also supports the legislation, have different ideas. Congress has sent the financial measure to President Obama for his signature.
“After proposals for these speculative gaming platforms came to light, our industry came together to oppose these plans with an unprecedented coalition that included entertainment industry workers, creators, independent producers and distributors, studios and theater owners,” MPAA Interim CEO and president Bob Pisano said.
“We are pleased with final passage of this important legislation. Congress has acted decisively to ban proposed trading in box office futures and to make important reforms in the country’s financial regulatory system. We applaud the work the bill’s authors have done, and of course, the many senators and members who supported the provisions to prevent movie futures trading.”
Pisano issued the statement on behalf of a coalition that includes the Directors Guild Of America, the Independent Film And Television Alliance, the International Alliance Of Theatrical Stage Employees MPAA member companies, and the National Association Of Theatre Owners.