The Australian Securities and Investments Commission has moved to shut down betting on Reserve Bank interest rate decisions, giving the bookmaker Centrebet until today to desist or face the possibility of a court order "shutting down your business".Their crime? "...carrying on a financial services business without holding a financial services licence."
Melbourne Law School professor Ian Ramsay said it would not be worth the bookmaker's trying to get the licence. The letter would effectively shut down its market on Reserve Bank board decisions.Depressing news for the Aussies. Rather glad iPredict operates under specific declaration and exemption...
Update: Peter Martin has more.
Update2: Odd...in the US, these markets are illegal 'cause they're too close to gambling. In Oz, they're illegal because they're too close to being a stock market.