Monday, Sep 24, 2012
The purpose of this announcement is to clarify the rules of the market in relation to the possible election of Independent candidate Angus King as the Senator from Maine.
The market rules published on the website state the following:
Any Senate or House seat held by an Independent who caucuses with the Democrats will be considered a Democratic seat. The same rule applies to any Independent who caucuses or votes with the Republicans.
These rules were written before the expected election of Angus King became an issue and the clause above was intended to cover Independents who are already in Congress and who already caucus with one party or the other.
We will therefore not be waiting for Angus King, should he be elected, to decide and declare who he will caucus with. The market will be settled immediately following the election and if Angus King has made no announcement as to his intentions he will be considered an Independent.
If Angus King announces before the election that he will caucus with one party or the other then this will be taken into account. For example, if he announces before the election that he will caucus with the Democrats if elected then he will be included in the Democratic side of the ledger.
The markets have been paused and all open orders cancelled - as is the standard procedure when making a clarification of this nature. The markets will be reopened for trading at midday ET (5:00pm BST) today. The market rules have also been updated to reflect this clarification.
This clarification to the rules is final. It will not be reviewed further and no correspondence will be entered into.