Tuesday, Jan 5, 2010
Intrade has listed a market on the departure of Janet Napolitano depart as Secretary of Homeland Security.
This market can be found under Politics -- Obama Administration.
Contract Rules:
This contract will settle (expire) at 100 ($10.00) if Janet Napolitano departs as Secretary of Homeland Security before midnight ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) if Janet Napolitano does not depart as Secretary of Homeland Security before midnight ET on the date specified in the contract.
Expiry will be based on official announcements from Janet Napolitano or US Government officials, as reported in three independent and reliable media sources.
A departure may be forced or voluntary. A departure includes (but is not limited to):
- Resignation
- Retirement
- Appointment to a new position
- Being fired
The departure must be permanent. If the named individual takes a leave of absence, temorarily steps aside or is temporarily relieved of duty the contract will not be expired.
A resignation does not have to result in the individual actually departing from their current position by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect. A tendered resignation that is not accepted will cause the contract to expire at 0
In the event of the named person's death before expiry the contract will be expired at the last close price set for this contract. If no close price has been set the last trade price will be used. If no trades have taken place the contract willbe declared void and removed from the exchange.
Due to the nature of this contract please also see Contract Rule 1.7 Unforeseen Circumstances.
The Exchange reserves the right to invoke Contract Rule 1.8 (Time Protection) if deemed appropriate.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract before you place a trade