Friday, May 7, 2010
Intrade has opened a market on the possibility Greece, Portugal, Spain, Ireland or Italy will be declared in default (as per Standard and Poor's).
This market can be found under Financial > Eurozone Crisis.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if Standard & Poor's rate the long term sovereign credit of the country named in the contract as in default before midnight ET on the date specified in the contract.
A contract will settle (expire) at 0 ($0.00) if Standard & Poor's rate the long term sovereign credit of the country named in the contract as in default before midnight ET on the date specified in the contract.
Expiry will be based on official ratings from Standard & Poor's. The most recent ratings charts (as at the time of market listing) can be viewed HERE. On these charts the LT (long term) rating will be used.
For expiry purposes sovereign credit for any country will be considered in default if rated D by Standard & Poor's. An explanation of Standard & Poor's ratings (as at the time of market listing) can be found HERE.
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 or uncertainty regarding this contract or interpretation of these contract specific rules, related exchange news articles or Exchange Rules before you place an order.