Friday, Jun 4, 2010
Intrade has listed a market for Tony Hayward to depart as CEO of BP.
This market can be found under Business > BP.
Contract Rules:
A contract will settle (expire) at 100 ($10.00) if Tony Hayward departs his current position as CEO of BP before midday ET on the date specified in the contract.
The contract will settle (expire) at 0 ($0.00) Tony Hayward does not depart his current position as CEO of BP before midday ET on the date specified in the contract
Expiry will be based on public statements from Tony Hayward or BP, as reported in three independent and reliable media sources.
A departure may include (but is not limited to) resignation, retirement, being fired, being demoted, or being assigned another position within the company.
A resignation or retirement does not have to result in Tony Hayward actually departing as CEO of BP by the date specified in the contract. The contract will expire when the resignation or retirement is announced, regardless of when it takes effect. The contract will not be expired if a tendered resignation is not accepted.
A departure does not include death. In the event of Tony Hayward's death the contract will be declared void, all trades will be reversed and all trading fees refunded.
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.