Thursday, Jun 17, 2010
Intrade has listed a market on the possibility of BP filing for Chapter 11 bankruptcy.
This market can be found under Business > BP.
Contract Rules:
This contract will settle (expire) at 100 ($10.00) if BP announces before midnight ET on the date specified in the contract that it will file for bankruptcy under Chapter 11 of the United States Bankruptcy Code.
The contract will settle (expire) at 0 ($0.00) if BP does not announce before midnight ET on the date specified in the contract that it will file for bankruptcy under Chapter 11 of the United States Bankruptcy Code.
Expiry will be based on official statements from BP, as reported by three independent and reliable media sources.
The contract will be expired when an announcement is made, regardless of when the actual bankruptcy filing takes place.
Any changes to the result after the contract has expired will not be taken into account - Exchange Rule 1.4
Due to the nature of this prediction market contract you are obligated to read Contract Rule 1.7 (Unforeseen Circumstances) and Contract Rule 1.8 (Time Protection). Intrade may invoke these rules in its absolute discretion if deemed appropriate.
Please contact the exchange by emailing help@intrade.com if you have any questions regarding this contract or interpretation of these contract specific rules, related exchange news articles or exchange rules before you place an order to trade.