By RYAN NAKASHIMA
AP Business Writer
LOS ANGELES – U.S. regulators on Friday approved the creation of a futures market for trading in forecast box-office receipts, but major Hollywood studios immediately trumpeted a bill that would ban it.
The U.S. Commodity Futures Trading Commission approved the creation of the Trend Exchange, a forum that would allow movie industry participants and speculators to trade on predicted movie revenues.
The exchange still requires the commission’s approval of specific contracts, which would essentially act as presales of ticket revenue. A decision on the contracts is due June 7.