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This is unique !!!
TradeSports Exchange Ltd., based in Dublin, offers futures
on the Iraqi leader to investors looking to gamble on the war. The contracts
settle on the last day of each of the next four months, and pay out if Hussein
is ousted by then.
``I enjoy trading multiple things,'' said Stevens, who buys
and sells stocks for a living in Chicago. ``I expect a war by March. By the end
of June, Hussein will be out of power.''
The variety of derivatives, financial instruments based on
underlying assets or indexes, is growing as companies and traders become more
sophisticated at guarding against risk and look for other ways to make profit.
Deutsche Bank AG and Goldman Sachs Group Inc. offer derivatives on U.S.
economic figures, and may expand them to include such things as German business
confidence.
Bettors buy Hussein futures as they fluctuate in value from
zero to $10. The contracts pay the full amount ``if for any reason or under any
circumstance'' Hussein ``is not internationally recognized'' as the leader of
Iraq, under TradeSports rules.
Stevens bought 200 June contracts at $7 apiece. If Hussein
is ousted by the end of that month, the contracts pay the balance -- a total of
$600. If Hussein remains in power, Stevens will lose the $1,400 he paid to buy
the contracts.
Value
March futures are trading at $4.30, April contracts are at
$7.40, those for May are at $8.20 and June futures are at $8.40, according to
TradeSports Chief Executive John Delaney. That means traders see a 43 percent
chance Hussein won't be in power by the end of March and an 84 percent chance
he'll be gone by June 30.
About 42,000 Hussein futures have traded, Delaney said.
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