Mike Selig

We put out a request for comments on a potential rule proposal in this space.

So, we're evaluating those comments and making sure we get things right.

But the bottom line is, sure, there are contracts that are derivatives contracts that can be manipulated, and maybe they shouldn't be in our markets then because the statute tells us they shouldn't be.

Insider trading, all that's prohibited.

I mean, a lot of the criticism you get and the concern is just a lack of education, and we're making sure that we get the right information out there.

But certainly, there's disagreements as to what's manipulable, what's not.

We're working with the sports leagues.

We're working with different stakeholders to get that right.

The exchanges will be reviewing the contracts, as I mentioned.

And my aim for that review is to be consistent with the statute to make sure the exchanges understand their obligations.

So when contracts get listed, they're kind of filtered through that initial process of, are these things readily susceptible to manipulation?

If they're listed, they shouldn't be.

And investors should be able to kind of appreciate that and respect that they're buying something that's not going to be manipulable or easily manipulable, rather.

But of course, there's always a risk of insider trading manipulation, even if something's not readily susceptible to it.

And insider trading is a type of market manipulation or fraud that's prohibited under our statute.

But there's a range of kind of insider information, right?

Not all of its material non-public information that's been misappropriated, that's prohibited in our markets.

So somebody could obtain insider non-public information that's just because they had access to a facility or saw something.

And hedging firms and hedge funds and exchanges and other types of businesses are trading on that information on a regular basis, right?

Because they, for example, might have cameras that see what's going on in the Walmart parking lot and that sort of thing.