To: patron_anejo_por_favor who wrote (219597 ) 2/10/2003 11:36:19 AM From: ild Read Replies (2) | Respond to of 436258 Patron, are you still in Vegas? Here is more gambling fun for you:Top Financial News 02/10 06:26 Saddam Hussein Futures Offer Bets on His Removal (Update1) By Tom Kohn Dublin, Feb. 10 (Bloomberg) -- Dan Stevens has $1,400 riding on Saddam Hussein's removal as president of Iraq by June 30. 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. TradeSports settles the contracts based on information from the United Nations or U.S. government and checks that against three independent media sources. Delaney said TradeSports is considering offering futures on events in North Korea and the Middle East. U.S. Secretary of State Colin Powell told the UN last week that Iraq has blocked interviews of scientists by United Nations inspectors, violating a UN resolution. Powell told Congress a day later that more countries are beginning to support a U.S.-led strike against Iraq. ``There's been a significant move (in futures prices) over the past couple of days,'' Delaney said. ``Before Powell, the March contract was at 30 to 32,'' or a face value of $3 to $3.20. Chief UN arms inspector Hans Blix said Iraq has offered more cooperation with the UN, which may increase calls by France and Germany to give arms inspectors more time to allow the Middle Eastern country to disarm peacefully. quote.bloomberg.com