INDEPENDENT NEWS

Stocks on Appointment of New Minister

Published: Mon 6 Dec 2010 11:25 AM
Stocks on Appointment of New Minister
New Zealand's prediction market, iPredict Ltd, will this morning launch binary contracts asking who will be appointed a Minister of the Crown following November's resignation by Pansy Wong. Trading will begin at 10.30 am today (NZT).
The Chief Executive of iPredict, Matt Burgess, said speculation was focused on a number of MPs and contracts would be launched for: National's candidate in the Mana by-election Hekia Parata, Tukituki MP Craig Foss, Napier MP and Chief Whip Chris Tremain, Selwyn MP Amy Adams, Tauranga MP Simon Bridges, and also Ms Wong to be re-appointed as a minister. The price of each contract on iPredict one will indicate the market's view of the probability of that person being appointed.
The contracts refer to an appointment as a Minister of the Crown, inside or outside of Cabinet. This is to allow for the possibility Prime Minister John Key may promote a current minister outside Cabinet to the Cabinet, and appoint a new minister to a role outside Cabinet. Mr Key is expected to make an announcement on the appointment later today.
iPredict is owned by Viclink, the commercial arm of Victoria University of Wellington. Details on the company and the new stock can be found at www.ipredict.co.nz
ENDS

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