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Investing.com -- The Commodity Futures Trading Commission (CFTC) has officially asked Robinhood (NASDAQ:HOOD) Derivatives, LLC (RHD) to halt customer access to sports event contracts.
In response to the CFTC’s request, RHD has put a pause on the launch of its Pro Football Championship market. The product, which had been introduced to approximately 1% of RHD’s customer base, will now see a delay. Customers who have already placed trades will be given the option to either close their positions or continue until resolution.
RHD expressed disappointment at this development, particularly because the company had been consistently communicating with the CFTC about its intentions and plans to offer this product. RHD has been active in advocating for balanced regulation in the futures and derivatives markets. This includes direct participation in a CFTC roundtable, providing written feedback to the CFTC, and promoting the economic benefits of event contracts.
Despite the setback, RHD plans to continue its collaboration with the CFTC as it works towards launching a more comprehensive event contracts platform later this year.
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