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McMahon rules Novig’s New York sports contracts are not CEA swaps

Regulation

US District Judge Colleen McMahon rejected Novig’s request for a preliminary injunction against New York enforcement, ruling that its sports event contracts are not swaps under the Commodity Exchange Act. The decision leaves New York able to require Novig to obtain a state gambling licence or stop listing and trading the contracts; Novig had argued that federal commodities law pre-empts state regulation.

The ruling leaves Novig facing a state gambling licence requirement or a halt to its sports-contract trading in New York.

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Regulation

CFTC proposal on sports event swaps draws 11 comments

The CFTC’s proposal to classify sports event contracts as swaps had received 11 public comments by 9 November, the agency’s docket reportedly showed. The deadline is 18 November; early submissions mostly support federal oversight, while some seek clearer limits and safeguards.

The CFTC's proposal to include sports event contracts in the federal definition of swaps had reportedly drawn 11 public comments, with submissions due by 18 November. Early submissions largely backed federal oversight, though several sought clearer boundaries and further safeguards.

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