July futures for consoles to IPO

We will be launching the July futures contracts for the PlayStation 3, Wii, and Xbox 360 tomorrow. We are going to experiment with a new way to conduct IPOs. Rather than setting the IPO at a price determined by the exchange (which is often wrong), we will allow the market to decide where the contracts should begin trading. So instead of the market makers providing unlimited contracts at one price, there will be no market maker at all. All trading will be between human players.

Futures contracts for the handheld consoles, Nintendo DS and PSP, will debut on Friday July 20, 2007.

IPOs will begin at 1PM Eastern / 10AM Pacific.