Release: Jan. 26, 2004

Edwards Contract Created In Iowa Electronic Markets

The Iowa Electronic Markets (IEM) created a new futures contract Friday for John Edwards in its Democratic National Convention Market, with his shares opening at 22 cents.

IEM prices reflect that Edwards has a 22 percent chance of winning the Democratic presidential nomination market. IEM directors spun off Edwards contracts from a "rest of field" contract after those contracts reached 20 cents.

John Kerry had a strong week in the IEM, and his price was at 54 cents Friday. Howard Dean had dropped to 13 cents, followed by Wesley Clark at 9 cents on Friday.

The Iowa Electronic Markets (http://www.biz.uiowa.edu/iem) are real-money, web-based futures markets run by professors at the University of Iowa's Henry B. Tippie College of Business. For an investment of as little as $5 or as much as $500, traders can buy and sell futures contracts based on who they believe has the best chance to win the 2004 Democratic presidential nomination.

The IEM has 4,442 traders with $142,089 invested in the markets. For detailed information and latest prices in the markets, see http://www.biz.uiowa.edu/iem. For graphs showing IEM prices since the market opening in February 2003 see http://128.255.244.60/graphs/graph_DConv04.cfm.

STORY SOURCE: University News Service, 300 Plaza Centre One, Iowa City, Iowa 52242-2500

CONTACT: Media: George McCrory, 319-384-0012, george-mccrory@uiowa.edu; Program: IEM office, 319-335-0881

Source: UI News Service