05/25/2010 05:12 am ET Updated May 25, 2011

Controversy Erupts Over Plan To Allow 'Unbridled Gambling' On Movies

The Motion Picture Association of America, the film industry group, has asked the federal commission that oversees futures exchanges to prevent the trading of futures contracts based on movie box-office receipts, calling such trading "unbridled gambling."

The Commodity Futures Trading Commission has been reviewing applications from two companies that, if approved, would open markets to trade movie contracts. Buyers and sellers on the markets would place money on whether a movie will sail or sink at the box office.