Wall Street trading firm Cantor Fitzgerald's application to trade futures contracts based on box-office receipts was approved by the Commodity Futures Trading Commission in a 3-2 vote Monday, but winning regulatory approval is a moot matter.

With financial reform legislation that would outlaw trading in box-office futures headed toward final passage, the company is giving up on its plans, said Richard Jaycobs, the executive heading the effort for Cantor Fitzgerald.

The major studios and some others in Hollywood had argued that box-office futures markets could create negative publicity for movies before they're released and would be too easy to manipulate. Backers have said they would be a useful financial tool for film investors.

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