Is there some specific procedure one needs to set up a valid market? I know that there is the Iowa futures market for presidential elections that operates (http://www.biz.uiowa.edu/iem/). Can anyone just declare they are in a market for XYZ?
Set up a futures market! You'd get buried in gigantic sh*tloads of regulations and bureaucracy before you even got to base one.
What we need is another Canadian market like an ECN. All Canadian stock trading takes place via the Toronto Stock Exchange. They have a lock on it. If INET was able to get in here they would dominate.