The Globe and Mail reports in its Wednesday edition that Wealthsimple wants to offer prediction trading in Canada, a controversial type of betting on real-world events that has surged in popularity in the past year, but is largely banned in this country. The Globe's Meera Raman writes that the on-line financial services platform received approval from the Canadian Investment Regulatory Organization to offer what are known as forecast contracts. Despite a 2017 ruling that largely banned these kinds of short-term, yes-or-no contracts, some regulated firms under CIRO are able to offer certain types of "event contracts." The approval for Wealthsimple permits it only to offer contracts tied to economic indicators, financial markets and climate trends, the company confirmed -- not sports or elections, which are among the most popular uses of prediction markets in the United States. In addition to CIRO, the securities industry's self-regulatory body, each province and territory has its own securities regulator, and each regulator typically has power over what firms can operate in its jurisdiction. Wealthsimple, which serves everyday investors, is the second firm to receive approval, after Interactive Brokers last year.