Democrats are pushing ahead with Wall Street Reform legislation, setting a test vote to start debate on Monday evening, as both sides continue to point fingers over a sweeping package of financial market regulations.

Senate Majority Leader Harry Reid basically gave lead negotiators in both parties the weekend to cut their deals, as he won agreement to start the parliamentary machinations needed to begin debate on the bill next week.

Reid set a Monday cloture vote on the Motion to Proceed to S. 3271, which was the bill reported out by the Senate Banking Committee a few weeks ago.  

Democrats will need 60 votes on that vote, which means at least one Republican will have to join Democrats for the motion.  

Republicans are making noises like they may stick together on Monday - we'll see.

Now, one thing should be pointed out - we still do not have final bill language.  A lengthy amendment filled with changes by Democrats seems likely to be added early next week.

Of course, we have no idea what those changes will do to the bill, especially when it comes to new regulations on the derivatives market which were approved on Wednesday by the Senate Agriculture Committee.

As for the issue of derivatives, the idea of a movie futures market is getting more negative reactions on Capitol Hill.

As I wrote in this blog yesterday, federal regulators had given tentative approval to two groups to set up a market for "movie futures", basically allowing investors to bet on how much certain movies would make at the box office.

Hollywood officials argued against it at a House hearing on Thursday, and a group of Senators weighed in against it in a letter to the Commodities Futures Trading Commission, which okayed the idea.

"We strongly oppose approval of these proposed contracts because they are nothing more than gambling contracts that lack any of the characteristics of legitimate futures contracts," said Bob Pisano, the head of the Motion Picture Association of America.

But those who want to operate the futures market for movies say the MPAA is dead wrong.

"The financing of motion pictures is now coming from many new sources," said Richard Jaycobs, who heads Cantor Futures.  "As the sources of film financing become more fragmented, the need for a regulated and transparent futures market increases."

Something tells me Hollywood has better lobbyists on this one, but we'll see what happens in the weeks ahead.