CFTC, FSA Join Forces In Energy-Market Regulation

Aug 25 2009 | 11:06am ET

American and British regulators are teaming up to tamp down on volatility in the energy markets.

Britain’s Financial Services Authority and the U.S. Commodity Futures Trading Commission have reached accord to grant the latter oversight over the IntercontinentalExchange’s London market, while the former gets a peek at the New York Mercantile Exchange. The cooperation agreement covers U.S.-linked energy futures contracts, and also called for coordination of “emergency action.”

The move follows a meeting earlier this month between the FSA and U.K. Treasury and players in the oil-trading market, including hedge funds. Those discussions dealt with “market efficiency and transparency as part of our regular process of engagement with market participants.” It also comes on the heels of the CFTC’s decision last year to force ICE to impose limits on trading of its NYMEX-linked oil contract.

“We must effectively utilize all existing powers to ensure that futures markets remain free of manipulation, fraud or other market abuses,” CFTC Chairman Gary Gensler said. “Achieving this goal requires a coordinated international response.”

Right away, the CFTC has put the new cooperation in place, imposing U.S.-linked contracts on ICE Futures Europe to new restrictions.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR