Thursday, 25 December 2014
Last updated 15 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.