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ICE opposes plan to tighten US energy trading regulation
The ICE, a giant electronic trading system based in Atlanta, would be a key target of proposals in Congress to tighten regulation of exchange- and off-exchange-traded energy contracts.
- Reuters
- Published: 23:37 May 10, 2008
Washington: A leading operator of global exchanges for trading oil futures and other commodities warned on Friday that proposals in the US Congress for tougher regulation of energy trading will not accomplish the goal of lower oil prices and could hurt liquidity in energy markets.
"The well-documented rise in worldwide demand for crude oil cannot be impacted by government imposed market controls," the InterContinentalExchange Inc (ICE) said in a statement.
The ICE, a giant electronic trading system based in Atlanta, would be a key target of proposals in Congress to tighten regulation of exchange- and off-exchange-traded energy contracts.
Senate Majority leader Harry Reid of Nevada and other key Democrats last week unveiled measures aimed at controlling energy prices. Some of the proposals would control how electronic trading is conducted on systems such as the ICE.
Lawmakers could take up the energy bill measures by the end of this month although the measures face opposition from the Bush Administration. The lawmakers also proposed tighter margin requirements on energy contracts like crude oil and natural gas.
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