CFTC pushes for greater oversight
The Commodities Futures Trading Commission (CFTC) has issued a report to Congress recommending that its oversight ability be expanded across electronic trading facilities known as Exempt Commercial Markets (ECMs), which include the electronic IntercontinentalExchange (ICE).
The CFTC’s recommendations include establishing large trader position reporting, position limits, self-regulatory oversight and giving the Commission emergency authority where necessary for certain ECM contracts that serve a significant price discovery function.
ICE chairman and CEO Jeffrey Sprecher gave his support to the CFTC proposals, praising “the spirit of their recommendations.” New York Mercantile Exchange (Nymex) president James Newsome, who had previously claimed that regulatory
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