Ice sues Nymex over alleged abuse of monopoly power

Energy trading platform Intercontinental Exchange (Ice) is suing its rival, the New York Mercantile Exchange (Nymex), over alleged abuse of monopoly power in the energy trading markets.

Atlanta-based Ice said attempts by Nymex to prevent it from using Nymex settlement prices on its platform are an illegal restraint of trade intended solely to restrict competition.

Ice’s suit is part of a counterclaim against Nymex. In November, the New York-based exchange sued Ice for alleged copyright infringement over Ice’s use of its natural gas and oil futures prices to clear and settle futures trades on the Ice platform.

“We believe Nymex’s contention that its market prices are entitled to copyright protection as original works of authorship and therefore cannot be used by Intercontinental is simply unsupportable,” said Ice’s co-counsel Dan Webb in a statement.

Nymex said it will launch an electronic over-the-counter energy trading platform this month, a move which would put it into direct competition with Ice. Rival Ice said it is the only market participant that Nymex has attempted to restrict from referencing its settlement prices.

Nymex could not immediately be reached for comment.