Ice Brent changes prove a hard pill to swallow

Brent crude oil futures

Commodity exchanges have one central goal in life: to list contracts that are heavily traded, with prices perceived as benchmarks for their respective underlyings. By that standard, Atlanta-based Ice should be quite happy about its Brent crude oil futures, which enjoy open interest in excess of 1.5 million contracts and are often seen as a better benchmark for global oil prices than their chief rival, the West Texas Intermediate futures offered by Chicago-based CME Group.

But there are downsides