Nymex calls for full ICE regulation
The New York Mercantile Exchange (Nymex) has called for full regulation of its Atlanta-based rival IntercontinentalExchange (ICE) following a federal report which said that the current jurisdiction of federal regulators is not wide-ranging enough.
James Newsome, Nymex president, told the Permanent Subcommittee on Investigations today that markets such as ICE "should be subject to the full regulation of the CFTC" in a testimony given at a hearing examining the collapse of hedge fund Amaranth and the over-the-counter (OTC) energy marketplace in which it took place.
The Levin-Coleman report is the result of a nine month investigation into the collapse of the hedge fund after it lost $6.6 billion in natural gas trades in 2006. It calls for
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