Ice addresses energy trading market concerns with two new hires

Atlanta-based online commodities exchange IntercontinentalExchange (Ice), has appointed two new directors as part of its plans to address concerns about the health and legitimacy of the energy trading markets. Ann Cresce has been appointed assistant general counsel and director of regulatory affairs, and Kelly Loeffler joins Ice as director of investor relations.

Last month Ice announced plans to address concerns about 'wash trades' – a trade where two parties buy and sell contracts at the same price to inflate the size of their trading books. Ice made a number of technical changes to its platform to detect and prevent any such trade and adopted a fair trading initiative.

In her new role, Cresce will be responsible for managing regulatory affairs at Ice, including co-ordination with the US Commodity and Futures Trading Commission (CFTC), and other US and foreign agencies that have oversight responsibilities in the over-the-counter energy and metals markets. In addition, Cresce will oversee Ice’scompliance and best-practices programmes, including its fair trading initiative, and anti-fraud and anti- manipulation surveillance with regard to CFTC guidelines.

Cresce joins from the Chicago Mercantile Exchange, where she served as corporate secretary and director of shareholder relations. At Ice she reports to Jim Falvey, vice-president and general counsel in the Chicago office.

Meanwhile, Loeffler will manage corporate and shareholder communications, assisting with internal financial functions. She joins Ice from US-based private equity investment manager Crossroads Investment Advisers, where she served as associate director of investor relations.

"Intercontinental puts transparency at the centre of its business and technologies," said Jeffrey Sprecher, Ice chief executive. "The additions ... will complement Intercontinental's efforts as we continue our expansion into new and existing markets, while providing the utmost confidence that Intercontinental provides the most neutral and open commodity trading venue available today.”