Exchanging blows

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Growth in volumes, new products and a rush to capitalise on the changes in the energy market post-Enron saw the US’s two biggest exchanges post record figures. But as 2002 drew to a close, the New York Mercantile Exchange (Nymex) and the IntercontinentalExchange (Ice) traded legal blows in their fight for dominance in the futures and over-the-counter (OTC) markets.

In November, Nymex sued its Atlanta-based rival for alleged copyright infringement over Ice’s use of Nymex settlement prices for

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