Exchanging blows

Conflict in the US and growth in Europe marked another turbulent year for energy exchanges. Kevin Foster casts an eye back over 2002

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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