IntercontinentalExchange (NYSE: ICE), a leading global commodity exchange operator and over-the-counter marketplace, today issued a statement on the proposed measures set forth in testimony offered by the Commodity Futures Trading Commission (CFTC) to the U.S. House of Representatives Subcommittee on General Farm Commodities and Risk Management.
"We support the proactive efforts of the CFTC and the President’s Working Group to provide regulatory certainty for the oversight of OTC markets," said ICE chairman and ceo Jeffrey C. Sprecher. "The spirit of their recommendations is largely consistent with the views we have expressed in several testimonies this year. Such a solution recognizes and addresses the complexities of OTC markets and preserves the significant economic and utility benefits of a properly functioning market. To that end, ICE adopted daily position reporting in its primary OTC markets one year ago. The concept of position accountability and ‘self-regulatory-like’ authority would provide ICE with the ability to take action in its markets if necessary. We will continue to engage in a dialog with regulators, the industry and Congress, and look forward to effectively resolving this long-standing matter."
ICE also operates regulated futures exchanges in the U.S., UK and Canada. ICE’s most recent testimony can be found at http://ir.theice.com/eventArchive.cfm, which contains remarks presented by Sprecher at the CFTC Hearing held on September 18th, 2007.