IntercontinentalExchange, Inc., an operator of global exchanges and over-the-counter (OTC) markets, has issued the following statement regarding Congressional passage of the Farm Bill.
ICE applauds Congressional passage of the Farm Bill, including the important provision relating to the Commodity Futures Trading Commission (CFTC) Reauthorization Act of 2008. ICE has supported the development of legislation designed to effectively recognise and address the complexities of OTC markets.
The Farm Bill, passed by both houses of Congress earlier this week, places an appropriate level of regulation on contracts that serve a significant price discovery function and will further enhance market transparency. Since October of 2006, ICE has worked closely with the CFTC in reporting OTC market information, including the provision of daily large trader reports for its key natural gas contracts.
In addition to ICE’s OTC markets, ICE also operates regulated futures exchanges in the US, Canada and Europe. ICE Futures US is regulated by the CFTC, ICE Futures Canada is regulated by Canada’s Manitoba Securities Commission, and ICE Futures Europe is regulated by the UK’s Financial Services Authority.