Legislators in the US have proposed an amendment to the country's Commodity Exchange Act in response to New York Mercantile Exchange (Nymex)'s complaints about the status of Intercontinental Exchange (ICE).
The New York exchange had said that ICE's listing of US-delivered oil contracts on its London subsidiary, ICE Futures, put Nymex at a disadvantage as US traders have not been subject to the regulatory oversight of Commodity Futures Trading Commission (CFTC) when transacting on an overseas market.
A document obtained by FO Week indicated that the US government has developed plans to act on Nymex's grievance, proposing that traders be forced to keep records and report large positions...