Editorial: Can of worms

Commodity Futures Trading Commission (CFTC)'s hearing into the status of non-US exchanges looks increasingly likely to be one step on the road to overhauling the existing no-action letter structure in the US. While the outcome remains unclear at present, it is certain that European exchanges - and not just ICE Futures - are keeping a close eye on the developing situation. In private, for example, Euronext Liffe is both concerned...