Bob Reid, chairman of the Intercontinental Futures Exchange Europe, said on Wednesday that oil trading in London has been the subject of “a backlash” from regulators.
“The oil price started to rise ... and the finger was pointed at London,” Reid told a UK parliamentary committee on the oil market on July 16.
Reid’s comments came after the US regulator, CFTC, amended its no-action letter sent to ICE, which if ratified by the UK Financial Services Authority, would mean that the bourse’s traders...