Exchanges and industry bodies oppose Bingaman amendmentA group of US exchanges and industry bodies yesterday wrote on Tuesday May 11 to Harry Reid, the Senate majority leader, to express their strong opposition to an amendment to the Wall Street Reform Bill proposed by Senator Jeff Bingaman (Dem, New Mexico). The amendment would allow the Federal Energy Regulatory Commission to supersede the Commodity Futures Trading Commission’s regulatory judgement over natural gas and electricity futures, swaps and options markets. The letter is signed by CME Group, the Commodity Markets Council, the Futures Industry Association, Intercontinental Exchange and the Managed Funds Association.The letter said: “Congress realised long ago that if more than one agency was in charge, then no one would be in charge, especially in a market crisis.”It said that the regulatory system had worked well and...