U.S. CFTC tightens oversight of ICE

WASHINGTON (Reuters) – Top regulators in London and Washington moved on Thursday to tighten oversight of global oil trading, a market criticized as prone to excessive speculation and wild price swings.

Under fire from the U.S. lawmakers, the Commodity Futures Trading Commission announced a series of steps including a new audit trail to gain a better view of energy trading on the IntercontinentalExchange Inc’s (ICE.N) London exchange.

The CFTC said it was revising its no action letter with ICE Futures Europe to require the exchange to provide trade execution and an audit trail.

Under the modified agreement, the exchange would also have to provide CFTC staff on-site visits and give the CFTC copies of disciplinary notices on certain contracts.

Reuters