ICE Tells Senate Energy Trading Overhaul Not Needed

Law360, New York (July 9, 2007, 12:00 AM EDT) -- The IntercontinentalExchange fought government efforts to overhaul energy trading regulations at a congressional hearing Monday, claiming federal officials already have the legal authority to obtain any available information regarding market trading from the electronic exchange.

The ICE testified before the Senate's Permanent Subcommittee on Investigations, which is determining how excessive speculative trading on unregulated energy exchanges such as ICE contributed to energy price distortions. Committee members are considering the introduction of legislation that would give government agencies such as the Commodities Futures Trading Commission more oversight...
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