And because this inhibit much crossborder activity of investors including US firms

James Newsome, former Chairman of the Commodity and Futures Trading Commission (CFTC) and current President of the New York Mercantile Exchange (Nymex), is not in retreat in his fight legal against the main competitor of its market, the IntercontinentalExchange (ICE), himself installed in the United States in the city of Atlanta. It accuses him of using his powerful London subsidiary, ICE Futures, place of reference for quality brent oil contracts, to bypass the U.S. Regulation of products derivatives (excluding contracts on shares), which the CFTC is responsible, by multiplying the rated products electronically to the marketable United Kingdom on the computer platform integrated ice. End of January, the Nymex has lost a crucial battle, with the decision of American Constable of the futures markets not to take disciplinary action against the rating by ICE Futures of by far the most liquid product for the Nymex, contract on quality WTI oil, black gold standard in the United States. On this occasion, the CFTC had explicitly allowed the ICE to open this new financial product access to the American members of its subsidiary to revel. Success is not made to wait. The volumes processed electronically by the ICE Futures WTI derivative now represent nearly a quarter of those mobilized by the historic auction of the Nymex. In just four months. This is why James Newsome was the debate on a more general field of "nationality" of contracts processed on scholarships foreign, but directly available in the negotiation for operators Americans. The pattern of the Nymex stressed the greater flexibility of the British regulator, the Financial Services Authority (FSA). It indicates inter alia that the latter does not impose limits on the size of the positions and requires no detailed information on major transactions. Seized by John Newsome, the US Senate expressed its "serious concern" to see the ICE to avoid the control of the country. Exposed to political pressures, the CFTC itself to brace currently to define what is a foreign award, therefore not subject to the rules in force in the United States. Public hearings will begin June 27.

Concerns to the FOA

American Constable of derivatives markets including says it intends to "identify the specific circumstances in which a decision not to proceed with sanctions against a stock exchange and its members is more appropriate". So far, the FSA is responsible for the monitoring of the execution of orders on the ICE Futures and their compensation, the TCRC only supervisor treated by the Atlanta ICE OTC contracts. In any event, the announcement of the review by the CFTC in this matter, if difficult to handle during Awards and all-electronic transnational mergers in the field of negotiations, failed to raise concerns on the future and Options Association (TFA), a British organization of investors on the derivatives markets. In a letter to the CFTC, the FOA expressed opposition to the use of the criterion of the legal property of a place for the determination of its location. And because this "inhibit much cross-border activity of investors, including US firms." Anthony Belchambers, Chairman of the FOA, also fears that the CFTC retain the criteria of the economic impact on the economy of the variation in prices of certain derivatives, for example the energy. Finally, he strongly disputes that the CFTC decided territorial membership of a market on the part of the volumes by American operators. In all these cases, the authority of the CFTC could extend well beyond the geographical borders of the United States, threatening the European regulation.