IntercontinentalExchange issues statement regarding Congressional proposals to control global energy market operation

Briefing.com

Posted: 2008-05-09 09:29:00

Co issues statement responding to Congressional proposals to modify the operation of regulated global energy exchanges. "Sound market oversight and the cooperation between regulators in the U.S. and U.K. are already in place for energy futures markets. The hastily submitted legislative proposals to place arbitrary controls on regulated energy futures markets do not offer short-term relief or long-term solutions to the drivers of crude oil prices. The well-documented rise in worldwide demand for crude oil cannot be impacted by government imposed market controls. The various trading proposals by Senate Democrats would result in adverse consequences for consumers, market prices and on the competitiveness of the U.S. markets."