Release Number 5814-10
April 28, 2010
CFTC Determines that Seven Contracts Traded on the IntercontinentalExchange Inc are Significant Price Discovery Contracts
Contracts are Subject to Commission Oversight, Emergency Authority and Large Trader Reporting Requirements
Washington, DC – The Commodity Futures Trading Commission (CFTC) today determined, by a 5-0 vote, that seven contracts traded on the IntercontinentalExchange Inc (ICE) perform significant price discovery functions. As such, the contracts must be traded in compliance with applicable core principles and statutory provisions. The Commission considered a total of 24 contracts traded on three Exempt Commercial Markets (ECMs): ICE, the Natural Gas Exchange, Inc (NGX) and the Chicago Climate Exchange, Inc (CCX). The Commission determined that the other 17 contracts it reviewed were not SPDCs.
ECMs are exempt from the provisions of the Commodity Exchange Act, other than the anti-fraud and anti-manipulation provisions. However, Congress provided a regulatory regime for contracts traded on ECMs that the Commission determines to be significant price discovery contracts (SPDCs) comparable to that provided for futures contracts traded on designated contract markets.
Contracts the Commission determined to be SPDCs include:
1. |
ICE HSC Financial Basis Contract |
2. |
ICE Waha Financial Basis Contract |
3. |
ICE AECO Financial Basis Contract |
4. |
ICE NWP Rockies Financial Basis Contract |
5. |
ICE Socal Border Financial Basis Contract |
6. |
ICE PG&E Financial Basis Contract and |
7. |
ICE Chicago Financial Basis Contract |
Contracts the Commission determined not to be SPDCs include:
1. |
ICE San Juan Financial Basis Contract |
2. |
ICE Malin Financial Basis Contract |
3. |
ICE Dominion-South Financial Basis Contract |
4. |
ICE Henry Financial Basis Contract |
5. |
ICE Henry Financial Index Contract |
6. |
ICE Henry Financial Swing Contract |
7. |
ICE Permian Financial Basis Contract |
8. |
ICE TCO Financial Basis Contract |
9. |
ICE Zone 6-NY Financial Basis Contract |
10. |
ICE TETCO-M3 Financial Basis Contract |
11. |
ICE NGPL TxOk Financial Basis Contract |
12. |
NGX AECO Basis Contract |
13. |
NGX Union-Dawn Basis Contract |
14. |
NGX AECO Fixed-Price Contract |
15. |
NGX Union-Dawn Fixed-Price Contract |
16. |
NGX 7a Index Contract and |
17. |
CCX Carbon Financial Instrument |
Media Contacts
Scott Schneider
202-418-5174
R. David Gary
202-418-5085
Last Updated: April 28, 2010