ATLANTA, July 12 /PRNewswire-FirstCall/ -- IntercontinentalExchange, Inc. (NYSE: ICE) provided its testimony to the House Agriculture Subcommittee on General Farm Commodities and Risk Management Committee on Agriculture. The testimony will be delivered today, July 12.
"We support an orderly Commodity Exchange Act reauthorization process where the goals and consequences are evaluated in a thoughtful and studied manner together with market participants," said ICE Chairman and CEO Jeffrey C. Sprecher. "We agree with the Commodity Futures Trading Commission that the CFMA provides the CFTC the scope and ability to oversee exempt commercial markets like ICE. The large trader reports that ICE now provides on a daily basis are just one example of the CFTC's use of the flexibility afforded in the existing regulatory framework. At the same time, we support the review of the CFTC's authority to ensure that it is adequate, and we remain committed to working with the CFTC and the Committee toward that end."
"The current ECM structure offers significant risk management tools to the hedging community, which in turn have increased liquidity and transparency for commercial market participants. We do not believe that allowing retail customers to enter the commercial derivatives markets through regulatory changes provides any additional market protections or benefits. The growth of ICE and NYMEX has been a positive development for the market, and has rightly emphasized the differences in our unique market structures and distinct product sets. However, focusing only on two venues within the larger competitive field can lead to the unintended consequence of encouraging business to move away from transparent markets or to move offshore."
The full written testimony submitted by IntercontinentalExchange today is available at: http://www.theice.com/publicdocs/press/PR_ICE_HOUSE_TESTIMONY_071207.pdf
IntercontinentalExchange(R) (NYSE: ICE) operates the leading global, electronic marketplace for trading both futures and OTC energy contracts and the leading soft commodity exchange. ICE's markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options. ICE(R) conducts its energy futures markets through its U.K. regulated London-based subsidiary, ICE Futures, Europe's leading energy exchange. ICE Futures offers liquid markets in the world's leading oil benchmarks, Brent Crude futures and West Texas Intermediate (WTI) Crude futures, trading nearly half of the world's global crude futures by volume of commodity traded. ICE conducts its agricultural commodity futures and options markets through its U.S. regulated subsidiary, the New York Board of Trade(R). For more than a century, the NYBOT(R) has provided global markets for food, fiber and financial products. ICE was added to the Russell 1000(R) Index on June 30, 2006. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Houston, London, New York and Singapore. For more information, please visit www.theice.com and www.nybot.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Company's Securities and Exchange Commission filings, including, but not limited to, the risk factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, each as filed with the Securities and Exchange Commission on February 26, 2007 and May 4, 2007, respectively.SOURCE IntercontinentalExchange
/CONTACT: Kelly Loeffler, VP, Investor Relations & Corp. Communications of IntercontinentalExchange, +1-770-857-4726, firstname.lastname@example.org, or Ellen Resnick of Crystal Clear Communications, +1-773-929-9292 (o), +1-312-399-9295 (c), eresnick@crystalclearPR.com/
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