Fair trade? FON interviews professor Michael Greenberger on the IntercontinentalExchange.(PROF. GREENBERGER)(Interview)

Fuel Oil News, May, 2007

INTERCONTINENTALEXCHANGE[R] OPERATES A GLOBAL, electronic marketplace for trading both futures and over-the-counter energy contracts. ICE offers a range of contracts based on crude oil and refined products, natural gas, power and emissions. ICE conducts its futures markets through its 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 Crude futures, as well as the leading heating oil futures contract by traded volume. ICE also introduced the concept of cleared OTC energy contracts.

There are estimates that up to 75 percent of all energy trades are now OTC. In theory, an OTC contract represents a bilateral...

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