Fears that global exchange consolidation might prompt the US to extend its regulatory reach will be allayed today when the US futures watchdog will rule out extending its supervision toLondon-based ICE Futures.
The decision by the Commodity Futures Trading Commission, which oversees US futures markets, will send a strong signal that there is limited risk of "regulatory creep" from one of the main US regulators.
It comes as the Securities and Exchange Commission has stepped up co-operation with European regulators on the issue in connection with the proposed merger of the New York Stock Exchange and Euronext.
The decision is a victory for policymakers who insist a more flexible regulatory framework is needed if the US is to compete in global capital markets.
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