ICE Futures Europe to increase transparency

IntercontinentalExchange (ICE) Futures Europe has made a bold move to increase transparency in the oil industry.

The firm has announced that each week it will publish detailed information about the traders and speculators that are active on its flagship Brent and gasoil contracts.

Its announcement is likely to increase the appeal of the Brent market, largely considered to be the most useful global pricing benchmark.

The measure has been imposed by ICE Futures Europe to increase transparency, rather than an oil industry regulator, following years of pressure and complaints about the clarity in the Brent market.

"ICE Futures Europe is contributing to the transparency of global listed commodity markets," said David Peniket, ICE Futures Europe president.

Speaking to Reuters, Olivier Jakob of Petromatrix, who has published forensic analysis of the US regulator's data and will now scrutinise the ICE figures, said that the move is long overdue.

He added that ICE's ambition for Brent to be the global crude oil benchmark would have been difficult without greater transparency.