The Financial Services Authority (FSA) said that it could veto American efforts to impose regulation on the London oil market, as the City took centre stage in an escalating row over the role of speculators in driving up the global price of crude oil.
Stuart Fraser, the City of London’s policy chief, described the call as “American imperialism” and rebutted attacks on the FSA in the US Congress as “unhelpful”. In an announcement on Tuesday, America’s Commodity Futures Trading Commission (CFTC) sought to extend disclosure requirements to oil futures trading on the ICE Europe exchange in the City. for more click here