The Intercontinental Exchange has certainly drawn favorable glances in the rough-and-tumble world of futures exchanges. Just three years ago, it was a minnow looking for a niche. It has found one in electronic trading and now ranks as a force that Wall Street cannot ignore. At a minimum, it is providing heady competition against the old guard, notably the NYMEX. But the recent Amaranth meltdown has focused the ICI's foes, who would like to impose enhanced reporting requirements on the exchange. That would not be a bad idea, truth be told. Many users would not want to see a competitive exchange being made a scapegoat. So for the ICI, this is a wake up call of sorts. It needs to make itself immune to challenges when funds implode due to commodities. It will happen again.

For more on this:
- Here's an article from the New York Times