The founder of IntercontinentalExchange disputed descriptions of his electronic markets as a shadowy and unregulated lair for commodities speculators. Futures exchanges that ICE bought in London and Winnipeg, Manitoba, as well as the former New York Board of Trade, are regulated. ICE's original network allowed over-the-counter swaps to be traded on an exchange rather than in private telephone calls, improving transparency, Jeffrey C. Sprecher said.

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