ICAP Energy, one of the world’s top brokers for over-the-counter (OTC) energy trading, will start delivering its oil prices via the InterContinentalExchange platform, its managing director said, while regulators are increasingly moving against off-exchange derivatives.

The OTC market is widely regarded as larger than exchange-based trading as its flexibility and a variety of products continue to attract hedgers and investors.

But the market has been targeted by those who argue that it lacks transparency. US and European legislators and G20 finance ministers are considering regulations to make end-users of OTC derivatives either use standardised OTC derivatives that are cleared and margined or move instead onto regulated exchanges and away from OTC markets.

Paul Newman, ICAP Energy’s managing director, said OTC can bring the key elements of the exchange-based futures market, which are price transparency, clearing and trade repository.

“We’ve put a lot of effort and a lot of work into making sure people understand that it’s a bigger conversation than simply OTC and exchange.....What we are trying to say is: we’ve got the same things,” he told Reuters in an interview.

The broker plans to launch a product called ICAP True Quote later in June. It will be delivered through the platform of the InterContinental Exchange, the world second-largest energy and commodities exchange, and clients can see ICAP’s OTC oil prices such as fuel oil and middle distillates.

ICAP Energy is a unit of the biggest interdealer broker ICAP and it has a strong foothold in the OTC oil swap market, such as fuel oil and jet fuel in Europe.

Its clients in the oil market include big oil companies, banks, independent energy trading firms with physical positions, airlines and hedge funds.