They want broad exceptions to the rules, especially for large trades, which they say will disrupt markets if done openly.
Mr. Sprecher said the ICE staff is also investigating the disputed trades, which hurt many cotton owners and shippers.
At one point, he ran up about €38bn in unauthorised trades, which when discovered had to be carefully unwound.
At Studio Starck, for starters, but also in a whole series of trades which work for the firm.
Then there are the fishery and cargo shipping trades, which have largely stalled because of the storm.
His trades, which he estimates between 100 and 150 a year, are $25 each, compared with Ameritrade's $8 trading cost.
Already, the government has brought charges against Mathew Martoma, a former SAC employee, connected to the suspicious trades, which involved Mr. Cohen.
Regulators will also lack information on who is placing the trades, which will come when the consolidated audit trail is completed in a few years.
In the case of the Bristol-Myers executive, investigators identified a pattern to the trades, which took place from 2010 to 2012, according to a complaint.
The MF Global board, he said, approved the risk limits for the trades, which were set on a country-by-country basis.
The problem was magnified by the fact that the funds inevitably piggyback on one another's trades, which made the selling feed on itself.
