The Senate Report highlighted that one of the problems with the current system is that electronic exchanges like ICE are not regulated. Thus, Amaranth was able to shift their exposure and actually increase it by using ICE without the CFTC or any other regulatory body aware of the increasing risk they were taking. In fact, in an instant message conversation on April 25, 2006, Brian Hunter wrote about ICE that “...one thing that’s nice is there are no expiration limits like NYMEX clearing.”