Two of the world’s top commodity exchange powerhouses are scrambling to turn new regulations to their advantage in an important but largely hidden piece of their business, the trading and clearing of energy swaps. Chicago-based CME Group has lost ground in the estimated $1.2bn-a-year business of guaranteeing over-the-counter swaps to arch-rival Intercontinental Exchange Inc in recent years, company data shows. Both firms are now racing to carve a new advantage by recasting many, if not most, cleared energy swaps as futures, thereby making them exempt from new Commodity Futures (Reuters).