ICE is an arm of the IPE, International Petroleum Exchange in London, which has been around for decades. London have ALL KINDS of regs, just not regs identical to US regs.
Particularly, IPE/ICE have no position limits and are all cash-settled contracts (I think...Brent might be delivery-settled).
Dubai is of course related to NYMEX. NYMEX' president sits on their board. However, it makes all the economic sense in the world to have a (major) exchange located in the heart of the biggest oil-producing area in the world. I can't get too wound up over conspiracies about nasty old Dubai, sorry.
The way you cure ICE/Dubai-style problems is ''transparency''; make 'em reveal who holds what positions, just like NYMEX. CFTC, to their credit, have reached an agreement with IPE/ICE on this very point. (Whether or not it will be enforced is a different question.)
The only truly odd thing about ICE, which is based in Atlanta, btw, is that it was **allowed** to operate under London regs in the first place. Must have been some kind of funny waiver, maybe from State or Commerce. Makes no sense to have done it this way, and this no doubt fires up the conspiracy crowd to some extent.
May DM should stick to toes..............