Commodities market regulation in the US seems to be moving towards higher capital requirements and bureaucratization with relatively little impact on prices in the long run, said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London. However, he warned, "Expect the center of gravity of world oil trading to move further away from US markets."After a long period of regulatory fog and uncertainty, more clarity may be about to emerge as to the revised regulatory backdrop for US commodities markets. "The main impact, in our view, is more likely to be on the structure, location, and composition of and the hedging costs in markets rather t...