From the Top

CME Group has never been known to avoid tough subjects. In this edition of CME Group Magazine, we take a closer look at a number of the challenging issues our global economy is currently facing.

Those of you who have been reading our magazine for a while may recall our spring 2007 cover story, "Collapse of the Global Boom?" by Banque AIG's Global Strategist Bernard Connolly. Written at a time when most markets were still buoyant, Connolly presciently outlined the economic problems that were on the horizon. Now that the credit bubble has burst, we have invited Connolly back to provide his thoughts on the current state of the financial system and global economy.

In the wake of the subprime meltdown and credit crunch, concerns about counterparty risk have grown. This has turned the spotlight on the role of clearing houses like CME Clearing and revived the periodic debate about whether the derivatives industry is best served by an exchange-owned or a utility clearing model. In our view, the derivatives market has been well-served, both in terms of risk management and product innovation, by the exchange-owned model. "Clearing the Way" takes a closer look at the critical factors involved in this debate.

World commodity markets are facing unprecedented volatility and all of us are experiencing the shock of rising food prices. As is often the case, the issue is far more complex than simply rising demand and falling supply. In "The Hunger for New Solutions," international economist and CME Group Center for Innovation advisory council member, David Hale, examines various forces at play in one of the most important global food markets – grains and oilseeds.

As participants in a global economy, it is important to understand the trends that directly and indirectly affect our markets - and our lives. With that goal in mind, we are hosting our first-ever Global Financial Leadership Conference in September. It will provide an opportunity for leaders in our industry, as well as the broader business and political communities, to discuss vital issues in today's increasingly challenging environment. We look forward to sharing highlights of the conference with you later this year.

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