News Release

CME Group's Duffy to Present Testimony to House Agriculture Committee

Wed Sep 16 2009

 

 

 

CHICAGO, Sept. 16 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives marketplace, announced that its Executive Chairman Terry Duffy will appear tomorrow before the U.S. House Committee on Agriculture to discuss proposed legislation by the U.S. Department of Treasury for regulation of over-the-counter (OTC) derivatives markets.

 

"We support portions of the proposed legislation and the Obama Administration's goals to reduce systemic risk through central clearing and exchange trading of derivatives, as well as increasing data transparency and price discovery along with preventing market manipulation," said Terry Duffy, CME Group Executive Chairman. "However, we are very concerned that good intentions could have severe, adverse and unintended consequences and push market participants to unregulated markets. Derivative transactions conducted on Commodity Futures Trading Commission-regulated futures exchanges and cleared by CFTC-regulated clearing houses did not contribute to the financial crisis and it would be a huge disservice if harmful changes are made to these well-functioning markets."

 

The hearing is scheduled for 10:30 a.m. Eastern time Thursday at the Longworth House Office Building, Washington DC. The testimony will be available also at 10:30 a.m. at www.cmegroup.MediaRoom.com.

 

CME Group (www.cmegroup.com) is the world's largest and most diverse derivatives marketplace. Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York. By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk. CME Clearing also offers financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate. CME Group is listed on NASDAQ under the symbol "CME."

 

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at www.cmegroup.com.

 

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SOURCE CME Group

SOURCE: CME Group

Web site: http://www.cmegroup.com/

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