News Release

CME Group's Terry Duffy to Appear before the U.S. Senate Committee on Agriculture, Nutrition & Forestry

Wed May 13 2015

CHICAGO, May 13, 2015 /PRNewswire/ -- CME Group Executive Chairman and President Terry Duffy will appear before the U.S. Senate Committee on Agriculture, Nutrition & Forestry on Thursday, May 14, to discuss Commodity Futures Trading Commission (CFTC) regulatory issues impacting end-users and market liquidity. 

"Under Chairman Massad's leadership, the CFTC appropriately reformed several regulations that needlessly limited end-user risk management on regulated markets," said Duffy.  "We support these recent actions as they reduce the burdens associated with excessive residual interest charges and redundant trade reporting and recordkeeping."

"Another critical topic that will impact end-users is 'equivalence.'  European regulators continue to refuse to recognize that U.S. regulation is equivalent to that of the European Union regime.  Until they do, European clearing firms and market participants will be subject to prohibitive costs if they clear or trade in the U.S. or they may be denied access to U.S. clearinghouses and exchanges altogether.  Chairman Massad has been a strong leader in his negotiations with his European counterparts and I urge this committee to take any and all appropriate actions to support the CFTC's efforts to reach a solution as soon as possible."

The hearing is scheduled for 10:00 a.m. Eastern time in the Dirksen Senate Office Building. Duffy's written testimony will be available on www.cmegroup.com at that time.  

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform, its trading facilities in New York and Chicago, and through its London-based CME Europe derivatives exchange.  CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions.  These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are registered 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 (NASDAQ: CME) and its products can be found at www.cmegroup.com.

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SOURCE CME Group

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