News Release

CME Group's Duffy to Testify on Credit Markets in U.S. Senate Hearing; Promote Benefits of Central Counterparty Clearing

Tue Oct 14 2008

CHICAGO, Oct. 14 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Agriculture, Nutrition and Forestry on Tuesday to discuss the importance of central counterparty clearing services in reducing systemic risks in the credit default swaps market.

"Recent market events highlight the urgent need to reduce counterparty credit risks, and CME Group's clearing capabilities will significantly enhance the transparency, liquidity, and confidence that are sorely needed in today's financial markets," said Duffy. "For more than 110 years, CME Clearing has guaranteed the performance of every transaction on our exchange and no clearing member firm has ever defaulted on its obligations to us. We believe we can expand these practices to reduce bilateral credit risks that are causing significant disruptions in the over-the-counter (OTC) markets today."

The hearing is scheduled for 9:30 a.m. Tuesday in the Dirksen Senate Office Building. To view the testimony, which will be available at 9:30 a.m. Eastern time, please go to

CME Group ( is the world's largest and most diverse derivatives exchange. 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 $7 billion in 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 and E-mini, 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, New York Mercantile Exchange, and ClearPort 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



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