News Release

CME Group Statement on CFTC Staff Report on Swap Dealers and Index Traders

Thu Sep 11 2008

CHICAGO, Sept. 11 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, today issued the following statement in response to the Commodity Futures Trading Commission (CFTC) report on Swap Dealers and Index Traders:

"We commend the Commission and its staff's hard work on this report to ensure that exchange-traded and over-the-counter (OTC) derivatives markets in energy and agriculture products are functioning properly and to ensure that regulators have sufficient information to understand the activity of market participants across both commodity markets.

Throughout the recent turmoil in financial markets, the performance of CFTC regulated futures exchanges stands in welcome contrast to the OTC markets, and we believe the need for transparency, access to relevant trading data and the protections afforded by central counterparty clearing services has never been greater in financial and commodity derivatives markets. The Commission's recommendation to further promote policies that enhance and facilitate clearing of OTC derivatives is both welcome and fully supported by CME Group.

Furthermore, the Commission report supports the fact that fundamental factors of supply and demand are driving market prices. As the data from the Commission's report clearly shows, speculative trading positions by index traders in crude oil actually declined while prices in oil continued to rise. This data unequivocally demonstrates that market fundamentals have been influencing pricing trends.

CME Group intends to work with the Commission to ensure that the market regulation and customer protection mechanisms in U.S. futures markets are unmatched and we anticipate a greater need for transparency in the OTC markets. As a global industry leader, CME Group looks forward to participating in the ongoing analysis, discussion and debate concerning these matters. CME Group consistently works with our industry and market users to make sure our markets remain sound as part of the most efficient, transparent marketplace in the world."

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. 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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