News Release

CME Group's Duffy to Testify Before Congressional Committee on Proposed OTC Market Regulations

Tue Jun 09 2009

CHICAGO, June 9 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, today announced that CME Group Executive Chairman Terry Duffy will appear before the U.S. House Committee on Financial Services' Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Tuesday to discuss proposed regulatory changes for the over-the-counter (OTC) markets.


"We support position reporting for OTC derivatives and agree that enhanced price transparency across the entire market is essential to quantify and control risk," Duffy said. "However, the means chosen to achieve these ends should be fine-tuned to avoid adverse consequences for U.S. markets. For example, legislation mandating the clearing of all OTC derivative transactions could well induce certain market participants to transfer this business offshore, resulting in a loss to the U.S. economy and reduced market liquidity. This shift could also undermine the established price discovery and risk hedging missions of U.S. futures exchanges."


The hearing is scheduled for 10:30 a.m. Eastern time Tuesday in the Rayburn House Office Building. The testimony will be available at 10:30 a.m. Eastern time.


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 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



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