CHICAGO, April 24, 2012 /PRNewswire/ -- CME Group Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Banking, Housing and Urban Affairs today, Tuesday, April 24, to discuss "The Collapse of MF Global: Lessons Learned and Policy Implications."
"Since the MF Global bankruptcy, CME Group and the derivatives industry have been working together to identify potential solutions to strengthen customer protections at the firm level, where the problem occurred," said Duffy. "Additionally, we believe Congress can help further protect customers by amending the Bankruptcy Code to permit clearing houses to transfer fully collateralized customers from a defaulting clearing member to other clearing members. This amendment will minimize systemic risk and allow customers to continue to manage their risk and to keep control of sufficient collateral to support their positions."
The hearing is scheduled for 10 a.m. Eastern time in the Dirksen Senate Office Building. Duffy's written testimony will also 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 and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
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SOURCE CME Group