CME Group's Duffy to Appear Before the House Committee on Agriculture
Feb 09, 2011, 03:44 ET
CHICAGO, Feb. 9, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, announced that Executive Chairman Terry Duffy will appear before the U.S. House Committee on Agriculture Thursday, February 10, to discuss implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
"The recent financial crisis focused well-warranted attention on the lack of transparency and oversight of the OTC financial markets," said Mr. Duffy. "The industry learned a number of important lessons and Congress crafted legislation intended to reduce the risk of a repeat performance. While we support the goals of the Dodd-Frank Act, with respect to futures exchanges and clearing houses, many of the rules that the CFTC has proposed are not consistent with or required by the Act. We are concerned that the scope of many of these proposed rules will stifle effective exchange innovation and unnecessarily harm hedging and risk transfer markets that U.S. companies depend upon to reduce business risks and increase economic growth. Imposing prescriptive and limiting regulations on the U.S.'s already highly regulated and globally competitive futures markets will ultimately impede Congress' goal to reduce systemic risk by promoting central clearing of OTC transactions."
The hearing is scheduled for 10:00 a.m. Eastern time in the Longworth House Office Building. Mr. Duffy's written testimony also 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 and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides 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.
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 (Nasdaq: CME) and its products can be found at www.cmegroup.com.
SOURCE CME Group
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