CME Group's Duffy to Testify before Senate Committee on Agriculture
December 02 2009 - 9:00AM
PR Newswire (US)
CHICAGO, Dec. 2 /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 & Forestry today to
discuss proposed over-the-counter (OTC) derivatives reforms.
"Regulated futures markets and clearing houses have operated
flawlessly for decades and have withstood significant market
stresses and economic dislocations, including the 2008 financial
crisis. We are justifiably proud of the fact that no customer has
ever lost money as a result of a clearing member failure to CME
Clearing and that no clearing member firm has ever defaulted on its
obligations to our clearing house," said Terry Duffy, CME Group
Executive Chairman. "While we strongly support the goals of
Congress and the Administration to reduce systemic risk through
central counterparty clearing of derivatives, in our view, some
pending legislation creates unnecessary layers of additional
regulation that will stifle innovation and force trading off of
already well-regulated futures markets." The hearing is scheduled
for 9:30 a.m. Eastern time Wednesday in the Hart Senate Office
Building. The testimony will be available also at 9:30 a.m. CME
Group (http://www.cmegroup.com/) 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 (NASDAQ:CME) and its products
can be found at http://www.cmegroup.com/. CME-G DATASOURCE: CME
Group CONTACT: Media, Mary Haffenberg, +1-312-930-3435, or Allan
Schoenberg, +1-312-930-8189, , or Investors, John Peschier,
+1-312-930-8491, all of CME Group Web Site: http://www.cme.com/
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