CME Group Statement on CFTC Position on Exchange of Futures for Futures
January 26 2010 - 11:06AM
PR Newswire (US)
CHICAGO, Jan. 26 /PRNewswire-FirstCall/ -- CME Group released the
following statement regarding the Commodity Futures Trading
Commission's (CFTC) position on the exchange of futures for futures
(EFFs): "We have been assured by the Commission that CBOT's rules
respecting block trading and improper trade practices remain in
full force and effect and must be enforced. The Commission has not
required CBOT to accept block trades that violate those rules or to
accept block trades that otherwise violate CBOT trade practice
rules. CBOT and CME clearing have not been directed to accept
directions from ELX or any of its members to transfer open
positions. "We are confident that CBOT is operating in strict
compliance with all of the Core Principles. We believe, that upon
full consideration, the Commission will agree that Core Principle
18 is directed at conduct which is considered to be anticompetitive
under the antitrust laws and that CBOT's rules do not facilitate
any anticompetitive activity. Antitrust laws do not require us to
take action to enable new entrants to take advantage of our
substantial investments in innovation and marketing through which
we have developed deep liquidity, broad customer relationships and
distribution networks and established a world-class central
counterparty clearing systems." As the world's largest and most
diverse derivatives marketplace, CME Group
(http://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 http://www.cmegroup.com/. CME-G DATASOURCE: CME
Group CONTACT: Media, Michael Shore, +1-312-930-2363, 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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