CHICAGO, March 24 /PRNewswire-FirstCall/ -- CME Group,
parent company of the world's leading and most diverse derivatives
exchanges, announced that Tom
LaSala, Managing Director and Chief Regulatory Officer, will
be a panelist tomorrow, Thursday, March
25, at the U.S. Commodity Futures Trading Commission (CFTC)
meeting to examine futures and options trading in the metals
markets.
"We have successfully employed delivery-period position limits
and accountability levels on a single month and on an
all-months-combined basis for all of our metals products for many
years," LaSala said. "We set accountability levels to provide the
information required to effectively and efficiently monitor and
control our metals markets. We are best positioned to police
activity in our market, establish accountability levels, set
position limits and assess whether a hedge exemption is
appropriately granted to a particular customer.
"Federally prescribed position limits in U.S. metals markets,
which are a small part of the global market, are neither necessary
nor useful to insure that our markets continue to operate fairly
and efficiently. We believe that the CFTC understands that any
effort to constrain trading on U.S. exchanges by the major firms
that are large enough to hold positions near the limits will simply
push those firms from regulated and transparent markets into the
cash market or to markets beyond the regulatory jurisdiction of the
CFTC."
The CFTC meeting is scheduled to take place at 9:00 a.m., Eastern Time, Thursday, at the CFTC
Hearing Room, 1155 21st Street, NW, Washington D.C. A copy of LaSala's written
testimony will be available tomorrow here.
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.
CME-G
SOURCE CME Group