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.
CME-G
SOURCE CME Group