CHICAGO, Feb. 14, 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 Financial Services
Tuesday, February 15, to assess the
regulatory, economic and market implications of the Dodd-Frank
derivatives title.
"The industry learned important lessons in the wake of the
recent financial crisis," said Mr. Duffy. "The financial
crisis exposed failures in aspects of the OTC markets, while the
regulated futures exchanges and futures clearing houses operated
flawlessly during and after the crisis. We support the goals
of the Dodd-Frank Act, which reinforce the core tenets of CME
Group's markets. However, the Act was not an invitation to
impose unnecessary and duplicative regulatory burdens on futures
exchanges and their clearing houses. A rush to implement
needlessly burdensome regulation on that segment of the industry
that succeeded will impair innovation, stifle economic growth, and
undermine U.S. competitiveness, in addition to wasting the agency's
own resources. We urge Congress to ensure that the rulemaking
to implement the Dodd-Frank Act does not lead to such a result.
As an initial matter, the timing and sequencing of the CFTC's
rulemaking should be designed to allow sufficient time for industry
professionals of various viewpoints to fully express their views
and concerns to the Commission and for the Commission to have the
opportunity to fully evaluate and respond to those views, and to
accurately assess the costs and burdens imposed by the new
regulations."
The hearing is scheduled for 10:00 a.m.
Eastern time in the Rayburn 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
www.cmegroup.mediaroom.com
SOURCE CME Group