CHICAGO, March 2, 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. Senate Committee on Agriculture,
Nutrition and Forestry, Thursday, March
3, to discuss implementation of Title VII of the Wall Street
Reform and Consumer Protection Act.
"The 2008 financial crisis focused attention on the lack of
regulation of OTC financial markets," said Mr. Duffy. "What
is clear is that regulated futures markets and futures clearing
houses operated flawlessly during and after the crisis.
Futures customers were protected. While we support the
goals of the Dodd-Frank Act, we are concerned that the CFTC has
launched its own initiative to turn back the clock on regulation of
futures exchanges and clearing houses, which will impose
unwarranted costs and stifle innovation. The Commission's
approach will unnecessarily deplete the agency's limited resources,
which should be directed towards accomplishing the goals of the
Dodd-Frank Act of increasing transparency, limiting risk and
incenting clearing of OTC contracts."
The hearing is scheduled for 2:30 p.m.
Eastern time in the Russell
Senate 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