CHICAGO, May 24, 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 Banking, Housing and Urban
Affairs Subcommittee on Securities, Insurance, and Investment
Wednesday, May 25, to discuss
implementing the Dodd-Frank clearing mandate.
"The critical role of clearing houses in guarding against
systemic risk was appropriately a major focus of the Dodd-Frank
Act," said Terry Duffy, CME Group
Executive Chairman. "It is important to note that during and
after the 2008 financial crisis the regulated futures markets and
futures clearing houses operated flawlessly. Futures markets
performed all of their essential functions without interruption
and, despite failures of significant financial firms, our clearing
house experienced no default and no customers on the futures side
lost their collateral or were unable to immediately transfer
positions and continue managing risk. Dodd-Frank was adopted
to impose a new regulatory structure on a previously opaque and
unregulated market – the OTC swaps market. The rules
implementing the statute should be carefully crafted to preserve
the flexibility that has enabled the regulated futures markets to
operate as intended throughout the most challenging of economic
times."
The hearing is scheduled for 9:30 a.m.
Eastern time in the Dirksen Senate Office Building. 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
world's leading central counterparty clearing providers, which
offers 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.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered 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.
www.cmegroup.mediaroom.com
CME-G
SOURCE CME Group