CHICAGO, June 26, 2019 /PRNewswire/ -- CME Group
Chairman and Chief Executive Officer Terry
Duffy will appear before the U.S. House Committee on
Agriculture Subcommittee on Commodity Exchanges, Energy and Credit
today to discuss the potential implications of recent European
Union (E.U.) legislation that could grant sweeping new regulatory
power to European regulators over U.S. futures markets.
"The new rules proposed by the E.U. now undermine the
equivalence agreement reached three years ago after extensive
analysis and negotiations, and pose a direct challenge to the
authority of Congress and the CFTC to regulate U.S. futures markets
overall," said Duffy.
"Rather than attempting to override the capable and vigilant
regulatory regime in place here, E.U. regulators should work
cooperatively with the U.S. to build a coordinated global
regulatory framework. Without deference and cooperation,
global markets will face decreased liquidity, increased volatility
and higher prices for all market participants. It will place higher
costs on farmers, end users and producers globally who use U.S.
markets to hedge risk," he said.
The hearing is scheduled for 10 a.m.
Eastern time in the Longworth House Office Building. Duffy's
written testimony 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) enables clients to trade futures,
options, cash and OTC markets, optimize portfolios, and analyze
data – empowering market participants worldwide to efficiently
manage risk and capture opportunities. CME Group exchanges offer
the widest range of global benchmark products across all major
asset classes based on interest rates, equity
indexes, foreign exchange, energy, agricultural products
and metals. The company offers futures and options on
futures trading through the CME Globex® platform, fixed income
trading via BrokerTec and foreign exchange trading on the EBS
platform. In addition, it operates one of the world's leading
central counterparty clearing providers, CME Clearing. With a
range of pre- and post-trade products and services underpinning the
entire lifecycle of a trade, CME Group also offers optimization and
reconciliation services through TriOptima, and trade processing
services through Traiana.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile
Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board
of Trade of the City of Chicago,
Inc. NYMEX, New York Mercantile Exchange and ClearPort are
trademarks of New York Mercantile Exchange, Inc. COMEX is a
trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima,
and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD,
TriOptima AB, and Traiana, Inc., respectively. Dow
Jones, Dow Jones Industrial Average, S&P 500 and S&P are
service and/or trademarks of Dow Jones Trademark Holdings LLC,
Standard & Poor's Financial Services LLC and S&P/Dow Jones
Indices LLC, as the case may be, and have been licensed for use by
Chicago Mercantile Exchange Inc. All other trademarks are the
property of their respective owners.
CME-G
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SOURCE CME Group