CME Group Executive Chairman Duffy to Appear Before the Senate Banking Subcommittee on Securities, Insurance, and Investment
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.
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SOURCE CME Group
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