CME Group's Duffy to Appear Before the House Committee on Financial Services

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Feb 14, 2011, 03:00 ET

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.

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