CME Group's Duffy to Appear before the Senate Committee on Agriculture

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Mar 02, 2011, 03:00 ET

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.

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