CME Group's Terry Duffy to Appear before the U.S. House Committee on Agriculture to Discuss the Dodd-Frank Act's Five Year Anniversary

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Jul 28, 2015, 11:00 ET

CHICAGO, July 28, 2015 /PRNewswire/ -- CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture on Wednesday, July 29, to assess the progress of global derivatives reform.

"The Dodd-Frank Act ensured that certain swaps are traded on exchange and cleared through central clearinghouses, which represents progress toward the goals of the G20 of strengthening the financial system through increased transparency and reduced systemic risk," said Duffy.

"But the point of the G20 commitments was also to create a global framework. As of today, many G20 nations have not implemented the core elements of the G20 regulatory reforms that the U.S. has. This lack of coordination has led to policies that have created inconsistency, uncertainty, and the potential for harm to the efficient functioning of U.S. and global derivatives markets. In a global market, the goal should be for nations to adopt frameworks that lead to consistent regulatory results and allow for appropriate substituted compliance."

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) 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, its trading facilities in New York and Chicago, and through its London-based CME Europe derivatives exchange. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.

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