CME Group's Duffy to Present Testimony to House Agriculture Committee
17 September 2009 - 6:18AM
PR Newswire (US)
CHICAGO, Sept. 16 /PRNewswire-FirstCall/ -- CME Group, the world's
largest and most diverse derivatives marketplace, announced that
its Executive Chairman Terry Duffy will appear tomorrow before the
U.S. House Committee on Agriculture to discuss proposed legislation
by the U.S. Department of Treasury for regulation of
over-the-counter (OTC) derivatives markets. "We support portions of
the proposed legislation and the Obama Administration's goals to
reduce systemic risk through central clearing and exchange trading
of derivatives, as well as increasing data transparency and price
discovery along with preventing market manipulation," said Terry
Duffy, CME Group Executive Chairman. "However, we are very
concerned that good intentions could have severe, adverse and
unintended consequences and push market participants to unregulated
markets. Derivative transactions conducted on Commodity Futures
Trading Commission-regulated futures exchanges and cleared by
CFTC-regulated clearing houses did not contribute to the financial
crisis and it would be a huge disservice if harmful changes are
made to these well-functioning markets." The hearing is scheduled
for 10:30 a.m. Eastern time Thursday at the Longworth House Office
Building, Washington DC. The testimony will be available also at
10:30 a.m. at http://www.cmegroup.mediaroom.com/. CME Group
(http://www.cmegroup.com/) is the world's largest and most diverse
derivatives marketplace. Building on the heritage of CME, CBOT and
NYMEX, CME Group serves the risk management needs of customers
around the globe. As an international marketplace, CME Group brings
buyers and sellers together on the CME Globex electronic trading
platform and on trading floors in Chicago and New York. By acting
as the buyer to every seller and the seller to every buyer, CME
Clearing virtually eliminates counterparty credit risk. CME
Clearing also offers financial safeguards to help mitigate systemic
risk, providing the security and confidence market participants
need to operate, invest and grow. CME Group offers the widest range
of benchmark products available across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities,
metals, and alternative investment products such as weather and
real estate. CME Group is listed on NASDAQ under the symbol "CME."
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 and its products can be found
at http://www.cmegroup.com/. CME-G DATASOURCE: CME Group CONTACT:
media, Mary Haffenberg, +1-312-930-3435, or Allan Schoenberg,
+1-312-930-8189, both at , or Investors, John Peschier,
+1-312-930-8491, all of CME Group Web Site:
http://www.cmegroup.com/
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