CHICAGO, May 13, 2015 /PRNewswire/ -- CME Group Executive
Chairman and President Terry Duffy
will appear before the U.S. Senate Committee on Agriculture,
Nutrition & Forestry on Thursday, May
14, to discuss Commodity Futures Trading Commission (CFTC)
regulatory issues impacting end-users and market
liquidity.
"Under Chairman Massad's leadership, the CFTC appropriately
reformed several regulations that needlessly limited end-user risk
management on regulated markets," said Duffy. "We support
these recent actions as they reduce the burdens associated with
excessive residual interest charges and redundant trade reporting
and recordkeeping."
"Another critical topic that will impact end-users is
'equivalence.' European regulators continue to refuse to
recognize that U.S. regulation is equivalent to that of the
European Union regime. Until they do, European clearing firms
and market participants will be subject to prohibitive costs if
they clear or trade in the U.S. or they may be denied access to
U.S. clearinghouses and exchanges altogether. Chairman Massad
has been a strong leader in his negotiations with his European
counterparts and I urge this committee to take any and all
appropriate actions to support the CFTC's efforts to reach a
solution as soon as possible."
The hearing is scheduled for 10:00 a.m.
Eastern time in the Dirksen Senate 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.
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. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
www.cmegroup.mediaroom.com
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SOURCE CME Group