CME GROUP INC 'A' : CME Group's Duffy to Appear Before the Senate Banking Committee
04/11/2011| 04:55pm US/Eastern
CHICAGO, April 11, 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 Banking, Housing and Urban Affairs, Tuesday, April 12, to discuss oversight of Title VII of the Dodd-Frank Act.
"We support the goals of the Dodd-Frank Act, but we are concerned that the CFTC has launched an initiative that will make it more difficult to reach the Act's goal of increasing transparency and limiting risk," said Duffy. "Expanding the Commission's mandate to impose regulations that are uncalled for by the Act or that duplicate the duties now being performed by exchanges and the National Futures Association will undermine the goals of the Act and impose unknown costs on the markets. These needless regulatory obstacles will have an indirect impact on business, and drive capital and jobs to our competitors overseas. Congress should encourage a full and fair cost-and-benefit analysis of every proposal in the Act."
The hearing is scheduled for 2:45 p.m. Eastern time in the Dirksen Senate Office Building. 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 world's leading central counterparty clearing provider in the world, which offers 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.
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.
SOURCE CME Group