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.