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CME Chairman Terry Duffy Testifies On CFMA Implementation Before House Subcommittee

Date 19/06/2003

Chicago Mercantile Exchange Inc. (CME) Chairman Terry Duffy today testified to the Subcommittee on General Farm Commodities and Risk Management Committee on Agriculture of the U.S. House of Representatives. His testimony focused on the Implementation of the Commodity Futures Modernization Act (CFMA) of 2000. Specific topics included:
  • The CFMA: Successful Landmark Legislation
  • Single Stock Futures: CFMA's Unfulfilled Promise
  • Fixed Income Futures: CFMA's Orphan
  • Recent Issues Involving Importation of Cattle
  • New Concerns Not Addressed in the CFMA: Foreign Ownership or Control of a U.S. Exchange

Complete copies of the oral and written testimony are available on CME's Web site at http://www.cme.com/news/newscenter.cfm.

Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States for the trading of futures and options on futures. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® around-the-clock electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved about $1.5 billion per day in settlement payments in the first quarter of 2003 and managed $28.5 billion in collateral deposits at March 31, 2003. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME).

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