CME Encouraged By CFTC Chairman Remarks

Chicago Mercantile Exchange Chairman Scott Gordon made the following statement in response to remarks this morning by Commodity Futures Trading Commission Chairman William J. Rainer at the 22nd annual Chicago-Kent College of Law Derivatives and Commodities Law Institute: "We applaud Chairman Rainer's determination that financial futures markets get prompt and equal regulatory treatment. He recognizes the convergence of the over-the-counter market and formally regulated futures exchanges. He understands that the ability of OTC markets to duplicate exchange facilities, processes and procedures without the regulatory burdens imposed on exchanges creates an unacceptable government preference for these competitors. "We are genuinely enthused with Chairman Rainer's vision of the government's role as an oversight agency rather than a front-line regulator. We are very encouraged by the dialogue we've begun with Chairman Rainer and impressed with his dynamic response to the complexities of the agency and the issues it faces in the short time since he has taken the reins."