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CME Group, the world's largest and most diverse derivatives marketplace, announced that its Chief Executive Officer Craig Donohue will appear before the U.S. Commodity Futures Trading Commission (CFTC) tomorrow to discuss position limits for energy futures trading.
"We have not seen any empirical evidence that index funds and speculators distort prices, as has been widely alleged, nor is there any proof that putting position limits on these market participants will have any positive effect on the marketplace," Donohue said. "We are deeply concerned that inappropriate regulation of these markets will cause market participants to move to dark pools and other unregulated markets, causing irrevocable harm to the entire U.S. economy. We look forward to having an open dialogue on this topic with the CFTC, elected officials and industry participants to ensure the continued safety and soundness of an already highly regulated financial market, which remained one of the best operating components of our economy during the credit crisis of recent months."
The hearing is scheduled for 9:00 a.m. Eastern time Tuesday at the CFTC lobby-level hearing room, 1155 21st Street, NW, Washington DC. The testimony will be available also at 9:00 a.m. at www.cmegroup.MediaRoom.com.
