CME Group, the world's leading and most diverse derivatives marketplace, announced that Executive Chairman Terry Duffy will appear before the U.S. House Committee on Agriculture Thursday, February 10, to discuss implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
"The recent financial crisis focused well-warranted attention on the lack of transparency and oversight of the OTC financial markets," said Mr. Duffy. "The industry learned a number of important lessons and Congress crafted legislation intended to reduce the risk of a repeat performance. While we support the goals of the Dodd-Frank Act, with respect to futures exchanges and clearing houses, many of the rules that the CFTC has proposed are not consistent with or required by the Act. We are concerned that the scope of many of these proposed rules will stifle effective exchange innovation and unnecessarily harm hedging and risk transfer markets that U.S. companies depend upon to reduce business risks and increase economic growth. Imposing prescriptive and limiting regulations on the U.S.'s already highly regulated and globally competitive futures markets will ultimately impede Congress' goal to reduce systemic risk by promoting central clearing of OTC transactions."
The hearing is scheduled for 10:00 a.m. Eastern time in the Longworth House Office Building. Mr. Duffy's written testimony also will be available on www.cmegroup.com at that time.