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CME Group, the world's largest and most diverse derivatives marketplace, announced that its Executive Chairman Terry Duffy will appear tomorrow before the U.S. House Committee on Agriculture to discuss proposed legislation by the U.S. Department of Treasury for regulation of over-the-counter (OTC) derivatives markets.
"We support portions of the proposed legislation and the Obama Administration's goals to reduce systemic risk through central clearing and exchange trading of derivatives, as well as increasing data transparency and price discovery along with preventing market manipulation," said Terry Duffy, CME Group Executive Chairman. "However, we are very concerned that good intentions could have severe, adverse and unintended consequences and push market participants to unregulated markets. Derivative transactions conducted on Commodity Futures Trading Commission-regulated futures exchanges and cleared by CFTC-regulated clearing houses did not contribute to the financial crisis and it would be a huge disservice if harmful changes are made to these well-functioning markets."
The hearing is scheduled for 10:30 a.m. Eastern time Thursday at the Longworth House Office Building, Washington DC. The testimony will be available also at 10:30 a.m. at www.cmegroup.MediaRoom.com.
