CME Leaders Congratulate White House Candidate For CFTC Chairmanship - CME Leaders Congratulate White House Candidate For CFTC Chairmanship - Emphasize Changes Needed In Upcoming CFMA Reauthorization

CME, the largest U.S. futures exchange, today issued the following statements by Chairman Terry Duffy and Chief Executive Officer Craig Donohue regarding the announcement by the White House that President Bush intends to nominate Reuben Jeffery III as Chairman of the Commodity Futures Trading Commission (CFTC).

“We congratulate Mr. Jeffery on his nomination by the President to become the Chairman of the Commodity Futures Trading Commission,” said Chairman Duffy. “The CFTC is a strong agency that has helped enhance competition and growth in the derivatives industry, and we look forward to working with Mr. Jeffery and the other CFTC Commissioners, as well as with the Congress, to ensure a smooth process regarding the reauthorization of the CFTC.”

“As we stated in our testimony before Congress in March,” added CEO Donohue, “we believe that the CFMA reauthorization process should include a prohibition of off-exchange trading of futures contracts, a program to establish futures-style margining in order to ensure that the U.S. single stock futures marketplace remains competitive with similar markets in Europe and Asia, and that the definition of broad-based indexes be clarified in accordance with Congress’s expectations at the time of the Commodity Futures Modernization Act of 2000.”