Futures Exchanges Commend Lugar, Ewing Action

The Chicago Board of Trade, Chicago Mercantile Exchange and New York Mercantile Exchange today released the following joint statement in response to a statement issued July 1 by Sen. Dick Lugar, Chairman of the Senate Agriculture, Nutrition and Forestry Committee, and Rep. Tom Ewing, Chairman of the House Agriculture Committee's Subcommittee on Risk Management, Research and Specialty Crops. The statement indicated the intention to begin drafting a legislative proposal for reauthorizing the Commodity Exchange Act (CEA) during the August recess and outlined initial parameters for CEA reauthorization. "We commend Senator Lugar and Congressman Ewing for their leadership in tackling the important and challenging issue of CEA reform. We look forward to working with the members of Congress to continue the legislative process now under way. It is critical that the exchanges are placed on a level playing field with other entities in the derivatives marketplace as part of the new regulatory landscape, and the parameters for reform identified by Senator Lugar and Congressman Ewing are a large and positive step forward in that effort. Clearly, the outmoded laws need revising to reflect the changes that technology and new product innovation are bringing every day to the entire financial community. We urge all exchanges and market users to join us in trying to reach a common legislative solution that will increase