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CME Group released the following statement on the confirmation of Gary Gensler as the new chairman of the Commodity Futures Trading Commission (CFTC):
"We congratulate Mr. Gensler on his appointment to head the CFTC. Mr. Gensler's depth of experience and knowledge make him well qualified for the Chairmanship of the Commission. We look forward to working with Mr. Gensler to ensure that our U.S. futures and options markets remain at the forefront of our industry in terms of low transaction costs for market users, superior technology solutions, leading customer protection programs, and safety and soundness in the clearing and settlement of transactions.
We also intend to work with Mr. Gensler to ensure that legislators and regulators understand the critical importance of hedging and risk-transfer markets to our global economy; the globally competitive nature of futures, options and derivative markets; and the risk that these important markets can be injured by the adoption of misguided regulations and tax policies.
CME Group operates at the highest tier of regulation under the CFTC. Working with the CFTC as our regulator, CME Group markets have functioned extremely well during these difficult economic conditions. CME Group has never experienced a default in more than 110 years and no customer has ever lost money as a result of a clearing member default. Most importantly, CME Group ensures the performance of all contracts between buyers and sellers that trade on our exchanges."
