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CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture on Wednesday, July 29, to assess the progress of global derivatives reform.
"The Dodd-Frank Act ensured that certain swaps are traded on exchange and cleared through central clearinghouses, which represents progress toward the goals of the G20 of strengthening the financial system through increased transparency and reduced systemic risk," said Duffy.
"But the point of the G20 commitments was also to create a global framework. As of today, many G20 nations have not implemented the core elements of the G20 regulatory reforms that the U.S. has. This lack of coordination has led to policies that have created inconsistency, uncertainty, and the potential for harm to the efficient functioning of U.S. and global derivatives markets. In a global market, the goal should be for nations to adopt frameworks that lead to consistent regulatory results and allow for appropriate substituted compliance."
The hearing is scheduled for 10 a.m. Eastern time in the Longworth House Office Building. Duffy's written testimony will be available on www.cmegroup.com at that time.
