CHICAGO, July 28, 2015 /PRNewswire/ -- 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.
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers together
through its CME Globex® electronic trading platform, its trading
facilities in New York and
Chicago, and through its
London-based CME Europe
derivatives exchange. CME Group also operates one of the
world's leading central counterparty clearing providers through CME
Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded
contracts and over-the-counter derivatives transactions.
These products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. All other trademarks are the property of their
respective owners. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cme-groups-terry-duffy-to-appear-before-the-us-house-committee-on-agriculture-to-discuss-the-dodd-frank-acts-five-year-anniversary-300119550.html
SOURCE CME Group