CHICAGO, March 24, 2015 /PRNewswire/ -- CME Group
Executive Chairman and President Terry
Duffy will appear before the U.S. House Agriculture
Subcommittee on Commodity Exchanges, Energy, and Credit,
Wednesday, March 25, to discuss
reauthorizing the Commodity Futures Trading Commission (CFTC).
"The one overriding issue that is facing the U.S. derivatives
markets today can be summed up in one word – equivalence," said
Duffy. "The EU continues to hold up U.S. equivalence over the
single issue of margining standards – even though it has recognized
other jurisdictions, including Singapore, that employ similar margin
standards to those in the U.S. Our margin policies meet or exceed
all applicable international standards and often result in more
margin being posted than would be under the EU's rules."
"CFTC Chairman Massad has been a tremendous leader in working
with the EU toward a solution. Currently, foreign boards of trade
and clearinghouses have full access to U.S. markets. The CFTC has
many tools at its disposal to restrict this access if forced to do
so. I hope this does not prove necessary, but all options
must be considered. I urge this Committee to take any and all
appropriate actions to support the CFTC's efforts to reach a
solution as soon as possible because time is running out."
The hearing is scheduled for 1:30 p.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
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SOURCE CME Group