CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Agriculture, Nutrition & Forestry today to discuss proposed over-the-counter (OTC) derivatives reforms.
"Regulated futures markets and clearing houses have operated flawlessly for decades and have withstood significant market stresses and economic dislocations, including the 2008 financial crisis. We are justifiably proud of the fact that no customer has ever lost money as a result of a clearing member failure to CME Clearing and that no clearing member firm has ever defaulted on its obligations to our clearing house," said Terry Duffy, CME Group Executive Chairman. "While we strongly support the goals of Congress and the Administration to reduce systemic risk through central counterparty clearing of derivatives, in our view, some pending legislation creates unnecessary layers of additional regulation that will stifle innovation and force trading off of already well-regulated futures markets."
The hearing is scheduled for 9:30 a.m. Eastern time Wednesday in the Hart Senate Office Building. The testimony will be available also at 9:30 a.m.