CME Group's Duffy to Appear Before the House Committee on Financial Services

CME Group CME announced that Executive Chairman Terry Duffy will appear before the U.S. House Committee on Financial Services Tuesday, February 15, to assess the regulatory, economic and market implications of the Dodd-Frank derivatives title. "The industry learned important lessons in the wake of the recent financial crisis," said Mr. Duffy. "The financial crisis exposed failures in aspects of the OTC markets, while the regulated futures exchanges and futures clearing houses operated flawlessly during and after the crisis. We support the goals of the Dodd-Frank Act, which reinforce the core tenets of CME Group's markets. However, the Act was not an invitation to impose unnecessary and duplicative regulatory burdens on futures exchanges and their clearing houses. A rush to implement needlessly burdensome regulation on that segment of the industry that succeeded will impair innovation, stifle economic growth, and undermine U.S. competitiveness, in addition to wasting the agency's own resources. We urge Congress to ensure that the rulemaking to implement the Dodd-Frank Act does not lead to such a result. As an initial matter, the timing and sequencing of the CFTC's rulemaking should be designed to allow sufficient time for industry professionals of various viewpoints to fully express their views and concerns to the Commission and for the Commission to have the opportunity to fully evaluate and respond to those views, and to accurately assess the costs and burdens imposed by the new regulations."