CHICAGO, July 27 /PRNewswire/ -- CME Group, the world’s largest and most diverse
derivatives marketplace, announced that its Chief Executive Officer Craig Donohue will appear before the U.S. Commodity Futures
Trading Commission (CFTC) tomorrow to discuss position limits for energy futures
trading.
“We have not seen any empirical evidence that index funds and
speculators distort prices, as has been widely alleged, nor is there any proof that
putting position limits on these market participants will have any positive effect
on the marketplace,” Donohue said. “We are deeply concerned that
inappropriate regulation of these markets will cause market participants to move to dark
pools and other unregulated markets, causing irrevocable harm to the entire U.S.
economy. We look forward to having an open dialogue on this topic with the CFTC,
elected officials and industry participants to ensure the continued safety and
soundness of an already highly regulated financial market, which remained one of
the best operating components of our economy during the credit crisis of recent
months.”
The hearing is scheduled for 9:00 a.m. Eastern
time Tuesday at the CFTC lobby-level hearing room, 1155 21st Street, NW,
Washington DC. The testimony will be available
also at 9:00 a.m. at www.cmegroup.MediaRoom.com.
CME Group (www.cmegroup.com) is
the world’s largest and most diverse derivatives marketplace. Building on the
heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of
customers around the globe. As an international marketplace, CME Group brings
buyers and sellers together on the CME Globex electronic trading platform and on
trading floors in Chicago and New York. By
acting as the buyer to every seller and the seller to every buyer, CME Clearing
virtually eliminates counterparty credit risk. CME Clearing also offers
financial safeguards to help mitigate systemic risk, providing the security and
confidence market participants need to operate, invest and grow. CME Group offers the
widest range of benchmark products available across all major asset classes,
including futures and options based on interest rates, equity indexes, foreign
exchange, energy, agricultural commodities, metals, and alternative investment
products such as weather and real estate. CME Group is listed on NASDAQ under the
symbol “CME.”
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex,
E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT
and Chicago Board of Trade are trademarks of
the Board of Trade of the City of Chicago. NYMEX and New York Mercantile
Exchange are 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 and its products can be
found at www.cmegroup.com.
CME-G
SOURCE CME Group