CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Executive Chairman Terry Duffy will discuss on Friday, July 11, with the U.S. House of Representatives Full Committee on Agriculture commodity markets and proposed legislation amending the Commodity Exchange Act.
"CME Group is concerned about suggestions to arbitrarily raise margins, which are established for each individual product based primarily on market volatility," Duffy said. "Such changes, as many economists and market participants have pointed out, could actually force commercial interests and hedgers away from transparent markets and into more opaque over-the-counter products. In addition, speculators serve a critical function and are both long and short the market."
The hearing before the U.S. House of Representatives Full Committee on Agriculture is scheduled for 9:00 a.m. E.T. Friday at the Longworth House Office Building. For a copy of Terry Duffy's testimony, which will be available Friday morning, please go to http://www.cmegroup.com/commodityprices For a Webcast of the hearing, please go to http://agriculture.house.gov/index.shtml.