CME Group Executive Chairman and President Terry Duffy will appear before the U.S. Senate Committee on Agriculture, Nutrition & Forestry on Thursday, May 14, to discuss Commodity Futures Trading Commission (CFTC) regulatory issues impacting end-users and market liquidity.
"Under Chairman Massad's leadership, the CFTC appropriately reformed several regulations that needlessly limited end-user risk management on regulated markets," said Duffy. "We support these recent actions as they reduce the burdens associated with excessive residual interest charges and redundant trade reporting and recordkeeping."
"Another critical topic that will impact end-users is 'equivalence.' European regulators continue to refuse to recognize that U.S. regulation is equivalent to that of the European Union regime. Until they do, European clearing firms and market participants will be subject to prohibitive costs if they clear or trade in the U.S. or they may be denied access to U.S. clearinghouses and exchanges altogether. Chairman Massad has been a strong leader in his negotiations with his European counterparts and 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."
The hearing is scheduled for 10:00 a.m. Eastern time in the Dirksen Senate Office Building. Duffy's written testimony will be available on www.cmegroup.com at that time.