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.
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SOURCE CME Group
