CME Group's Donohue to be a Panelist Wednesday at Joint SEC-CFTC Regulatory Harmonization Meeting
September 01 2009 - 5:20PM
PR Newswire (US)
CHICAGO, Sept. 1 /PRNewswire-FirstCall/ -- CME Group, the world's
largest and most diverse derivatives marketplace, announced that
its Chief Executive Officer Craig Donohue will appear tomorrow
before a joint meeting of the U.S. Commodity Futures Trading
Commission (CFTC) and the Securities and Exchange Commission (SEC)
to discuss the differences in rules and philosophies as well as
consequences and benefits of harmonizing regulations and regulatory
approaches of the two Commissions. "The goal of harmonization is to
assure that the regulators of futures, swaps, security-swaps,
securities and security options effectively work together to:
promote efficient markets, provide safe central counterparty
clearing houses and eliminate regulatory gaps," Donohue said.
"Harmonization does not include a merger of the existing regulatory
structures into a single set of one-size-fits-all rules
administered by separate agencies. This would lead to duplicative
regulation, which is costly, stifles innovation and guarantees that
overseas competitors will always be first to market. To achieve
this goal, it is imperative that the CFTC and the SEC take into
account the critical dissimilarities of their respective markets
and the adverse consequences of trying to force them into the same
mold. Equally, we must ensure that harmonization efforts position
U.S. exchanges and intermediaries to compete effectively in the
global financial marketplace. "Futures exchanges and the futures
industry have been reinvigorated by the application of
principles-based regulation under the Commodity Exchange Act; we
were a shining star while the rest of the financial services
industry faltered during the recent financial meltdown." The
meeting is scheduled for 9:00 a.m. Eastern time Wednesday 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
http://www.cmegroup.mediaroom.com/. CME Group
(http://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 http://www.cmegroup.com/. CME-G DATASOURCE: CME Group CONTACT:
Media, Mary Haffenberg, +1-312-930-3435, or Allan Schoenberg,
+1-312-930-8189, , or Investors, John Peschier, +1-312-930-8491,
all of CME Group Web Site: http://www.cme.com/
Copyright