CME Group Leadership to Discuss Energy Markets at Senate Hearing
CHICAGO, Sept 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Board Member and former President of the New York Mercantile Exchange James E. Newsome will appear before a Senate energy subcommittee on Tuesday to discuss energy markets and the significance of a recent Commodity Futures Trading Commission (CFTC) report on market participants.
Newsome, who joined the CME Group board of directors in August when CME Group completed the purchase of NYMEX, is delivering testimony on behalf of CME Group Executive Chairman Terry Duffy. The staff report, "Commodity Swap Dealers and Index Traders with Commission Recommendations," was released last week by the CFTC.
"This publicly available data has been relatively consistent over time in demonstrating that speculators in crude oil futures contracts have been relatively balanced as between buy and sell positions in the market, so the market is moving on fundamentals, not speculators," Duffy said. "The CFTC report also recommends improvements to its enforcement capabilities and the expansion of the mandatory reporting of energy trading and position information to the Commission, which we strongly support as we share the view of regulators and legislators on the need for greater transparency."
The hearing is scheduled for 2:30 p.m. Tuesday in the Dirksen Senate Office Building. The Energy Subcommittee of the Senate Energy and Natural Resources Committee is hosting the session. To view the testimony, please go to http://www.cmegroup.com/commodityprices.
CME Group (http://www.cmegroup.com) is the world's largest and most diverse derivatives exchange. 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. 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 and E-mini, 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, New York Mercantile Exchange, and ClearPort are trademarks of New York Mercantile 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
SOURCE CME Group
http://www.cme.com
Copyright (C) 2008 PR Newswire. All rights reserved
News Provided by COMTEX