CME Group's Duffy to Testify on Credit Markets at U.S. House Hearing; Promote Benefits of Central Counterparty CME Clearing Solution
CHICAGO, Dec 08, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Executive Chairman Terry Duffy will appear before the U.S. House Committee on Agriculture Monday to discuss the central counterparty clearing solutions CME Group can immediately offer the credit default swaps market to reduce systematic credit risk.
"CME Group's goal is to respect the value and importance that these markets provide for managing risks in corporate debt portfolios," Duffy said. "Our plan is to work closely with the dealer community and buy-side participants to facilitate their current hedging, trading and dealing activities. By providing them with a neutral facility for netting, risk management and other central counterparty clearing services that will reduce their costs and risk, we pave the way for investor confidence in these markets to increase."
The hearing is scheduled for 1:00 p.m. Eastern time Monday in the Longworth House Office Building. To view the testimony, which will be available at 1:00 p.m. Eastern time, please go to http://cmegroup.mediaroom.com/index.php?s=115.
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. 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 $7 billion in 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 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. 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.
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