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. Senate Committee on Agriculture, Nutrition and Forestry on Tuesday to discuss the importance of central counterparty clearing services in reducing systemic risks in the credit default swaps market.
"Recent market events highlight the urgent need to reduce counterparty credit risks, and CME Group’s clearing capabilities will significantly enhance the transparency, liquidity, and confidence that are sorely needed in today’s financial markets," said Duffy. "For more than 110 years, CME Clearing has guaranteed the performance of every transaction on our exchange and no clearing member firm has ever defaulted on its obligations to us. We believe we can expand these practices to reduce bilateral credit risks that are causing significant disruptions in the over-the-counter (OTC) markets today."
The hearing is scheduled for 9:30 a.m. Tuesday in the Dirksen Senate Office Building. To view the testimony, which will be available at 9:30 a.m. Eastern time, please go to http://cmegroup.mediaroom.com/index.php?s=115.