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