CME Group has issued the following statement:
"The Commodity Futures Trading Commission’s letter does not change CBOT rules, which clearly prohibit Exchange of Futures for Futures transactions (EFFs). As permitted by the Commodity Exchange Act, CBOT will continue to prohibit EFFs, which would reduce transparency and price discovery in CBOT Treasury futures markets.
"CBOT competes with other exchanges on the basis of our liquidity and market efficiency, our technology, clearing and risk management services, and the quality of our market regulation programs. Customers can choose between competing offerings based on legitimate factors such as these.
"CBOT will continue to comply with its statutory and regulatory requirements."
