CHICAGO, June 3 /PRNewswire-FirstCall/ -- CME Group released the following statement in response to the CFTC agricultural market initiatives:
"CME Group strongly supports the CFTC's agricultural market initiatives, which will bring even more transparency to exchange-traded markets. In particular, the recommendation based on CME Group's proposal to allow for exchange-cleared Over the Counter (OTC) agricultural swaps will provide market participants the ability to better manage the risk of price differentials between futures delivery points and local markets, as well as price volatility. CME Group's proposed OTC-cleared agricultural swaps would be subject to position accountability, transaction reporting, and margining and risk management standards that are comparable to the standards we employ in our highly successful and transparent futures markets. We look forward to working with Commissioner Dunn and the Agricultural Advisory Committee to further promote transparency and free markets."
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse derivatives exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), 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 its trading floors. 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, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME."
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