CME Group's Carey to Testify before Senate Subcommittee on Commodities

CHICAGO, July 21  /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, announced that CME Group Vice Chairman Charlie Carey will appear before the U.S. Senate Permanent Subcommittee on Investigations today to discuss the CBOT wheat futures contract.

"We fully support measures to retain transparency and ensure the integrity and utility of our markets. We have been working with the Commodity Futures Trading Commission and industry participants to develop solutions to improve convergence in the wheat contract," Carey said. "There is a great deal of misinformation about the role of market users, such as index funds and speculators, as well as misinterpretations of what is occurring in our markets. Four separate studies in the past year and numerous economists support the fact that market fundamentals, including supply and demand, weather, currency valuations and other factors, have been the primary drivers of price volatility."

The hearing is scheduled for 2:30 p.m. Eastern time Tuesday in the Dirksen Senate Office Building. The testimony will be available also at 2:30 p.m.

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 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, E-mini and CME ClearPort 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 and New York Mercantile Exchange 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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DATASOURCE: CME Group



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