CME Group's Executive Chairman and President Terry Duffy Appeared before the House Committee on Agriculture

On July 25 2012, CME Group Executive Chairman and President Terry Duffy appeared before the House Committee on Agriculture to discuss "Oversight of the Swaps and Futures Markets: Recent Events and Impending Regulatory Reforms" with the goal of addressing the misuse of customer funds by MF Global and Mr. Wasendorf of Peregrine Financial Group ("PFG"). In addition, Mr. Duffy discussed working with Congress, the CFTC, NFA, FIA and market participants to reevaluate the current system and to find solutions to safeguard customer funds against fraud and misuse.

For a general discussion of the CFTC bankruptcy regime, see the CPO-CTA Guide, Insolvency Chapter.

Effective Date: July 25, 2012

Cross Reference(s): Dodd-Frank Core Principle 9; Bankruptcy Code.