CME Group Executive Chairman and President Terry Duffy has welcomed the European Securities and Markets Authority's (ESMA) recognition of CME Inc under EU regulations.
"We are very pleased that today the European Securities and Markets Authority (ESMA) granted CME Inc's application for recognition for our clearing house,” says Duffy. “Central clearing is a critical component of the G-20 commitments, which increases transparency, reduces systemic risk and strengthens the financial system. Today's action by ESMA will ensure that CME Clearing will be able to continue to provide the clearing services that our global customers depend upon to manage risk. It also will ensure that US markets are not put at a disadvantage in our highly competitive global marketplace.
“These are absolutely the right outcomes from a long process. I congratulate and thank CFTC Chairman Tim Massad and the CFTC staff, Commissioner Jonathan Hill and the staff of the European Commission, and the staff of the European Securities Markets Authority for the many, many months of hard work that has led to today's positive result for all participants in the financial markets in the US, EU, and around the world."
