Press Releases

Subcommittee Reviews Impact of G-20 Clearing and Trade Execution Requirements

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Washington, June 14, 2016 | comments

Today, the House Agriculture Committee’s Subcommittee on Commodity Exchanges, Energy, and Credit held its final hearing in a series examining the impact of the Dodd-Frank Act on derivatives markets. Members of the subcommittee reviewed the impact of mandatory clearing and trade execution requirements on markets and end-users.

“Throughout this hearing series, we’ve discussed challenges with the implementation and global coordination of market reforms envisioned by the G-20 following the 2008 global financial crisis. Consistent clearing and trade execution rules that accurately take into account the intricacies of the marketplace are necessary to prevent regulatory arbitrage, protect financial stability, and promote competition and innovation in financial markets,” said Subcommittee Chairman Austin Scott (R-GA).

“Global banking and market regulators must get on the same page if they want to live up to the vision the G20 had for financial regulatory reform. I thank Rep. Scott for holding these important hearings on the importance of maintaining efficiency and integrity in the derivatives markets while minimizing any potential impact on businesses that use these markets to manage their risks,” said Agriculture Committee Chairman K. Michael Conaway (R-TX).

Written testimony provided by the witnesses from today’s hearing is linked below. Click here for more information, including Subcommittee Chairman Austin Scott's opening statement  and the archived webcast. 

Witness List:

Panel I 
Mr. Terrence A. Duffy, Executive Chairman & President, CME Group, Chicago, IL

Mr. Christopher S. Edmonds, Senior Vice President, Financial Markets, Intercontinental Exchange, Chicago, IL

Ms. Marnie J. Rosenberg, Global Head, Clearinghouse Risk and Strategy, J.P. Morgan Chase & Co., New York, NY

Mr. Stephen M. Merkel, Executive Vice President, General Counsel and Secretary, BGC Partners, Inc., New York, NY, on behalf of the Wholesale Markets Brokers' Association, Americas

Mr. Stephen John Berger, Director, Government & Regulatory Policy, Citadel, LLC, New York, NY, on behalf of the Managed Funds Association

Mr. Luke D. Zubrod, Director, Risk & Regulatory Advisory Services, Chatham Financial, Kenneth Square, PA
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