Press Release - Durbin Meets with Chicago Board of Trade and Mercantile Exchange Leaders

DURBIN MEETS WITH CHICAGO BOARD OF TRADE AND MERCANTILE EXCHANGE LEADERS

U.S. Senator Dick Durbin today met with the leadership of the Chicago Mercantile Exchange and the Chicago Board of Trade to discuss the recent merger announcement and to stress the importance of reauthorizing the Commodity Exchange Act.

"Two great exchanges are combining to create a new global market force," said Durbin. "The new CME group will bring together 21st century technology and the creative entrepreneurial spirit that has made Chicago a business leader for generations. The strength of the Chicago financial services community will be increased even further by the combination of these two great Chicago companies. Chicago will be the home of the largest exchange in the world for futures contracts, and I'm confident that this industry will continue to innovate and create even more good jobs for Illinois in the years ahead."

In today's meeting, Durbin stressed the need to reauthorize the Commodity Exchange Act which provides exchanges, such as the Chicago Mercantile Exchange and the Chicago Board of Trade, the assurances that regulations will not be altered after exchanges are completed. Without the assurances provided by the Commodity Exchange Act, businesses risk facing unforeseen regulations after having made significant investments in innovative products and services. Reauthorizing the Commodity Exchange Act would also protect trading participants from unscrupulous practices, and would increase criminal and civil penalties for unlawful trading.

Durbin has been one of the Senate leaders writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC). The CFTC oversees the activities of both the Merc and the CBOT and is charged with protecting market users and the public from fraud, manipulation, and abusive practices related to the sale of commodities, futures and options.

http://durbin.senate.gov/record.cfm?id=265885&&