CME Group Board Member and former President of the New York Mercantile Exchange James E. Newsome will appear before a Senate energy subcommittee on Tuesday to discuss energy markets and the significance of a recent Commodity Futures Trading Commission (CFTC) report on market participants.
Newsome, who joined the CME Group board of directors in August when CME Group completed the purchase of NYMEX, is delivering testimony on behalf of CME Group Executive Chairman Terry Duffy. The staff report, "Commodity Swap Dealers and Index Traders with Commission Recommendations," was released last week by the CFTC.
"This publicly available data has been relatively consistent over time in demonstrating that speculators in crude oil futures contracts have been relatively balanced as between buy and sell positions in the market, so the market is moving on fundamentals, not speculators," Duffy said. "The CFTC report also recommends improvements to its enforcement capabilities and the expansion of the mandatory reporting of energy trading and position information to the Commission, which we strongly support as we share the view of regulators and legislators on the need for greater transparency."
The hearing is scheduled for 2:30 p.m. Tuesday in the Dirksen Senate Office Building. The Energy Subcommittee of the Senate Energy and Natural Resources Committee is hosting the session. To view the testimony, please go to http://www.cmegroup.com/commodityprices.
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