CME Group Statement in response to CFTC Complaint PR Newswire CHICAGO, Feb. 21, 2013 CHICAGO, Feb. 21, 2013 /PRNewswire/ -- CME Group released the following statement in response to the CFTC's complaint filed today against NYMEX Holdings: Each of CME Group's exchanges, including the New York Mercantile Exchange (NYMEX),places an extremely high priority on preserving the confidentiality of customer information, and we expect our employees to abide by this guiding principal without exception.For this reason,when wediscoverthat anyCME Group employee has acted contrary to this principlewetake decisive action to reinforce our values andprotect against the disclosure ofconfidentialinformation. Our policies and procedures designed to protect against the disclosure of confidential information are sound, and we continue to emphasizethe importance of our valueswith our employees every day. The CFTC court action announced today is disappointing because it relates to incidents that CME Group has alreadyaddressed and handled appropriately, andinvolved no harm to any customer or themarkets. Nevertheless, the CFTC is now seekingto holdNYMEXliable for the actions ofthese former employees, whichwerecontrary to exchange policy and, when discovered, resulted in theimmediate termination by us of their employment. NYMEXis not being charged with any misconduct, is not being charged with a failure to properly supervise its employees, and is not being charged with a failure to adhere to the DCM core principles. Rather,the CFTC is seeking to impose a monetary penalty against NYMEX based solely on these former employees' improper activities, even though no customer suffered anyloss and no third party obtained any improper gain. When we learned ofinstancesin whichNYMEX employeesprovided informationto unauthorized third parties, for the purpose of providing business leads to those third parties, weimmediately terminated the employees who engaged in this conduct and reported that misconduct to the CFTC.Although the informationdisclosed was not and could not have been used to engage in insider trading or to otherwise affect the market in any way, nor did any customer suffer a financial loss resulting from these disclosures,we took swift actionto make clear our commitment to protecting the confidentiality of any information concerning our customers.We alsoreinforced procedures and practices to protect against and detect such misconduct in the future. We believethe complaint against NYMEXis neither justified as a matter of law nor consistent with the regulatory structure established by the Commodity Exchange Act. For these reasons,we havedetermined thatwe must oppose this case in court because we simply do not believe the CFTC's claimsin this case are fair to NYMEX. We are confident that the company will prevail on these claims. As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.CME Group brings buyers and sellers together through its CME Globex^® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk. CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com. CME-G SOURCE CME Group Website: http://www.cmegroup.com Contact: Media, Anita Liskey, +1-312-466-4613, firstname.lastname@example.org, www.cmegroup.mediaroom.com, or Investor Contact, John Peschier, +1-312-930-8491
CME Group Statement in response to CFTC Complaint
Press spacebar to pause and continue. Press esc to stop.