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CME Group Executive Chairman Terry Duffy on the need to resolve the issues of the looming fiscal cliff so it won’t be a distraction for business, pl...
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So we just heard from sir Richard Branson about how he has started 400 businesses all over the world in good times bad I'm -- after a couple of crews to edit on what country.
I'm joined now by Terry Duffy the CME group executive chairman who not only is the host of this event but is an outspoken advocate.
For the power of business you know let's not thrilled to have you here -- thrilled to be here thank you.
Our lives for the let me personally thank you very much for you being here -- -- it's been a tough couple weeks up north.
And East Coast obviously with everybody in New York so we're very thankful you're here in our thoughts and prayers -- with everybody's been affected by the her -- thank you so much New York appreciates that so this New Jersey -- -- -- you don't really difficult following up sir Richard Branson you know adds a little above.
And a couple of my triggered -- -- this -- is way up there and he's an amazing individual and you did a great job and living room an and a decision on -- your mom back home California Joan.
June picks on a little bit but do -- -- daughter she does a great job.
My mom always -- perfection that you know so the unitary in the business world and you know what's not a perfect for -- out there but.
-- a businessman.
What is the number one thing on your mind right now.
Well I think they're number one pick up my mind is a businessman is let's get back to.
Fundamentals of markets would stop talking about fiscal close let's fix those problems -- businesses can go about doing what businesses need to do.
And that's dealing with the macro events of the economy's not -- macro -- of the government.
Such a field but if you put ten business people it around locked the door you -- could hammer out a solution to the fiscal -- what does that mean Terry that you would accept.
And I don't -- no nor do I really think it's it's relevant where you stand as far as writer -- is concerned but.
Some tax hikes and some pay at some spending cuts does it have to be combination.
Well I I think speaker brand's got a right where he said that we need to look at the whole tax code before we start increasing taxes so I actually think that needs to -- evaluated so.
I'm not quite sure -- fiscal -- is gonna go I'm assuming they're gonna as they'd say kick the can down the road to another couple months.
And hopefully take that time period to lay out a foundation of what they're gonna do over the next couple years in order for us to have put -- Fiscal house in order.
Various citizen Duffy and there is businessman CEO Duffy let's talk about the CEO -- -- and how your customers and I want to remind our viewers that.
You have everyone from farmers who trade on the CME too small traders current two billion dollar financial institutions.
If we fell off the cliff how would they be effective.
Well I think to be affected him anyways but you know what I Serwer is most important for all these people they're able to go -- do their business they need to have.
Take -- First -- farmer should be worried about the weather and and the yield they're gonna get at a craps not what's going on in the fiscal cliff so they should -- -- that unfortunate they're affected.
Just like traders are so we need to get more people back in -- markets make a robust farmers can hedge your products properly.
Have deep pools of liquidity get more participants back and we all -- the volumes across the globe.
In securities exchange and derivatives exchanges have been down significantly over the past year I think that's allowed to do with the uncertainty around government policies whether it's -- In Europe and Asia not so much in -- but here in United States.
You -- -- -- have filed the lawsuit against the CFTC the commodities futures trading commission in essence saying and this was just last week.
That you believe there are new regulations that they are trying to -- that are costly and redundant and copper -- at how hard it gonna take this well.
First -- -- you -- got to finally take a stand right enough is enough so we.
These are duplicating costs we don't think that's right it doesn't say anywhere in the law.
-- you're when you're referring to is our swap data repository and we're waiting for a provisional.
And acceptance of by the CFTC we have not gotten that yet -- and return are saying we have to go ahead and report to another.
ST -- what the repository was ignored the law does is say that's.
So -- that was set an opposite -- we filed a lawsuit.
And hope we will prevail I would -- -- so we will provide.
Your profits fell 31%.
In Q3 you beat estimates nonetheless that's pretty good news but you rail -- your conference call against Washington saying he'd never seen such disarray in twenty years.
Sir Richard Branson was just sitting in that chair saying all start -- business no matter what regulations -- face no matter what economic conditions -- face.
Let me just ask you -- blaming somebody for tough business conditions that you can't overcome.
No I'm not blaming anyone and I agree it's a Richard Branson I think this Aussie -- -- -- -- were very entrepreneurial would go up regardless products out.
But the same time when you're uncertain about what the laws are going to be is very difficult to -- innovative.
So if you can't invest in innovation because you're not quite sure the rules -- -- how do you expand how do you hire illegal followed Microsoft's -- of problems are -- -- I think people would say that's reasonable him.
Terry Duffy the host.
And of course the chairman of the executive chairman of the CME group thank you so much -- thanks you so much if you don't my Massey quick hello if you folks are sick how to lower Jennifer my -- -- -- -- -- your friend Dorismond take care of the kids wells without a conference Atlanta is Mike in general blind -- if that growth in two beautiful children pollution Mario tell I think a lot of folks thank you some bank -- -- -- -- Cheryl.
