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Aside from all the things on its play the government YE at Tim Geithner telling congress today to expect financial industry reform by the end of this year that guy's gonna fix quit when most economists expecting growth to pick up by then we.
-- wonder folks if Geithner isn't.
Trying to brush the Wall Street reform under the rug so who don't want to take on the system when things are looking up.
Well anyway are next -- stands to make a bundle if regulatory reform goes just right in Washington.
It couldn't have been waiting for him now as well we want to -- happy hour CME group executive chairman scary Daffy.
Terry great to have you back on the -- so let's talk about his son.
Let's talk about this regulatory reform it before we touch on how it would affect you and your company at all.
The Treasury Secretary there saying all by the end of the year.
You know he's the markets keep on going as they are and -- things pick up and you know we don't have to debate whether -- -- a full recovery or not.
Will they just basically brush it off to the side and no one's really gonna be concerned about it anymore.
-- back I have a hard time believing that they're gonna brush off any kind of regulatory reform just because the market.
Has had a correction to the upside I'm in there was a lot of damage done over the last year year and a half -- -- and I think that you know what this administration.
The way they've been calling for transparency.
I don't see any reason why they're -- back away from that so right now health care is taken on a huge part of the Washington agenda.
But I don't believe that financial reform can be.
Swept under the rug.
You know you underscore a great point there Terry that.
The fact is they're trying to rush through health care would probably what we really needed some prosecutions.
And or new regulations and or serious carrying out of the current regulations in the financial sector.
Speaking of new regulations though and as Rebecca -- this.
If they pass the written legislation in the right manner you guys are gonna benefit that of course leads to lobbying that of course leads to people like me freaking out.
Out -- saying that you guys are simply trying to figure out how to game the system that you yourself are creating.
Take the other side of that argument -- -- -- up.
I don't want to upset after listening to your left little hard -- -- sum up.
-- nervous about -- -- that you're gonna -- -- -- today and you're getting a little tough today I'm better than LA has.
Dave Cody first of all you know and respect consent we all know you know we're -- highly regulated entity today and CME group.
You know that's the model that we have deployed for a 150 plus years we're not trying to get away from that model you know regulation is a part of the CME group.
And again we're not trying to change that what we're trying to stay in Washington is.
We are already regulated entity if you're looking to make any regulatory reform changes that a lot of other alternatives to regular market you need to go to those first we come back to someone like us.
Exactly -- -- -- -- -- here and you know we're we're talking about -- already regulated exchanges here I mean shouldn't -- unregulated over.
Over the counter markets that are much more worried about this regulatory reform.
You know what -- exactly I mean we're we're promoters of clearing of OTC contracts.
You've seen some legislation being brought forward about.
Mandating clearing of OTC contracts we believe there should be capital and senate for clearing of OTC contracts.
Not mandating we don't want to lose the over the counter market but the same time it got to bring a little bit more transparency -- that marketplace so the American public in the world.
Has more confidence in the system.
-- Terry out of your listening to the debate at the top of the show we're talking about a high frequency trading and -- Goldman doesn't a lot of the other -- do.
And whether that gives them they mean if you are they manipulating the market.
Horn though just being very Smart guys and they've got -- advantage and why not use it.
-- -- The markets very very big as you all know.
And I don't believe anyone to manipulate the marketplace there's many participants in -- market the more participants the better risk management price discovery function it serves.
And I think it -- serves everyone's interest so.
You want as many participants as possible in the marketplace I don't believe anyone to manipulate the marketplace I -- of a lot of controls to prevent from manipulation.
Can people have short term impacts when they and -- -- market certainly they can't but that's in every market so I don't think there's any manipulation going on terror.
We just got about less than a minute left but you know as you look at the actual markets and you figured out what you guys are gonna do that you guys have huge operating margins partly because you know.
I didn't hear you guys have regulatory.
Knowledge and how that worked that system not to -- and a battery like you said you've been doing a 450 years but you do have those huge margins.
Are you guys -- at the margins will go down even if you can figure out ways to grow revenue.
Three years fighters are you guys still gonna have the type operating -- to do today.
Cannot -- -- I'm not gonna try to predict the operating margin for the company you know in the future of another we're trying to.
Continually build our business you know CME group.
I've -- it on your show many times over an 85 countries -- on the world.
-- global institution we're gonna continue to fight.
To bring market share to our institution we think the over the counter market gives -- great opportunities and again I think the operating margins and revenues in the stock price -- tickets.
-- be at the proper place that we do our job of bringing more business and its institutions.
Terry do a great job at selling confidence and you don't marry one -- and I hate really -- before you go way to go second yeah sat again still there.
I'm not as it's gonna I wanna say something the Sanders who is watching TV yesterday and -- -- -- -- Chicago White Sox pitcher.
I then went out and hey you know I experimented.
Thinking gradually they didn't know -- -- -- I don't know.
Oh god that -- -- military thank you.
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