CME's Terry Duffy on the Disconcerting State of Finance Regulation
In an exit interview before transitioning to executive chairman of CME Group, CEO Terry Duffy discusses five decades of financial regulation and his growing concerns over the CFTC's current regulatory posture. Duffy critiques prediction markets for violating core principles on manipulation, explains why perpetual futures are legally swaps rather than futures, addresses the risks of offshore platforms like Hyperliquid, and evaluates the operational hurdles of 24/7 financial markets.
- Commercial banking infrastructure is the sole structural roadblock preventing major financial assets from trading around the clock. Read →
- On April 20, 2020, WTI crude oil futures dropped to -$37.50 a barrel on CME, marking the first time in history that crude oil traded below zero. Read →
- The Commodity Futures Trading Commission received 2,500 exchange self-certifications under the second Trump administration and approved every single one without a denial. Read →
- Terry Duffy rejects the argument that decentralized venues are neutral plumbing, warning that exchange operators hold legal accountability for orderly trading. Read →
- CME Group executive chairman Terry Duffy sued the CFTC over Kalshi listing Bitcoin perpetuals, arguing that perps are swaps rather than futures. Read →