Courtesy of Pam Martens.
Terrence Duffy of the CME Group Testifying Before the Senate on May 13, 2014
Someone is perjuring themselves to Federal officials and that individual(s) should enjoy a nice long sabbatical at the courtesy of the taxpayer, forgoing the staid Armani for the more robust orange jump suit.
Following SEC Chair Mary Jo White’s less than credible testimony to the House Financial Services Committee on April 29 that “the markets are not rigged,” Terrence Duffy, Executive Chairman and President of the CME Group which owns the Chicago Mercantile Exchange, the largest futures exchange in the world, delivered the same message to the Senate Agriculture Committee yesterday.
Duffy testified that “Our market data is sent to everyone at once. While customers have several options in terms of how they can receive data from us, we do not restrict access. Having multiple connectivity options makes our markets accessible to a broader array of participants.”
That statement stands in stark contrast to a lawsuit filed on April 11 by three futures traders who present breathtaking allegations that the futures market overseen by Duffy has been entering into “clandestine contracts” with high frequency traders who, for a price, are allowed “to see price data and unexecuted order information before anyone else in the financial world.”
Equally stunning, the lawsuit charges that the Chairman and CEO of the CME Group, “repeatedly gave false information to the public, to journalists and the media touting alleged advantages to the presence of HFT for price and liquidity while never mentioning that they were allowing the HFTs to get price information before everyone else and to trade on this price information.”
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