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Terrence Duffy

Chairman & Chief Executive Officer, CME Group

Search every verified Terrence Duffy interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Terrence Duffy, Chairman and CEO of CME Group, discussed the exchange's record third-quarter revenue and trading volume in October 2026, attributing heightened market participation to global geopolitical uncertainty and inflationary pressures. He also expressed concerns about financial regulation, stating that over 4,000 self-certified products had been submitted to the CFTC without any being rejected, which he argued raises questions about their legitimacy and susceptibility to manipulation. Duffy further criticized perpetual futures, contending that their funding-rate mechanism defines them as swaps under the Dodd-Frank Act rather than futures, and noted that CME Group has filed a suit seeking regulatory clarity on the matter. In appearances tied to his upcoming transition from CEO to executive chairman, Duffy reflected on his 46-year career at CME and the evolution of trading, including the shift from open outcry to electronic markets. He stated that 24/7 trading is inevitable, though he identified the banking system's availability as a key obstacle. Regarding prediction markets, Duffy said it is too early to assess their accuracy but acknowledged they have demonstrated public appetite for direct participation in forecasting. He also criticized the CFTC’s handling of self-certifications, referencing approved contracts on events like Nathan’s Hot Dog Eating Contest as examples of what he views as insufficient scrutiny.

Recent appearances

Verified interview transcripts

Notable quotes

“I believe, to be honest with you, and I've been saying this for quite some time, 24/7 is inevitable and you can fight it. You can say, I don't like it, I don't want to stay a desk. I don't want to stay up at two in the morning. But risk doesn't know what time a day it is. Risk doesn't happen every day ends in a Y. I mean, we don't know when that's going to come. The biggest problem with 24/7 is the banking system. Th”

“Since the second Trump administration has come into place, there's been 2,500 self-certification that been submitted into the Commodity Futures Trading Commission. Not one of them has been denied. And, how can it be then that one of them has been denied? So when you look at some of these prediction markets, I've made fun of them. And people say, Will you please stop bringing this up? I bring up they approved, a contr”

“Yeah, kind of all the above. And Mr. Chairman, you were there, you know, you know this, um, under DoddFrank, uh, the in the modern when DoddFrank came forward, they define what a swap is and what a future is. And as you may or may not know, the audience may or not know, with perpetuals, there's what's called a funding rate in order to keep the market tied to spot. And that funding rate is a payment between two partic”

“I would say that I'm not it's kind of early in the innings of the prediction markets to say what they got right. It's easy to point out what they got wrong because they're in violation of core principle three. So, we'll take that off the table. some of the mentioned markets that some of your the prior panel mentioned, things like that. But maybe what they've gotten right to date is the appetite for people to be in ch”

“The world's in a better place today because of Dodd-Frank. Even though the law isn't that good, you had to have something though because if we didn't, we would have blown ourselves up for sure.”

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