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Terrence Duffy

Chairman & Chief Executive Officer, Cme

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. On September 23, 2026, Terrence Duffy, Chairman and CEO of CME Group, participated virtually in the Financial Markets Quality (FMQ) Conference hosted by the Georgetown Psaros Center for Financial Markets and Policy. During the conversation, moderated by Patrick McHenry, Duffy discussed topics including prediction markets, perpetual contracts, and regulatory ambiguity. He expressed concern that the Commodity Futures Trading Commission (CFTC) did not follow the legal definition of a swap as established in the Dodd-Frank Act, particularly regarding perpetual contracts with funding rates, which he described as payments between participants that define a contract as a swap. He also referenced the Supreme Court's decision in Loper Bright and stated that regulators should not override the legislative process. Duffy also commented on prediction markets, saying it is "early in the innings" to assess what they have gotten right, while noting that some have violated core principle three. He added that these markets have demonstrated an appetite among people to be "in charge of their own destiny." At the event, the moderator noted Duffy's long tenure at CME Group, his role in the merger of the Chicago Mercantile Exchange and the Chicago Board of Trade, and his planned retirement, though Duffy indicated he would still be working if invited back the following year.

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Notable quotes

“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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