INDUSTRY STATEMENT ON LEGAL CERTAINTY LEGISLATION

The undersigned organizations welcome the actions taken this week by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition and Forestry to provide increased legal certainty for over-the-counter derivatives under the Commodity Exchange Act. These legal certainty provisions are included in bills (H.R. 4541 and S. 2697) to modernize the Commodity Exchange Act and reauthorize the Commodity Futures Trading Commission. The legal certainty provisions of these bills build upon the recommendations of the President's Working Group on Financial Markets and will reduce systemic risk.

The Ad Hoc Coalition of Commercial and Investment Banks

American Bankers Association and ABA Securities Association

The Bond Market Association

Emerging Markets Traders Association

The Foreign Exchange Committee

Futures Industry Association

The Financial Services Roundtable

International Swaps and Derivatives Association

Securities Industry Association