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CNBC TRANSCRIPT: CME GROUP EXECUTIVE CHAIRMAN ON CNBC'S "CLOSING BELL WITH MARIA BARTIROMO" TODAY

WHEN: Today, Tuesday, February 15th at 4:40 PM ET

WHERE: CNBC's "Closing Bell with Maria Bartiromo"

Following is the unofficial transcript of a CNBC interview with CME Group Executive Chairman Terry Duffy on CNBC's "Closing Bell with Maria Bartiromo."

All references must be sourced to CNBC.

BARTIROMO: IT IS THE SIXTH LARGEST FOREIGN ACQUISITION OF A US COMPANY IN THE FINANCIAL SERVICES SECTOR EVER AND WILL CREATE THE WORLD'S LARGEST EXCHANGE. TODAY GERMANY'S DEUTSCHE BORSE AGREED TO A $10 BILLION ACQUISITION OF NYSE EURONEXT THAT GIVES ITS SHAREHOLDERS 60% OWNERSHIP IN THE NEW COMPANY. WITH AN EXPECTED TOTAL COST SAVINGS OF $400 MILLION AND COMBINED REVENUE OF $5.4 BILLION. IN TERMS OF GLOBAL RANK BY MARKET CAP, THE NYSE EURONEXT IS CURRENTLY THE FIFTH LARGEST EXCHANGE AFTER ITS FULLY ACQUIRED IT WOULD BE THE LARGEST. EARLIER NYSE EURONEXT CEO DUNCAN NIEDERAUER TALKED ABOUT WHY THE DEAL NEEDS TO BE DONE.

NIEDERAUER: YOU'VE GOT OUR BRAND IN THE LISTINGS AND EQUITIES SIDE YOU'VE GOT OUR LEADERSHIP IN THE US OPTIONS BUSINESS YOU'VE GOT OUR GROWING TECHNOLOGIES SERVICES BUSINESS AND OUR COMBINED STRENGTH AND DERIVATIVES AND DEUTSCH BORSE STRENGTH IN THE SORT OF POST-TRADE SERVICES BUSINESS AND ANALYTIC BUSINESS.I DON'T SEE HOW YOU COULD BUILD A MORE DIVERSIFIED EXCHANGE GROUP.WE THINK WE'RE REDEFINING A CATEGORY.

BARTIROMO: SO WHEN WILL MORE DEALS BE COMING DOWN THE PIKE AND HOW DOES THIS CHANGE THE LANDSCAPE OF THE WORLD'S EXCHANGES? JOINING US IS TERRY DUFFY EXECUTIVE CHAIRMAN OF THE CME GROUP HE TESTIFIED TODAY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE ABOUT THE DODD-FRANK FINANCIAL REFORM BILL AND THE IMPACT AND ALSO WITH US IS BEN STEIL, ACTING DIRECTOR AND ECONOMIST WITH THE COUNCIL ON FOREIGN RELATIONS.GREAT TO HAVE YOU ON THE PROGRAM. WELCOME.

DUFFY: THANK YOU, MARIA.

BARTIROMO: TERRY, LET ME KICK THIS OFF WITH YOU. GIVE ME YOUR SENSE OF WHAT IS HAPPENING IN THE EXCHANGE WORLD HERE. DO YOU BELIEVE THAT NYSE EURONEXT AND DEUTSCHE BORSE DEAL AND THE LSE TORONTO EXCHANGE DEAL ARE THE TIP OF THE ICEBERG? ARE WE GOING TO SEE EVEN MORE CONSOLIDATION OF COURSE YOU'VE OVERSEEN YOUR OWN CONSOLIDATION AT CME.

DUFFY: AND I THINK THAT'S HARD TO PREDICT, MARIA.AS YOU'VE SAID, WE'VE OVERSEEN SOME OF OUR OWN BACK IN '07 WITH THE BOARD OF TRADE THEN FOLLOWED UP BY THE ACQUISITION OF THE NEW YORK MERCANTILE EXCHANGE IN '08 AND THEN OBVIOUSLY THE MARKETS GOT QUIET AND NOW WE'RE SEEING ANOTHER WAVE OF CONSOLIDATION. IT SEEMS TO COME AND GO IN WAVES AND I GUESS NOT UNEXPECTEDLY, MARIA.WE SAW THIS CONSOLIDATION COMING MANY, MANY YEARS AGO. SO WE WERE VERY FORTUNATE TO BE ABLE TO MERGE WITH THE CHICAGO BOARD OF TRADE AND THEN ACQUIRE THE NYMEX AND COMPETE WITH OUR PRODUCTS AROUND THE WORLD.

BARTIROMO: TERRY, THERE'S A LOT OF SPECULATION OUT THERE THAT THIS IS JUST THE BEGINNING AND WE'RE GOING TO SEE NEW BIDDERS COME INTO THIS SPACE. IS THE CME GROUP GOING TO TRY TO BREAK THIS UP AND ACQUIRE THE EXCHANGE?

DUFFY: YOU KNOW, WE PUT OUT A STATEMENT THIS MORNING WHICH IS SOMETHING THAT WE DON'T CUSTOMARILY DO BUT WE FELT IT WAS IMPORTANT. WE ARE VERY FOCUSED ON OUR CORE BUSINESS AND GROWTH OF OUR CORE BUSINESS, WHETHER IT'S OTC INITIATIVES, DOW JONES INDUSTRIAL BUSINESSES THAT WE HAVE ACQUIRED GIVING OUR COMPANY MORE AND MORE GLOBAL, OUR CORE BUSINESS SOMETHING THAT IS VERY CRITICAL TO US. THIS IS REALLY WHAT WE'RE FOCUSED ON. WE OBVIOUSLY LOOK AT THE TRANSACTIONS THAT ARE TAKING PLACE THROUGHOUT THE WORLD, WHETHER IT'S TORONTO AND LSE OR DEUTSCHE BORSE AND NYSE I WANT TO RE-EMPHASIZE THAT WE'RE FOCUSED ON OUR CORE BUSINESS.

BARTIROMO: HAVE YOU SPOKEN WITH DUNCAN NIEDERAUER TO TRY TO DO A DEAL WITH NEW YORK?

DUFFY: AGAIN WE DON'T COMMENT ON RUMORS OF MERGERS AND ACQUISITIONS BUT TO BE HONEST WITH YOU I HAVE NOT SPOKEN WITH DUNCAN.

BARTIROMO: BEN, YOU'VE WRITTEN A LOT ABOUT THIS DO YOU THINK GLOBAL CONSOLIDATION AMONG THE EXCHANGES IS THE RIGHT WAY TO HAVE FIRMS BUILD A BOTTOM LINE? IS THIS THE ONLY WAY TO GET COSTS OUT?

STEIL: WELL, THAT'S THE MOST IMPORTANT PART RIGHT NOW, IS GETTING COSTS DOWN. THESE TWO EXCHANGES, DEUTSCHE BORSE AND THE NEW YORK STOCK EXCHANGE HAVE SUGGESTED THAT THEY COULD CUT $400 MILLION IN COSTS AND THIS WOULD COME MAINLY ON THE TRADING INFRASTRUCTURE AND CLEARING SIDE. THAT MAY BE A LITTLE BIT OVER OPTIMISTIC BUT IT THEY CAN GET INTO THAT BALLPARK IT WOULD DEFINITELY JUSTIFY THE DEAL.

BARTIROMO: HOW DO YOU THINK THIS PLAYS OUT?DO YOU THINK THIS IS A SLAM DUNK OR DO YOU THINK YOU'RE GOING TO GET PUSHBACK FROM REGULATORS? WHAT IS YOUR TAKE?

STEIL: I THINK WE ARE GOING TO GET A PUSH BACK FROM REGULATORS AND IT'S GOING TO COME ON TWO FRONTS. ONE IS THE NATIONALISTIC FRONT.THE NEW YORK STOCK EXCHANGE IS A NATIONAL ICON AND THERE'S GOING TO BE A LOT OF POLITICAL SENSITIVITY TO SEEING AN INSTITUTION LIKE THAT GO INTO FOREIGN HANDS ALTHOUGH I WOULD POINT OUT THAT IT LOOKS LIKELY THAT THE COMBINED SHAREHOLDER BASE WILL BE MORE THAN 50% AMERICAN. BUT ALSO MARIA, THERE'S A LOT OF CONCERN NOW ABOUT SECURITY IN THE WAKE OF THE NASDAQ SYSTEM SECURITY BREACH AND I EXPECT THAT TO COME UP IN REGULATORY DISCUSSIONS.

BARTIROMO: WHAT ABOUT THAT TERRY IN TERMS OF SECURITY AND IN TERMS OF WE TALKED EARLIER LAST ABOUT THE FLASH CRASH AND CHANGE NEEDED IN THE STRUCTURE OF THE GLOBAL MARKET. AND WHAT IS YOUR TAKE ON THAT?

DUFFY: WELL IN TERMS OF THE FLASH CRASH WE TALKED ABOUT THAT IN LENGTH AS FAR AS THE INFILTRATION OF THE NASDAQ SYSTEM SECURITY IS OF THE UPMOST IMPORTANCE TO CME GROUP WE SPEND A TREMENDOUS AMOUNT OF OUR REVENUES IN OUR TECHNOLOGY PLATFORMS OF WHICH A BIG PART OF THAT IS TO MAKE SURE THAT THEY ARE SAFE AND SECURE WE ALWAYS WORK WITH THE LOCAL AND FEDERAL AUTHORITIES TO MAKE SURE THAT OUR SYSTEMS ARE SAFE AND SECURE FOR OUR PARTICIPANTS TO TRANSACT THEIR BUSINESS IN.

BARTIROMO: WHAT DO YOU THINK ABOUT THE IDEA THAT A FOREIGN COMPANY WILL OWN THE NEW YORK STOCK EXCHANGE EURONEXT TERRY YOU KNOW TODAY WE GOT WORD THAT SINGAPORE AS IT PURSUES AUSTRALIA OF COURSE IN THE MIDST OF TRYING TO ACQUIRE THE ASX ITS OFFERING TO GIVE MORE BOARD SEATS TO THE AUSTRALIANS AS THE COMPANIES BATTLE TO OVERCOME OPPOSITION TO THE DEAL FROM LAWMAKERS THERE. DO YOU THINK WE WILL SEE OPPOSITION FROM LAWMAKERS HERE?

DUFFY: IT'S HARD TO PREDICT WHETHER THEY ARE GOING TO SEE OPPOSITION FROM LAWMAKERS OR NOT AND I CAN ONLY GO OFF OF MY OWN EXPERIENCE WHAT I WENT THROUGH AND YOU KNOW THE BEGINNING OF '06 '07 WITH THE BOARD OF TRADE AND THEN IN '08 WITH THE NEW YORK MERCANTILE EXCHANGE AND THERE'S QUESTIONS THAT LAWMAKERS ARE INVOLVED AND HAVE THEIR OPINIONS AND THE JUSTICE DEPARTMENT DOES A VERY RIGOROUS REVIEW AND IT'S A VERY, VERY LONG PROCESS. WE ONLY HAD TO DO THAT IN THE U.S.THE TRANSACTION BETWEEN DEUTSCHE BORSE AND THE NEW YORK STOCK EXCHANGE NOT ONLY HAS TO GO THROUGH THE SCRUTINY HERE IN THE U.S..S. BUT IT ALSO HAS TO GO THROUGH MULTIPLE JURISDICTIONS THROUGHOUT EUROPE.

BARTIROMO: THIS IS A COMPETITIVE STORY I KNOW FOR YOU. I MEAN ONE OF THE BIGGEST REASONS TO DO THIS NYSE AND DEUTSCHE IS FOR THE DERIVATIVES BUSINESS. ARE THERE AREAS THAT YOU SEE OVERLAP HERE?

DUFFY: WELL, THERE COULD BE SOME POTENTIAL OVERLAP BETWEEN EUREXs, WHICH IS THE DERIVATIVES ARM OF DEUTSCHE BORSE AND LIFE OR THE EURONEXT DIVISION, THEIR DERIVATIVES DIVISION IN THERE. I DON'T HAVE ALL OF THE PRODUCTS IN FRONT OF ME BUT THERE COULD BE SOME POTENTIAL OVERLAP. WE HAD THAT HAPPEN WITH CME AND CBOT IN OUR METALS BUSINESS SO WE HAD TO DIVEST OUR CBOT METALS BUSINESS. THOSE ARE SOME OF THE THINGS THAT YOU HAVE TO DEAL WITH AS YOU GO THROUGH THESE TRANSACTIONS. SO, YES, THERE COULD BE POTENTIAL OVERLAPPING PRODUCTS THAT THEY COULD HAVE ISSUES WITH.

BARTIROMO: WHERE YOU SURPRISED WHEN YOU HEARD THIS DEAL WAS HAPPENING?

DUFFY: YOU KNOW, I GUESS A LITTLE BIT, MARIA, BUT NOT COMPLETELY. THE WORLD, YOU KNOW WE'VE BEEN SAYING THIS FOR A LONG TIME, IS CONSOLIDATING. I'VE SPENT A LOT OF TIME HERE IN WASHINGTON AND TESTIFYING TO CONGRESS AND THE WORLD IS GETTING SMALLER AND THERE NEEDS TO BE EFFICIENCIES CREATED AND SO I GUESS AT FIRST BLUSH YOU HEAR A COMPANY LIKE NEW YORK STOCK EXCHANGE GOING TO BE THE MINORITY PARTNER IN A TRANSACTION IT TAKES YOUR BREATH AWAY BECAUSE IT'S BEEN AROUND FOR SEVERAL HUNDRED YEARS FOR NOW AND IT'S A BIG DEAL FOR THE NATIONALISTIC TYPE OF MOMENT BUT ALL IN ALL, THIS IS GOING ON AND I THINK THE CONSOLIDATION OBVIOUSLY COULD CONTINUE.

BARTIROMO: IS THE U.S. LOSING CONTROL OF ITS EXCHANGES?

DUFFY: YOU KNOW, I THINK THAT THE CME IS NOT, OBVIOUSLY. WE ARE A VERY FORMIDABLE COMPETITOR AND WE ARE A FORMIDABLE COMPETITOR GLOBALLY AND AGAIN I THINK THAT'S BECAUSE OF THE STRATEGY WE PUT IN PLACE OVER THE LAST FIVE, SIX YEARS. SO I THINK WE ARE OBVIOUSLY STILL -- WE ARE STILL TODAY THE LARGEST DERIVATIVES EXCHANGE IN THE WORLD UNTIL THIS TRANSACTION GOES THROUGH, IF IT DOES. SO, YES, WE ARE VERY LARGE STILL.

BARTIROMO: BEN, AT THIS POINT, GIVEN YOU HAVE CME, THE LARGEST THERE -- THE LARGEST DEAL, THEN YOU'VE GOT NYSE AND DEUTSCHE, AND OF COURSE AUSTRALIA AND SINGAPORE, ARE THERE ANY PLAYERS? I MEAN WHERE WOULD THE CONSOLIDATION COME FROM NEXT?

STEIL: AFTER THIS WAVE OF CONSOLIDATION, MARIA, WE ARE PROBABLY TALKING ABOUT A LOT OF EMERGING MARKETS, MAYBE THE TOKYO STOCK EXCHANGE. AND FOR THOSE PLAYERS, DOMESTIC-NATIONAL POLITICS REALLY COMES INTO PLAY. SO I THINK IT'S GOING TO BE HARD PUSHING INTO THE NEXT WAVE OF CONSOLIDATION. BUT I WOULD POINT OUT THAT I THINK DEUTSCH BORSE AND NYSE IS FAR FROM A DONE DEAL.

BARTIROMO: WHY?

STEIL: BECAUSE I THINK IN THIS PARTICULAR CASE, INTERESTINGLY, THE PARTS MAY BE GREATER THAN THE SUM. I THINK THERE WILL BE OTHER PLAYERS, PARTICULARLY IN THE UNITED STATES, WHO WOULD LOVE TO GET THEIR HANDS ON PIECES OF THE NYSE TRANSATLANTIC FRANCHISE. FOR EXAMPLE, THE INTERCONTINENTAL EXCHANGE MAY VERY WELL BE INTERESTED IN THE LIFE FUTURES BUSINESS IF CME IS NOT INTERESTED. NASDAQ WOULD ALMOST CERTAINLY BE INTERESTED IN THE NYSE'S U.S. CASH EQUITY BUSINESS THEIR EURONEXT EUROPEAN EQUITIES BUSINESS. SO I DON'T BELIEVE WE'VE HEARD THE LAST WORD HERE.

BARTIROMO: ISN'T THAT TRUE, TERRY? I MEAN FOR EXAMPLE THE LIFE FUTURES. GIVE US YOUR TAKE ON THE MOST ATTRACTIVE PIECES OF THIS?

DUFFY: WELL AND I DON'T JUST AGREE WITH WHAT THE GENTLEMEN JUST SAID BUT I THINK THE REALITY OF TRYING TO TAKE APART NYSE EURONEXT AND SELL OFF THE PIECES IS GOING TO BE MUCH MORE DIFFICULT THAN DOING A TRANSACTION IN ALL. SO I HEAR WHAT YOU'RE SAYING ABOUT THE VALUE OF THE LIFE DERIVATIVES BUSINESS MAYBE TO I.C.E. OR ANYBODY ELSE THAT WOULD BE INTERESTED IN IT BUT I DON'T KNOW HOW REALISTIC IT WOULD BE TO ABSOLUTELY TAKE THAT COMPANY APART.

BARTIROMO: TAKE IT APART ABSOLUTELY OR LOOK AT CERTAIN AREAS THAT MELD PERHAPS BETTER WITH YOUR BUSINESS?

DUFFY: MARIA, OBVIOUSLY THE LIFE BUSINESS AND CME'S BUSINESS IS SOMETHING THAT COULD BE VERY ATTRACTIVE BUT AT THE SAME TIME I DON'T THINK THAT COULD BE REALISTIC BECAUSE YOU HAVE SO MANY DIFFERENT HURDLES YOU HAVE TO CROSS BEFORE YOU CAN GET TO THAT. IF THOSE PIECES WERE ALL LAYING ON THE SIDE OF THE ROAD AND YOU COULD PUT THEM TOGETHER AND PICK AND CHOOSE, I COMPLETELY AGREE, THAT WOULD MAKE A TON OF SENSE. BUT THAT'S NOT THE SITUATION THAT WE ARE IN.

BARTIROMO: WHAT ARE THE HURDLES?

DUFFY: FOR --

BARTIROMO: IN TERMS OF ACQUIRING SOME OF THOSE ASSETS THAT WOULD GO WELL WITH CME?

DUFFY: I THINK A LOT OF THE HURDLES WOULD BE THE REGULATORY APPROVALS. I THINK YOU HAVE A LOT OF THEM IN EUROPE THAT WOULD HAVE QUITE AN ISSUE WITH TAKING A PART THE EURONEXT COMPONENT OF THE NYSE AND THEN YOU HAVE THE JUSTICE DEPARTMENT HERE IN THE UNITED STATES THAT WOULD HAVE SOME ISSUES WITH TAKING THOSE PIECES APART AND PUTTING TOGETHER FROM A COMPETITIVE STANDPOINT.

BARTIROMO: TERRY, LET ME ASK YOU ONE FINAL QUESTION BECAUSE YOU TESTIFIED ALL DAY TODAY -- I DON'T KNOW IF IT WAS ALL DAY.

DUFFY: FELT LIKE IT.

BARTIROMO: YOU DID ALL DAY. OKAY. WE'RE ALL TALKING ABOUT DODD-FRANK AND HOW IT'S GOING TO IMPACT THINGS. A LOT OF BANKS ARE UPSET BECAUSE THEY SAY THIS IS GOING TO COST $12 BILLION. THE DURBIN AMENDMENT BECAUSE IT'S BASICALLY CREATING AN OPPORTUNITY WHERE THEY ARE NOT REALLY CHARGING FOR THEIR DEBIT CARDS. HOW DO YOU SEE THIS CHANGING AND DO YOU THINK THE DURBIN AMENDMENT IN PARTICULAR GETS CHANGED?

DUFFY: MARIA, TO BE REALLY HONEST WITH YOU, I HAVE NOT FOCUSED ON THE CONSUMER PROTECTION PORTION OF THE DODD-FRANK WALL STREET CONSUMER PROTECTION ACT BECAUSE I'VE BEEN FOCUSED ON THE TITLE 7, WHICH IS THE DERIVATIVES ACT, SO I'M NOT COMPLETELY THE EXPERT TO ASK ON SENATOR DURBIN'S AMENDMENT ON THE CREDIT CARD ISSUE.

BARTIROMO: WHAT DID YOU TESTIFY TODAY IN TERMS OF THE IMPACT THAT WE WILL SEE DOWN THE ROAD FOR THE ENTIRE INDUSTRY AS A RESULT OF DODD-FRANK?

DUFFY: I THINK THE BIGGEST IMPACT, AND I TESTIFIED AGAIN LAST WEEK ON THIS, WHAT I'VE HEARD COMING OUT OF BOTH OF THE COMMITTEES IS THAT THE END USER EXEMPTIONS SOMETHING ARE AT THE FOREFRONT OF CONGRESS AND ACTUALLY ON BOTH SIDES OF THE AISLE. THEY HAVE PUT UP A PRETTY COMPELLING CASE THAT THEY DID NOT CAUSE THE CRISIS AND THEY ARE PUTTING THEMSELVES, YOU KNOW, IN THE PENALTY BOX AND HAVING TO DO THEIR BUSINESS DIFFERENTLY. SO THAT'S THE BIGGEST THING I'VE HEARD, IS THE END USER EXEMPTIONS COMING OUT OF THAT AND I'VE ALSO HEARD TODAY IS THE COST ASSOCIATED WITH THE CFTC'S BUDGET AND MEMBERS OF CONGRESS PUSHING BACK ON THAT AND ACTUALLY MY TESTIMONY I'VE PUSHED BACK ON THAT ALSO SAYING THAT THEY ARE DUPLICATING A LOT OF THE PROCESSES THAT THE CME DOES AS A SELF REGULATORY ORGANIZATION OR THE NFA WHICH IS THE NATIONAL FUTURES ASSOCIATION DOES ALREADY TODAY AND CFTC IS LOOKING TO REPLICATE THOSE WHICH WOULD OBVIOUSLY ADD COST UNNECESSARILY.

BARTIROMO: LET ME ASK YOU THIS. IN THE FACE OF REGULATORY CHANGES AND IN THE FACE OF ALL OF THIS CONSOLIDATION THAT WE'RE SEEING IN FINANCIAL SERVICES, CERTAINLY IN THE EXCHANGE PHASE, PEOPLE ARE WONDERING HOW THINGS WILL LOOK DIFFERENT. WHERE DO THE COST SAVINGS FOR THE EXCHANGES THAT ARE MERGING REALLY COME FROM? WHAT IS YOUR TAKE ON THAT?

DUFFY: WELL, I CAN ONLY SPEAK FROM EXPERIENCE AGAIN AND THE COST SAVINGS THAT WE HAD, ESPECIALLY WITH THE CHICAGO BOARD OF TRADE, WERE SIGNIFICANT. YOU KNOW FIRST OF ALL WE WERE FOUR BLOCKS APART, MARIA. WE WERE NOT AN OCEAN APART. WE WERE FOUR BLOCKS APART. WE COULD CREATE A LOT OF SYNERGIES AND COST SAVINGS BY PUTTING THE TWO ORGANIZATIONS TOGETHER AND THEN YOU HAVE THE CROSS SELLING OF THE PRODUCTS BETWEEN THE EUROS AND THE TREASURIES, THE S&P AND NASDAQ AND DOW JONES CONTRACTS AND THEIR GRAIN PRODUCTS AND OUR LIVE STOCK PRODUCTS SO THERE WERE SO MANY DIFFERENT SYNERGIES THAT WE HAD JUST IN OUR PRODUCT LINES TO BENEFIT THE USERS WHICH IN RETURN BROUGHT A LOT OF SHAREHOLDER VALUE.

BARTIROMO: TERRY, I DON'T WANT TO PUT YOU ON THE SPOT BECAUSE THERE'S BEEN SO MUCH SPECULATION ABOUT THE FIRM BUT I'M TRYING TO GET YOUR TAKE IN TERMS OF HOW THINGS MIGHT CHANGE AND DURING THE COURSE OF THE CONVERSATION, WE'RE LOOKING AT PIECES OF NYSE EURONEXT AND OBVIOUSLY A LOT OF PEOPLE BELIEVE IT WOULD BE INCREDIBLY ATTRACTIVE FOR CME TO ACQUIRE SOME OF THOSE PIECES.YOU SAID TO ME A MOMENT AGO THAT YOU HAVEN'T SPOKEN TO DUNCAN NIEDERAUER ABOUT THIS. WHY NOT? DOES THAT MEAN AFTER OUR CONVERSATION TONIGHT AND LOOKING AT THESE AREAS, OBVIOUSLY EXECUTIVES AT CME HAVE LOOKED AT THIS ARE YOU GOING TO BE CALLING DUNCAN? ARE YOU GOING TO LOOK AT MAYBE GET THIS DEAL CHANGED AND PERHAPS DO SOMETHING WITH NYSE EURONEXT?

DUFFY: MARIA, I'M GOING TO GO BACK TO WHAT I SAID A MOMENT AGO AND I'M REALLY FOCUSED ON OUR GROWTH OF OUR CORE BUSINESS. GLOBALIZING THE CME, EXPANDING OUR NEW INDEX BUSINESSES AND I DON'T REALLY WANT TO COMMENT ANY FURTHER THAN THAT.

BARTIROMO: WE WILL LEAVE IT THERE. GENTLEMEN, GOOD TO HAVE YOU ON THE PROGRAM. WE SO APPRECIATE IT. THANK YOU VERY MUCH.

DUFFY: THANKS, MARIA.

BARTIROMO: TERRY DUFFY AND BEN STEIL JOINING US ON THE EXCHANGE CONSOLIDATION.

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