The House Committee on Agriculture continued Commodity Futures Trading Commission re-authorization hearings last week. Among other matters, Terrence Duffy, CME Group Chairman, used the occasion of his testimony before the Committee to criticize the failure of European regulators to assess US clearinghouses as subject to equivalent regulation as European clearinghouses. Without such designation, European banks will be subject to increased capital charges for utilizing US clearinghouses such as CME Group. The hold-up in equivalency recognition, claimed Mr. Duffy, lies in a difference in margin standards between the United States and Europe. However, Mr. Duffy said this is particularly unfair in light of the recent recognition by the European Commission of Singapore as having equivalent status when it has the same margin regime as the US.