Samuel H. Gaer, Chief Information Officer
of the New York Mercantile Exchange
Statement Before the United States House of Representatives Committee
on Financial Services
Hearing Entitled “Protecting our Financial Infrastructure: Preparation
and Vigilance”
September 8, 2004
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| Good Morning. Thank you, Chairman Oxley and members of the committee for
inviting me to address the issue of emergency preparation and vigilance
for the financial services sector. The subject matter is of timely concern
and I sincerely welcome the opportunity to both express what the New York
Mercantile Exchange (the Exchange) has accomplished to date, as well as
to express concerns regarding areas in which you might consider providing
assistance to our efforts going forward.
The Exchange is the world’s largest physical commodity futures
exchange and has been an example of market integrity and price transparency
throughout its 132-year history. Commercial enterprises and government
entities all over the world use our futures and options contracts to manage
their energy and metals risk, a function that is particularly critical
to the global economy in any time of crisis – whether it be a natural
or man-made disaster.
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