terry duffy, executive chair and president. great to see you, terry. begin with all of the trades.had a lot of activity. >> a great quarter for cme group. energy was one of the leading products. when you have such a dramatic move like we've seen in price of oil, basically going in half, you will create a lot of volatility, uncertainty, what that price ultimately is. a lot of hedging and trading, associated with oil products. liz: with that 20% growth no forex, for inexchange trades. business looks pretty good. what happens, pretty obvious janet yellen and federal reserve will tighten rates, maybe september what are you expecting? i know i revisit this every time with you but it could very well change, couldn't it? >> it could, liz. earnings for a second, our revenue was up 12%. that is important when you beat on top line number. that to me is a very critical number. when we look at federal reserve chairwoman yellen may or may not do, it has such a impact, liz, on every single product in world. there is borrowing costs associated with everything. what i have a concern if the fed cha

joining us first, terry duffy. cme's president and executive chairman.joining us. >> thank you for having me. >> good-looking quarter. organic revenue up 12. expenses down. operating margin down. is a lot of this due to the closure of some of the futures trading pits? >> it really isn't. that was a small portion of that. we won't recognize all of that through the balance of the year. so that was just a small portion of it. it was really the movement that we saw in our energy products and the movement that we saw in our foreign exchange products? >> obviously, yeah. people are having to manage those things as volatile as they are. whether it is energy, whether it is ag whether it is 4 dxx, do you see this volatility continuing? >> volatility is a component of what we do. it is one of things even though when it goes down when we have historical levels in rates or historical high levels whether it is in equities that can create the perception of future volatility, which does create trade for people to manage the risk. >> i wonder how you are looking at the

neil cavuto got terry duffy in the chair. here's what terry said. >> i think if this was another platform, it wouldn't be getting near the media, to charlie's point. but this is the new york stock exchange even though the volume they do there is less than other platforms. so when you look at it, it's really not that big of a deal from an investor standpoint, it's a perception issue, and that's a big deal. liz: now, folk, we are less than two minutes, about two minutes away before the new york stock exchange says they will resume trading. let's bring in nicole petallides. she was right here on floor when the trading immediately stopped at 11:32 a.m. eastern. nicole. >> well, liz, hi. what we're looking at right now, i just was standing by post 11, liz, that is where we're going to have the 3:05 opening for the amex, american exchange stocks. those are the smaller type stocks. not the s&p 500, not the ges and ibms. so i'm looking to watch to see how that's opening. shortly after that we're going to have the other trading posts,

joining us from washington is the group president of the cme, executive chairman terry duffy. terry, good morning to you. >> good morning. thank you. >> unbelievable, just the discussion this week about the infrastructure of markets everywhere. whether it's greece or china, the end of open-out cry and now this. what are your thoughts? >> well, i mean, there's just a lot going on. i mean, obviously, you're discussing what's going on at the new york stock exchange right now. but as you can see, the markets just keep on moving. you know, at cme we trade all the futures and all equities, and we have a rule in place that's 5% up or down, which we have now instituted. so our markets won't go either up 5 or down 5 from here. if they do, they'll -- you can only trade at that price level until the market comes off or comes back up in new york. we have the protections in place, and we'll continue to move. but there is a lot going on. >> have you had -- how have you had to respond in terms of equity index futures, anything like that? >> yeah, we responded. like i said, we put the buffers

i think we should listen to terry duffy.-term growth is only possible if the public sector steps up as well. so it's time to end the era of budget brinksmanship and stop careening from one self-inflicted crisis to another. it's time to stop having debates over the small stuff and focus on how we're going to tackle the big stuff together-- how do we respond to technological change in a way that creates more good jobs than it displaces or destroys? can we sustain a boom in advanced manufacturing? what are the best ways to nurture start-ups outside the successful corridors like silicon valley? questions like these demand thoughtful and mature debate from our policy makers in government, from our leaders in the private sector, and our economists, our academics, and others who can come to the table on behalf of america and perform their patriotic duty to ensure that our economy keeps working and our middle class keeps growing. so government has to be smarter, simpler, more focused itself on long-term investments than short-term p

joining the is the president terry duffy. thanks for being with us. an opportunity of your version of the quarterly results. >> i think we had an excellent quarter. our revenue beating estimates, i think that is critically important component of the release this morning. up 12% in revenue.-bit is very attractive. also on our expensive we have buried -- been very disappointed going forward. we have seen tremendous movement and some of our asset classes. you may not have the volatility in interest rates because of policies that up and put into place or you may not have the volatility in equities because of the price levels, we did see a german us a lot of movement and are for an -- foreign exchange where the dollar mr. medically and with the big move and energy complex we saw a huge uptick in our energy trading of the last several months. that is the best news about being a diverse exchange. you can grow in some of your asset classes are not moving. pimm: you mentioned energy. i want to get your take on competition from the nasdaq as far as energy tradi

neil: anthony scaramucci, i want to thank you, terry duffy joins me, the cme group executive chairman. i noticed your exchange did not waste too much time to say hey things are fine here. is that still the case, terry? >> everything is fine at the cme, neil, and you know, we have in place, we put a rule in place a little while back, if, in fact, this was to happen, we have a 5% up, 5% down, we won't let our equity indexes trade past 5% up or down. they can only trade to that level until the markets come back up in new york. that's where we're at today. as you know, we settle off of s&p 500 index, not to the underlying products. neil: dick grasso was here earlier, the former new york stock exchange chairman said not your exchange but the sec should take control of this and not allow the other exchanges, yours included, to be trading here, it adds to the confusion, i think i'm cutting to the chase. that was about it, what do you think? >> dick's a dear friend of mine, and i think the world of him. neil: he doesn't think the world of you. i think what he's saying is -- [ laughter ]. neil

i think we should listen to terry duffy. long term growth is only possible if the public sector steps up as well. it's time to end the era of budget brinkmanship and stop careening from one self-inflicted crisis to another. it's time to stop having debates over the small stuff and focus how we're going to tackle the big stuff together. how do we respond to technological change in a way that creates more good jobs than it displaces or destroys. can we sustain a boom in advanced manufacturing? what are the best ways to nurture start-ups outside the successful corridors like silicon valley. questions like these demand thoughtful and mature debate from our policy makers in government, from our leaders in the private sector. our economists our academics others that can come to the table and on behalf of america, perform their patriotic duty to make sure our economy keeps working and our middle class keep s keeps growing. government has to be smarter simpler, more focuses itself on long term investments than short term politics. a

saying it, it's rudy giuliani, former mayor of new york, there's everybody, institutional investors, terry duffy- liz: dick grasso. >> why didn't you guys come out and say the obvious to, you know? stock trading was going on. i think they didn't go out and say what was going on because they didn't want to, they didn't want to underscore their irrelevancy. if they said everything is fine -- liz: could it be they simply didn't know what was going on? >> well, no. they should have said everything is fine. liz or we're trying to figure it out. >> guess what, guys? if you want to trade stock, mom and pop america, trade in other venues. and they refused to say that. and that would have been the corporate, responsible thing to say. and the reason why they didn't say it because that would have proven that the new york stock exchange is no longer the big board, but the little board. liz: and i think your point is very well made, and we should underscore this: it was the most-watched day in fox business' history because we were giving you the straight scoop. i truly believe. yesterday we gave you the scoo

you, terry duffy. pimm: let us go to julie hyman, who is standing by with more details about the shutdown of the nyse and today's trading. julie: we have all been talking about the shutdown now for the past hour or so. in the meantime, trading continues to pay folks. we have seen volumes not get hit by the situation. the selloff in the major averages looks to be the biggest we have seen in the past couple of weeks or so. still, stocks down more than 1% across-the-board on concerns about china in particular. there is continuing uncertainty about greece, but it seems that attention is more focused on china today. a lot of companies get the bulk of their revenue from china have been following. at my bloomberg terminal and what we call the imap of the various sectors. all you see is red. it is a broad-based selloff as well today. this was the case even before this nyse shutdown, just to make this clear. telecom, technology, energy, materials, all selling off in today's session. i want to get to what is goi

a lovely relationship with people in the financial industry with steve swartzman, apologize to terry duffy failing to commit to any event right away, tried to help steve swartzman from blackstone. what she is saying about wall street is opposed to the relationship she has with many on wall street particularly as contributors. >> a chance to take your general rhetoric and get the facts and we will compare the two. let's do facts. you, said she has been nicer, harsher relationship, she favors taxing carried interest with schwartzman, which wall street opposes. she favors increasing taxes on the wealthy which wall street opposes. she favors improving the minimum-wage substantially which many people in the business community oppose. when i give you specific facts and say those positions that are contrary to the notion of being cozy with wall street are facts, they're not generalizations. data going back to 1999 her biggest contributors -- have been citigroup. they are in the top, citigroup is number one but then goldman sachs, morgan stanley. is it going to hurt her. is it going to hurt her in