joining me on post 9 of the new york stock exchange, terry duffy.lding it great back here in this building with you, sara. >> nice to see you. >> i've got to be honest with you. i was thinking of my dear friend dick grasso when i took cme public in 2002, so i do enjoy this building. >> it's good to have you. >> thank you. >> amid all this crazy market volatility, we started with oil because that's the mover of the day. you run the nimex which is oil trading. what are volumes like? >> volumes are year to date better last year not as much. when you get in situations where the markets are propelling straight up and the news appears it's going to continue to go straight up, sometimes people don't hedge as often as you think. now we're looking at markets fluctuating quite dramatically with any news at all, so the markets are starting to trade a lot more on the nimex. >> what does that mean what does it tell us about where it depgoes >> it does tell us that people are concerned about the market movements intraday or over a short period of time based on ru

terry duffy is the cme group chairman and ceo kind enough to join us now. l, glad to see you're back. neil: same here. let me ask you first, i don't want you to weigh in on what might or might not happen to coinbase but its got a lot of people thinking, what happens when an exchange like that goes or potentially some fear goes belly up? what happens to all those investors in all of those investments? >> well, you may have just seen that their ceo from coinbase i think is what you're referring to that's only publicly traded one that we're aware of filed a 10-q i believe yesterday in lieu of a bankruptcy what would happen and what would happen is the participants that have money in coinbase would lose that in bankruptcy which is really unprecedented and for any industry so like cme, for example, if it ever had a bankruptcy issue, the creditors would lose money, the cme would lose money but our participants don't lose their money so it's a different segregated pool of funds so it's pretty frightening to think what could happen in somebody's models. neil: you kn

martin, i spoke earlier with terry duffy, the guy that runs cme. they trade these commodities including oil futures. he took great exception to the administration fingering the very companies trying to get through this. i want you to react to this. >> i'm just wondering how you feel about the way some on capitol hill have labelled this, that it's not just supply and demand. there's a cabal going on. cornering some markets, particularly when it comes to oil and food stuff. what do you say? >> well, here, i'll say a couple things. i'm respectful of the institution we call washington and the president of the united states but you can't have it all ways. you can't give a speech and blame everything on putin and the next thing you're saying companies are price gouging. at the same time, we have blockages of supply all over the world and we have massive demand. so i don't know how that is price gouging when you look at these factors are. so it's a political message going out from the administration right now and i think there needs to be more clarity aro

trying to avoid its worst mount of the year later on "closing bell," don't miss the interview with terry duffyont-row seat on everything from interest rates to oil to grains that's coming up at 3:00 p.m 'lbeack here on "squawk on the street." stay with us ♪♪ ♪♪ take the world by cloud. accenture let there be change. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. in two seconds, eric will realize (laughs) they're gonna need more space... gotta sell the house. oh... open houses. or, skip the hassles and sell directly to opendoor. wow. get your competitive offer at opendoor.com thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize int