CME warned that the CFTC’s attempts to curb participation in the OTC marketplace could have the unintended effect of pushing investors to unregulated platforms, making the markets for energy and commodities more opaque. Large investors are already bracing for the new regulations by rebalancing their portfolios, often sharply reducing positions in commodities that fall under U.S. regulation. Executive Chairman Duffy announced that CME is against both proposed position limits and central clearing. In regards to the latter, ” The risk is too great that the OTC market would pick up and go somewhere else because some of these products are not clearable transactions”.