Terry Duffy, Chairman of the Chicago Mercantile Exchange

This is a partial transcript from Your World with Neil Cavuto, September 10, 2003, that was edited for clarity.

Watch Your World w/Cavuto weekdays at 4 p.m. and 1 a.m. ET.

NEIL CAVUTO, HOST: We’re broadcast live from a very noisy Chicago Mercantile Exchange (search). This guy gets used to it.Terry Duffy, Chairman, Chicago Mercantile Exchange

Just how closely are investors, though, affected by the sights and images, such as these, a little earlier, reminders that Usama bin Laden (search) might still very much be alive and well.

Let’s ask the man who runs this place, Terry Duffy, the chairman of the Chicago Mercantile Exchange and, I might add, a very hospitable host.

Terry, thank you very much.

TERRY DUFFY, CHAIRMAN, CHICAGO MERCANTILE EXCHANGE (CME): Well, Neil, thank you, and, on behalf of everybody at the Chicago Mercantile Exchange, welcome to Fox. We appreciate you being here.

CAVUTO: Thank you very much. We’re very, very flattered.

You know, we got the release of this tape today, Terry. The markets immediately tanked on it, kind of stabilized, but still got a hit on it. He’s still out there is a factor, huh?

DUFFY: Well, I mean, that’s what supposedly the tapes say, that he is still out there, but we don’t know how viable those tapes really are yet.

But here at the Chicago Mercantile Exchange, that’s what we’re here for. We manage risk for the world, Neil, and we have the most diverse exchange in the world, as you hear behind us the very noisy S&P 500 futures pit, where...

CAVUTO: And, in fact, it’s been very noisy and very positive and very upbeat, very confident, the last couple of days of trading notwithstanding, that it’s almost predicting an economic turnaround.

Now markets have been wrong before, as you know, Terry, but what do you think of that?

DUFFY: Well, I don’t want to predict a direction of the market. That’s not my job.

My job is, obviously, to run this institution along with our management team, but the market -- you know, just following them in general, they’ve been a little choppy to rising over the past several months.

You know, you heard about the news that came out today, the market took a little quick drop, and now it’s bounced back some, but the markets fundamentally to me...

CAVUTO: What wins out in the end, Terry? Now you’re an experienced market pro.

You know, the economy dictates things, corporate earnings dictate things, the sentiment of inflation, and maybe how that affects commodities dictates things.

How much of an effect does this one guy, Usama bin Laden, running around some, you know, beaten-down paths in Pakistan have on the markets?

DUFFY: Well, I don’t know how much affect that one individual has. I do know that we had a terrible event here two years ago, in New York and Pennsylvania and in Washington. That had a major effect on this country and the sentiment of this country and with the investors.

CAVUTO: What if we caught him, Terry? What do you think it would do?

DUFFY: If we caught Usama bin Laden, the markets, I think, would have an initial rally.

CAVUTO: A significant one?

DUFFY: You know, that’s hard to predict, Neil. Again, it’s not my job to predict really.

CAVUTO: So many are predicting big things like 500 or 1,000 points.

DUFFY: Sure.

CAVUTO: I’m wondering if we’ve already kind of factored that in and that it might be a moot point when all is said and done.

DUFFY: I’m very much a fundamental type person and I think fundamentals always win out, and I think we’re in this for the long haul. This is not for the short term about catching one particular individual. This country, this economy is much bigger than Usama bin Laden.

CAVUTO: All right. Terry Duffy, again, I can’t thank you again for your kindness while we’ve been here.

Terry Duffy, the man who runs this very, very, very loud place.

But I understand you have two loud kids at home, so it’s competing with that.

DUFFY: I do.

CAVUTO: Thank you.

Terry Duffy.

DUFFY: Thank you.

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