CME Group's Terry Duffy to Appear before Illinois House Revenue Committee to Maintain that a Financial Transaction Tax Would Hurt the State's Economy, Drive Away Jobs and Increase Costs for Consumers Worldwide

CHICAGO, May 26, 2016 /PRNewswire/ -- CME Group Executive Chairman and President Terry Duffy will appear before the Illinois House Revenue and Finance Committee today to discuss how imposing a proposed tax on financial transactions would harm Illinois consumers, agricultural producers, businesses and the state economy.

"Imposing a financial transaction tax will not alleviate the state's budget crisis, and instead would have a negative impact on consumers because the cost of hedging their business risks would go up as much as 800 percent," said Duffy. "If enacted, every business that uses any risk management tools would face higher costs as bid/ask spreads widen. Farmers, ranchers and other businesses in Illinois and all over the country would be forced to pass along those costs to consumers, who would pay more for food, gas, airline tickets and other products."

"Additionally, a transaction tax would put the largest exchange in the U.S., which is headquartered in Illinois, at a competitive disadvantage in the global marketplace."

The hearing is scheduled for 10:00 a.m. CT in the Capitol Building in Springfield, Ill. Duffy's testimony will be available on www.cmegroup.com at that time.

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. Around the world, CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its exchanges based in Chicago, New York and London. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives. CME Group's products and services ensure that businesses around the world can effectively manage risk and achieve growth.

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT, the Chicago Board of Trade, KCBOT, KCBT and Kansas City Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.

CME-G  

SOURCE CME Group

Related Links

http://www.cmegroup.com