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
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SOURCE CME Group