CHICAGO, June 7, 2016 /PRNewswire/ -- CME Group Executive
Chairman and President Terry Duffy
will appear before a joint hearing of the Illinois Senate and House Revenue Committees
today to discuss how imposing a proposed tax on financial
transactions would harm Illinois
consumers, agricultural producers, businesses and the state
economy.
"A financial transaction tax is a sure way to drive the jobs,
tax revenues and economic opportunity that our industry provides
right out of the state," said Duffy. "In addition, a transaction
tax will cost consumers far more than it could ever raise in
revenues. Every business that uses our markets to manage risks,
from local farmers and ranchers to global companies in every market
sector, would face higher costs. And as a result, consumers would
pay more for food, gas, airline tickets, and other products they
use every day. This is another example of being penny-wise and
dollar foolish."
"We must all take a long-term view for the benefit of the health
of this state and not make any politically-driven decisions based
on any particular election cycle. I stand ready to work with
Illinois to support a fiscal
solution – but a transaction tax would be a fiscal disaster."
The hearing is scheduled for 2
p.m. in the Michael A. Bilandic Building in Chicago. 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
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CME) and its products can be found at www.cmegroup.com.
CME-G
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SOURCE CME Group