News Release

CME Group's Terry Duffy to Appear at a Joint Hearing of the Illinois Senate and House Revenue Committees to Reiterate that a Financial Transaction Tax Would Be A Fiscal Disaster for the State

Tue Jun 07 2016

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 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.

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SOURCE CME Group

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