CME Group Opposes Financial Transaction Taxes (FTT)

Once again, several jurisdictions have proposed imposing a tax on trades made on financial exchanges. These taxes been proven repeatedly to be failures in regions where they have been implemented, damaging business and commerce without raising revenues. Taxing financial exchanges and their end users only harms consumers, agricultural producers, businesses and the broader economy.

CME Group strongly opposes any legislation to tax financial transactions at the local or national level because it will cost consumers far more than it could ever raise in revenues. Every business that uses financial 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.