CME’s Duffy rejects CFTC user fee proposal

By Dow Jones Newswires
Posted Feb. 15 at 2:24 p.m.

CME Group Inc. Executive Chairman Terry Duffy said a plan to allow U.S. futures regulators to charge user fees would harm U.S. exchanges trying to compete globally.

The proposal “could put us at the biggest disadvantage we’ve ever seen,” Duffy told reporters after a hearing in Washington.

The Obama administration on Monday proposed letting the Commodity Futures Trading Commission charge $117 million in user fees to fund a large increase in its budget for fiscal year 2012.

Duffy cited the proposed merger of NYSE Euronext and Frankfurt-based Deutsche Boerse to illustrate his point. The combined entity “would have a huge derivatives business based in Europe which would not be subject to any type of user fee transactions,” he said.

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One comment:

  1. Steve Feb. 15 at 4:15 pm

    Interesting developments … when the country’s oldest Future exchange signals the monetary disadvantage being proposed in the Fed’s attempt to find additional tax dollars that will incent it’s external customers to execute their transactionas outside of the USA. Then the only thing ocurring is to handicap one of the few growth engines to our economy —

    How about taking the IBM/GE approach to proactively triage the business sectors that are doing badly, so do NOT penalize the few industries doing well. To reward businesses doing badly is … well B-A-D B-U-S-i-N-E-S-S practice.