CME Group's Duffy Rejects CFTC User Fee Proposal
February 15 2011 - 3:18PM
Dow Jones News
CME Group Inc. (CME) 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.
-Jessica Holzer, Dow Jones Newswires; 202-862-9228;
jessica.holzer@dowjones.com
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