CME Group opposes trading tax proposal

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President Barack Obama’s budget proposal included a plan to raise $117 million through a futures trading tax that would  support regulation by the Commodity Futures Trading Commission, according to news reports. But it was immediately met with opposition from Chicago-based CME Group, which said the tax would be self-defeating because it would “drive trading overseas or off-exchange” to less-regulated markets, Crain’s Chicago Business reported.