CME's Duffy: Proposed Illinois Trading Tax 'Ridiculous'

The video discusses a proposed tax on CME trades, highlighting its potential negative impact on liquidity providers and the irrationality of taxing based on notional value. The speaker argues that such a tax would make trading unprofitable, potentially forcing CME to relocate. The urgency of legislative action is emphasized, with a deadline for approval by May 31st. The proposal is criticized as being short-sighted and detrimental to business efficiency.

What is the proposed tax rate mentioned in the text?

How does the speaker compare the taxation of trading to the taxation of real estate transactions?

What are the potential consequences of the proposed tax on the CME according to the speaker?

What is the deadline for the Illinois lawmakers to approve any legislation related to the tax proposal?

What does the speaker mean by 'penny wise dollar foolish' in the context of the tax proposal?