Nymex Chairman And President Issue Statement Opposing Transaction Tax On Futures

Vincent Viola, chairman of the board of the New York Mercantile Exchange, Inc., and J. Robert Collins, Jr., president of the Exchange, today issued the following statement in opposition to the tax on futures and options transactions proposed as part of the President's budget: "At a time when the New York exchanges are already under maximum economic stress and Congress is examining the disparity in regulation between futures and over-the-counter energy and metals markets, we are concerned that our own government may be responsible for enhancing the competitive advantages to both foreign and unregulated marketplaces. Not only will this tax pose a very real danger of loss of American jobs and income, but it also places additional risk on commercial industries by making it more attractive for them to do business away from the security of organized futures and options markets, shifting their commerce to markets where there are no fees, no oversight, and no accountability.