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Pass a transaction tax in the state and you can kiss every single one of them goodbye. Every HFT firm, every firm that engages in stock/option/future transactions will leave. Every firm that has built a business around supporting those firms will leave too. Accountants and Attorneys will flee. The core exchanges, CBOE and CME will leave. The industry isn’t physical anymore, it’s virtual.

Author Jeff Carter is a former CME board member.

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