CME Head Duffy Warns New Taxes Threaten Chicago’s Recovery – Bloomberg/Yahoo News

“I liquidated every piece of real estate in the state,” Duffy said in an interview this week. “I have leases where I am in an advantageous position, because now I can renegotiate. They’re all coming due. We like Chicago. There’s no reason for us to want to leave. But at the same time, if the atmosphere gets to the point where it’s intolerable, we have no choice.”
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Fullbladder
6 months ago

Damn Traders! Always looking ahead.

Giddyap
6 months ago

Once CME goes, the rest of Chicago’s finance industry will disappear — and you will be able to fire a cannon down LaSalle Street and not hit anyone

debtsor
6 months ago
Reply to  Giddyap

It’s kind of like that already now. The Board of Trade itself is in foreclosure.

nixit
7 months ago

I still don’t understand how Chicago could implement a FTT because even if CME did stick around, their servers that execute the trades are leased from a data center in Aurora. Unless they’re still on Cermak and Aurora is the backup?

debtsor
7 months ago
Reply to  nixit

CME is headquartered in chicago, that’s how they’d get around the tax. Two decades ago, they’ll just threaten to move to the suburbs, Rosemont would welcome them with open arms. Today? Companies leave IL entirely, they don’t move to the suburbs.

Ataraxis
7 months ago

Most people have no idea how easy it would be to move an electronic exchange like the CME to Texas or Florida. It would be harder to move your family out of state than it would be for the CME to move. Plus the CME employees are savvy and most would probably welcome the move, just like the Citadel employees. The Marxist mayor has zero real world experience so has no idea how much influence the CME and its employees and its member firms and their employees have on Chicago financially. But, then again, as a Marxist, he doesn’t care.… Read more »

Last edited 7 months ago by Ataraxis
Old Spartan
7 months ago

Wake up Mayor and City Council Duffy is not bluffing.

debtsor
7 months ago

They’re already gone, these interviews to the press are the forewarning of what is to come, so that no one acts surprised when they leave. This is 1971 all over again, three years after mass riots and city in steep decline. Property prices in Lincoln Park and the West Loop will tank as the traders pack up en mass and put their million dollar condos and homes up for sale.

Leaving Soon, just not soon enough
7 months ago

Take note Chicago, you have been warned by the CME.
Ken Griffin warned you and you chose to ignore him.
He is now the richest man in Florida (happy).

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