Future of Traders May Not Be in Illinois

If it's Illinois, it's time for another company to threaten to leave because of the higher taxes.

With that comes the response from Gov. Quinn about working with them to get them to stay. In the end, tax breaks for them and not for the average worker.

Why raise them in the first place if you are going to give the breaks to some, to stay? It looks stupid and smells of favoritism. Or, it proves the policy was dumb and not well thought out.

Now, enter the CME Group. They are the latest to say they may leave. By the way, they own the two leading futures exchanges in Chicago.

This latest salvo came from a Wednesday (June 8) meeting headed by Terrence Duffy, executive chairman. It has been reported that Duffy has talked to both Quinn and Chicago Mayor Rahm Emanuel.

The CME owns the Chicago Mercantile Exchange and the Chicago Board of Trade. Oh, and they own the New York Mercantile Exchange.They have 2,600 employees and of that number, 2,000 are in Illinois.

* From my source who trades in futures, this has been discussed in the past. We will see where the latest round takes it. Also, with the way they trade these days, I was told, you really do not need to be in Chicago anymore. You can trade anywhere. With that said, why pay the extra taxes?

Read more: http://www.digitaljournal.com/blog/11942#ixzz1Oo23dV4O
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