Cme (Chicago, Cleveland: tax, moving to, relocating)

[MannheimMadman]

Who the hell wants to live in TX?

[andrew61]

Originally Posted by MannheimMadman

Who the hell wants to live in TX?

Plenty of people, apparently. Texas has overtaken New York as the nation's second-most populous state (after California), and three of the nation's ten largest cities are located in Texas... and their populations are still growing.

From 2000 to 2010, Texas' population went from 20,903,994 to 25,268,418. That's a pretty big jump percentage-wise.

[sunnyandcloudydays]

Originally Posted by Attrill

They aren't saying ANYTHING about problems with taxes in Chicago, they're talking about the State Corporate tax. Only one out of six companies pays any corporate tax to the state, but due to the nature of their business I'm sure that they do. What they're likely pushing for is a change in apportionment rules at the state level, and not just a one time credit or something. Either way, their issues are with the state, not Chicago. The Aurora datacenter has dedicated connections to the Chicago trading floor and offices in Chicago, that's part of the millions they've spent.

This isn't a suburban/urban choice they're making here. It is all about what State they will be in. Half of the company is tied to the services that are only available in downtown locations of major cities (i.e. Chicago or NYC) and the other half is tied to massive facility in Aurora. All other similar facilities in the US are in NYC - where the datacenters are in NJ and the offices are on Wall St.

They aren't leaving.

If the only options would be new york or Chicago then why would they leave?
From all the comments I have been reading the trading is all based on the timing.
If things are this critical how could it be as easy as flipping a switch
Seems to me it would be awfully risky moving to a new location.
This alone would not be worth the risk.

[Justabystander]

I am so sick and tired of hearing about companies such as the CME, Sears, etc. threatening to move because the tax rate suddenly went up to where other states are. These are our "corporate citizens" who could care less about the state that they grew and became successful the entities that they are today. Selfish, greedy, disgusting pirates who threaten the livelihood of Illinois residents who worked hard for these extortionists who plot in the boardroom about how to increase revenue at the expense of others. These CEOs should be exposed for what they are; greedy pigs who care nothing for solving the problems of the state deficit by a temporary boost in the tax rate. They threaten to go to god awful places such as New Jersey, a place with a higher unemployment rate than Illinois and a higher cost of living, and a hypocrital Governor that took state helicopter rides to see his son's soccer games, for their blackmail. Shame on them......... do I sound incensed enough??

[andrew61]

Originally Posted by Justabystander

I am so sick and tired of hearing about companies such as the CME, Sears, etc. threatening to move because the tax rate suddenly went up to where other states are. These are our "corporate citizens" who could care less about the state that they grew and became successful the entities that they are today. Selfish, greedy, disgusting pirates who threaten the livelihood of Illinois residents who worked hard for these extortionists who plot in the boardroom about how to increase revenue at the expense of others. These CEOs should be exposed for what they are; greedy pigs who care nothing for solving the problems of the state deficit by a temporary boost in the tax rate. They threaten to go to god awful places such as New Jersey, a place with a higher unemployment rate than Illinois and a higher cost of living, and a hypocrital Governor that took state helicopter rides to see his son's soccer games, for their blackmail. Shame on them......... do I sound incensed enough??

I wish that just once the state of Illinois would call their bluff. See who blinks first.

[sunnyandcloudydays]

Originally Posted by Justabystander

I am so sick and tired of hearing about companies such as the CME, Sears, etc. threatening to move because the tax rate suddenly went up to where other states are. These are our "corporate citizens" who could care less about the state that they grew and became successful the entities that they are today. Selfish, greedy, disgusting pirates who threaten the livelihood of Illinois residents who worked hard for these extortionists who plot in the boardroom about how to increase revenue at the expense of others. These CEOs should be exposed for what they are; greedy pigs who care nothing for solving the problems of the state deficit by a temporary boost in the tax rate. They threaten to go to god awful places such as New Jersey, a place with a higher unemployment rate than Illinois and a higher cost of living, and a hypocrital Governor that took state helicopter rides to see his son's soccer games, for their blackmail. Shame on them......... do I sound incensed enough??

It seems the days of a company holding true to thier roots are gone
with the exception of a rare few.
Take for example Apple- The CEO of Apple indicated just last week he has been called on for years to move the company HQ- He has always declined because he is thankful for the opportunity and proud of where the company cut its teeth.

I was happy when CME merged with the CBOT a few years back- I was happy because at the time an out of state firm could have swallowed either company and then the deal was struck to keep these two Chicago Icons at home. I rooted for them.

Todays climate is hostile to say the least
Who is next Illinois tool works
Northern Trust?
AON ?

[sunnyandcloudydays]

Originally Posted by sunnyandcloudydays

It seems the days of a company holding true to thier roots are gone
with the exception of a rare few.
Take for example Apple- The CEO of Apple indicated just last week he has been called on for years to move the company HQ- He has always declined because he is thankful for the opportunity and proud of where the company cut its teeth.

I was happy when CME merged with the CBOT a few years back- I was happy because at the time an out of state firm could have swallowed either company and then the deal was struck to keep these two Chicago Icons at home. I rooted for them.

Todays climate is hostile to say the least
Who is next Illinois tool works
Northern Trust?
AON ?

Didnt cme move some electronic trade operations to new jersey a few weeks ago? If it was hard to do it sure seemed easy when they announced a few weeks back

[emathias]

Originally Posted by sunnyandcloudydays

Didnt cme move some electronic trade operations to new jersey a few weeks ago? If it was hard to do it sure seemed easy when they announced a few weeks back

CBOE is not CME

[sunnyandcloudydays]

Originally Posted by emathias

CBOE is not CME

Oh well any way its located in NJ right?
It was not hard for them just to move their trading or part of their trading to NJ

Why anyone would want to go there anyplace is well beyond my reasoning

[Attrill]

Originally Posted by sunnyandcloudydays

Oh well any way its located in NJ right?
It was not hard for them just to move their trading or part of their trading to NJ

Why anyone would want to go there anyplace is well beyond my reasoning

CBOE is using Equinix's facility in NJ in order to speed up their trades. Since they're dealing with stocks it makes sense to be closer to NYC.

CME is the largest exchange in the world for futures, options and derivatives - anyone who wants to speed up trades in those areas would move closer to Chicago (not NYC). The largest exchange of that sort in New York was NYMEX, and CME purchased them awhile back and integrated them into their systems. CME is also in the process of building a new data center, and that can't be moved.