CME Head Duffy Says Chicago Needs to Get Its Act Together
8th October 2023
Last month Cboe Global Markets CEO Ed Tilly warned that if Chicago slaps the financial industry with transaction taxes, amid a crime wave that has employees afraid to come in to work.
“We don’t want to leave… But we cannot be disadvantaged in the world’s most competitive markets,” Tilly said in light of an $800 million tax proposal from Mayor Brandon Johnson aimed at plugging a $538 million budget deficit projected for next year, and increasing costs driven by a cocktail of inflation and rising numbers of destitute asylum seekers.
Now, CME Group, Inc. – which has over a century of history rooted in Chicago, is warning much the same. According to CEO Terry Duffy, they’ll cut bait and drop Chicago like a hot stone – and in fact, have begun the process of uncoupling from the dysfunctional city.