Chicago's Trading Firms on Edge as Proposed Taxes and Rising Crime Threaten Exodus
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Chicago's derivatives industry, which handles trillions in trades annually, is alarmed by proposed taxes and crime that could drive firms out.
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Mayor Brandon Johnson faces a large budget gap and proposed a financial transaction tax, concerning big trading firms like CME and Cboe.
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Companies typically competing are sharing data to showcase the industry's economic impact, worried about crime and potential taxes.
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Trading firms expanded in Chicago despite the pandemic, but Citadel's Ken Griffin already left citing crime, and firms could follow if conditions worsen.
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Johnson says no decision made on transaction tax yet and wants dialogue, but must address budget woes without raising property taxes, leaving few options.