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CME meets with Indianapolis mayor as Emanuel kicks into high gear

Friday, Dec 2, 2011

* From the Wall Street Journal

Top leaders of CME Group Inc. (CME) Friday afternoon will meet with Indianapolis Mayor Greg Ballard, who is attempting to lure the world’s largest futures exchange group to the Hoosier State.

Indiana is among the states CME has been eyeing for months as it weighs a move from its longtime home of Chicago, citing a heavy tax burden that leaves the exchange operator paying an estimated 6% of all corporate tax collected by Illinois. […]

A spokesman for Mayor Ballard confirmed the meeting Friday.

“We have a very competitive offer and we’re excited and happy to be talking to CME officials,” he said, declining to reveal details on any incentives.

* Crain’s

No one yet has anything to announce, but the failure of the Legislature to approve tax breaks for Chicago’s big trading exchanges has set off a flurry of late-week activity, some aimed at keeping the exchanges in town, some at luring it away.

In one development, sources close to Mayor Rahm Emanuel say he “cleared his calendar” and spent much of Friday trying to broker a deal on behalf of CME Group Inc. and CBOE Holdings Inc.

The mayor is said to have made numerous calls, several to the same folks. […]

Other activity occurred when Illinois House GOP Leader Tom Cross met with Rep. John Bradley, chairman of the House Revenue Committee and the point person on tax matters for that chamber’s Democrats.

A source close to Mr. Cross says the two plan to talk again over the weekend in hopes of developing a package that could be put to a vote in the next couple of weeks.

- Posted by Rich Miller        

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