Mayor Richard M. Daley recently convened leaders of the financial trading industry to discuss ways in which the City can continue to help support and grow the industry,
“Our goal is to position Chicago to reap the benefits of the better economic times to come. One of the most important things we can do in that regard is to ensure that we're helping our businesses — small and large — create new jobs today and tomorrow,” Daley said in a news conference which followed the meeting held at the Global Command Center of the Chicago Mercantile Exchange, 20 S. Wacker Dr.
“Over the past year we’ve noticed more and more trading firms locating and expanding in Chicago and we know we are well positioned for growth,” Daley said.
The modern financial trading industry was invented in Chicago and it is a major driver of the economy of the City and region.
For example:
- There are 50,000 trading jobs in the metropolitan area and every trading job contributes 1.7 additional jobs in other industries to the local economy.
- Chicago has more than twice the trading volume of New York and almost as much trading volume as all the European exchanges combined.
- From 2005-2008, the City added 168 trading firms, for a total of more than 1,700 firms doing business here.
- Chicago is home to nearly a quarter of the world’s global derivatives trading activity.
- The notional value of combined CME and CBOE contracts in 2009 was $786 trillion.
The future for the industry is also strong. Moody’s estimates that in the next five years, trading output will grow nearly twice as fast as overall economic output in our area.
The meeting was attended by leaders of many companies – some from industry giants such as CME Group and the Chicago Board of Options Exchange, and others from mid- and smaller-sized companies, the kinds of the firms that are expanding rapidly and adding jobs in Chicago.
The news conference was attended by: Terry Duffy, Executive Chairman, CME Group; Bill Brodsky, Chairman and Chief Executive Officer, Chicago Board Options Exchange; Chuck Whitman, Chief Executive Officer, Infinium Capital and Jim Heinz, General Partner, Marquette Partners.
In reaction to the roundtable, industry leaders will form an advisory committee aimed at making sure all lines of communication are open between city government and the financial trading industry.
Chicago’s place in the world economy was once again confirmed this month by the City of London’s “Global Financial Centre Index,” which placed Chicago as one of the world’s top ten financial centers.
The report said “Chicago is not just strong in derivatives trading, for which it is probably best known, but is a real ‘all-rounder’: it is strong in all areas.”
Chicago boasts a broad and diverse economy, and this sector is one of the keys for Chicago’s continued success and growth in the global economy. By bringing together business and government leadership, the Chicago’s citizens benefit.
Financial leaders & Mayor Daley discuss impact of trading on Chicago's Economy
Read the City's press release ->
Also read: CME, CBOE vital to country, says Chicago mayor - Reuters
