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  #161  
Old Posted May 29, 2008, 8:51 PM
Nowhereman1280 Nowhereman1280 is offline
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^^ that is from a few months ago. I remember reading that. That is awesome, but the real money is in NYC (or even Greenwich, CT) no doubt about it.
I would disagree since the real money is shifting to Futures and Derivatives and futures and derivatives are in Chicago, so the real money is here, not there. If you are going to trade stocks and bonds, sure go there, but if you want to be in the areas of growth, then come to Chicago.
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  #162  
Old Posted May 29, 2008, 9:37 PM
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Originally Posted by cbotnyse View Post
^^ that is from a few months ago. I remember reading that.
Perhaps you recall last year's rankings. This is from the June/July 2008 issue. Someone from the magazine was on CNBC today and talked about the article.

Here's what it says about Chicago:
http://www.traderdaily.com/magazine/...e/18251-3.html

...In a similar vein, compared to other world-class cities, real estate in Chicago remains downright cheap, and -- like every residential market in the United States outside Manhattan -- is getting cheaper. Want a fully renovated, three-story, nineteenth-century townhouse with a backyard and a two-car garage in a leafy neighborhood within three miles of LaSalle Street? Expect to pay a third as much for that kind of space and proximity as you would in New York -- assuming, that is, that you could even find such a place in New York. Chicago does have its pricey districts, but for real-estate quality in a top-notch ­cosmopolitan setting, the Windy City simply cannot be beat. One strike against it, without question, is its weather; its winters can make New York's look subtropical -- though Chicago does boast 28 miles of lakefront and 29 beaches for enjoyment in the warmer months

Not so long ago, the words cosmopolitan and Chicago used in succession were merely the setup to a joke. But that's now ancient history. Currently under construction: the Chicago Spire, which, at 150 stories, is expected to be the world's tallest all-­residential building upon completion. The city boasts one of the country's best and most ­diverse culinary cultures, along with a rollicking music and ­comedy scene with tons of clubs and small venues....
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  #163  
Old Posted May 29, 2008, 9:55 PM
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^I note that article makes the same point I did.... our relatively low tax status makes it a great place to be a rich person, because you can keep alot more of your money with no city income tax and a low flat state income tax. This is a big boon to Chicago, and people like Emil Jones want to hike the income taxes to pay for their fantasies.
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  #164  
Old Posted May 30, 2008, 1:41 AM
the urban politician the urban politician is offline
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^ Yes yes yes.

It's getting old to say this, but I defend this statement religiously: Chicago is one of the greatest bargains in the world. I consider myself lucky to have realized that.
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  #165  
Old Posted May 30, 2008, 1:44 AM
the urban politician the urban politician is offline
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Originally Posted by Nowhereman1280 View Post
I would disagree since the real money is shifting to Futures and Derivatives and futures and derivatives are in Chicago, so the real money is here, not there. If you are going to trade stocks and bonds, sure go there, but if you want to be in the areas of growth, then come to Chicago.
^ I'll defer to you financial experts, and for all I know you seem to be right here. But I wonder if CBOT/NYSE was referring to the actual sources of finance, ie banks. Chicago no longer has any major global banks, after all..

Anyhow, back to the CME-NYMEX merger...
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  #166  
Old Posted May 30, 2008, 4:07 AM
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http://www.reuters.com/article/lifes...28521820080527


The Chicago Mercantile Exchange is pictured March 17, 2008. Chicago took the top spot in a survey of the best cities for traders for the second year running, with London in second and New York in third place.
REUTERS/John Gress


Chicago best city for traders: survey

Tue May 27, 2008 2:29pm EDT
By Kristina Cooke

NEW YORK (Reuters) -Chicago took the top spot in a survey of the best cities for traders for the second year running, with London in second and New York in third place.

The survey, conducted by Trader Monthly magazine, which is aimed at professional traders and hedge fund managers, ranked 50 cities to find the ultimate place to live and trade.

The survey took into account work and lifestyle factors, from trading infrastructure, taxes and time zone, to weather and nightlife.

With the Chicago Mercantile Exchange's (CME) pending merger with NYMEX, the Windy City will be the geographic center of the commodities and derivatives universe, the magazine said, adding that Chicago easily beat London and New York on real estate prices and taxes.

"In Chicago, trading isn't a job, it's a lifestyle," said Chicago-based hedge fund manager Jonathan Hoenig, who started out as a clerk at the CME.

"For the better part of 150 years there have been bands of colorfully jacketed young men roaming the Loop with cigarettes, trading cards and a copy of the Chicago Sun-Times," he said in an interview.

Hoenig said that while floor trading may have dried up, dozens of small funds, partnerships and investment shops have sprouted up around LaSalle Street.

His favorite part of Chicago lifestyle? Celebrating a good day on the markets in a boat on Lake Michigan. He also prefers not having to fight for a cab, a dinner reservation or an apartment, as is the norm in most other financial centers. Hoenig has only ever worked in Chicago, and said he wouldn't want to work anywhere else.

Taxes and sky-high real estate prices were the only things keeping London out of the top spot, Trader Monthly said.

Lane Clark, a trader at London-based investment boutique Beta 2 Ltd said the time zone benefits, which make it easy to trade with markets around the world, make it impossible for him to consider trading anywhere else.

"In an ideal world, would I rather be sitting on the beach in Dubai trading on my laptop? Hell yeah, I would. But I'd miss the buzz of London and the trading action too much," Clark said.

The cost of living and mediocre weather came with the territory in London, he added.

New York also suffered from a one-two punch of high taxes and real estate prices, and Scott Redler, a trader at T3 Live in Manhattan said he could understand why some people might choose to trade elsewhere.

"You don't need a seat on the New York Stock Exchange anymore to be competitive, so it makes sense some people would move somewhere that's cheaper and less stressful. But I find being surrounded by lots of ambitious type-A personalities motivational."

...

Paris jumped into the top ten, as recent tax reforms introduced by President Nicolas Sarkozy have made the city more attractive to hedge funds, the magazine said.

(Reporting by Kristina Cooke; editing by Patricia Reaney)
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  #167  
Old Posted Jun 1, 2008, 6:08 PM
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CME move for Nymex likely to be blocked
By Hal Weitzman in Chicago

Published: June 1 2008 18:05 | Last updated: June 1 2008 18:05

The CME Group’s attempt to enhance its position as the world’s biggest financial exchange by taking over Nymex is looking increasingly likely to be derailed by shareholder opposition.

Any deal must be approved by at least three-quarters of Nymex’s membership, meaning opponents of the bid need only secure 205 of 816 votes to block the takeover, a figure both activists and independent observers say is within their grasp.

While many members at the New York energy exchange feel the Chicago group’s offer to buy them out for $612,000 per seat is too low, the target company’s shareholders are unhappy about the level of the overall cash-and-shares bid, which has dropped from $11.3bn or more than $119 per share when it was first proposed in January to $8.8bn or about $93 per share due to falls in the CME’s share price.
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  #168  
Old Posted Jun 1, 2008, 6:10 PM
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^ I can't blame the shareholders. The value of the deal really has dropped a hell of a lot since it was first announced.
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  #169  
Old Posted Jun 3, 2008, 2:42 AM
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Stand-off threatens to sink Nymex takeover deal
By Hal Weitzman

Published: June 2 2008 03:00 | Last updated: June 2 2008 03:00

When the Chicago Mercantile Exchange first unveiled its bid to take over the Chicago Board of Trade in October 2006, the deal was valued at $8bn. By the time CBOT shareholders voted to accept the deal last July, the CME had sweetened the offer three times to $11.5bn.

So far, the combined CME Group's attempt to acquire Nymex has progressed in a near-opposite manner. A cash-and-shares deal that was worth about $11.3bn when it was first announced in January has eroded to $8.8bn and, given investors' bearish sentiment towards the financial sector, could well fall further.
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  #170  
Old Posted Jun 3, 2008, 2:49 AM
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What has caused the significant drop in CME's share price? Has it dropped relative to Nymex shares, or has Nymex dropped as well?

But yeah, on the surface I don't blame the shareholders; the deal might be off until CME's stock rebounds.
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  #171  
Old Posted Jun 3, 2008, 2:58 AM
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^ I think it has dropped faster than Nymex's.

How badly does CME need Nymex? I've read some commentors say that this deal really isn't that important, as Nymex's trades are already taking place on CME's Globex platform..
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  #172  
Old Posted Jun 3, 2008, 3:09 AM
cbotnyse cbotnyse is offline
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Originally Posted by Nowhereman1280 View Post
I would disagree since the real money is shifting to Futures and Derivatives and futures and derivatives are in Chicago, so the real money is here, not there. If you are going to trade stocks and bonds, sure go there, but if you want to be in the areas of growth, then come to Chicago.
Honestly, you're wrong. The top 5 earning traders (who all earned at least $1 billion dollars last year) all trade in NY or CT. They are hedge fund managers, and trade everything including futures and options. You certainly do not need to be in Chicago to trade those. The only Chicagoan to break the top 100 is Ken Griffen of Citadel. (who made a cool billion himself). Probably 80% or more of the top 100 are all from NY or CT.The list takes into account all aspects of city living, like entertainment, recreation, taxes, real estate, which is beyond awesome for Chicago to take the title. But make no mistake, the real money is in NYC.

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Perhaps you recall last year's rankings. This is from the June/July 2008 issue.
yes I was! we won the honor 2 years in a row!
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  #173  
Old Posted Jun 3, 2008, 3:21 AM
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...come to think of it, I could care less if CME actually needs Nymex or not. I really hope CME can step up and make the deal happen
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  #174  
Old Posted Jun 6, 2008, 2:03 AM
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No news good news for CME-Nymex
By: Ann Saphir June 05, 2008
(Crain’s) — For CME Group Inc. and Nymex, silence could be golden.

The fact that there’s been no word lately on the ongoing antitrust probe into the exchanges’ planned $8.7-billion merger suggests they expect clearance in as soon as 30 days, according to several antitrust lawyers not involved in the transaction.
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  #175  
Old Posted Jun 6, 2008, 7:07 AM
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  #176  
Old Posted Jun 10, 2008, 3:45 AM
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Worries about competition, credit crisis sink CME stock [Chicago Tribune]
Recent C News
Jun. 7--What a difference six months has made for CME Group, whose highflying stock entered a $20 billion free fall in December that continued Friday.

Shares closed at $387.60, nearly halving the market capitalization of a company investors once valued at $40 billion.

The forces pulling down the parent company of the Chicago Mercantile Exchange and the Chicago Board of Trade have included the potential for competition, fears stirred by a government memo about futures exchanges being monopolies, and the possibility that the same credit crunch gripping much of Wall Street might spread to Chicago.
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  #177  
Old Posted Jun 11, 2008, 2:05 PM
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CME gives specifics on planned Nymex deal
June 11, 2008
(AP) — CME Group Inc. filed a registration statement Wednesday with the Securities and Exchange Commission further detailing its plans to buy Nymex Holdings Inc., the operator of the New York Mercantile Exchange.
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  #178  
Old Posted Jun 11, 2008, 3:30 PM
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CME is my favorite nail-biter. I was on pins and needles with the CBOT deal and the stink ICE was stirring. And now NYMEX has me on the edge of my chair for completely different reasons. Nothing dull about it.
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  #179  
Old Posted Jun 17, 2008, 1:26 AM
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Justice OKs CME Group, Nymex merger
By Josh Boak | Tribune staff reporter
3:09 PM CDT, June 16, 2008
The Justice Department Monday gave regulatory approval for a merger between the CME Group and New York Mercantile Exchange, putting the fate of the $9 billion deal solely in the hands of shareholders and members at both futures markets.
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  #180  
Old Posted Jun 17, 2008, 12:45 PM
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Originally Posted by HowardL View Post
CME is my favorite nail-biter. I was on pins and needles with the CBOT deal and the stink ICE was stirring. And now NYMEX has me on the edge of my chair for completely different reasons. Nothing dull about it.
Well one thing that i think the prototypical chicago trader has is the stomach for the ugly, gut-wrenching situation. I think they say it comes from years of being a chicago baseball fan and drinking old style.

As one of my buddies, who works with CME, described futures & options as trading "on acid"
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