CME Group Inc , whose roots in Chicago date to 1848, is serious about leaving Illinois to avoid high state taxes on business at its three futures exchanges, its chief financial officer said on Tuesday.
I've visited several states on this particular topic, Jamie Parisi said at a conference hosted by Barclays. We've being doing what we can to see how we can lower our rate.
Parisi joins several other CME executives, including Chief Executive Craig Donohue and Executive Chairman Terrence Duffy, who have recently raised the decibel level on complaints about Illinois taxes, which were increased sharply in January.
Parisi did not say which states he visited, but Donohue has said the company was talking to Texas, Florida and Tennessee, among others.
CME is discussing its options with the state of Illinois as well, Parisi said. Currently, CME is taxed as if all of its trading took place in Illinois, although the company believes much of its business actually comes from out of state.
At least 16 percent probably originates overseas, based on figures tracking night-time trading from the exchange.
CME operates the Chicago Board of Trade and the Chicago Mercantile Exchange, as well as the New York Mercantile Exchange. The CBOT was founded in 1848.
(Reporting by Ann Saphir; editing by Andre Grenon)