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Editorial: Keep the ‘Chicago’ in Chicago’s financial exchanges

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We felt a little thrill when news broke last week that CME Group, Chicago’s No. 1 operator of financial exchanges, was in talks to acquire Cboe Global Markets, the city’s No. 2.

CME issued a standard denial, and the best outcome for the city might be no deal at all. But if there is a deal for Cboe, please, please, please, let’s keep this Chicago business in Chicago.

As they expanded over the years, the Chicago exchanges came to personify the local business community. LaSalle Street and Wacker Drive teemed with hoarse, sweaty traders in gaudy jackets, winning and losing fortunes in the rough-and-tumble trading pits. It was made-for-TV capitalism.

The exchanges that merged into CME Group originally specialized in commodities like grain and meat. Starting in the 1970s, they transformed into........

© Chicago Tribune

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