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CME wants Daley subsidy for trading floor overhaul

CME Chairman Terry Duffy, left, shows off CME Group's trading floors, Nov. 10, 2008. (Chris Walker/Chicago Tribune)

The Chicago Mercantile Exchange will overhaul its east trading floor at the Chicago Board of Trade building as part of a renovation plan funded by a proposed $15 million in tax increment finance assistance.

Mayor Richard M. Daley proposed an ordinance for the CME’s TIF agreement on Wednesday. The city of Chicago had pledged the¬†assistance to CME in October 2009.

In exchange, CME agreed to keep 1,750 full-time positions and add at least 683 local jobs during the next decade. City officials said CME needed the financial help to outbid Atlanta-based IntercontinentalExchange for the Chicago Board of Trade. If the other company had succeeded in acquiring CBOT, the headquarters and jobs would have moved to Atlanta, officials said. Get the full story »