CME: Will Continue To Work With Illinois Lawmakers On Taxes

CME Group Inc. (CME) hasn't thrown in the towel on negotiations with Illinois state lawmakers over a deal to slash the exchange group's state tax bill and keep it from leaving the state, a senior CME executive said Wednesday.

A package of legislation that aimed to reduce CME's in-state tax burden by about half, by easing the levy on electronic transactions, hit a roadblock late Tuesday in the state capital of Springfield, when the House of Representatives resoundingly voted down the proposal. The state Senate had supported the bill.

"We will continue to work there and continue to look at our other options," Jamie Parisi, CME's chief financial officer, said to investors at an event Wednesday. "Unfortunately, we were not able to get something passed in this recent session that would've been a benefit for CME going forward."

Parisi reiterated that CME, its exchanges based in Chicago for 163 years, is capable of operating from other states due to the increasingly electronic nature of its business.

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com

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