CHICAGO | Economic & Business Development

[twister244]

Originally Posted by the urban politician

I would love to see a Chicago weed company build a signature tower downtown.

I could be a 900 footer and shaped like a joint

Time to revive the Spire then......

[thegoatman]

Crazy that the largest weed company in the entire country is based in Illinois lol. You would think Denver, Seattle, or California. Great for Chicago.

[twister244]

Originally Posted by thegoatman

Crazy that the largest weed company is based in Illinois lol. You would think Denver, Seattle, or California. Great for Chicago.

Yeah, agreed. This is great news for Chicago overall. I wonder how things will evolve if/when marijuana becomes legal at the federal level.

[the urban politician]

Originally Posted by thegoatman

Crazy that the largest weed company in the entire country is based in Illinois lol. You would think Denver, Seattle, or California. Great for Chicago.

Denver? Seattle? No way, bunch of poser cities.

When it comes to being a business powerhouse distributing goods around the continent, Chicago's got this in the bag. Look at the Prohibition. It's always going to run through Chicago

[VKChaz]

Originally Posted by the urban politician

Denver? Seattle? No way, bunch of poser cities.

When it comes to being a business powerhouse distributing goods around the continent, Chicago's got this in the bag. Look at the Prohibition. It's always going to run through Chicago

When you consider it is just a consumer packaged goods and wholesale distributor, Chicago is an obvious location

[nomarandlee]

Originally Posted by the urban politician

I would love to see a Chicago weed company build a signature tower downtown.

I could be a 900 footer and shaped like a joint

Some iterations of the Chicago Spire definitely had a joint resemblance going on.

[sentinel]

This is maybe big news, if nothing other than showing increased confidence/re-enforcement of Chicago as a major global financial hub:

Exclusive-ICE considers relocating London CDS clearing, sources say

LONDON (Reuters) - The Intercontinental Exchange ( ICE ) is considering shifting the clearing of contracts that underpin global debt markets away from London, two industry sources said on Wednesday.

A potential relocation to Chicago is being evaluated, the sources said of a move that could stoke fresh concerns about Britain's post-Brexit role in global finance.

Clearing has become a politically sensitive topic since Britain left the European Union, with Brussels saying that UK-based clearing houses such as ICE Clear Europe and the London Stock Exchange's ( LDNXF ) LCH would no longer be able to serve customers in the bloc after June 2023.

https://www.fidelity.com/news/articl...2LR1CX-OUSBS_1

[the urban politician]

^ Chicago needs it, it has dropped in the global financial center rankings in recent years to douche-tastic places like SF and LA.

Bring the clearing here!

[ardecila]

Originally Posted by VKChaz

When you consider it is just a consumer packaged goods and wholesale distributor, Chicago is an obvious location

Except you still can't take weed across state lines. So instead of one centralized operation, you have 38 separate grow and distribution operations in the legalized states.

[VKChaz]

Originally Posted by ardecila

Except you still can't take weed across state lines. So instead of one centralized operation, you have 38 separate grow and distribution operations in the legalized states.

Sure, but in terms of corporate-level business expertise, CPG and distribution should be readily available skillsets

[galleyfox]

ICE weighs moving a key London clearinghouse to Chicago
The move would follow a trend in the credit-default swaps market, where the majority of clearing already occurs in the U.S.

The Intercontinental Exchange Inc. is considering moving its European clearinghouse service for credit-default swaps to the U.S.

The firm is in talks with clients to shift its London facility to Chicago, where the majority of its clearing already takes place, according to people with knowledge of the discussions. Plans aren’t finalized and could change based on feedback and other logistics, one of the people said, asking not to be identified discussing a private matter.

https://www.chicagobusiness.com/fina...ghouse-chicago

[sentinel]

Brexit really did a number on the UK, in so many ways that people rightly predicted, so....karma?

[thegoatman]

Chicago needs a major bank HQ. SF has Wells Fargo, NYC Chase, Charlotte BOA, Chicago??? Shit even Minneapolis has US bank

[marothisu]

Originally Posted by thegoatman

Chicago needs a major bank HQ. SF has Wells Fargo, NYC Chase, Charlotte BOA, Chicago??? Shit even Minneapolis has US bank

Bank One was HQ'd in Chicago, and Chase bought it in 2004. They were the 6th largest bank in the US at the time, which is something today that Morgan Stanley has placement at if you need to draw a possible comparison. Chase's Commercial Bank is actually technically HQ'd in Chicago, not NYC. BMO Harris is also in Chicago, which isn't huge but actually larger than UBS for assets. You also have Northern Trust based in Chicago which is also notorious for managing the money, banking, etc of UNHW individuals. A sizable percentage of UNHW people in the US have their money with and bank with Northern Trust and not the huge banks.

From a FINANCIAL standpoint and in terms of who is actually at the epicenter of making sure we can have trading, setting prices on commodities and goods, etc - it's NYC and Chicago and nobody is really close after that as far as who actually handles the trading, some price setting on things that affect everyone in the country, etc.

[Investing In Chicago]

Originally Posted by marothisu

Bank One was HQ'd in Chicago, and Chase bought it in 2004. They were the 6th largest bank in the US at the time, which is something today that Morgan Stanley has placement at if you need to draw a possible comparison. Chase's Commercial Bank is actually technically HQ'd in Chicago, not NYC. BMO Harris is also in Chicago, which isn't huge but actually larger than UBS for assets. You also have Northern Trust based in Chicago which is also notorious for managing the money, banking, etc of UNHW individuals. A sizable percentage of UNHW people in the US have their money with and bank with Northern Trust and not the huge banks.

From a FINANCIAL standpoint and in terms of who is actually at the epicenter of making sure we can have trading, setting prices on commodities and goods, etc - it's NYC and Chicago and nobody is really close after that as far as who actually handles the trading, some price setting on things that affect everyone in the country, etc.

I 100% agree with you - just calling out that UBS is like second or third largest globally by Assets under Management threshold. BMO isn't in the same league, as far as AUM. UBS isn't a retail bank.

[Vlajos]

Originally Posted by Investing In Chicago

I 100% agree with you - just calling out that UBS is like second or third largest globally by Assets under Management threshold. BMO isn't in the same league, as far as AUM. UBS isn't a retail bank.

I believe Maro meant USB or US Bank. He was responding to someone that mentioned US Bank is HQd in Minneapolis. UBS is definitely not based in Minneapolis, lol.

[Investing In Chicago]

Originally Posted by Vlajos

I believe Maro meant USB or US Bank. He was responding to someone that mentioned US Bank is HQd in Minneapolis. USB is definitely not based in Minneapolis, lol.

You're right, I missed that!

[marothisu]

From a banking HQ, Chicago is a light player obviously. BMO Harris is not as small as people think but also not big. Northern Trust too, but their importance is more than their size.

But there's still major banking operations for the big banks happening in Chicago that are very important you aren't going to read about. Many cities like that whether Columbus, OH or in Delaware.

But from a total financial standpoint, the most important cities in the US all around for how things actually get done in the country from an impactful standpoint is far and away NYC and Chicago. Bay Area has increased its standing of late because they've developed a lot of more modernized tech like better real time payment processing. But even so, they aren't the homes of major financial markets, exchanges, etc that literally set thr price on oil, milk, etc like NYC and Chicago are.

[Howard_L]

Banking is not why Chicago is absolutely critical to global financial markets. It's derivatives and risk management. CME Group (CME, CBOT, NYMEX, COMEX, NEX, PEX, etc.) + Cboe (can't even keep track of their growth vectors, especially in Europe) + OCC + crypto. Home grown financial big league shit that next to nobody seems to know about.

[ardecila]

Originally Posted by VKChaz

Sure, but in terms of corporate-level business expertise, CPG and distribution should be readily available skillsets

Sure, of course. The same people doing packaging, marketing, and distro for Welch's Grape Juice can do it for Purple Haze pre-rolls.