Indiana not pursuing Chicago Mercantile Exchange

2011-06-29T15:30:00Z 2011-06-29T19:25:09Z Indiana not pursuing Chicago Mercantile ExchangeBy Dan Carden, (317) 637-9078

INDIANAPOLIS | Gov. Mitch Daniels would be happy to welcome the Chicago Mercantile Exchange to Indiana but admitted Wednesday the state isn't actively courting the trading floor operator.

"There's a whole lot of businesses over there (in Illinois) we're talking to before we get to that," Daniels said.

CME Group Executive Chairman Terry Duffy told shareholders this month the company is considering relocating its headquarters outside Illinois to avoid a business income tax increase enacted earlier this year.

The company also has announced it wants to sell most of the landmark Chicago Board of Trade building on LaSalle Street and lease back its trading pits from the new owner.

Daniels said representatives from the Indiana Economic Development Corp. have met with more than a dozen Illinois companies — but not CME — considering a move following the January increase in Illinois' corporate income tax rate to 7 percent from 4.8 percent.

The Republican governor said he expects more Illinois companies will come to Indiana without IEDC assistance because they are attracted by the state's minimal government regulation on business and lower taxes.

"It's a real phenomenon," Daniels said.

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