Mayor Richard M. Daley joined BMO Capital Markets CEO Tom Milroy and Harris Bank CEO Ellen Costello today to dedicate a new 16,000 square-feet, state-of-the-art trading floor located in downtown Chicago. The floor has daily trading volumes in excess of $40 billion and is home to 145 employees.
“I’d like to thank BMO Capital Markets and Harris on your long-term commitment and continued dedication to our City,” said Mayor Daley during the official dedication at BMO Capital Markets’ Chicago headquarters at 115 South LaSalle. “I don’t know of any other city in the nation where the relationship between government and business is stronger or more beneficial and BMO and Harris have a long history in supporting Chicago’s growth in this market.”
The Mayor also commended BMO Capital Markets on its commitment to providing services to municipal and non-profits groups. Specifically, the Mayor acknowledged their efforts as a leading underwriter for the “Build America Bond” program which is supported by the American Recovery and Reinvestment Act (ARRA) to build new schools, expand and renovate existing buildings and reduce debt service.
Through this program the Chicago Public Schools expects to save about $6.2 million per year in debt service over a 20-year period and to issue $200 million of these bonds later this year to help finance renovations and new construction projects citywide.
“I commend BMO Capital Markets for being part of important programs like these that work to secure the economic future for our city,” said Mayor Daley. “Because of your efforts, our country is maintaining and creating jobs that will ultimately contribute to a new and stronger economy.”
The Mayor also noted that Chicago has more than twice the trading volume of New York – and almost as much trading volume as all the European exchanges combined.
“I’m glad to say the future of this industry looks bright,” he said. “And we want to keep that future bright because when we do that, we improve the quality of life for every Chicagoan.”