Leaving N.J. for Chicago Gives No Easy Tax Fix to Nasdaq, NYSE

As Nasdaq Inc. and the New York Stock Exchange consider abandoning their New Jersey data centers over a proposed financial transaction tax, they may not find their backup sites in Chicago guaranteed to be levy-free havens.

This week, CME Group Inc. Chief Executive Officer Terry Duffy and CBOE Global Markets CEO Ed Tilly visited the Chicago City Council’s finance committee to try to head off an idea floated by some aldermen for the Windy City’s own transaction tax. Duffy said such a levy would result in lost jobs and revenue and his company could move if it was passed.

This ...