Can Chicago overtake New York as world's most important financial market?

NEW YORK: Chicago is challenging New York’s long-held position at the centre of what’s been called the world’s most important financial market.

When it comes to the US$12.9 trillion of US Treasuries outstanding, Windy City firms such as Jump Trading LLC, Citadel Securities LLC, Teza Technologies LLC, XR Trading LLC and DRW Trading Group have ridden expertise in high-frequency, computer-driven algorithms to dominate trading between dealers. Wall Street’s influence has waned in that area as rules enacted since the credit crisis to make the financial system safer led them to curb risk-taking and handle more transactions within their own walls.