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  • Veteran Trader Shawn DeAmicis Comments On CME CBOE Tax Break Deal

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    Nick Augustine
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    The following are my questions and the responses provided by veteran trader, Shawn DeAmicis in response to news articles about the proposed tax breaks for CME/CBOE to keep them in Illinois. News Today: “Deal reached on CME-CBOE-Sears bill in Springfield December 08, 2011 Sources on both sides of the aisle say a deal has been reached on a package of bills designed to keep Chicago's big trading exchanges in town while also giving tax breaks to other companies and working families.” from Crains: http://www.chicagobusiness.com/article/20111208/BLOGS02/111209794/deal-reached-on-cme-cboe-sears-bill-in-springfield Who is Shawn? From his LinkedIn: http://www.linkedin.com/pub/shawn-deamicis/2/895/318 “After trading in the pits in Chicago (CBOE, CBOT) from 1996-2007, I moved off the floor with Archelon LLC where I am currently trading equity options.” Veteran Trader’s Comments (Value: Here’s a guy who is an industry veteran with inside word of mouth knowledge and expertise on point). 1. The impact of CME / CBOE on Illinois’ economy? A: The CME and CBOE employ thousands of people and the vast majority are not in the top 1% of earners. Chicago built its reputation as a trading mecca and has attracted an enormous amount of business to the local economy through the years. 2. Does our local finance industry really need CME / CBOE as they currently exist? A: While the majority of business is now electronic on the exchanges the CME and CBOE have reputations that they have the systems and risk controls to handle chaotic markets. This accountability was built through the years and many firms and customers still like the idea that they can go to the pits to get orders filled as a secondary option. 3. Impact of the Occupy movements? A: I don't believe many people take the occupancy movement very seriously. While it may have started by a few individuals who had something legitimate to say or an opinion to express, it's now seen as cult with very little direction that is wasting tax payer dollars the city desperately needs. An expensive study was done in NYC about the protestors and it revealed the vast majority of protestors came from upper-middle class families and had very little knowledge of the issues at hand. Lastly, of the 1% of top-earners only 14% are in the finance industry, behind Manufacturing and the Medical field. Why aren't they protesting in front of hospitals? 4. Is this something that is likely to happen anyways? A: People always want to protest against something. It's become so commonplace that it is like the "boy who cried wolf". The protestors are typically seen by most people as incessant complainers who have very little legitimate complaints (i.e. police brutality, unfair wages, etc.). Since they don't pick their battles very few take them seriously. 5. What is word on the street inside the industry? A: This is perceived to be just a nuisance caused by people with very little knowledge of how the world works (see #3). 6. What should laypeople know about taxation of trades? A: The trading business adds a significant amount of revenue to the government. Customers are typically making trades with their after-tax wages. Disclaimer: This is not my are of expertise. A CPA would be better equipped to answer this. 7. What is your reaction to this article? A: I think the article is needed as many people are not happy with this movement. Unfortunately, we are the people too busy working and earning a living to respond properly to these protestors. I would add one more thing, although it doesn't fit into your questions. Most traders are salaried employees and fall well below the 1% threshold (I'd say avg. or median salary is $70k or so) and some others are individuals or small groups trading their own money. There are many stories of traders who have lost it all and when a trader loses money he or she doesn't have the government to rely on for a check.

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    The following are my questions and the responses provided by veteran trader, Shawn DeAmicis in response to news articles about the proposed tax breaks for CME/CBOE to keep them in Illinois. News Today: “Deal reached on CME-CBOE-Sears bill in Springfield December 08, 2011 Sources on both sides of the aisle say a deal has been reached on a package of bills designed to keep Chicago's big trading exchanges in town while also giving tax breaks to other companies and working families.” from Crains: http://www.chicagobusiness.com/article/20111208/BLOGS02/111209794/deal-reached-on-cme-cboe-sears-bill-in-springfield Who is Shawn? From his LinkedIn: http://www.linkedin.com/pub/shawn-deamicis/2/895/318 “After trading in the pits in Chicago (CBOE, CBOT) from 1996-2007, I moved off the floor with Archelon LLC where I am currently trading equity options.” Veteran Trader’s Comments (Value: Here’s a guy who is an industry veteran with inside word of mouth knowledge and expertise on point). 1. The impact of CME / CBOE on Illinois’ economy? A: The CME and CBOE employ thousands of people and the vast majority are not in the top 1% of earners. Chicago built its reputation as a trading mecca and has attracted an enormous amount of business to the local economy through the years. 2. Does our local finance industry really need CME / CBOE as they currently exist? A: While the majority of business is now electronic on the exchanges the CME and CBOE have reputations that they have the systems and risk controls to handle chaotic markets. This accountability was built through the years and many firms and customers still like the idea that they can go to the pits to get orders filled as a secondary option. 3. Impact of the Occupy movements? A: I don't believe many people take the occupancy movement very seriously. While it may have started by a few individuals who had something legitimate to say or an opinion to express, it's now seen as cult with very little direction that is wasting tax payer dollars the city desperately needs. An expensive study was done in NYC about the protestors and it revealed the vast majority of protestors came from upper-middle class families and had very little knowledge of the issues at hand. Lastly, of the 1% of top-earners only 14% are in the finance industry, behind Manufacturing and the Medical field. Why aren't they protesting in front of hospitals? 4. Is this something that is likely to happen anyways? A: People always want to protest against something. It's become so commonplace that it is like the "boy who cried wolf". The protestors are typically seen by most people as incessant complainers who have very little legitimate complaints (i.e. police brutality, unfair wages, etc.). Since they don't pick their battles very few take them seriously. 5. What is word on the street inside the industry? A: This is perceived to be just a nuisance caused by people with very little knowledge of how the world works (see #3). 6. What should laypeople know about taxation of trades? A: The trading business adds a significant amount of revenue to the government. Customers are typically making trades with their after-tax wages. Disclaimer: This is not my are of expertise. A CPA would be better equipped to answer this. 7. What is your reaction to this article? A: I think the article is needed as many people are not happy with this movement. Unfortunately, we are the people too busy working and earning a living to respond properly to these protestors. I would add one more thing, although it doesn't fit into your questions. Most traders are salaried employees and fall well below the 1% threshold (I'd say avg. or median salary is $70k or so) and some others are individuals or small groups trading their own money. There are many stories of traders who have lost it all and when a trader loses money he or she doesn't have the government to rely on for a check.

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    Veteran Trader Shawn DeAmicis Comments On CME CBOE Tax Break Deal

    Uploaded by

    Nick Augustine
    The following are my questions and the responses provided by veteran trader, Shawn DeAmicis in response to news articles about the proposed tax breaks for CME/CBOE to keep them in Illinois. News Today: “Deal reached on CME-CBOE-Sears bill in Springfield December 08, 2011 Sources on both sides of the aisle say a deal has been reached on a package of bills designed to keep Chicago's big trading exchanges in town while also giving tax breaks to other companies and working families.” from Crains: http://www.chicagobusiness.com/article/20111208/BLOGS02/111209794/deal-reached-on-cme-cboe-sears-bill-in-springfield Who is Shawn? From his LinkedIn: http://www.linkedin.com/pub/shawn-deamicis/2/895/318 “After trading in the pits in Chicago (CBOE, CBOT) from 1996-2007, I moved off the floor with Archelon LLC where I am currently trading equity options.” Veteran Trader’s Comments (Value: Here’s a guy who is an industry veteran with inside word of mouth knowledge and expertise on point). 1. The impact of CME / CBOE on Illinois’ economy? A: The CME and CBOE employ thousands of people and the vast majority are not in the top 1% of earners. Chicago built its reputation as a trading mecca and has attracted an enormous amount of business to the local economy through the years. 2. Does our local finance industry really need CME / CBOE as they currently exist? A: While the majority of business is now electronic on the exchanges the CME and CBOE have reputations that they have the systems and risk controls to handle chaotic markets. This accountability was built through the years and many firms and customers still like the idea that they can go to the pits to get orders filled as a secondary option. 3. Impact of the Occupy movements? A: I don't believe many people take the occupancy movement very seriously. While it may have started by a few individuals who had something legitimate to say or an opinion to express, it's now seen as cult with very little direction that is wasting tax payer dollars the city desperately needs. An expensive study was done in NYC about the protestors and it revealed the vast majority of protestors came from upper-middle class families and had very little knowledge of the issues at hand. Lastly, of the 1% of top-earners only 14% are in the finance industry, behind Manufacturing and the Medical field. Why aren't they protesting in front of hospitals? 4. Is this something that is likely to happen anyways? A: People always want to protest against something. It's become so commonplace that it is like the "boy who cried wolf". The protestors are typically seen by most people as incessant complainers who have very little legitimate complaints (i.e. police brutality, unfair wages, etc.). Since they don't pick their battles very few take them seriously. 5. What is word on the street inside the industry? A: This is perceived to be just a nuisance caused by people with very little knowledge of how the world works (see #3). 6. What should laypeople know about taxation of trades? A: The trading business adds a significant amount of revenue to the government. Customers are typically making trades with their after-tax wages. Disclaimer: This is not my are of expertise. A CPA would be better equipped to answer this. 7. What is your reaction to this article? A: I think the article is needed as many people are not happy with this movement. Unfortunately, we are the people too busy working and earning a living to respond properly to these protestors. I would add one more thing, although it doesn't fit into your questions. Most traders are salaried employees and fall well below the 1% threshold (I'd say avg. or median salary is $70k or so) and some others are individuals or small groups trading their own money. There are many stories of traders who have lost it all and when a trader loses money he or she doesn't have the government to rely on for a check.

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    The following are my questions and the responses provided by veteran trader, Shawn DeAmicis in response to news articles about the proposed tax breaks for CME/CBOE to keep them in Illinois. News Today: Deal reached on CME-CBOE-Sears bill in Springfield December 08, 2011 Sources on both sides of the aisle say a deal has been reached on a package of bills designed to keep Chicago's big trading exchanges in town while also giving tax breaks to other companies and working families. from Crains: http://www.chicagobusiness.com/article/20111208/BLOGS02/111209794/deal-reached-oncme-cboe-sears-bill-in-springfield Who is Shawn? From his LinkedIn: http://www.linkedin.com/pub/shawn-deamicis/2/895/318 After trading in the pits in Chicago (CBOE, CBOT) from 1996-2007, I moved off the floor with Archelon LLC where I am currently trading equity options. Veteran Traders Comments (Value: Heres a guy who is an industry veteran with inside word of mouth knowledge and expertise on point). 1. The impact of CME / CBOE on Illinois economy? A: The CME and CBOE employ thousands of people and the vast majority are not in the top 1% of earners. Chicago built its reputation as a trading mecca and has attracted an enormous amount of business to the local economy through the years. 2. Does our local finance industry really need CME / CBOE as they currently exist? A: While the majority of business is now electronic on the exchanges the CME and CBOE have reputations that they have the systems and risk controls to handle chaotic markets. This accountability was built through the years and many firms and customers still like the idea that they can go to the pits to get orders filled as a secondary option. 3. Impact of the Occupy movements? A: I don't believe many people take the occupancy movement very seriously. While it may have started by a few individuals who had something legitimate to say or an opinion to express, it's now seen as cult with very little direction that is wasting tax payer dollars the city desperately needs. An expensive study was done in NYC about the protestors and it revealed the vast majority of protestors came from uppermiddle class families and had very little knowledge of the issues at hand. Lastly, of the 1% of top-earners

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    only 14% are in the finance industry, behind Manufacturing and the Medical field. Why aren't they protesting in front of hospitals? 4. Is this something that is likely to happen anyways? A: People always want to protest against something. It's become so commonplace that it is like the "boy who cried wolf". The protestors are typically seen by most people as incessant complainers who have very little legitimate complaints (i.e. police brutality, unfair wages, etc.). Since they don't pick their battles very few take them seriously. 5. What is word on the street inside the industry? A: This is perceived to be just a nuisance caused by people with very little knowledge of how the world works (see #3). 6. What should laypeople know about taxation of trades? A: The trading business adds a significant amount of revenue to the government. Customers are typically making trades with their after-tax wages. Disclaimer: This is not my are of expertise. A CPA would be better equipped to answer this. 7. What is your reaction to this article? A: I think the article is needed as many people are not happy with this movement. Unfortunately, we are the people too busy working and earning a living to respond properly to these protestors. I would add one more thing, although it doesn't fit into your questions. Most traders are salaried employees and fall well below the 1% threshold (I'd say avg. or median salary is $70k or so) and some others are individuals or small groups trading their own money. There are many stories of traders who have lost it all and when a trader loses money he or she doesn't have the government to rely on for a check.

    FOCUSED ON LAW, FINANCE AND SMALL BUSINESS SUCCESS

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