News from November 2023
Chicago launches the Chicago Taskforce on Innovation and Technology
By Southland Marquee | Nov 6, 2023
The city of Chicago recently introduced the Chicago Taskforce on Innovation and Technology (CTIT). The task force is set to enhance technological solutions for city-related problems and services, according to a press release by the city of Chicago. "Chicago launches the Chicago Taskforce on Innovation and Technology," announced the city in its official statement.
Mayor reveals that more businesses support Paid Leave Ordinance
By Southland Marquee | Nov 9, 2023
The city of Chicago announced additional backing from the Illinois Hispanic Chamber of Commerce for the Chicago Paid Leave Ordinance. A consensus has been achieved to grant all Chicago workers 10 days of paid time off, comprising five days of sick leave and five days of general time off, according to a press release by the city of Chicago.
CME Group reaches over 50,000 Contracts traded for Micro Henry Hub futures
By Southland Marquee | Nov 10, 2023
CME Group announced that trading in its recently launched Micro Henry Hub futures has exceeded 50,000 contracts since its inception. These smaller futures and options, set at one-tenth the size of CME's standard Henry Hub contracts and settled in cash, have achieved this milestone in an undisclosed location, according to a press release by CME Group.
CME Group broadens short-term options on U.S. Treasury futures
By Southland Marquee | Nov 10, 2023
CME Group announced the expansion of its U.S. Treasury options suite by introducing Monday expiries, enhancing risk management capabilities during crucial market events. Traders, in addition to the established Wednesday and Friday expiries, now have the option to leverage more precise risk management tools at the Chicago-based derivatives marketplace, according to a press release by CME Group.
CME Group Tour Championship extended with increased prize
By Southland Marquee | Nov 15, 2023
CME Group announced an extension of the CME Group Tour Championship and the season-long Race to the CME Globe with the Ladies Professional Golf Association (LPGA) through 2025. This two-year title sponsorship agreement will introduce new opportunities for women's golf in 2024, featuring an increased total purse of $11 million.
Flying Food Group CEO on The Sue Ling Gin Foundation Trust: “That is the way that you maintain the legacy of Sue”
By Southland Marquee | Nov 16, 2023
David Cotton, CEO of airline catering company Flying Food Group, recently expressed his pride in maintaining the legacy of the company’s founder through the Sue Ling Gin Foundation Trust. Every dollar of profit earned by the company is donated to the charitable trust and directed back into the community.
CME Group hits record numbers in Adjusted Interest Rate futures
By Southland Marquee | Nov 22, 2023
CME Group announced that S&P 500 Adjusted Interest Rate (AIR) Total Return futures have achieved a record open interest. The average daily volume for AIR Total Return futures in 2023 has increased by a record 54% year over year, reaching 4,220 contracts. This increase signifies heightened investor interest and participation in these futures.
City Council approves Mayor's People's Budget for FY2024
By Southland Marquee | Nov 23, 2023
The city of Chicago announced that Mayor Brandon Johnson's FY24 Budget was approved by the Chicago City Council with a 41-8 vote. The "People's Budget," totaling $16.77 billion, allocates funds to priority areas such as public safety and mental health care, along with investments in the youth of the city. This initiative came into effect after an extensive review and discussion process led by the council members.
Chicago city council approves mayor's $16.77 billion 'People's Budget' for FY2024
By Southland Marquee | Nov 23, 2023
The Chicago city council recently approved Mayor Brandon Johnson's FY24 budget with a 41-8 vote. Totaling $16.77 billion, the "People's Budget," will allocate funds to priority areas such as public safety and mental health care, along with investments in the youth of the city. The budget has been dubbed 'The People's Budget' due to its focus on addressing core needs of the populace without increasing property taxes.
BMO's wrap the good campaign returns to support underrepresented businesses
By Southland Marquee | Nov 24, 2023
BMO Harris Bank announced the Wrap the Good campaign, along with a holiday gift guide, to promote financial progress and awareness for underrepresented groups, including women, Indigenous, Native, Latino, Black, and/or Asian-owned businesses. The gift guide features BMO Business Banking clients such as Cheekbone Beauty, Maison Apothecare, Campy Home, and Sarah Konyer Creative Studio. This initiative aligns with BMO's ongoing efforts to support diverse enterprises across North America.
Northern Trust collaborates with Novata for enhanced private markets data and benchmarking
By Southland Marquee | Nov 24, 2023
Northern Trust announced an agreement to offer Novata's ESG data management software to its asset-servicing clients. This initiative seeks to strengthen the ESG impact understanding while simplifying data collection for private companies. The platform, featuring clear definitions and tools for calculating ESG metrics, is complemented by support from ESG experts, as well as benchmarking and analytics, enabling contextual review and industry peer comparisons of the data.
Northern Trust Chosen as asset servicing provider for Costco Retirement Plan
By Southland Marquee | Nov 26, 2023
Today, Northern Trust announced its selection by Costco Wholesale Corporation to deliver custody, daily valuation, and brokerage services for Costco's defined contribution retirement plan, which holds $29 billion in assets. In the asset owner segment, the objective is to enable clients, such as Costco, to enhance investment returns, ultimately allowing them to better serve their constituents. This strategic partnership underscores Northern Trust's continued commitment to offering innovative solutions that address the unique needs of its diverse clientele.
Northern Trust Chosen as asset servicing provider for Costco Retirement Plan
By Southland Marquee | Nov 26, 2023
Northern Trust announced its selection by Costco Wholesale Corporation to deliver custody, daily valuation, and brokerage services for Costco's defined contribution retirement plan, which holds $29 billion in assets. In the asset owner segment, the objective is to enable clients, such as Costco, to enhance investment returns, ultimately allowing them to better serve their constituents. The service delivery is expected to elevate the retail giant's retirement plan management for its employees.
Nourishing Hope receives Northern Trust Anchor Award
By Southland Marquee | Nov 26, 2023
Northern Trust announced that Nourishing Hope will be awarded the first Northern Trust Anchor Award, a grant of up to $1 million to enhance the influence of innovative nonprofit organizations displaying strong growth potential. This award is intended to bolster the capacity of exceptionally impactful nonprofit organizations by providing a grant focused on reinforcing infrastructure, systems, skills, and resources. The Chicago-based organization Nourishing Hope is dedicated towards eradicating hunger and poverty.
Northern Trust Asset Management appoints new Head for International Quantitative Strategies
By Southland Marquee | Nov 26, 2023
Northern Trust announced Guido Baltussen, Ph.D., has been appointed as the Head of Quantitative Strategies, International, at Northern Trust Asset Management (NTAM). In this newly established position, Baltussen will oversee NTAM's international quantitative strategies investments, focusing on quantitative research, innovation, thought leadership and investment strategy to facilitate the company's growth. This change took place as part of Northern Trust's continuous efforts to expand and enhance its global market presence.
Northern Trust receives top honors as best private bank for family offices and succession planning
By Southland Marquee | Nov 26, 2023
Northern Trust announced it has been recognized by Professional Wealth Management and The Banker magazines, publications of the Financial Times Group, receiving top honors as "Best Private Bank for Family Offices, U.S." and "Best Private Bank for Succession Planning, U.S." Additionally, Northern Trust earned a designation in the categories of "Best Private Bank in the U.S." and "Best Private Bank for Wealthy Women, North America." This honor was given due to their impressive portfolio and renowned client service.
Northern Trust Universe data reveals institutional plans record negative returns amid Q3 global equity market sell-off
By Southland Marquee | Nov 26, 2023
Northern Trust announced that, according to The Northern Trust Universe data, U.S. institutional investment plans faced challenges in the third quarter of 2023 due to global equity market declines triggered by concerns among investors about the necessity of an extended period of high-interest rates to curb the U.S. economy. The Northern Trust Universe monitors the performance of 398 large U.S. institutional investment plans, collectively valued at over $1.3 trillion. This assessment comes as part of Northern Trust's quarterly review and analysis.
Northern Trust's annual service effort achieves record-breaking success
By Southland Marquee | Nov 26, 2023
Northern Trust announced that employees engaged in various group activities, such as constructing homes in the United States, planting trees in India, participating in urban farming in Ireland, caring for shelter dogs in the Philippines, and facilitating resume workshops for youth in the United Kingdom. These initiatives took place as part of Northern Trust's annual service effort, showcasing the global impact of their corporate social responsibility across different regions. This year’s community engagement was part of the company’s "Achieving Greater Together" initiative,...