The city is home to one of the Federal Reserve Banks, established in 1914. There is also the Federal Home Loan Bank of Chicago.
The largest banks in the Chicago area (by % of deposits): JPMorgan Chase, Bank of America (through the acquisition of LaSalle Bank), BMO Harris Bank (a subsidiary of BMO), and Northern Trust. The largest banks headquartered in Chicago are Northern Trust, BMO Harris Bank, Wintrust Financial and First Midwest Bank. Many financial institutions enter the cycle.
Chicago has five major financial exchanges including the Chicago Stock Exchange (CHX), Chicago Options Exchange (CBOE), Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT) and NYSE Arca. While the city of Chicago is home to most of the major brokerages, many insurance companies are based in the city or suburbs, such as the Allstate Corporation.
in the 2017 Global Financial Centers Index, Chicago is ranked the seventh most competitive financial center in the world (with London, Singapore, Hong Kong, Sydney, Boston and Toronto in the top ten) and the third most competitive in the United States (after New York and San Francisco).