Skip to comments.NYSE Signals It Will Exit New Jersey if State Taxes Stock Trades
Posted on 09/11/2020 7:07:49 AM PDT by Theoria
New York Stock Exchange will temporarily run one exchange from Chicago to show its readiness to move
The New York Stock Exchange is signaling that it will move its electronic trading systems out of New Jersey if the state implements a proposed tax on financial transactions.
The NYSE plans to announce that it will run one of its exchanges from a backup site in Chicago for a week as a demonstration of its readiness to quit the state, according to an internal memo seen by The Wall Street Journal.
Like many other exchange operators, the NYSE runs its electronic trading systems out of data centers in northern New Jersey. Such market operators have been concerned about a bill in the New Jersey legislature that would impose a tax on firms that process large quantities of trades in the state.
New Jersey Gov. Phil Murphy, a Democrat, supports the tax proposal.
We take this notion of taxing or some sort of toll on the high-frequency trading very seriously, Mr. Murphy, a former executive with Goldman Sachs Group Inc., said during a news conference late last month. Its something were looking at with a great deal of interest.
The NYSE memo linked to a news article about Gov. Murphys comments. In the memo, NYSE Chief Operating Officer Michael Blaugrund said the exchange operator could quickly relocate its systems to another state if the tax passed.
(Excerpt) Read more at wsj.com ...
They should just do it now simply for them bringing up the proposal to TAX Trades.
Liberals are so f—king stupid when it comes to taxes.
Democrats: “If it moves, tax it!”
NYSE: “Just try to catch me.” (flips light switch in NJ off, and flips another one on in a different state)
Escape New York!
Why dont they tax the UN?
Stock exchanges are just black boxes nowadays. Very little trading gets done on the floor.
Illinois will want to tax this too.
Get to work on a facility in South Dakota.
The high speed trading algorithms have gotten so ridiculous that microseconds matter. A one mile change in length of the wires/fiber optic cables means a 5.3 microsecond change in one direction communication speed. They don't want to move if they don't have to.
NYSE Signals It Will Exit New Jersey if State Taxes Stock Trades ................. what exit?...............[NJ joke]..............
“New York Stock Exchange will temporarily run one exchange from Chicago to show its readiness to move”
I wonder if Chicago or Illinois would try to tax in the future too. Chicago is broke.
Liberals, killing the goose that laid the golden egg ... again
Copy that - emphasis on doing it NOW. Today!
The state just needs a taste. They just need to get there beaks wet.
I wonder what craziness is going on in the market with moving the official trading to Chicago, unless they have everyone's trades still going to the computer in New Jersey and then sharing a common communication path to Chicago to change the trading computers' reaction speeds. Otherwise a broker based in Chicago suddenly gets a leg up over the ones in New York.
“The high speed trading algorithms have gotten so ridiculous that microseconds matter. “
If the exchange moves then other businesses (brokers) will follow then.
Leading NJ Democrats are modern day Rhine castle operators.
They can if they want to save a ton in prospective taxes, if that is what it comes down to.
The HSTs will just follow the exchange servers. They are run just by software anyway.
exit stage right
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.