The New York Stock Exchange is signaling that it’ll transfer its digital buying and selling methods out of New Jersey if the state implements a proposed tax on monetary transactions.
The NYSE plans to announce that it’ll run one in every of its exchanges from a backup web site in Chicago for per week as an indication of its readiness to give up the state, in response to an inner memo seen by The Wall Street Journal.
Like many different alternate operators, the NYSE runs its digital buying and selling methods out of knowledge facilities in northern New Jersey. Such market operators have been involved a few invoice within the New Jersey legislature that might impose a tax on corporations that course of massive portions of trades within the state.
New Jersey Gov. Phil Murphy, a Democrat, helps 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 government with Goldman Sachs Group Inc., mentioned throughout a information convention late final month. “It’s something we’re looking at with a great deal of interest.”