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Financial Firms Including the NYSE Consider Moving Out of New Jersey

the staff of the Ridgewood blog

Mahwah NJ, The New York Stock Exchange is signaling that it will move its electronic trading systems out of New Jersey if the state implements a Governor Murphy proposed tax on financial transactions. The NYSE said Friday 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 a notice sent to clients.

News of the NYSE’s plan was earlier reported by The Wall Street Journal. Two other exchange operators, Nasdaq Inc. and Cboe Global Markets Inc., also indicated on Friday that they may quit New Jersey over the tax.

Mahwah is the home to a New York Stock Exchange data center hub in Bergen County . Goldman Sachs  has a building in Jersey City known as Wall Street West  many of these operations may leave the state in Governor Murphy’s tax on financial transactions is enacted .

4 thoughts on “Financial Firms Including the NYSE Consider Moving Out of New Jersey

  1. The pandemic has one silver lining.
    It shows that you don’t have to be in any particular place to do business.
    Working from home remotely has allowed businesses to continue.
    The proves a presence in NYC on Wall Street or in New Jersey is a waste of money.
    I’d expect the exodus to increase as employees want a quality of life-lower tax-environment, and get tired of the left leaning progressive Gov Murphy and Gov Cuomo (brother of Fredo)
    Ridgewood will still be a magnet for those fleeing the open sewer of NYC (thanks to Mayor DiBlasio (picked his own last name out of the phone book)
    NYC is like when Mayor “i forgot to pay my federal income taxés” Dinkins let it go into a sewer.
    I remember 2000 murders per year.. Welcome to SHIT HOLE DEMOCRAT RUN STATES.

  2. I feel it’s bad enough to listen to Biden studder and forget what he was saying now we will lose needed operations in Mahwah to the greed of another stupid ignorant Democrat move. That’s why I now claim no party. Also yesterday at ground zero as names being read Stupid no common sense or respect kept talking to Cumo instead of respecting the families and the deceased. This showed his lack of common sense as to where he was.

  3. I think that would be a bad move to move out of New Jersey. If anything they should have another back up in the middle of the country and they should not tell anyone about this. I’ll stop again we be. Now the terrorist know we are back up systems are not to fucking smart.

  4. with amazing bandwidth found everywhere, why stay? staff are fleeing NYC and NJ in mass numbers. The 12billion in debt will make NJ unattractive for 12 years. parkway taxes up. cigarette taxes. gas taxes, real estate tax. no incentives to move to nj. murphy is murdering NJ one tax at a time. wall street companies are very clear they are there to be profitable. so if its not attractive economically, and good staff are fine moving, why stay? its just a building and a bunch of dedicated T3s and other connectivity. easy move.

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