The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Wall Street NY, if you’ve ever strolled through Lower Manhattan, you’ve probably seen a crowd gathered around the famous Charging Bull statue. But here’s the real question—why is everyone so obsessed with rubbing its bronze testicles?
Continue reading Why Do So Many People Want to Touch the Wall Street Bull’s Balls?
the staff of the Ridgewood blog
Allendale NJ, the borough’s Land Use Board denied an application to install a second cell pole 172 feet from the first one, off West Crescent Avenue after two hearings this week. “I’m concerned with the number of variances,” Chairman Kevin Quinn told the Bergen Record . “If it was the right plan it wouldn’t need so many.” That’s nine variances in total requested to install the pole .
Continue reading Allendale Says No to Cell Pole Sighting Too Many Variances
the staff of the Ridgewood blog
Mahwah NJ, The New Jersey Chamber of Commerce opposes legislation (S-2902/A-4402) which would impose a new tax on financial transactions, such as electronic stock trades, that flow through major data centers in New Jersey.
Simply put, the tax could backfire on New Jersey. The mere discussion of this tax has caused several stock exchanges to begin exploring moving their data centers out of New Jersey – to states that don’t impose such a tax. Last month, the New York Stock Exchange, which has a data center in Mahwah, N.J., said it ran one of its exchanges from a back-up data center in Chicago to demonstrate its readiness to move out of New Jersey. Two other exchange operators, Nasdaq Inc. and Cboe Global Markets Inc., also indicated that they would leave New Jersey over the tax. If New Jersey loses data centers, the state would actually be looking at less revenue and less jobs.
Continue reading Financial Transition Tax Will Drive Data Centers Out of New Jersey
the staff of the Ridgewod blog
Mahwah NJ, Nasdaq has joined the New York Stock Exchange in looking to potentially relocate its electronic-trading systems from data centers in New Jersey over a potential new tax.
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.
Continue reading Financial Firms Including the NYSE Consider Moving Out of New Jersey
Kim Janssen Chicago Tribune
In less time than it takes you to read this sentence, Michael Coscia could make more money than most Americans earn in an 8-hour day.
If you blinked, you miss it.
But if you slowed down time, sliced a second into a thousand tiny parts, and looked at a span of just 65 milliseconds — about as long as it takes a hummingbird to flap its wings once — you’d see the unmistakable evidence of a sophisticated criminal at work, the feds say.
That’s because Coscia, 53, was allegedly a “spoofer,” a high-frequency trader who used computer algorithms to rip off rivals in markets where business is conducted at the speed of light.
His scam using huge spoof orders for commodities futures contracts to goose prices on the Chicago Mercantile Exchange netted him $1.6 million in just three months, according to a federal indictment, helping fund an anonymous but comfortable lifestyle that included a waterfront New Jersey mansion.
Coscia, of Rumson, N.J., is due to find himself thrust into the public eye Monday when he becomes the first criminal defendant tried under anti-spoofing legislation included in the 2010 Dodd-Frank Act.
https://www.chicagotribune.com/business/ct-spoofing-trader-trial-1025-biz-20151023-story.html
