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The Wall Street Journal is reporting The New York Stock Exchange is seriously considering moving its electronic trading systems out of New Jersey if the state implements a proposed tax on financial transactions.
According to an internal memo seen by Reuters, a controlled test will take place where its backup site (located in Chicago) will occur this September 26th to check the industry’s preparedness for a potential wholesale transition out of New Jersey.
A bill sponsored by Assemblyman John McKeon, a Democrat, calls for a quarter-of-a-cent tax on stocks, options, futures and swaps trading via northern New Jersey electronic data centers. McKeon, in an interview to Bloomberg, indicated the implementation of his tax could cost the Exchange & affiliates $10 billion annually
Meanwhile the NYSE memo indicates that it is investigating which other states, where a more friendly business environment exists, it can move its operations to.