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Trading Powerhouses Join Exchanges in Fighting New Jersey Tax Plan

  • Industry will hold Sept. 26 test to prepare for potential move
  • Group includes trading venues, Citadel Securities, Virtu, UBS
Times Square As Stocks Trade Mixed After Jobs Data
Photographer: Victor J. Blue/Bloomberg
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The hundreds of billions of dollars in trades that zip through the data centers scattered across northern New Jersey usually do so quietly. At least, until the state wants a slice.

The biggest U.S. stock exchanges and major market-makers are joining forces to fight a proposed tax on financial transactions under consideration by New Jersey Governor Phil Murphy. Members of the newly formed coalition -- such as New York Stock Exchange, Nasdaq Inc., Citadel Securities and Virtu Financial Inc. -- are threatening to move operations out of the state if the tax is enacted.