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
This article is for subscribers only.
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.