Nasdaq Tests New Jersey Exit in Fight Against Trading Tax

PSX exchange set to move to Chicago for a week in October
‘We need to protect investors,’ Nasdaq executive Cohen says

Nasdaq's Cohen Says Transaction Tax May Leave N.J. Worse Off

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By Sonali Basak and Eliana Perez

September 17, 2020 at 6:00 PM UTC

Updated on

September 17, 2020 at 6:46 PM UTC

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Nasdaq Inc. will temporarily move some operations to Chicago, escalating a dispute with New Jersey over proposed taxes that would generate billions of dollars from high-speed trading at the stock exchange and its rival firms.

Nasdaq’s PSX exchange will move to Chicago the week of Oct. 26, according to a memo to traders to be released on Thursday. The move “will allow firms to gain additional confidence that they can react quickly in the event that Nasdaq decides to move the operation of all its market centers to its Chicago data center,” the company said.