NYSE Says It’s Ready to Leave N.J. With Trade Tax Threatened
- Biggest exchange already shifting some operations out of state
- Lawmakers counting on $1 billion in revenue over two years
Photographer: Spencer Platt/Getty Images
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The New York Stock Exchange told New Jersey lawmakers that it’s prepared to move operations out of state should they impose a new tax on electronic trades via data servers.
In late September, the world’s largest exchange by market capitalization conducted a test “for a wholesale transition out of New Jersey,” Hope Jarkowski, co-head of government affairs for NYSE parent Intercontinental Exchange Inc., said during an Assembly financial institutions and insurance committee hearing conducted by video feed.