NYSE Leaving Mahwah? It Could Happen: Reports

Mahwah NJ

11 September, 2020

2:44 PM

Description

MAHWAH, NJ — A building on Macarthur Boulevard in Mahwah is home to a New York Stock Exchange data center hub, where shares are exchanged at a whiplash pace daily. According to the Wall Street Journal, that could soon change. The publication obtained copies of an internal NYSE memo which signaled an exit from New Jersey if the state were to pass a tax on heavy volume electronic trading. There are plans to announce that the NYSE will operate out of a backup site in Chicago for a week at the end of September into early October, signaling their seriousness on the matter, Reuters reports. Gov. Phil Murphy reacted to the piece during a news conference, and said he liked the idea of the bill conceptually, but didn't think it would be a "forever thing," citing the unprecedented economic times brought on by the coronavirus pandemic. According to the bill, proposed by Assemblyman John F. McKeon, a tax would be imposed on "high quantity processors of financial transactions at $0.0025 per transaction." Read the full Wall Street Journal report here: NYSE Signals It Will Exit New Jersey if State Taxes Stock Trades Have a news tip or press release you'd like to submit? Need to request a correction? Email [email protected] Subscribe to your local Patch newsletter. You can also have them delivered to your phone screen by downloading, or by visiting the Google Play store.