Good Monday morning!
With an electronic financial transaction tax proposal gaining currency with the legislature and governor, the New York Stock Exchange is sending a message to New Jersey: It takes very little effort for them to up and leave.
The Wall Street Journal broke the news Friday that the NYSE, which has made the threat before, will run one of its exchanges from a backup site in Chicago for a week to demonstrate that its threat is serious. There’s an implication, not stated, that other exchanges with their servers in New Jersey would also leave if the proposal becomes law.
This brings up some questions I’d like some help figuring out. How much do these companies contribute to New Jersey’s economy and tax revenues? How many people does the NYSE employ at its Mahwah data center?
This is a question of leverage. To gauge the threat of their departure,