The Democrats and Republicans both are bought and paid for by Wall Street. Half of Obama’s staff was Wall Street - and the same will hold true for Biden, starting with Jamie Diamond at Treasury.
Good riddance to bad trash then. That makes me mad. So the NYSE is really in NJ? My nightmares of the New York Giants and New York Jets! So where is Wall Street really located? I can SWEAR I saw a door once to the NYSE at the corner of Wall and Broad street.
This data center is located on the corner of Island & MacArthur here in Mahwah... This place was pushed thru at our township council meetings under the guise of a “ Data Storage facility” w/ very very thick envelopes exchanging hands under the table ... knowing full well it was going to be, which now is, a National Security threat... this place is literally guarded as securely as The Pentagon.... Those of us that aren’t blind sheep knew full well what it was going to be. It’s proximity to the NYSE front door is less than 12 miles, as the crow flies.... Murphy and his minions are hypocritical thieves that are punishing the industry & individuals that derive their livings from it.... now that he’s made his hundreds of Millions .....
The solution is actually quite simple. Exo-Planetary trading platforms. If the exchanges do not touch the planet then the politician's will have come up with really creative solutions to tax the merchant class. Akuma
Amazing how many incredibly wealthy pro-high tax SJW’s there are. Political affiliation is like a vanity plate.
Leaving N.J. for Chicago Gives No Easy Tax Fix Tto Nasdaq, NYSE: https://finance.yahoo.com/news/leaving-n-j-chicago-gives-130307507.html (Bloomberg) -- As Nasdaq Inc. and the New York Stock Exchange consider abandoning their New Jersey data centers over a proposed financial transaction tax, they may not find their backup sites in Chicago guaranteed to be levy-free havens. This week, CME Group Inc. Chief Executive Officer Terry Duffy and CBOE Global Markets CEO Ed Tilly visited the Chicago City Council’s finance committee to try to head off an idea floated by some aldermen for the Windy City’s own transaction tax. Duffy said such a levy would result in lost jobs and revenue and his company could move if it was passed. There’s no formal ordinance for any transaction tax in Chicago, and any proposal would have to overcome opposition from the city’s chief financial officer, Jennie Huang Bennett, who cited the current New Jersey fight as evidence of such a levy’s ineffectiveness. Even if the city were to push ahead, it would need to seek state authority for such a tax. Also this little blurb makes it sound like NJ might still be looking at the tax for the 2022 budget: New Jersey Governor Phil Murphy is considering a tax on stocks, options, futures and swaps trading that could go into effect for the 2022 budget year and could drum up $10 billion for the state. Wall Street giants that have also threatened to move operations out of the state include Citadel Securities and Virtu Financial Inc.
This is a nice demonstration about how lazy and greedy politicians are. They want to simply tax $10B annually, which is about the same collective 2019 revenue earned by the combined 13,000 employees of both ICE and CME. So much easier than making hard decisions. To fix this, the exchanges will need to move their operations to a red State.
This article give some more color on the Chicago FTT situation: LaSalle Street titans slam proposed transaction tax on financial exchanges: https://chicago.suntimes.com/city-h...ty-budget-shortfall-financial-transaction-tax The titans of LaSalle Street warned Monday they would pick up stakes and leave Chicago if the City Council imposes a financial transaction tax to chip away at a $1.25 billion budget shortfall in 2021. Terry Duffy, chairman and CEO of the CME Group, and Ed Tilly, chairman, president and CEO of Cboe Global Markets, shot down the so-called “LaSalle Street tax” prohibited by state and federal law, but long championed by the Chicago Teachers Union and the Grassroots Collaborative. Testifying before a City Council Finance Committee once chaired by his grandfather, Duffy called that tax a “path to fiscal disaster” for Chicago. That’s because as a global electronic financial services company, the CME is “no longer four walls with a trading floor.” It no longer owns any real estate in Chicago. It leases offices that can be moved out of the city at the flip of a switch. “We also lease our data center in Aurora from Cyrus One, which has 30 data centers located all over the country. … We have the ability to be housed in any one of those 30 data centers. In addition, a number of states throughout the country have offered us incentives to move our company with the clear understanding of what the benefits could be to the residents of their states if CME Group were to relocate to their state,” Duffy said. “We’re not talking about an idle threat. In response to the proposed financial transaction tax in New Jersey, the New York Stock Exchange and NASDAQ announced plans to move their trading out of New Jersey and to back-up data centers in Chicago. That’s just to illustrate how quickly they can do so.” Although it may look like a tantalizing silver bullet to the city’s financial woes, a transaction tax would “cost consumers far more than it could ever raise in revenue,” Duffy argued. The costs of the tax would be passed along, and consumers “will have to pay more for everything from food to gas to mortgages,” he said. Tilly agreed a transaction tax would “harm investors and markets in dramatic ways,” largely because it would be “shouldered by Main Street investors” and “passed through to the individuals on each trade,” he said. “We have seen in other countries that transaction taxes change behavior and that actual revenues fall far short of projected revenue. Indeed, extra costs imposed on investors and traders will cause them to trade less and at worse prices,” Tilly added. Tilly noted the business of processing and executing trades is highly portable, and competition is fierce between exchanges from different states and countries. “Brokerages have fiduciary and regulatory obligations to customers and seek to execute trades at the lowest possible prices. An exchange subject to an incremental tax, however small, could lose all or most of its business to market centers not subject to such tax located in other jurisdictions,” Tilly said. “Thus, a locally-imposed transaction tax will force market operators to move in order to insulate investors from the added cost and, candidly, to avoid dire business consequences.” Chief Financial Officer Jennie Huang Bennett agreed the exchanges have “high mobility” and could be “picked up and moved out” of Chicago “at a moment’s notice.”
Some more color on the NJ FTT situation: Wall Street begins looking for alternative data center site outside New Jersey: https://www.spglobal.com/marketinte...data-center-sites-outside-new-jersey-60459318 A financial transaction tax proposal in New Jersey has caught the ire of Wall Street to the point where executives are now scouting possible new homes for their data centers. Policymakers in Trenton are actively reviewing the merits of a tax on trading in U.S. financial markets, an idea that has gained support from the New Jersey governor in recent weeks. Now, Wall Street giants have started exploring potential alternative locations outside of New Jersey. These include Texas, Virginia and other states where they could house the technology that runs U.S. financial markets in case New Jersey moves forward with a trading tax, according to UBS Group AG's Vlad Khandros. Khandros is the Swiss bank's global head of market structure and liquidity strategy and a representative of an industrywide group fighting the tax called the Coalition to Prevent the Taxing of Retirement Savings. The group's 10 members, including the Intercontinental Exchange Inc.-owned New York Stock Exchange, Nasdaq Inc. and UBS, say the taxwould end up hitting retail and institutional investors the hardest with worse trading conditions and higher prices. "We don't want to do it," Khandros, who is also global co-head of principal investments and strategic ventures at UBS, said of moving the data centers out of New Jersey in an interview. "But we're having to seriously consider it." In the modern-day infrastructure of American markets, New Jersey occupies a central role. While trading once primarily occurred on exchange floors in metropolises like New York City and Chicago, billions of products are now dealt through computers housed in data centers around the world. That includes several in northern New Jersey used by the biggest U.S. stock exchange operators. Gov. Phil Murphy, a Democrat, recently decided to leave the contentious idea to tax financial trades processed in the Garden State off the 2021 budget proposal. It is still currently being considered in the New Jersey statehouse, according to Richard McGrath, a spokesperson for New Jersey Senate President Stephen Sweeney. Sweeney, a Democrat, introduced a bill in the state senate on Sept. 14 to impose a $0.0025 tab on each financial transaction that is processed using electronic infrastructure located in the state, mirroring identical legislation from Assemblyman John McKeon introduced earlier this year. McKeon has reportedly said the tax could raise $10 billion annually in state revenue. McGrath did say the exact shape of the bill could change as policymakers continue to think through the tax. "We all think that's a good idea," said Murphy, a former Goldman Sachs Group Inc. executive, at a Sept. 17 news conference where he spoke about the tax alongside Sweeney and other high-ranking New Jersey officials. "That is something that we continue to machine." Financial transaction taxes are not new. At the federal level, lawmakers like Sen. Bernie Sanders, I-Vt., and Sen. Brian Schatz, D-Hawaii, have proposed the idea in various forms as a way of generating new revenue for the government. States where the financial industry has sizable presences such as Illinois and New York have also explored financial transaction taxes in the past. Across the country, cities and states are looking for new ways to generate revenue to offset lost income from the COVID-19 pandemic. Murphy has said the tax could improve the state's fiscal status and combat the wealth gap that persists among its residents. Some 70-odd miles away from Trenton, Wall Street executives have been monitoring the tax proposals closely. Exchanges, trading firms and broker/dealers have warned legislators in New Jersey of the fallout they say a transaction tax could bring to the financial markets, the broader economy and their own businesses. Through those conversations, the financial industry has also been pushing to make New Jersey lawmakers aware of its ability to quickly pick up and move across state lines, if need be. The Coalition to Prevent the Taxing of Retirement Savings, which has been actively involved in those meetings, has 10 member firms including NYSE, Nasdaq, UBS, Cboe Global Markets Inc., MEMX LLC, IEX Group Inc., Virtu Financial Inc., Citadel Securities LLC, TD Ameritrade Holding Corp. and data-center operator Equinix Inc. The financial industry has already started planning how it would execute an exit out of New Jersey. An industrywide test of backup data centers located in Chicago is slated for Sept. 26, while the NYSE and Nasdaq are going one step further by running some of their markets out of Chicago for certain weeks in September and October. "[T]he imposition of an FTT will likely lead to financial exchanges and firms moving their electronic infrastructure and the related jobs out of New Jersey, creating a negative fiscal and economic impact across the state," said Kenneth Bentsen Jr., president and CEO of the Securities Industry and Financial Markets Association, in a statement. "We believe the proposal is far more likely to harm New Jersey investors and its overall economy than to achieve its revenue forecasts."