Going for billions daily across the electronic trading floor, the additional taxation would put the NYSE globally behind other major exchanges, according to its board.
NYSE Chairman Stacey Cunningham and 25 other companies in a letter to the government of the state in capital Albany immediately announced the departure from New York, unless the politicians retrace their steps.
Moreover, the taxation for the stock market, which is located in the iconic building on Wall Street number 11, should eventually be passed on to investors, Cunningham says. This affects not only New York, the financial center of the world, but also its customers.
However, New York State has been hit hard by the corona crisis. With the levy it tries to supplement its government budget somewhat. It refers to an earlier taxation proposal that the neighboring state of New Jersey, where many stock exchanges have their data centers, has already proposed.
‘New home base’
But it would be unprecedented that the stock exchange that owes its name to the city of New York depart from its financial heart, the stock exchange companies and related financial services providers argue, a blow to the image of the state.
The New York Stock Exchange belongs in New York. If the Albany executives have their way, the center of the global financial sector may need to find a new home base, ”Cunningham begins the negotiating game in the letter. According to Albany, the sacrifice is manageable.
In terms of the number of listings and shares traded, the New York Stock Exchange is still second in size, behind the Nasdaq exchange.
In terms of market value, the NYSE acquired by Intercontinental Exchange in 2013 is still the largest at $ 22.9 trillion. Euronext, with a stock exchange in Amsterdam, follows at a distance and has a market value of $ 4.82 trillion.
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