Relocating Wall Street could certainly create some interesting new dynamics in this nation.
Yesterday, in the wake of the November election, I noted I was making some significant changes in my digital landscape.
Now, it appears that Wall Street is considering a major change to its business landscape…with Texas as its next destination.
Texas Gov. Greg Abbott will welcome representatives from major stock exchanges, including Nasdaq, to Austin on Nov. 20 as the state makes a bid to be the top choice if the exchanges make good on threats to move their trading platforms out of New Jersey.
The Dallas Morning News reported last month that the governor’s office was in talks with Nasdaq and other exchanges about moving data centers to Dallas that power billions of dollars in trades each day on Wall Street.
The governor’s office confirmed the meeting, touting the state’s business-friendly environment.
“Texas continues to be the premier economic destination in the country, attracting more leading businesses than any other state,” spokeswoman Renae Eze said in a statement to The News. “The governor looks forward to meeting with Nasdaq and showcasing Texas’ business-friendly environment, skilled workforce, robust infrastructure, and low taxes, all of which foster greater economic growth in the Lone Star State.”
In the wake of coronavirus restrictions, BLM and Antifa protests, and taxes, the move certainly is sensible. Conservative pundit Don Surber notes that the shift away from the mega-cities is almost inevitable now that Americans are becoming accustomed to remote work…and stock trading certainly lends itself nicely to the new business model.
Stock exchanges are portable now. All you need is a laptop and WiFi. The rest is just to handle the volume and frequency of trades.
One incentive for firms to make a move are concerns over a potential tax on financial transactions in New Jersey.
The proposed tax would charge a quarter of a cent per “financial transaction” at entities in New Jersey that process at least 10,000 transactions annually via electronic infrastructure, the Dallas Morning News reported. That tax would generate an estimated $10 billion annually for the state.
Most major stock exchange operators, including the New York Stock Exchange operate their trading platforms from data centers in New Jersey.
The international financial services institution Charles Schwab Corp. is making a move from San Francisco, opening its new campus on Jan. 1, 2021.
The financial services company announced Tuesday it expects to move its corporate headquarters designation from San Francisco to Hillwood’s Circle T Ranch in Westlake, effective Jan. 1. The company has now closed its acquisition of TD Ameritrade, creating a massive player in the space.
Already, Schwab has more than 2,500 employees at its Westlake campus, and approximately 2,000 employees in Southlake are at TD Ameritrade’s location, according to a spokesperson. The locale was picked and designed as a more centrally located hub.
…While North Texas has been the destination point for many companies looking to relocate their headquarters, the move by Schwab is particularly significant for the region. It’s one of the big names in the financial services sector – and beyond — bringing a company that boasts nearly $50 billion in market valuation.
Relocating Wall Street could certainly create some interesting new dynamics in this nation…and hopefully break-up the NYC-DC beltway and its Panem-like grip on the rest of the nation.
Of course, the change could have some intriguing cultural consequences.
According to the news today on CNBC, Wall Street is in talks with the Gov. of Texas to move Wall Street from New York to Dallas.
So, are they now going to be called "Y'all Street?" pic.twitter.com/QspCUXeE2T
— Wally Wingert's Wonderfully Wacky World (@WallyWingert) November 11, 2020
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