New York Stock Exchange president wants to remain in NYC
New York Stock Exchange President Stacey Cunningham joined FOX Business’ "Cavuto: Coast to Coast" and said that, while the NYSE "certainly" wants to stay in New York City, changing locations isn’t out of the question.
STACEY CUNNINGHAM: Some of the policies that you referenced that I have been against are things like a tax on transactions. We need to understand who ultimately pays that at the end of the day. And it's those investors that we're trying to protect, those end investors.
We would do what our customers are asking us to do [regarding leaving New York]. So it's not a tax that the New York Stock Exchange would end up paying. As I said, it's a tax for the end investors. If our customers, on behalf of their customers, are saying that we should move in order to give their customers a better experience, we absolutely would consider doing that. Not because we want to, but that's because there are consequences to policy decisions. And so we are constantly looking at other states that might have tax friendlier locations for backup facilities and others. We would love to stay in New York. I certainly want to keep the New York Stock Exchange in New York City. That's our goal.
Investment certainly runs the risk of moving. And we've seen if you look at the top 10 IPOs over the past three years, only two of them have happened to the United States. We should not take our position as the primary financial markets for the world for granted. Because there is a risk that investors will find access to opportunity. If those opportunities are outside of the United States, those dollars will find their way there. We have seen time and time again that financial transaction taxes don't work and that investors find their ways around them by moving into less transparent, off-exchange products; by moving geographically into other locations. Those are the type of consequences we need to acknowledge are real if we make decisions around policies like that.