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City Site Likely for Second NYSE Trading Floor

NEW YORK CITY-Exchange chairman Richard Grasso is in serious negotiations with the Bloomberg administration to locate a second trading floor within the city limits and says any other site would be a "last of last resorts.

By Glen Thompson | Updated on October 30, 2002

NEW YORK CITY-Westchester’s hopes of snaring a second New York Stock Exchange trading floor dimmed considerably today when NYSE chairman and CEO Richard Grasso told 150 members of the Real Estate Lenders Association that the new site more than likely will be located within the city limits.

Grasso’s comments fly in the face of a draft white paper released by the Federal Reserve Board, the Securities and Exchange Commission that many fear would force securities firms out of the city. While he refused to discuss the report, Grasso made it clear that he is in serious negotiations with the city to locate the second city within New York City if at all possible.

“I’m not going to contribute to the debate about the white paper,” Grasso said. “I’m simply going to say that we are working with the Mayor and with the Governor, and they understand that the New York Stock Exchange is the anchor of financial services.

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