The move is expected in early 2013. "After lengthy deliberations with officials in New York and New Jersey, we have concluded that a move to New Jersey is the right decision," says Donald F. Donahue, DTCC chairman and CEO, in a statement. "New Jersey offers us a favorable business climate, convenient access to our customers in the greater metropolitan area and also allows us to disperse our staff more widely for business continuity purposes. New Jersey will benefit from an infusion of 1,600 highly skilled professionals who specialize in financial services, information technology and operations. We are also excited to tap into New Jersey's skilled workforce as our business grows in the future."

Donahue credited support from Gov. Jon Corzine and the state's economic development team, including Chief of the Office Economic Growth Jerry Zaro and New Jersey Economic Development Authority CEO Caren Franzini, as the company evaluated its relocation strategy. "This a huge win for our local, state and regional economy," says Zaro.

The company will also benefit from economic incentives offered through EDA, including the Business Employment Incentive Program and the newly authorized Economic Redevelopment and Growth Grant Program, which Gov. Corzine signed into law in July as part of the Economic Stimulus Act of 2009. The grants will support DTCC's relocation of a portion of its corporate staff functions in finance, legal, regulatory, human resources, specialized IT and product development from its Manhattan headquarters to Jersey City. According to a report in the New York Times, the incentive package is worth $74.6 million over 10 years.