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NYSE could leave Wall St.
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August 12, 1996: 3:40 p.m. ET
Market's 93-year-old home becoming too small, can't take new technology
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NEW YORK (CNNfn) - CNNfn confirmed Monday that the New York Stock Exchange is considering a move from its famed location at the corner of Wall and Broad streets.
NYSE officials said that because of space limitations and difficulties in installing new technologies in the 93-year-old building that currently houses the exchange, the market is considering a move.
Market officials say space is becoming increasingly critical as the NYSE lists more and more overseas stocks.
Sources, speaking on condition of anonymity, denied that the exchange is suggesting a move merely to win tax or other incentives from New York officials.
Still, Fran Reiter, New York's deputy mayor for economic development, told the New York Post that city officials would "endeavor to help (the NYSE) in whatever way" possible to facilitate a move to another New York City location.
The Post said exchange management, which recently met with New York City officials to discuss a possible move, has been considering two other lower Manhattan locations outside of Wall Street:
- Two piers just below the South Street Seaport, where developer Donald Trump has suggested a project that would include not just a new NYSE headquarters, but also construction of the world's tallest building next door;
- 2 Broadway, next to New York's Battery Park.
An exchange spokesman would only tell the Post that the NYSE is in the "early stages of examining several possibilities."
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