Jimmy Patronis encourages New York Stock Exchange to relocate to Florida
Traders work on the floor of the New York Stock Exchange Thursday, Feb. 27, 2020. [AP Photo/Craig Ruttle]

New York Stock Exchange
Call it the New Smyrna Stock Exchange?

Chief Financial Officer Jimmy Patronis on Thursday urged the New York Stock Exchange (NYSE) to relocate to Florida, marking the CFO’s latest in a series of ambitious invitations.

The letter, addressed to NYSE President Stacey Cunningham, comes as New York’s Legislature contemplates a transfer tax on the sale of securities. 

The move, Patronis contends, would have severe consequences. 

“Clearly, the politicians in Albany no longer appreciate the economic powerhouse that is The Exchange,” Patronis wrote. “Their disregard extends beyond your corporate boardroom, as the transfer tax would negatively affect millions of individuals vested in college savings and retirement funds. As a fourth-generation Floridian and a former small business owner, I’m writing to encourage you to consider moving the New York Stock Exchange to the great state of Florida.”

Transfer tax or not, Patronis noted that New York professionals are already flocking to the Sunshine State. 

He highlighted Florida’s lower taxes, fiscal health and low crime rate.

What’s more, Florida shares the same time zone with New York, a factor that would “ease the transition for the rest of the financial world,” Patronis wrote. 

Patronis encouraged Cunningham to consider the move. 

“My door is always open, and given the restaurant closures in New York, I would be more than happy to take you out to eat at one of our fine restaurants to discuss the many reasons to move The Exchange to Florida,” Patronis wrote.

The invitation is Patronis’ latest long-shot attempt to draw business into Florida. 

In January, Patronis sent a letter to the International Olympic Committee encouraging the group to relocate the 2021 Olympics to Florida.

The unsuccessful invitation came as Japanese leaders reportedly expressed doubts about hosting the games amid the pandemic. 

Throughout the summer, Patronis rolled out the red carpet for Testa and SpaceX CEO Elon Musk, encouraging him to relocate his fleet from California to Florida. 

Musk relocated to Texas after voicing frustrations about California’s COVID-19 lockdowns and high taxes. 

Patronis serves on the Board of Enterprise Florida, whose responsibility includes attracting business to the state.

Jason Delgado

Jason Delgado covers news out of the state capital for Florida Politics. After a stint with the U.S. Army, Jason attended the University of Central Florida where he studied American Policy and National Security. His past bylines include WMFE-NPR and POLITICO Florida. Throw him a line at jason@floridapolitics.com or on Twitter at @JasonDelgadoFL.

One comment

  • Palmer Tom

    February 12, 2021 at 8:17 pm

    First the Olympics, not the NYSE. Can’t fault the guy’s ambitious marketing. Wall Street may have something to say about the last idea.

Comments are closed.


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