--- title: SIFMA & NYSE Oppose NY Stock Transfer Tax description: New York firms would execute and process trades elsewhere to find the lowest costs for their clients. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-683680970-1-May-12-2022-09-23-53-84-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Regulation](https://articles.marketsmedia.com/tag/regulation) - Regulation - SIFMA & NYSE Oppose NY Stock Transfer Tax Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 02.04.2021 By Shanny Basar Regulation # SIFMA & NYSE Oppose NY Stock Transfer Tax 02.04.2021 By Shanny Basar ![SIFMA & NYSE Oppose NY Stock Transfer Tax](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-683680970-1-May-12-2022-09-23-53-84-AM.jpg) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) SIFMA and 26 other organizations representing more than 544,000 workers in the financial services industry in New York State and throughout the U.S., and other business groups in the state, sent a [letter opposing the STT](https://www.sifma.org/resources/submissions/joint-letter-on-opposition-to-any-form-of-the-stock-transfer-tax/) to New York State Governor Andrew Cuomo, President Pro Tempore and Majority Leader Andrea Stewart-Cousins and Speaker of the Assembly Carl Heastie. https://twitter.com/SIFMA/status/1356992130976276480 SIFMA issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the New York stock transfer tax (STT). “SIFMA strongly opposes the imposition of a stock transfer tax (STT) due to the cost to retirement savers, investors, businesses and the economy.  The STT is nothing more than a sales tax on investors and it runs counter to many longstanding policies promoting savings and economic growth.  This type of tax has, in actual practice, resulted in a migration of trading volume to other jurisdictions which have not imposed a STT, which is a predictable result in today’s predominantly electronic and globally connected markets. “Because no other state in the country imposes a STT, it would be a logical consequence for New York firms to execute and process at least a portion of their trades elsewhere to find the lowest costs for their clients.  Accelerating the trend of securities industry jobs moving to other states would cause further devastation to the New York economy, which is already suffering from the impact of the Covid-19 pandemic.  That, combined with the negative impact on New York’s savers, make the STT a terrible policy move for the state.” Source: SIFMA https://twitter.com/NYSE/status/1357102215068938240 [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/sifma-opposes-new-york-stock-transfer-tax) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png?width=376&height=250&name=trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png)](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) Regulation ## [EU Achieves Electronic Trading of Standard OTC Derivatives](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) ISDA warns on proposed changes to post-trade deferrals regime. 07.07.2022 By Shanny Basar 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg?width=376&height=250&name=iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg)](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) Fintech ## [SIX Digital Exchange Collaborates with Fireblocks](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) The partnership will focus on delivering an institutional custody solution for digital assets. 07.07.2022 By Shanny Basar 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Depositphotos_103566932_L-2.jpg?width=376&height=250&name=Depositphotos_103566932_L-2.jpg)](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) Regulators ## [IOSCO Publishes Crypto-Asset Roadmap](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) The IOSCO Fintech Task Force will collaborate closely with other international bodies. 07.07.2022 By Shanny Basar [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}