Wall Street's four major commodity exchanges will remain in New York under a plan disclosed by the chairmen of the exchanges, who had earlier threatened to leave the nation's financial center for New Jersey.
The announcement is a relief for the city, which has been battered by a flurry of layoffs on recession-ridden Wall Street over the past several months and is confronting an overall economic decline.New York also is home to the New York and American Stock Exchanges, as well as headquarters to many of the nation's brokerage firms.
The exchanges, where options and futures for items like gold, platinum, oil, coffee, cocoa, sugar and currencies are traded, are considered the hub of an industry that annually generates more than $1 billion in goods, services and salaries.
The heads of the exchanges said they'll recommend to the membership that they move to a 1.2-million square-foot building on a city-owned site two blocks north of their current home at the World Trade Center complex in 1994.
They said the city had agreed to provide unspecified tax benefits and other forms of public support in exchange for their staying.