Philadelphia’s oldest stock exchange is getting a nearly $7 million vote of confidence, with Nasdaq extending its Center City footprint, upgrading its trading operation and promising a new wave of high-paying jobs.
The announcement adds up to $6.91 million in investment: $6.2 million from Nasdaq and $710,000 from Pennsylvania. PHL17 reported that the package is aimed at keeping Nasdaq’s Philadelphia Stock Exchange operation growing rather than merely preserving an old financial landmark.
According to the Commonwealth of Pennsylvania, Nasdaq’s money will support a long-term lease extension and upgrades to trading technology and workplace infrastructure at the company’s Philadelphia headquarters. The state’s $710,000 Pennsylvania First grant is expected to help create 100 new high-paying jobs over the next three years while retaining 150 existing full-time positions.
Nasdaq Is Betting On Philly’s Financial Legacy
The investment is landing at the home of Nasdaq PHLX, which was founded in 1790 and is recognized by Nasdaq’s own history of PHLX as the nation’s first stock exchange. Today, the operation is a modern electronic-market business, but its Philadelphia roots remain unusually deep for an exchange increasingly associated with Silicon Valley-style technology.
“This investment reflects our confidence in Philadelphia and our long-term commitment to the region,” Nasdaq President Tal Cohen said in the state announcement. Cohen said the company plans to grow its presence, add jobs and invest in talent and operations, while Mayor Cherelle Parker called the commitment a vote of confidence in the city’s workforce.
The deal also gives Pennsylvania officials another headline for their economic-development strategy, which uses state grants to help keep major employers anchored in the Commonwealth. For Center City, the practical takeaway is more straightforward: Nasdaq is extending its lease, modernizing the workplace and planning to put more people on the payroll at a Philadelphia institution that predates the New York Stock Exchange.
.jpg){kind=link}