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 3. 296181


HUDSON RIVER TRADING LLC

HRT is a proprietary company (it conducts all trading for its own benefit), and
as electronic trading has evolved, the Firm is not required to have an office
location near an exchange. All trading is done remotely and as such allows the
Firm to trade globally 24 hours a day. HRT anticipates that it would require
approximately double its square footage, from 69,000, to 135,000 to remain
headquartered in New York and meet growth requirements. The Firm is evaluating
all options, including increasing its footprint in its other locations including
Chicago, Austin and London where senior management have strong ties. HRT fosters
a collaborative culture and if the decision to grow an office outside of New
York is taken, we anticipate that office will displace New York as our
headquarters and possibly may have to move out of NY entirely. As the Firm
evaluates its options, New York proves to be the most expensive for HRT in terms
of future growth. HRT has calculated its current NY occupancy cost at $32,000
per employee as opposed to $5,400 in Chicago or $2,400 in Texas. Combined with
considerably higher capital expenditure costs in NY, HRT has calculated
approximate savings of ~$58 to $80 million dollars if it was to explore its
other options in Austin and Chicago.
Program Name:
Excelsior Jobs Program
Agency ID:
ESD
Applicant Name:
Project Georgia
Region:
New York City
County:

New York

CFA Number:
85648
Round Number:
8
Award:
$3,000,000
Grant Money Disbursed to Date:
$0

Project Status
Green - On Schedule
Anticipated Completion Date:
Monday January 1st, 2029
Contract Executed:
Wednesday December 12th, 2018

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