Editing Wall Street (section)

====In the New Jersey economy====
{{main|Wall Street West}}
After Wall Street firms started to expand westward in the 1980s into [[New Jersey]],<ref>{{cite news |last=Williams |first=Winston |title=On the Jersey City Docks, Wall St. West |url=https://www.nytimes.com/1988/10/28/nyregion/on-the-jersey-city-docks-wall-st-west.html |access-date=June 28, 2013 |newspaper=The New York Times |date=October 28, 1988 |archive-date=April 6, 2019 |archive-url=https://web.archive.org/web/20190406213209/https://www.nytimes.com/1988/10/28/nyregion/on-the-jersey-city-docks-wall-st-west.html |url-status=live }}</ref> the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy.<ref>{{cite book |last=Scott-Quinn |first=Brian |title=Finance, investment banking and the international bank credit and capital markets : a guide to the global industry and its governance in the new age of uncertainty |date=July 31, 2012 |publisher=Palgrave Macmillan |location=Houndmills, Basingstoke |isbn=978-0230370470 |page=66 |access-date=June 29, 2013 |url=https://books.google.com/books?id=dv9TrTcZeGQC}}</ref> In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to the New Jersey's [[gross domestic product]] in the same year.<ref name="njfinance">{{cite web |title=Finance |url=http://www.nj.gov/njnextstop/home/finance/ |work=New Jersey Next Stop ... Your Career |publisher=State of New Jersey |access-date=June 29, 2013 |archive-date=December 22, 2018 |archive-url=https://web.archive.org/web/20181222173747/https://www.nj.gov/njnextstop/home/finance/ |url-status=live }}</ref> The most significant area with Wall Street employment is in [[Jersey City]]. In 2008, the "Wall Street West" employment contributed to one third of the [[private sector]] jobs in Jersey City. Within the Financial Service cluster, there were three major sectors: more than 60 percent were in the [[Security (finance)|securities industry]]; 20 percent were in [[bank]]ing; and 8 percent in [[insurance]].<ref>{{cite web |title=Your Gateway to Opportunity, Enterprise Zone Five Year Strategic Plan 2010 |url=http://www.jcedc.org/Pages/JerseyCity%20UEZ_Economics.pdf |publisher=Jersey City Economic Development Corporation |access-date=June 29, 2013 |archive-date=October 28, 2013 |archive-url=https://web.archive.org/web/20131028234728/http://www.jcedc.org/Pages/JerseyCity%20UEZ_Economics.pdf |url-status=dead}}</ref>

Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the [[data center]]s of electronic trading in the U.S. equity market for all major stock exchanges are located in [[North Jersey|North]] and [[Central Jersey]].<ref>{{cite news |last=Bowley |first=Graham |title=The New Speed of Money, Reshaping Markets |url=https://www.nytimes.com/2011/01/02/business/02speed.html?pagewanted=all |access-date=June 29, 2013 |newspaper=The New York Times |date=January 1, 2011 |archive-date=November 11, 2020 |archive-url=https://web.archive.org/web/20201111195546/http://www.nytimes.com/2011/01/02/business/02speed.html?pagewanted=all |url-status=live }}</ref><ref>{{cite web |title=NASDAQ OMX Express Connect |url=http://www.nasdaqtrader.com/content/Productsservices/trading/CoLo/ExpressConnect_factsheet.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.nasdaqtrader.com/content/Productsservices/trading/CoLo/ExpressConnect_factsheet.pdf |archive-date=October 9, 2022 |url-status=live |publisher=NASDAQ OMX |access-date=June 29, 2013}}</ref> A significant amount of securities [[Clearing (finance)|clearing]] and [[Settlement (finance)|settlement]] workforce is also in the state. This includes the majority of the workforce of Depository Trust Company,<ref>{{cite web |title=DTC Operations Move to Newport, New Jersey |url=http://www.dtcc.com/downloads/legal/imp_notices/2012/dtc/ope/0481-12.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.dtcc.com/downloads/legal/imp_notices/2012/dtc/ope/0481-12.pdf |archive-date=October 9, 2022 |url-status=live |publisher=The Depository Trust Company |access-date=June 29, 2013 |date=September 10, 2012}}</ref> the primary U.S. securities [[Depository bank|depository]]; and the [[Depository Trust & Clearing Corporation]],<ref>{{cite news |last=Gregory |first=Bresiger |title=DTCC Moves Most Operations to NJ |url=http://www.tradersmagazine.com/news/dtcc-moves-most-operations-to-nj-110623-1.html |access-date=June 29, 2013 |newspaper=Traders Magazine |date=December 14, 2012 |archive-date=September 1, 2017 |archive-url=https://web.archive.org/web/20170901130140/http://www.tradersmagazine.com/news/dtcc-moves-most-operations-to-nj-110623-1.html |url-status=dead}}</ref> the parent company of National Securities Clearing Corporation, the Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation.<ref>{{cite web |title=Clearing Agencies |url=https://www.sec.gov/divisions/marketreg/mrclearing.shtml |publisher=U.S. Securities and Exchange Commission |access-date=June 29, 2013 |archive-date=March 26, 2018 |archive-url=https://web.archive.org/web/20180326175221/https://www.sec.gov/divisions/marketreg/mrclearing.shtml |url-status=live }}</ref> Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the [[subprime mortgage crisis]].<ref name="njfinance" />