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.