NYSE Seat Is Sold for $1.5 Million
From Bloomberg News
The New York Stock Exchange said a seat giving its owner the right to trade stocks on its floor sold for $1.5 million, the same as a sale Dec. 18.
The transaction came a week after five of the NYSE’s biggest market makers, or specialists, reached a preliminary $240-million settlement with regulators over floor trading violations.
The value of an exchange seat fell by as much as 30%, to $1.3 million, after former Chairman Richard Grasso was forced to resign Sept. 17.
In 1999, an NYSE seat sold for as much as $2.7 million.
A total of 18 seats were sold last year, compared with six in all of 2002 and five in 2001.
