NYSE Membership Is Sold for $2.4 Million
A New York Stock Exchange membership, or seat, sold for $2.4 million Monday, down $100,000 from the last sale Friday and $250,000 short of the 1999 record price.
Seat prices dropped as low as $975,000 on Jan. 11 as the Securities and Exchange Commission proposed a rule threatening to drive trading from the Big Board’s auction-based floor.
Prices increased after that proposal was modified and after the NYSE agreed April 20 to merge with electronic-trading venue Archipelago Holdings Inc. and become publicly traded.
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