NYSE Seat Sells for Record of $3.025M
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A New York Stock Exchange seat sold for $3.025 million, a record high for the 213-year-old Big Board.
In announcing the sale Monday, the NYSE three seats have been sold for the previous high of $3 million, the last on Nov. 1.
There are 1,366 membership seats on the NYSE. Each seat grants its holders trading privilege at the exchange.
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Seat prices jumped in April, after the NYSE agreed to combine with Archipelago Holdings Inc. (AX) to form a publicly traded company. Chicago-based Archipelago operates an electronic stock exchange.
Last week, a group of 10 seat owners asked the New York Supreme Court to temporarily block a planned Dec. 6 vote by the exchange members. The court could hear the motion as early as this week.
The group, led by activist seat owner William Higgins, filed a motion for a preliminary injunction to block the pending member meeting for 30 days. Higgins is arguing that the terms shortchange NYSE members.