Currently Full Membership $2,500,000 $3,200,000 $2,750,000 on 11/05//2009 Is it just pay and fill out paperwork? do I need a special license or permission?
Whats the ROR on those seats, aside from their appreciation? Given that people are going or have gone electronic for the last 10 years, I fail to see the edge.. and the cost associated with a seat...
What kind of moron would pose this question on an ET thread? Listen 10-year old, have your dad actually call the exchange, and get the number off their website. since you likely have $125 dollars to your name....good luck Just as dumb: I want to buy a 10 million dollar house in CA, ah, do i just fill out paperwork? thanks ET idiots
You would need a BD first and a sponsort ship. Then you would need to show the SEC and the Exchange liquid assets and personal balance sheets. Then you would need to fill out reams of paperwork and have an association with a clearing firm. Then you would also have to take their class and pass it. You would also have to indicate what kindof trading permit you're looking for. technically they're no longer "seats" they're trading permits since the exchanges demutualized. All in all you're better off leasing a trading permit aka "seat" used to be about 2.5% of last sale per month, not sure what its like today. None of these expenses include all the other technology fees and all the hard and soft ware you'd be riquired to have too. Then there is always the payment for orderflow money and the number of contracts you're required to execute each month and of course all the fees in those contracts. Plus there are requirements for the number of books you're going to be streaming your two sided markets into in every single series and how often you have to be on the NBBO. I would agree with others that if you're asking this question here you're not even ready to sniff looking at doing this.
CBOE is in the process of demutualization, that's why they are still called seats and represent an equity position. You won't touch one unless you hit the bid as they are likely to be bought by CME Group any day.
The CBOE is I believe owned buy the CBOT who in turn is part of the CME Group long past demutualization. "hitting the bid" as you describe would be in a situation where you were a seller. The OP was talking about buying which would be "taking out the offer"
Correct, I mispoke. On the other, you are incorrect. http://us.rd.yahoo.com/finance/exte...3-29_n01495900_newsml&rpc=44&type=marketsNews
Yea I forgot they have been in a legal fight for a while. Either way who ever asked the question is not going to become a member anytime in the near future.
You beat me to it. The guy is apparently going to spend a few million dollars on a seat and he is asking strangers on a website how to do it. Yeah, whatever you say pal.