I believe that he is still on the NYMEX, but he might be spending more time with his family. He goes by the name of "Fitzy". You can always "lease" out your seat for 6 months at a time and make a ton of money just off the lease.
There is a waiting list for a NYMEX seat these days. If you had one to lease out you'd want to be using it these days. Loads of paper.
Very true. But if you are 48 years old and need a small "vacation" from your last 15-20 years as a trader, the amount of income that the lease generates is very substantial. Roughly 2% of the most recent membership sale.
Yes, the term "seat" is synonymous with membership. And the capital requirement of any member trading on the NYMEX floor ( for example ) is $50,000 while the COMEX requirement is only $25,000. In the end, it is the Clearing Firm that winds-up "guaranteeing" the member. They are on the hook for any and all unsatisfied financial obligations of the lessee or permit trader to the Exchange and its Members. See the following weblink for the latest prices for NYMEX and COMEX membership: http://www.nymex.com/ss_bids_offers.aspx
this is crazy! how does one maintain such massive risk exposure for a long time? but i guess its possible out of the millions of traders a guy like that is certainly possible.