excerpted from ... www.nymex.com -New York, N.Y., November 14, 2005 â A seat on the NYMEX Division of the New York Mercantile Exchange, Inc., sold today for a record $3,775,000, the most ever for a seat on any futures exchange.- I remember when seats were 1/10 that price
The price is based on what happened in chicago...look at valuation of BOT (chicago board of trade) and CME. A seat at he BOT could have been bought for less than a million last year. I think they got something like 28000 shares for each seat, worth over 3mil now...same thing happened at the cme.
It's just too bad that eventually the shareholders will push for electronic trading, or at least side by side...
I remember when those seats were 1/100th of that price! Better than Fairfield County real estate. And to think that several seats traded in a divorce settlement ( had to be liquadated ) back around the $500,000 level. My my! :eek: