Membership

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Membership

An individual or firm's right to trade on an exchange floor. Memberships are bought and sold according to an individual's or firm's needs and desires, and they can be very expensive. Most exchanges have a set number of memberships; for example on the New York Stock Exchange there are 1366 seats, which may cost up to $1 million each. Most exchanges do not recognize only recognize individual members; member firms are usually informal terms for broker-dealer firms that have at least one principal officer with a seat on an exchange.
References in periodicals archive ?
Morgan Keegan's first-quarter earnings climbed to $41 million, including a $9 million after-tax gain on the swap of New York Stock Exchange seats for stock.
When he offered to exchange seats to let her husband sit beside her she reluctantly agreed but instantly regretted telling him that her hubby was even on board.
We exchange seats and she plays for me, her body animated by the notes, but her movements contained.
Beckett's script narrates the interaction of three gossips, who enter and exit, exchange seats, and cross hands in serial combinations.
Season-ticket holders wanting to switch must exchange seats in advance of match day by sending voucher 13 to the ticket office.