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.
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References in periodicals archive ?
The two parties will also exchange seats at forums, seminars and training workshops related to evaluating business and investment climate in the Sultanate.
Members of the Western European and Other Group exchange seats as part of agreements within the group.
VILLAINS OF THE WEEK STEPHANE MBIA HIS Tweeted request to Joey Barton to "exchange seats" with him for next season was a breathtaking illustration of QPR's foolhardy recruitment of mercenaries this season.
Seated on the dais with Patil and Pranab will be Vice- President Hamid Ansari Patil and Pranab will exchange seats and he would be seated in the President's chair.