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 ?
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.
<p>Microsoft officials acknowledged that Panasonic is indeed dropping Exchange, but said the total number of Exchange seats the company has represents less than 5% of its workforce.
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.