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A person, normally a broker, who has a seat on a stock exchange. This means that he/she is allowed to make trades on the floor of that exchange. Most exchanges do not allow a company to be a member, so the membership for a member firm formally belongs to an individual employee. Memberships are bought and sold at market price because most exchanges have a finite number.
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An individual who owns a seat on a commodities or securities exchange. See also allied member.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.